Corporate Law

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Corporate Law
Yayınevi: Seçkin Yayınları
Yazar: Şaban KAYIHAN
ISBN: 9789750269974
463,50 TL 515,00 TL

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Kitap Künyesi
Yazar Şaban KAYIHAN
Baskı Tarihi 2021/06
Baskı Sayısı 1
Boyut 13,5x21 cm (Roman Boyu)
Cilt Karton kapak
Sayfa Sayısı 658

This book which is the translation of author's "Corporate Law" 4th edition in Turkish is prepared for both practitioners and students.

In this book, the corporation (partnership) concept is dealt all-round under the arrangements subject to. Accordingly, at first with provisions effecting all corporations regulated by TCC no. 6098 the ordinary partnership is analysed, the corporate groups concerned business corporations, merger, acquision, separation and changes in legal forms are studied. Subsequently, general partnership and limited partnership which are in sole proprietorship companies, then joint stock companies, limited liability companies and shared capital companies are studied. Moreover cooperative companies are included in this edition.

Konu Başlıkları
Concept of Company and its Components
Ordinary Partnership
General Provisions Regarding Trading Corporations
General Partnership
Limited Partnership
Incorporated Company
Limited Partnership in which the Capital is divided into Shares
Limited Liability Company
Cooperative Company
İÇİNDEKİLER
Contents
Foreword  7
Foreword for the 2nd Edition  8
Foreword for the 3rd Edition  9
Foreword for the 4th Edition  10
Abbreviations  45
§ 1. SUBJECT AND SOURCES OF CORPORATE LAW, CONCEPT OF COMPANY (PARTNERSHIP), ITS DEFINITION AND CLASSIFICATION  47
I. SUBJECT AND SOURCES OF CORPORATE LAW  47
A. Subject of Corporate Law  47
B. Sources of the Corporate Law  50
II. CONCEPT OF CORPORATION  52
III. DEFINITION AND COMPONENTS OF CORPORATION  56
A. Definition  56
B. Components of Corporation  57
1. Component of Person (Partner)  58
2. Component of Agreement  61
3. Component of Shared (Common) Purpose  63
4. Component of Capital  66
5. Component of Affectio Societatis (Principle of Actively Working Towards a Common Purpose)  71
IV. CLASSIFICATION OF COMPANIES  73
A. Companies with Legal Personality – Companies without Legal Personality  73
1. Companies with Legal Personality  73
2. Companies without Legal Personality  74
B. Partnership Companies – Equity Companies  75
1. Partnership Companies  75
2. Equity Companies  76
C. Partnerships According to Their Capital Structures  78
1. Fixed Capital Partnerships  78
2. Registered Capital Partnerships  78
3. Variable Capital Partnerships  79
D. Companies Whose Partners Rely on the Unlimited Liability Principle – Companies That Are Based on the Limited Liability Principle  80
E. Companies According to Their Partners with Simple and Joint Liability  82
§ 2. ORDINARY PARTNERSHIP  83
I. CONCEPT  83
A. Joint Venture  85
B. Consortium  86
II. INCORPORATION OF ORDINARY PARTNERSHIP  87
A. Articles of Association and Form  87
1. Rule  87
2. Exception  88
B. Capital  88
III. SHARING LOSS AND PROFIT  90
IV. ADMINISTRATION OF ORDINARY PARTNERSHIP  92
A. Rule  92
B. Management of the Company Regarding Ordinary and Extraordinary Affairs  93
C. Relationships Between the Managing Partners and Other Partners and Specifically the Obligation of the Managing Partner to be Accountable and Pay the Dividends  95
D. EliminationLimitation of the Power to Manage  96
V. RELATIONSHIP OF RESPONSIBILITY BETWEEN PARTNERS  97
VI. AUDITING IN ORDINARY PARTNERSHIPS  100
VII. CHANGES AMONG PARTNERS AND IN THE STRUCTURE OF COMPANY  101
A. Including New Partners and Sub Participation  101
B. Leaving Company and Exclusion from Company  102
1. In General Terms  102
2. Liquidation of Company’s Shares  104
