N.Y. Business Corporation Law § 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.