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the New York Laws
2018 New York Laws
BSC - Business Corporation
Article 8 - Amendments and Changes
802 - Reduction of Stated Capital by Amendment.
Universal Citation: NY Bus Corp L § 802 (2018)
§ 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.
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