§ 802. Reduction of stated capital by amendment.\n (a) A corporation may reduce its stated capital by an amendment of its\ncertificate of incorporation under section 801 (Right to amend\ncertificate of incorporation) which:\n (1) Reduces the par value of any issued shares with par value.\n (2) Changes issued shares under subparagraph (b) (11) of section 801\nthat results in a reduction of stated capital.\n (3) Removes from authorized shares, shares that have been issued,\nreacquired and cancelled by the corporation.\n (b) This section shall not prevent a corporation from reducing its\nstated capital in any other manner permitted by this chapter.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.