3. Insufficiency of Company’s Assets and Fate of Uncompleted Works  105
VIII. REPRESENTATION OF ORDINARY PARTENRSHIP – RELATIONS BETWEEN THE COMPANY AND THIRD PERSONS  106
IX. TERMINATION OF ORDINARY PARTENRSHIP  108
A. In General Terms  108
B. Reasons for Automatic Termination  109
1. Realization of the Purpose Set out in the Articles of AssociationIt Becomes Impossible to Realize That Purpose  109
2. Death of a Partner if There is No Provision in the Articles of Association for Maintaining the Company with the Inheritors  110
3. Converting the Liquidation Dividend of a Partner into Money, BankruptcyLimitation of One of the Partners  111
a. Converting the Liquidation Dividend of One of the Partners into Money by Compulsory Execution  111
b. Bankruptcy of One of the Partners  111
c. Limitation of One of the Partners  112
4. Expiration of the Term Determined for the Company  112
C. Reasons for Willful Termination (Dissolution)  113
1. Unanimous Decision of All Partners  114
2. Termination of the Company by a Unilateral Right of Termination  114
3. Terminating the Company by a Court Decision based on a Justifiable Termination  115
X. LIQUIDATION OF ORDINARY PARTNERSHIP  116
XI. STATUTE OF LIMITATION  118
§ 3. GENERAL PROVISIONS REGARDING TRADING CORPORATIONS  121
I. TYPES OF TRADING CORPORATIONS  121
II. CAPABILITIES OF TRADING CORPORATIONS  123
III. PROVISIONS TO BE APPLIED FOR TRADING CORPORATIONS  126
IV. CAPITAL IN TRADING CORPORATIONS  127
A. In General Terms  127
B. Types of Capital That May Be Introduced Into Trading Corporations  127
C. Performance of Liability to Introduce Capital  129
1. Performance of Liability to Introduce Cash Capital  129
2. Performance of Liability to Introduce Capital in Kind  133
3. Performance of Liability to Introduce Labor Capital  138
D. Partners’ Right to Request Interest and Fees  140
V. MERGER IN THE TRADING CORPORATIONS  140
A. Concept and Principles  140
B. Legal Limits of Merger  142
C. Protection of Partners and Creditors in the Merger  144
1. Protection of Shares and Rights of the Partnership  144
2. Separation Provision  145
3. Increase of Capital  146
D. Merger Procedure (Stages of Merger)  147
1. Preparation of Merger Agreement  147
2. Merger Report  149
3. Right of Examination and Announcement  151
4. Notification of Changes in Assets  152
5. Decision to Merge  153
6. Registration and Announcement of the Merger Decision  154
E. Outcomes of the Merger  155
1. Transition without Liquidation  155
2. Liability for the Debts Incurred before the Merger  155
3. Protection of Creditors  156
4. Protection of Employees  157
VI. DEMERGER IN TRADING CORPORATIONS  157
A. Concept and Principles  157
B. Types of Demerger  159
1. Full Demerger  159
2. Partial Demerger  160
C. Legal Limits of Demerger  160
D. Demerger Procedure (Stages of Demerger)  161
1. Principles  161
2. Interim Financial Statement  162
3. Demerger Agreement and Demerger Plan  163
4. Demerger Report  164
5. Right of Examination  165
6. Demerger Decision  166
a. In General Terms  166
b. Quorum of the General Assembly Regarding the Demerger Procedure  167
7. Registration in Trade Registry  169
VII. CHANGE OF TYPE IN TRADING CORPORATIONS  169
A. Concept and Principles  169
B. Changes of Type that are Permitted in the TCC.  171
C. Protection of Company’s Shares and Rights in Change of Type  172
D. Procedure for Change of Type (Stages of Change of Type)  173
1. Performance of the Incorporation and Preparation of the Financial Statement  173
2. Plan for Change of Type  174
3. Report for Change of Type  174
4. Partners’ Right of Examination  175
5. Decision of the General Assembly Regarding Change of Type  176
6. Registration and Announcement  177
