A C550 CREW; DEPARTING TEB; OVERSHOT ASSIGNED ALT ON DEP.

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PRIOR TO DEP RWY 24 AT TEB; WE REVIEWED THE PROC. IT INVOLVES A PROMPT LEVELOFF AT 1500 FT; A TURN; THEN A CLB TO 2000 FT AFTER ABOUT 5 MI. THE PF SAID HE WAS WELL ACQUAINTED WITH THE PROC AND HE RECITED IT ALMOST VERBATIM FROM MEMORY. CLB WAS NORMAL. I CALLED APCHING 1500 FT. WE WENT SLIGHTLY THROUGH 1500 FT. THE PF INITIATED A TURN; POINTED TO THE ALT SELECTOR AND SAID '2000 FT.' PRESELECTING IS NOT A NORMAL PROC IN A SIT LIKE THIS AND I 'WAIVED OFF' THE CHANGE. (THERE WAS SOME RADIO CHATTER AT THE TIME.) THE PF SELECTED THE ALT HIMSELF THEN PWRED UP. I CHKED THE DME TO SEE IF I HAD MISSED THE CLB FIX. WE WERE ALREADY AT 1600 FT AT THAT TIME AND THE CTLR SPOTTED THE ALT INCREASE IMMEDIATELY -- ABOUT 1700 FT AS I RECALL. HONEST 2-PLT FLYING; AS SPECIFIED IN THE COMPANY MANUAL; WOULD NOT ALLOW THIS TO HAPPEN: BOTH PLTS MUST AGREE TO THE ALT CHANGE; TRANSITION FIXES SHOULD BE VERBALIZED. SUPPLEMENTAL INFO FROM ACN 534542: ATC THEN ITERATED THE ALT SHOULD BE 1500 FT WHEN I WAS AT 1700 FT; AND AN IMMEDIATE DSCNT WAS MADE TO 1500 FT.