○ 前回、米国企業の配当のところで、資本剰余金からも配当できる旨を言いました。これは別の言い方をすれば、資本の減少ですね。資本金ではなく資本剰余金の減少です。
ニューヨーク会社法・デラウェア会社法の規定を見てみましょう。
○ Delaware General Corporation Law
§ 244. Reduction of capital. （資本の減少）
(a) A corporation, by resolution of its board of directors, may reduce its capital in any of the following ways:（いずれも取締役会決議です）
(1) By reducing or eliminating the capital represented by shares of capital stock which have been retired;（retireですから株式消却してできますと規定）
(2) By applying to an otherwise authorized purchase or redemption of outstanding shares of its capital stock some or all of the capital represented by the shares being purchased or redeemed, or any capital that has not been allocated to any particular class of its capital stock;
(3) By applying to an otherwise authorized conversion or exchange of outstanding shares of its capital stock some or all of the capital represented by the shares being converted or exchanged, or some or all of any capital that has not been allocated to any particular class of its capital stock, or both, to the extent that such capital in the aggregate exceeds the total aggregate par value or the stated capital of any previously unissued shares issuable upon such conversion or exchange; or
(4) By transferring to surplus (i) some or all of the capital not represented by any particular class of its capital stock; (ii) some or all of the capital represented by issued shares of its par value capital stock, which capital is in excess of the aggregate par value of such shares （額面株式の場合は額面超過額をSurplusにすることにより、額面総額までの資本金の減少が可能ですね）; or (iii) some of the capital represented by issued shares of its capital stock without par value.
（無額面株式発行による資本のときは、Surplusにすることにより資本金の減少が可能になります）
(b) （省略：減資後の資産では、債務返済ができないときは減資をしてはいけない旨の規定です）
○ New York Business Corporation Law
§ 516. Reduction of stated capital in certain cases
(a) Except as otherwise provided in the certificate of incorporation, the board may at any time reduce the stated capital of a corporation in any of the following ways:
(a) Except as otherwise provided in the certificate of incorporation, the board may at any time reduce the stated capital of a corporation in any of the following ways:（取締役会決議でいつでも、以下の方法により資本金の減少可能）
(1) by eliminating from stated capital any portion of amounts previously transferred by the board from surplus to stated capital and not allocated to any designated class or series of shares;
(2) by reducing or eliminating any amount of stated capital represented by issued shares having a par value which exceeds the aggregate par value of such shares;
(3) by reducing the amount of stated capital represented by issued shares without par value; or
(4) by applying to an otherwise authorized purchase, redemption, conversion or exchange of outstanding shares some or all of the stated capital represented by the shares being purchased, redeemed, converted or exchanged, or some or all of any stated capital that has not been allocated to any particular shares, or both. Notwithstanding the foregoing, if the consideration for the issue of shares without par value was fixed by the shareholders under section 504 (Consideration and payment for shares), the board shall not reduce the stated capital represented by such shares except to the extent, if any, that the board was authorized by the shareholders to allocate any portion of such consideration to surplus.
(b) No reduction of stated capital shall be made under this section unless after such reduction the stated capital exceeds the aggregate preferential amounts payable upon involuntary liquidation upon all issued shares having preferential rights in the assets plus the par value of all other issued shares with par value.
（preferential amounts payable upon involuntary liquidation等と言っていますね。これは、liquidation preference share等の優先株式が発行されていることを想定しての規定ですね。Liquidation preferenceといっても、出資した金額ではなく、3 x とか4 x の清算時優先株式を発行を求める、がめついVCも多いですからね）
(c) When a reduction of stated capital has been effected under this section, the amount of such reduction shall be disclosed in the next financial statement covering the period in which such reduction is made that is furnished by the corporation to all its shareholders or, if practicable, in the first notice of dividend or share distribution that is furnished to the holders of each class or series of its shares between the date of such reduction and the next such financial statement, and in any event to all its shareholders within six months of the date of such reduction.
