N.Y. Bus. Corp. Law § 802

§ 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