(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.
New York Legal Code