(1) A reduction of the capital stock may be resolved upon only by a majority amounting to at least three quarters of the capital stock represented at the time such resolution is adopted. The by-laws may stipulate a greater majority ratio of capital and may impose further requirements.
(2) Where several classes of stock exist of shares with voting rights, the resolution adopted by the general meeting requires the consent of the stockholders of each class of stock in order to enter into force. The stockholders of each class of stock are to adopt a separate resolution regarding such consent. Subsection (1) applies to such separate resolution.
(3) The resolution is to specify the purpose for which the reduction is being performed, namely whether it is intended to have parts of the capital stock repaid.
(4) In the case of companies with par-value shares, the reduction of the capital stock requires the nominal amount of the shares of stock to be reduced. Inasmuch as the portion of the reduced capital stock allocated to the individual share of stock would fall below the minimum amount pursuant to section 8 (2) sentence 1 or (3) sentence 3, the reduction is implemented by way of a merger of the shares of stock. The resolution adopted must state the nature of the reduction.