VIII. COMMON PROVISIONS REGARDING MERGER, DEMERGER AND CHANGE OF TYPE  178
A. Filing an Action for Examining Partnership Interests and Partnership Rights  178
B. Filing an Action for Annulment of Merger, Demerger and Change of Type and Consequences of Deficiencies  179
C. Liability  179
IV. CONGLOMERATES  180
A. In General Terms  180
B. Cases of Creating Controlling and Affiliate Companies  181
1. By the Control Tools  181
2. By Establishing Control through an Agreement  182
3. Presumption of Controlling Company  183
4. Possibility of Forming another Independent Controlling Company  183
C. Possibility of Forming a Controlling Company through Reciprocal Shareholding  184
D. Provisions  184
1. Calculation of Shares and Voting Rates  184
2. Notification (Explanation), Registration and Announcement Obligations  185
3. Reports of the Subsidiaries and Controlling Companies  186
4. Obtaining Information Regarding Subsidiaries  188
5. Liabilities of Controlling Company  188
V. AUTHORITY OF THE MINISTRY OF CUSTOMS AND TRADE REGARDING TRADING CORPORATIONS  190
§ 4. GENERAL PARTNERSHIPS (Collective Companies)  193
I. CONCEPT  193
A. In General Terms  193
B. Definition and Components  195
1. Definition  195
2. Components  195
a. Component of Person (Partner)  195
b. Component of Purpose  196
c. Commercial Title  197
d. Legal Personality  198
e. Unlimited Liability  198
II. INCORPORATION OF GENERAL PARTNERSHIP  199
A. Preparation of Articles of Association of the General partnership and its Approval by the Notary PublicPerforming the Approval of Signatures at the Directorates of Trade Registry  200
1. Form of Articles of Association  200
2. Contents of Articles of Association  201
a. Mandatory Entries that are supposed to be Present in Articles of Association  201
b. Other Entries that May Be Placed in Articles of Association  202
B. Notary Public’s ApprovalPlacing Signatures in the Presence of the Director of Trade Registry  202
C. Registration and Announcement  203
III. PARTICIPATION OF PARTNERS INTO PROFIT AND LOSS AND THEIR VOTING RIGHTS  205
A. Participation of Partners into Profit and Loss  205
B. Rule Regarding Voting Rights  208
IV. MANAGEMENT, REPRESENTATION AND AUDIT  209
A. Management  209
1. Authorized Managers  209
2. Revoking Management Authority  210
3. Acting Individually and Collectively in Company Management  211
B. Representation  213
1. Authorized Representatives  213
a. In General Terms  213
b. Appointment of Representative/s  214
2. Scope, Limitation and Termination of Power of Representation  215
a. Scope and Limitation of Power  215
aa. Scope of Power  215
bb. Limitation (Co–signature, Branch Businesses and Limited Power)  215
b. Termination of the Power  216
3. Legal Outcomes of Representation  217
C. Auditing  218
V. PROHIBITION OF COMPETITION  218
VI. LEGAL STATUS OF CREDITORS REQUESTING RECEIVABLES FROM GENERAL PARTNERSHIP / PARTNERS’ LIABILITIES  220
VII. BANKRUPTCY  224
VIII. SET–OFF  225
IX. CHANGES IN PARTNERSHIP STRUCTURE  226
A. In General Terms  226
B. Inclusion of a New Partner into the Company  226
C. Leaving the Company  227
1. In General Terms  227
2. Leaving the Company  228
3. Leaving the Company by Transferring Shares  228
4. Exclusion of one Partner from the Company  229
5. Death of a Partner  230
D. Legal Consequences of Leaving the Company  232
1. Registration and Announcement  232
2. Liability  232
3. Payment of Separation Provision  233
X. TERMINATION OF GENERAL PARTNERSHIP  234
A. In General Terms  234
B. Cases for Company’s Abolishment  235
C. Cases for Company’s Dissolution  238
XI. LIQUIDATION OF GENERAL PARTNERSHIP  239
A. In General Terms  239
B. Appointment and Dismissal of Liquidators  240
1. Appointment of Liquidators  240
2. Dismissal of Liquidators  241
