Premium Capital Increase in Joint Stock Companies

August 2018 Gaye Spolitis

Gaye Spolitis, Stj. Av. Verda Toy

% 0

Introduction

The principles and procedures of issuance of shares at a premium are regulated under Turkish Commercial Code numbered 6102 (“TCC”) and Capital Markets Law numbered 6362 (“CML”). Within this framework, the principles and procedures regarding premium capital increases in joint stock companies will be explained, below.

Issuance and Application of Premium Shares

Joint stock companies may issue shares at a premium, either at their establishment stage, or during their capital increase periods. Premium means the positive difference between the face value and the share price of the issued shares. Premiums arise only when shares of a joint stock company are committed at a price higher than their face value. Therefore, if the shareholders of a joint stock company sell their shares at a price higher than the face value of the shares, the difference cannot be considered as premium.

In practice, the issuance of shares at premium is important where the assets of a joint stock company are significantly higher than the company’s share capital. In either event that the capital increase is made by external investors through mergers and acquisitions transactions, or it is made among the present shareholders of the company, the issuance of shares at premium helps to prevent significant changes in the company’s shareholding structure, in accordance with the principles of good faith, while providing funding to the company[1].

Accordingly, premium capital increases prevent dilution of the shareholders’ share ratio, who are unable to participate in the capital increase, while providing funding that is required for the operation capital of the company at the same time. The legal doctrine and judicial decisions emphasize that if a capital increase is made without the issuance of shares at premium, while the current value of the joint stock company’s shares is higher than the face value of the issued shares, the capital increase may be invalidated due to violation of the principle of equal treatment, principles of good faith, and due to the abuse of rights[2]. Consequently, it is claimed in the legal doctrine that issuance of shares at premium may be compulsory where the assets of the company exceed the share capital[3].

Procedure of the Premium Capital Increase

Pursuant to the TCC and CML, either the joint stock companies that have adopted a principal capital system, or the ones which have adopted a registered capital system, are allowed to issue shares at premium on several conditions. The procedure that must be followed by joint stock companies in order to make a premium capital increase is as follows:

Premium Capital Increase in Joint Stock Companies that have adopted a Principal Capital System

In accordance with TCC Article 347, a joint stock company that has adopted a principal capital system may issue shares at premium only if the articles of association or a general assembly resolution of the relevant company allows the company to do so. There is no special meeting or decision quorum foreseen for the general assembly resolution regarding issuance of premium shares. Therefore, if the articles of association of the relevant company does not regulate a special quorum, the meeting and decision quorum set forth under Article 418 of the TCC will be applied to the general assembly resolutions regarding issuance of premium shares. If the relevant company prefers to amend its articles of association in order to issue premium shares, then the meeting and decision quorum set forth under Article 421 of the TCC will apply.

Pursuant to Article 459(2) of the TCC, if a capital increase with share premium is made, the participants must commit the premium during the share subscription, together with the increased capital. Further, by referring to Article 459(3), and pursuant to Article 344 of the TCC, the premium must be fully paid, together with the minimum quantity that must be paid prior to registration of the capital increase, and the bank receipt showing the payment must be submitted to the relevant trade registry, together with the other registration documents. As well, according to Article 461 of the TCC, the board of directors of the company must submit a report that sets forth the reasons to issue premium shares, as well as the calculation method of the premium, to the relevant trade registry.

Premium Capital Increase in Joint Stock Companies that have adopted the Registered Capital System

According to Article 480 of the TCC, as for the joint stock companies that have adopted a registered capital system, the company’s board of directors may be entitled to issue premium shares through the relevant company’s articles of association.

In parallel, according to Article 18 of the CML, the board of directors of a joint stock company may issue premium shares only if they are entitled to do so by the company’s articles of association. Accordingly, if the board of directors is not entitled to issue premium shares through the articles of association, joint stock companies that have adopted a registered capital system may issue premium shares only through a general assembly resolution[4].

Additionally, in accordance with Article 12 of the CML, in the event that the market price or book value of the issued shares are higher than their face value, the Capital Markets Board is entitled to order a particular capital increase where the shares must be issued at premium, or the pre-emption right must be used on the market price.

