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This entry was published on 2014-09-22
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Reduction of stated capital by amendment
Business Corporation (BSC) CHAPTER 4, ARTICLE 8
§ 802. Reduction of stated capital by amendment.

(a) A corporation may reduce its stated capital by an amendment of its
certificate of incorporation under section 801 (Right to amend
certificate of incorporation) which:

(1) Reduces the par value of any issued shares with par value.

(2) Changes issued shares under subparagraph (b) (11) of section 801
that results in a reduction of stated capital.

(3) Removes from authorized shares, shares that have been issued,
reacquired and cancelled by the corporation.

(b) This section shall not prevent a corporation from reducing its
stated capital in any other manner permitted by this chapter.