C. Liquidation Procedures  241
D. Erasure of Company’s Registration from the Trade Registry  243
§ 5. (ORDINARY) LIMITED PARTNERSHIPS  245
I. GENERAL INFORMATION AND COMPARISON WITH GENERAL PARTNERSHIPS  245
II. DEFINITION AND COMPONENTS OF LIMITED COMPANY  246
A. Definition  246
B. Components  247
1. Partners  247
2. Commercial Establishment  248
3. Commercial Title  248
4. Liability  249
5. Legal Personality  249
III. ESTABLISHMENT OF LIMITED PARTNERSHIP  250
A. Issuance of the Articles of Association  250
B. Notary Public’s ApprovalPlacing Signatures before the Director of Trade Registry  251
C. Registration and Announcement in the Trade Registry  251
III. TYPES OF LIMITED PARTNERSHIP  252
A. Ordinary Limited Partnership  252
B. Limited Partnership in which the Capital is divided into Shares  252
IV. OPERATION OF THE LIMITED PARTNERSHIP  253
A. Management of the Company  253
B. Representation of the Company  254
C. Auditing in the Limited Partnerships  255
V. LIMITATIONS REGARDING COMPETITION  256
VI. PARTICIPATION OF PARTNERS INTO PROFIT AND LOSS, TRANSFER AND SUCCESSION OF PARTNERSHIP INTERESTS  256
A. Participation of Partners into Profit and Loss  256
B. Transfer and Succession of Partnership Interests  257
VII. PRINCIPLES OF LIABILITY WHICH THE PARTNERS ARE SUBJECT TO  257
A. Liability of Active Partners  257
B. Liability of Silent Partners  257
1. Rule  257
2. Exceptions (Cases Where Silent Partners Liabilities Are Expanded)  258
a. Placing the Name and Last Name of Silent Partner in the Company’s Commercial Title  258
b. Conducting Procedures in Representation of the Company  259
c. Performing Procedures before Registration of the Company  259
d. The Case where the Valuation of Capital is against Reality  260
e. The Case where the Silent Partner Makes a Commitment  260
VI. TERMINATION AND LIQUIDATION OF THE LIMITED PARTNERSHIPS  260
§ 6. INCORPORATED COMPANIES  261
I. IN GENERAL TERMS  261
II. DEFINITION AND COMPONENTS  263
A. Definition  263
B. Components  263
1. Component of Partner (Person)  263
2. Component of Written Articles of Association  266
3. Component of Purpose and Subject Matter  267
4. Component of Commercial Title  267
5. Component of Capital  268
6. Component of Limited Liability  272
7. Component of Legal Personality  272
III. GENERAL GOVERNING PRINCIPLES OF INCORPORATED COMPANIES AND THE PRINCIPLE OF STATE SUPERVISION OVER INCORPORATED COMPANIES  273
A. General Governing Principles of Incorporated Companies  273
1. Majority Principle  273
2. Principle of Having Rights in the Percentage of Contribution into the Capital  276
3. Principle of Protection of Assets  277
4. Principle of Disclosure (Transparency)  279
5. Principle of External Auditing  280
6. Principle of Managing a Foreign Asset  280
7. Principle of Equal Treatment  281
B. Principle of State Supervision over Incorporated Companies  282
1. In General Terms  282
2. ment of the Ministry’s Permission for Incorporation and Changes in Articles of Association  283
3. Representation of Public Legal Entities in the Board of Directors  284
IV. CLASSIFICATION OF THE INCORPORATED COMPANIES AS THOSE THAT ARE PUBLIC AND NON–PUBLIC COMPANIES  285
A. In General Terms  285
B. Non–Public (Non–Public Type) Incorporated Companies  285
C. Public Incorporated Companies  286
V. INCORPORATION OF INCORPORATED COMPANY  288
A. Moment of Incorporation (Preliminary Incorporated Company)  288
B. Incorporation Documents  289
C. Founders  289
D. Types of Incorporation  289
1. Immediate Incorporation  289
2. Incorporation by the Condition of Public Offering  290
E. Preparation of the Articles of Association and Approval of the Signatures by the Notary Publicthe Signature of the Articles of Association in the Presence of the DirectorVice Director of the Trade Registry  293