Pursuant to Article 460 of TCC, in order to make a premium capital increase, a joint stock company must declare the principles regarding the premium and the application of the procedure in accordance with its articles of association, and publish these principles and procedures on its web site, and it must provide all other necessary information according to the principles of public disclosure.

Furthermore, as for the publicly quoted joint stock companies that have adopted a registered capital system, the consideration of the shares to be issued within the scope of Article 12 of the CML must be paid fully, and in cash, together with the premium amount.

Premiums Obtained Through Capital Increase

Pursuant to Article 519 of the TCC, the premiums must be added to the company’s legal reserve funds after deducting the issuance costs, redemptions, and charitable provisions. According to the same Article, unless the total amount of the legal reserve fund does not exceed one-half of the principle or registered share capital, the legal reserve funds may only be used in order to recover company losses, to continue the company’s operations when it is experiencing financial distress, or to take the necessary measures to prevent unemployment. If the legal reserve funds exceed one-half of the company’s share capital, the general assembly of the company is entitled to decide how to use this overage amount[5]. Even though there is no consensus between the scholars as to whether or not premiums that exceed one-half of the principle or registered share capital can be distributed to shareholders, according to the Ruling of the Revenue Administration dated 20.10.2015 and numbered 62030549-125[6-2014/105]-88462, any premiums that exceed the abovementioned legal threshold may be distributed to the shareholders.

[1] Poroy,Reha/Tekinalp,Ünal/Çamoğlu,Ersin:Ortaklıklar Hukuku II,İstanbul 2017, p.211. (Poroy/Tekinalp/Çamoğlu).

[2] Poroy/Tekinalp/Çamoğlu, p.210; Paslı, Ali: Anonim Ortaklıkta Kontrol Sahibini Özel Durumu, İÜHFM. C. LXVI, S.2, p.354; Türkmen, Emre: 6102 Sayılı Türk Ticaret Kanunu’na Göre Yeni Pay Alma Hakkına Genel Bir Bakış, D.E.Ü. Hukuk Fakültesi Dergisi, Prof. Dr. Şeref ERTAŞ’a Armağan, C. 19, Özel Sayı-2017, p.2327; Adıgüzel, Burak:Anonim Şirketlerde Rüçhan Hakkının Sınırlanması veya Kaldırılması, Gazi Üniversitesi Hukuk Fakültesi Dergisi C. XVIII, Y. 2014, Sa. 1, p.13-14.

[3] Çelik, Feyzan Hayal Şehirali/ Kırca, İsmail/ Manavgat, Çağlar: Anonim Şirketler Hukuku, C.1, Ankara 2013, p. 329. (Çelik/Kırca/Manavgat)

[4] Çelik/Kırca/Manavgat p.330.

[5] Poroy/Tekinalp/Çamoğlu p.323.

All rights of this article are reserved. This article may not be used, reproduced, copied, published, distributed, or otherwise disseminated without quotation or Erdem & Erdem Law Firm's written consent. Any content created without citing the resource or Erdem & Erdem Law Firm’s written consent is regularly tracked, and legal action will be taken in case of violation.

Other Contents

Regulation on the Trade of Second-Hand Motor Vehicles and Recent Regulations
Newsletter Articles
Regulation on the Trade of Second-Hand Motor Vehicles and Recent Regulations

The Turkish automobile and light commercial vehicle market left the 2000s behind with steadily rising sales figures and the 2010s with high and stable sales figures as well. In this period, the growth of the market was driven not only by high purchase power but also by easy access to credit and product diversity...

Commercial Law 30.09.2023
Exit and Squeeze Out from Limited Liability Companies
Newsletter Articles
Exit and Squeeze Out from Limited Liability Companies

Turkish Commercial Code No. 6102 ("TCC") provides the right to exit from the company to the shareholders of limited liability companies and the right to squeeze out the shareholder from the company, unlike the structure of joint stock companies, with the exit and squeeze out institutions specially regulated for...


Commercial Law 30.09.2023
Representation in Joint Stock Companies
Newsletter Articles
Representation in Joint Stock Companies

Turkish Commercial Code No. 6102 (“TCC”) preserves the rule that the board of directors shall manage and represent joint stock companies. The TCC regulates how the power of representation shall be exercised, the registration and announcement of the persons authorized to represent, the transfer of the...

