New York Business Corporation Law Section 802 - Reduction of stated capital by amendment.

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.

Last modified: February 3, 2019