1. Form  293
2. Contents  294
F. Valuation of Capital in Kind  296
G. Payment of Share Prices  296
H. Interests of Founders  298
I. Ministry’s Permission, if Necessary  299
J. Registration and Announcement of the Company  302
K. Possibility of Lawsuit for Annulment  303
L. Fraud against Law  305
VI. ORGANS OF THE INCORPORATED COMPANY  306
A. In General Terms  306
B. General Assembly  307
1. In General Terms  307
2. Duties and Powers of the General Assembly  309
3. General Assembly Meetings  310
a. In General Terms  310
b. Types of Meetings  311
aa. Ordinary General Assembly Meeting  311
bb. Extraordinary General Assembly Meeting  311
c. Those Who Have the Power and Right to Attend the Meeting  311
d. Call for General Assembly Meeting  313
aa. Those who are authorized to make the Call  313
aaa. Board of Directors  313
bbb. Shareholders  314
ccc. Minority  314
ddd. Liquidators  315
bb. Form and Time of the Call  315
cc. General Assembly Meeting without the Call  316
e. Meeting Agenda  316
aa. General Rule: Adherence to the Agenda Principle  316
bb. Exceptions of Adherence to the Agenda Principle  318
f. Running Meetings  320
aa. List of Attendees  320
bb. Chairmanship of the Meeting (Chairmanship Council) and Internal Directive  322
aaa. Chairmanship of the Meeting  322
bbb. Internal Directive  322
i. In General Terms  322
ii. Principles Regarding Internal Directive  322
iii. Matters That Would Take Place in Internal Directive as a Minimum  323
iv. Application of Internal Directive’s Provisions  324
cc. Adjournment of the Meeting and Minutes of Meeting of the General Assembly  325
aaa. Adjournment of the Meeting  325
bbb. Minutes of General Assembly Meetings  325
dd. Electronic General Assembly  326
ee. Quorums for the General Assembly Meetings and Decisions  329
aaa. In General Terms  329
bbb. Ordinary (Simple) Quorum for Meetings and Decisions (Rule)  329
ccc. Meeting and Decision Quorums Sought in the Changes of Articles of Association  330
i. In Ordinary Changes of the Articles of Association  330
ii. Special Articles of Association Change  330
iia. Special Cases for Changes of Articles of Association where Unanimous Vote is sought  331
iib. Special Cases for Changes of Articles of Association where Participation of At Least Seventy Five Percent of the Capital is d  331
4. Nullity of the General Assembly Decisions: Cases for Cancellation, Nullity and Invalidity  334
a. Cancellation  334
aa. Reasons for Cancellation  334
bb. Persons Who May File the Suit for Cancellation  335
b. Cases for Nullity and Invalidity  336
c. Common Provisions Regarding Cancellation and Nullity Sanctions  338
C. Board of Directors  339
1. In General Terms  339
2. Responsibilities and Powers of the Board of Directors  339
3. Special Responsibilities and Powers of the Board of Directors  341
a. Responsibilities in Cases of Loss of Capital and over indebtedness  342
b. Power to Request Concordat  343
c. Responsibilities and Powers Regarding Early Determination and Management of the Risk  343
4. Membership of the Board of Directors  344
a. Conditions of Membership  345
5. Qualifications of the Members of the Board of Directors  346
a. Being a RealLegal Person  347
b. Being Fully Competent  348
c. Not Having Any Obstacle for being elected  348
d. Having the Qualifications Set Out in the Articles of Association  349
6. Election of Members, Representation of Groups and Terms of Office  349
a. Election of Members  349
b. Representation of Groups in the Board of Directors  350
c. Term of Office  351
7. Rights and Responsibilities of the Members of the Board of Directors  351
a. Rights  351
aa. Administrative Rights  351
aaa. Participating into Management  352
bbb. Power to Represent the Company  352