Commercial Law 31.08.2023
The Concept of Ordinary Partnership and Its Common Types
Newsletter Articles
The Concept of Ordinary Partnership and Its Common Types

Ordinary partnerships are regulated under Turkish Law between Articles 620 and 645 of the Turkish Code of Obligations No. 6098 (“TCO” or the “Code”). The Law defines an ordinary partnership contract as a contract where two or more persons undertake to combine their labour or property to achieve a common...

Commercial Law 30.04.2023
Representation and Warranty Insurance
Newsletter Articles
Representation and Warranty Insurance

Merger and acquisition processes are one of the legal processes that most seriously affect the identities and legal status of companies. After the completion of legal, tax, financial and operational due diligence reports, the parties initiate the negotiation process in case they reach an agreement on proceeding with the...

Commercial Law 30.04.2023
Franchise Agreements in Luxury Goods Sector
Newsletter Articles
Franchise Agreements in Luxury Goods Sector

A popular business model for expanding market reach and brand recognition worldwide is franchising. Despite being less common than distribution agreements in the form of mono-brand store agreements, franchising is another significant method for extending luxury brands' distribution networks. Luxury brands use...

Commercial Law 31.03.2023
Decision of the General Assembly of Civil Chambers of the Court of Cassation Regarding the Request for the Lifting the Corporate Veil Can Only Be Asserted by Third Parties Who Have Suffered Damages
Newsletter Articles
Decision of the General Assembly of Civil Chambers of the Court of Cassation Regarding the Request for the Lifting the Corporate Veil Can Only Be Asserted by Third Parties Who Have Suffered Damages

In the decision dated 14.06.2022 and numbered 2019/149 E. 2022/894 K., the Court of Cassation General Assembly (“CCGA”) evaluated the theory of piercing the corporate veil in the context of the relationship between the guarantor and the borrowing company in a dispute arising from a loan agreement...

Commercial Law 28.02.2023
European Union Foreign Subsidies Regulation
Newsletter Articles
European Union Foreign Subsidies Regulation

The European Union continues to be an important investment center for foreign investors. According to data from the European Commission's "Second Annual Report on the monitoring of foreign direct investment in the European Union", the European Union received €117 billion worth of foreign direct investment in...

Commercial Law 28.02.2023
Recent Court of Cassation Decision on “Renting” Company Shares
Newsletter Articles
Recent Court of Cassation Decision on “Renting” Company Shares

Transfer of shares is arguably the first legal transaction that comes to mind among the legal transactions regarding the shares of a capital company, and the most common transaction in practice. However, the shares of a capital company may also be subject to various transactions, other than share purchase...

Commercial Law 31.01.2023
E-commerce Regulation Entered into Force
Newsletter Articles
E-commerce Regulation Entered into Force

Law No. 6563 on the Regulation of Electronic Commerce (E-commerce Law or Law) has recently undergone a radical change in order to regulate the behavior of the players in the rapidly growing and developing e-commerce sector. The new regulations that came into force as of January 1, 2023 envisage important...

Commercial Law 31.12.2022
German Supply Chain Due Diligence Act Entered Into Force
Newsletter Articles
German Supply Chain Due Diligence Act Entered Into Force

On 11 June 2021, the German Federal Parliament approved the German Supply Chain Due Diligence Act (Lieferkettensorgfaltsgesetz) (“Act”) which affects not only German entities but also their suppliers in foreign countries (including Turkish entities). The main focus of the Act, which entered into force on...

Commercial Law 31.12.2022
Revised Swiss Company Law
Newsletter Articles
Revised Swiss Company Law

On 21 December 2007, the Federal Council approved the draft revision of the Swiss Code of Obligations, which also includes amendments to company law. On 28 November 2014, the Federal Council referred the draft revision for consultation. Following extensive discussions and a long enactment process, the...

