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  • SECTION 801
    Right to amend certificate of incorporation
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  • ARTICLE 8
    Amendments and Changes
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  • SECTION 803
    Authorization of amendment or change
    • This entry was published on 2014-09-22
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    SECTION 802

    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.