1. The Laws of New York
  2. Consolidated Laws
  3. Business Corporation
  4. Article 8: Amendments and Changes

Section 802 Reduction of stated capital by amendment

Business Corporation (BSC)

  (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.