Commercial Law 30.11.2022
Decisions on the Carrier's Liability in the Freight Contracts Rendered in 2020 and 2021
Newsletter Articles
Decisions on the Carrier's Liability in the Freight Contracts Rendered in 2020 and 2021

The Turkish Commercial Code No. 6102 ("TCC") regulates maritime trade contracts under the fourth part of the fifth book of the Code. Among the types of contracts regulated in this section, the most frequently used contract in international maritime transport practice is the freight contract regulated under...

Commercial Law 31.10.2022
Prohibition On Hidden Income Shifting
Newsletter Articles
Prohibition On Hidden Income Shifting

Prohibition on hidden income shifting is one of the most important issues that is broadly regulated under Capital Markets Law No. 6362 (“CML”). In conjunction with CML Article 21, which has a broader context than Article 15 of the abrogated Capital Markets Law No. 2499, another significant step has been taken...

Commercial Law January 2015
The Term Business Partnership And The Legal Status Of Business Partnerships
Newsletter Articles
The Term Business Partnership And The Legal Status Of Business Partnerships

As a result of developing commercial activities and large-scale investments, especially concluded in the fields of construction, energy and mining, companies are seeking to participate in these investments by uniting their powers and expertise to take advantage of financial opportunities together. This tendency...

Commercial Law June 2013
Transfer Of Assets In Company Spin-Offs
Newsletter Articles
Transfer Of Assets In Company Spin-Offs

The Turkish Commercial Code (“TCC” or “Law”) has enabled companies to apply different structural models and to implement new legal formations by including spin-off provisions to its Article 159 et seq. In accordance with the provisions of the law, companies may transfer a certain element, or elements, of their...

Commercial Law January 2016
Model Contract Used in The Construction Sector Series
Newsletter Articles
Model Contract Used in The Construction Sector Series

The International Federation of Consulting Engineers is a professional association established in 1913, known as the FIDIC (Fédération Internationale Des Ingénieurs-Counseils). Its members are duly elected from consultant-engineer associations of various countries, and membership to the association is...

Commercial Law November 2014
Formation Of Contracts Under CISG
Newsletter Articles
Formation Of Contracts Under CISG
Commercial Law November 2015
Recent Disputes Regarding Incoterms in terms of Turkish Customs Law
Newsletter Articles
Recent Disputes Regarding Incoterms in terms of Turkish Customs Law

Incoterms are a set of rules introduced by the International Chamber of Commerce (ICC) to explain the commercial terms that are widely used in international trade. The purpose of Incoterms rules is to facilitate and expedite international trade in a safe and secure manner...

Commercial Law 30.09.2022
One Regulation Applicable To All Turkish Ports
Newsletter Articles
One Regulation Applicable To All Turkish Ports

The regulation applicable to all Turkish ports prepared by the Ministry of Transport, Maritime Affairs and Communications that entered into force after being published in the official gazette on October 31, 2012 (˝the Regulation˝), consolidates all the bylaws, regulations and instructions in a single Regulation...

Commercial Law October 2012
Parties to a Share Transfer Agreement and Privity of Contract
Newsletter Articles
Parties to a Share Transfer Agreement and Privity of Contract

As a rule, rights and obligations arising from an agreement have legal consequences only between the creditor and the debtor which are parties to the agreement. This principle is referred to as "privity of contract." In general, contracts for the benefit of third parties, where the fulfillment of an...

Commercial Law 31.07.2022
What Changes Does the Amended E-commerce Law Bring?
Newsletter Articles
What Changes Does the Amended E-commerce Law Bring?

The rules of e-commerce, which grow and develop with the digitalizing world, are changing. E-commerce has become the driving force of the digital economy. However, considering the growth rate of e-commerce and the transformation it has undergone in a short time, it is obvious that some...

Commercial Law 31.07.2022
Lawsuit for Dissolution of Companies for Just Cause
Newsletter Articles
Lawsuit for Dissolution of Companies for Just Cause

The dissolution of a company is a specific type of dissolution, which results in the cancellation of the legal personality which was gained by registration at incorporation. The specific proceeding which leads to the dissolution, and thus, the termination of a company upon the constitutive decision...

Commercial Law 30.06.2022
Parting Ways in Family Businesses
Newsletter Articles
Parting Ways in Family Businesses

Companies in which shares or authority to manage is held by members of a family are considered to be “family businesses”. Family members can hold shares that control the company, as well as retain management authority. Having a family business means opportunity, security and income for...

