New York Banking Law Section 5012 - Purchase or redemption by a corporation of its own shares.

 5012.  Purchase or redemption by a corporation of its own shares. 1.
  A corporation may purchase its own shares, or pay stockholders  entitled
  to  receive  payment  for their shares, when permitted or required under
  any other provision of this chapter.
2. To effect retirement of its common shares reacquired under  section
  one  hundred  forty-a  of  this  chapter,  or of its preferred shares in
  accordance  with  any  provision  in  its  organization  certificate,  a
  corporation  may,  with  the  written  approval  of  the superintendent,
  purchase or redeem such shares out of undivided profits or  surplus  or,
  to the extent of the par value of such shares, out of capital stock.
3. Nothing in this title shall prevent a corporation from returning to
  stockholders  any amounts made available for such purpose by a reduction
  of capital stock in accordance with section eight thousand two.

Last modified: February 3, 2019