N.Y. Business Corporation Law Section 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.

Source: Section 802 — Reduction of stated capital by amendment, https://www.­nysenate.­gov/legislation/laws/BSC/802 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 802’s source at nysenate​.gov

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