Commercial Law 30.06.2022
Carriage of Goods by Road under the Turkish Commercial Code
Newsletter Articles
Carriage of Goods by Road under the Turkish Commercial Code

Turkey ratified the Convention on the Contract for International Carriage of Goods by Road (“CMR”) in accordance with Act No. 3939 dated 7 December 1993, and the CMR entered into force in Turkey on 31 October 1995. In accordance with Article 1 / 1 of the CMR, the carriage of goods by road...

Commercial Law August 2017
Ordinary Partnerships
Newsletter Articles
Ordinary Partnerships

Ordinary partnerships are governed by Article 620 et seq. of the Turkish Code of Obligations No. 6098 (“TCO”). An ordinary partnership agreement is defined as an agreement whereby two or more persons undertake to join efforts and/or goods to reach a common goal...

Commercial Law April 2014
Nationality Of Legal Entities
Newsletter Articles
Nationality Of Legal Entities
Commercial Law October 2012
Board Members’ Financial Rights in the Context of Disguised Profit Transfers
Newsletter Articles
Board Members’ Financial Rights in the Context of Disguised Profit Transfers

The concept of disguised profit transfer in joint stock companies, in its broadest meaning, covers the transfer of company assets to related parties and may occur in different ways. This concept is regulated in detail under capital markets legislation...

Commercial Law February 2022
Share Subscription Agreements
Newsletter Articles
Share Subscription Agreements

Share subscription agreements, which are commonly encountered in start-up investments, set out the terms and conditions of an investor’s participation in a company as a shareholder by subscribing the new shares issued in a capital increase...

Commercial Law December 2021
Electronic Signature Under Turkish And German Laws
Newsletter Articles
Electronic Signature Under Turkish And German Laws

The electronic signature, which has the same legal consequences as wet signatures if it meets certain conditions, has taken its place in many legal systems and has enhanced commercial life. Although there are various types and applications in different legal systems...

Commercial Law December 2021
Receivable Rights in the Context of Capital Contribution
Newsletter Articles
General Assembly Summons Lawsuits
Newsletter Articles
General Assembly Summons Lawsuits
Commercial Law August 2021
Articles of Association in Family Businesses
Newsletter Articles
Institutionalization in Family Businesses and Family Constitution
Newsletter Articles
The Carrier’s Right of Retention on Goods
Newsletter Articles
Shareholders’ Agreements in Family Businesses
Newsletter Articles
Actual Carrier in Carriage of Goods by Sea
Newsletter Articles
Actual Carrier in Carriage of Goods by Sea
Commercial Law February 2021
Null and Void Resolutions of Boards of Directors in Joint Stock Companies
Newsletter Articles
Issues Regarding Use of Right to Vote in Joint Stock Companies
Newsletter Articles
Freight Forwarder Contract under Turkish Law
Newsletter Articles
Freight Forwarder Contract under Turkish Law
Commercial Law September 2020
Veto Rights in Joint Stock Companies
Newsletter Articles
Veto Rights in Joint Stock Companies
Commercial Law August 2020
Freezing of Voting Rights in Joint Stock Companies
Newsletter Articles
Ship Hypothéque under Turkish Law
Newsletter Articles
Ship Hypothéque under Turkish Law
Commercial Law May 2020
Transfer of Pledged Joint Stock Company Shares
Newsletter Articles
An Update from the ICC: The ICC Force Majeure and Hardship Clauses 2020
Newsletter Articles
Legal Liability of Limited Company Managers
Newsletter Articles
Legal Liability of Limited Company Managers
Commercial Law January 2020
Employer’s Remedies under FIDIC Silver Book
Newsletter Articles
Employer’s Remedies under FIDIC Silver Book
Commercial Law October 2019
Postponement of General Assembly Meetings in Joint Stock Companies
Newsletter Articles
Wholesale of a Significant Amount of Company Asset
Newsletter Articles
Restructuring of Debts Owed to the Financial Sector
Newsletter Articles
Revision to International Commercial Terms: Incoterms® 2020
Newsletter Articles
Revision to International Commercial Terms: Incoterms® 2020

INCOTERMS are a set of rules introduced by the International Chamber of Commerce (ICC) to explain the commercial terms that are widely used in international trade. The purpose of the Incoterms rules is to contribute to and facilitate the safe and swift conduct of international trade...

