New York Laws
Article 8 - Amendments and Changes
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.

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