○ Par valueを１centとか、1/10 centとかにするときがありますね。しかし、発行価格は$10,000にします。すると資本の99.9%はsurplusになって株主に簡単に配当できます。会社型の投資Fundでよく行われます。Fundですから、投資が回収できれば、その分、実質投資元本である資本金と共に収益を、出資者にこの方式で返しますね。
ニューヨーク会社法・デラウェア会社法の規定を見てみましょう。
○ Delaware General Corporation Law
§ 244. Reduction of capital. （資本の減少）
(a) A corporation, by resolution of its board of directors, may reduce its capital in any of the following ways:（いずれも取締役会決議です）
(1) By reducing or eliminating the capital represented by shares of capital stock which have been retired;（retireですから株式消却してできますと規定）
(2) By applying to an otherwise authorized purchase or redemption of outstanding shares of its capital stock some or all of the capital represented by the shares being purchased or redeemed, or any capital that has not been allocated to any particular class of its capital stock;
(3) By applying to an otherwise authorized conversion or exchange of outstanding shares of its capital stock some or all of the capital represented by the shares being converted or exchanged, or some or all of any capital that has not been allocated to any particular class of its capital stock, or both, to the extent that such capital in the aggregate exceeds the total aggregate par value or the stated capital of any previously unissued shares issuable upon such conversion or exchange; or
(4) By transferring to surplus (i) some or all of the capital not represented by any particular class of its capital stock; (ii) some or all of the capital represented by issued shares of its par value capital stock, which capital is in excess of the aggregate par value of such shares （額面株式の場合は額面超過額をSurplusにすることにより、額面総額までの資本金の減少が可能ですね）; or (iii) some of the capital represented by issued shares of its capital stock without par value.
（無額面株式発行による資本のときは、Surplusにすることにより資本金の減少が可能になります）
(b) （省略：減資後の資産では、債務返済ができないときは減資をしてはいけない旨の規定です）
○ New York Business Corporation Law
§ 516. Reduction of stated capital in certain cases
(a) Except as otherwise provided in the certificate of incorporation, the board may at any time reduce the stated capital of a corporation in any of the following ways:
(a) Except as otherwise provided in the certificate of incorporation, the board may at any time reduce the stated capital of a corporation in any of the following ways:（取締役会決議でいつでも、以下の方法により資本金の減少可能）
(1) by eliminating from stated capital any portion of amounts previously transferred by the board from surplus to stated capital and not allocated to any designated class or series of shares;
(2) by reducing or eliminating any amount of stated capital represented by issued shares having a par value which exceeds the aggregate par value of such shares;
(3) by reducing the amount of stated capital represented by issued shares without par value; or
(4) by applying to an otherwise authorized purchase, redemption, conversion or exchange of outstanding shares some or all of the stated capital represented by the shares being purchased, redeemed, converted or exchanged, or some or all of any stated capital that has not been allocated to any particular shares, or both. Notwithstanding the foregoing, if the consideration for the issue of shares without par value was fixed by the shareholders under section 504 (Consideration and payment for shares), the board shall not reduce the stated capital represented by such shares except to the extent, if any, that the board was authorized by the shareholders to allocate any portion of such consideration to surplus.
(b) No reduction of stated capital shall be made under this section unless after such reduction the stated capital exceeds the aggregate preferential amounts payable upon involuntary liquidation upon all issued shares having preferential rights in the assets plus the par value of all other issued shares with par value.
（preferential amounts payable upon involuntary liquidation等と言っていますね。これは、liquidation preference share等の優先株式が発行されていることを想定しての規定ですね。Liquidation preferenceといっても、出資した金額ではなく、3 x とか4 x の清算時優先株式を発行を求める、がめついVCも多いですからね）
(c) When a reduction of stated capital has been effected under this section, the amount of such reduction shall be disclosed in the next financial statement covering the period in which such reduction is made that is furnished by the corporation to all its shareholders or, if practicable, in the first notice of dividend or share distribution that is furnished to the holders of each class or series of its shares between the date of such reduction and the next such financial statement, and in any event to all its shareholders within six months of the date of such reduction.
○ Par valueを１centとか、1/10 centとかにするときがありますね。しかし、発行価格は$10,000にします。すると資本の99.9%はsurplusになって株主に簡単に配当できます。会社型の投資Fundでよく行われます。Fundですから、投資が回収できれば、その分、実質投資元本である資本金と共に収益を、出資者にこの方式で返しますね。