Commercial Law September 2019
Transfer of Employee Rights and Claims in Company Spin-offs
Newsletter Articles
The Relation between Contract of Carriage by Sea and Bill of Lading
Newsletter Articles
Transfer of Seized Shares
Newsletter Articles
Transfer of Seized Shares
Commercial Law July 2019
Privilege to be represented on the Board of Directors
Newsletter Articles
Lack of Mandatory Bodies in Joint Stock Companies
Newsletter Articles
Corporatization of Football Clubs
Newsletter Articles
Corporatization of Football Clubs
Commercial Law April 2019
Secondary Liability of Companies Participating to Spin-off
Newsletter Articles
2016 York Antwerp Rules
Newsletter Articles
2016 York Antwerp Rules
Commercial Law March 2019
Prohibition of Joint Stock Companies’ Subscription for their own Shares
Newsletter Articles
Amendments on Capital Loss and Insolvency
Newsletter Articles
Amendments on Capital Loss and Insolvency
Commercial Law September 2018
Foreign Currency Payment Ban
Newsletter Articles
Foreign Currency Payment Ban
Commercial Law September 2018
Installment Sales Agreements
Newsletter Articles
Installment Sales Agreements
Commercial Law July 2018
Usufruct Right on Joint Stock Company’s Registered Shares
Newsletter Articles
Share Pledges in Limited Liability Companies
Newsletter Articles
Arrest of Ships under Turkish Law
Newsletter Articles
Arrest of Ships under Turkish Law
Commercial Law May 2018
Share Pledges in Joint Stock Companies
Newsletter Articles
Share Pledges in Joint Stock Companies
Commercial Law May 2018
Trust Liability in terms of Groups of Companies
Newsletter Articles
Updated FIDIC Contracts
Newsletter Articles
Updated FIDIC Contracts
Commercial Law April 2018
The Consequences of Late Payment in the Procurement of Goods and Services
Newsletter Articles
The Regulation on Application of Industry Cooperation Projects
Newsletter Articles
Liability of the Sea Carrier for the Carriage of Goods under Turkish Law
Newsletter Articles
Features of Joint Venture Contract
Newsletter Articles
Features of Joint Venture Contract
Commercial Law October 2017
Capital Increase through Internal Resources in Joint Stock Companies
Newsletter Articles
Stock Option Plans in Turkey
Newsletter Articles
Stock Option Plans in Turkey
Commercial Law June 2017
Voting Agreements under Turkish Law
Newsletter Articles
Voting Agreements under Turkish Law
Commercial Law May 2017
Importance of ICC Model Contracts as Part of Soft Law
Newsletter Articles
Pre-emptive Right in Joint Stock Companies
Newsletter Articles
Pre-emptive Right in Joint Stock Companies
Commercial Law April 2017
Holding Company Structure under Turkish Law
Newsletter Articles
Holding Company Structure under Turkish Law
Commercial Law January 2017
European Commission Preliminary Report on the E-commerce Sector Inquiry
Newsletter Articles
Important Principles regarding Dividends in Joint Stock Companies
Newsletter Articles
Healthcare PPP Projects: Funders’ Direct Agreements
Newsletter Articles
Latest Amendments to the Turkish Commercial Code and the Law on Cheques
Newsletter Articles
Indemnity Clauses Under Share Purchase Agreements
Newsletter Articles
Loss Of Capital in Joint Stock Companies
Newsletter Articles
Loss Of Capital in Joint Stock Companies
Commercial Law September 2015
Ceasing Commercial Activities versus Liquidation of Legal Entities
Newsletter Articles
Termination Agreements For Agency And Distribution Contracts
Newsletter Articles
Draft Bill On Swiss Corporate Law Reform
Newsletter Articles
Leveraged Buyouts Within The Context Of Financial Assistance Ban
Newsletter Articles
Joint Stock Companies’ Capacity Of Becoming A Surety
Newsletter Articles
Provisions Introduced By The Law On The Regulation Of Electronic Commerce
Newsletter Articles
Non-Compete Obligation Of The Commercial Agent
Newsletter Articles
Non-Compete Obligation Of The Commercial Agent
Commercial Law December 2014
Right To Request Special Audit
Newsletter Articles
Right To Request Special Audit
Commercial Law October 2014
Special Committee Of Preference Shareholders
Newsletter Articles
Special Committee Of Preference Shareholders
Commercial Law October 2014
Amendments To The Turkish Commercial Code By Omnibus Law No. 6552
Newsletter Articles
Termination Of A Limited Liability Company By Just Cause
Newsletter Articles
Capital Increase Through Capital Subscription
Newsletter Articles
Capital Reduction Within The Scope Of The Turkish Commercial Code
Newsletter Articles
Delegation Of Duties Of The Board Of Directors
Newsletter Articles
Duties, Obligations And Liabilities Of Liquidators
Newsletter Articles
Conditional Capital Increase
Newsletter Articles
Conditional Capital Increase
Commercial Law March 2014
Termination Of A Joint Stock Company By Just Cause
Newsletter Articles
General Communiqué On Electronic Books
Newsletter Articles
General Communiqué On Electronic Books
Commercial Law December 2013
Domination Agreements
Newsletter Articles
Domination Agreements
Commercial Law January 2014
The Contribution Of Receivables As Capital in Commercial Companies
Newsletter Articles
Representation in Joint Stock Companies
Newsletter Articles
Representation in Joint Stock Companies
Commercial Law December 2013
Squeeze-Out in Group Companies
Newsletter Articles
Squeeze-Out in Group Companies
Commercial Law November 2013
Shareholder Agreements
Newsletter Articles
Shareholder Agreements
Commercial Law November 2013
The Regulation On Private Health Insurance
Newsletter Articles
The Regulation On Private Health Insurance
Commercial Law October 2013
Ship Mortgages Under The Commercial Enterprise Pledge
Newsletter Articles
New Lawsuits Regarding Mergers, Spin-Offs And Conversions
Newsletter Articles
Freedom of Settlement of Foreign Companies
Newsletter Articles
Freedom of Settlement of Foreign Companies
Commercial Law September 2013
Branches And Liaison Offices
Newsletter Articles
Branches And Liaison Offices
Commercial Law August 2013
Preliminary Companies Pursuant to Provisions of the TTC
Newsletter Articles
Exit Right And Squeeze Out From Limited Liability Companies
Newsletter Articles
Independent Audit of Joint Stock Companies According to The TCC No. 6102
Newsletter Articles
Establishment Of A Limited Liability Company Under Law No. 6102
Newsletter Articles
Conversion of the Commercial Enterprise
Newsletter Articles
Conversion of the Commercial Enterprise
Commercial Law April 2013
Squeeze-Out, Sell-Out And Exit Rights in Joint Stock Companies
Newsletter Articles
Trade Registry Regulation
Newsletter Articles
Trade Registry Regulation
Commercial Law January 2013
Law Numbered 6361 On Financial Leasing, Factoring And Financing Companies
Newsletter Articles
Financial Leasing Agreements
Newsletter Articles
Financial Leasing Agreements
Commercial Law December 2012
Jouissance Shares For The Founders in The Turkish Commercial Code
Newsletter Articles
Agency Contracts Under Turkish Law And Newly Regulated Matters
Newsletter Articles
Advance Dividend
Newsletter Articles
Advance Dividend
Commercial Law September 2012
Cumulative Voting in Non-Public Joint Stock Companies
Newsletter Articles
Amendments Made in the New TCC with the Law No. 6335
Newsletter Articles
Dissolution And Liquidation Of Joint Stock Companies
Newsletter Articles
Limited Corporations Under Turkish Commercial Code Numbered 6102
Newsletter Articles
The Prohibition Against Financial Assistance under the New TCC
Newsletter Articles
Share Buyback of Companies Pursuant to the New TCC
Newsletter Articles
Innovations in The New Turkish Commercial Code Concerning Voting Rights
Newsletter Articles
Services Provided by Coastal Facilities and Applicable Tariffs
Newsletter Articles

For creative legal solutions, please contact us.