ccc. Right to Obtain Information and Examine  353
bb. Financial Rights  354
aaa. Attendance Fee  355
bbb. Wage  355
ccc. Getting a Share of the Profit  356
ddd. Premium and Bonus  356
b. Responsibilities  356
aa. Responsibility of Management and Supervision  357
bb. Obligation of Care and Loyalty  358
cc. Obligation of Not Carrying Out Transactions with the Company (Prohibition of Carrying Out Transactions with the Company)  362
dd. Prohibition of Borrowing in the Company  363
ee. Prohibition of Competition  365
ff. Prohibition of Attending Deliberation  366
gg. Obligation of Equal Treatment  367
8. Decision Making Mechanism of the Board of Directors  369
a. In General Terms  369
b. Transfer and Division of Powers of Management  370
c. Quorums for Meetings and Decisions  372
d. Nullity of the Decisions  372
9. Representation of the Company  373
a. In General Terms  373
b. Rule of Representation: Double Signature  374
c. Limitation of the Power of Representation  376
aa. In General Terms  376
bb. Common Representation  376
cc. Limitation by the Affairs of a Branch  376
10. Committees and Commissions to be created by the Board of Directors  377
a. In General Terms  377
b. Assistant Committees for the Board of Directors (Review Committees)  379
aa. In General Terms  379
bb. Financial Auditing Committee  380
cc. Committee for Early Detection and Management of Risk  381
dd. Committees that are Set Forth as a Necessity of Corporate Management  383
11. Liability of the Members of the Board of Directors  384
a. In General Terms  384
b. Form of Liability  387
c. Responsibility Due to Public Debts  388
d. Voluntary Insurance  388
12. Termination of the Membership of the Board of Directors  389
VII. EXTERNAL REVISION (AUDITING) AS A TYPE OF UPPER LEVEL SUPERVISION IN THE INCORPORATED COMPANIES  390
A. In General Terms  390
B. Concepts that are Included in the Upper Level Supervision  392
1. Concept of Auditing  392
2. Concept of Control  393
3. Concept of Revision / Investigation  394
a. In General Terms  394
b. Internal Revision  394
c. External Revision  396
C. Subject Matter of External Revision in the Incorporated Companies  398
D. Scope of External Revision (Auditing)  400
E. ments of External Auditing  401
F. External Reviser: Account Reviser/Auditor  401
1. Election and Dismissal of External Reviser and Termination of His/her Agreement  401
2. Persons Who May Become External Revisers (Auditors)  403
G. Presentation Obligation of the Board of Directors and the External Reviser’s Right to Obtain Information  405
H. External Revision Report and Opinion Letters  406
I. Liability of the External Revisers Arising from Confidentiality Obligation  409
VIII. SHARES AND SHAREHOLDING IN THE INCORPORATED COMPANIES  410
A. Concept of Share and Its Types  410
1. In General Terms  410
2. Types of Shares  412
a. Ordinary Share – Privileged Share  412
b. Share with Charge –Share Without Charge (Gratis)  414
B. Debts and Rights of the Shareholder  414
1. Shareholder’s Obligations  415
a. Obligation to Pay the Share Price and the Legal Consequences of Violating the Obligation to Perform the Share Price Undertaking  415
aa. Obligation to Perform the Share Price Undertaking  415
bb. Legal Consequences of Violating the Obligation to Perform the Share Price Undertaking  416
b. Secondary Obligations  417
d. Obligation to Repay the Dividend Which Was Unjustly Obtained  418
2. Shareholder’s Rights  418
a. Rights Regarding Management  419
aa. Right to Attend the General Assembly  419
bb. Right to Vote  419
cc. Right to Obtain, Examine and Audit Information  420
dd. Right to Leave the Company  422
ee. Right to File a Suit for Liability  423
b. Financial Rights of the Shareholder  423
aa. Right of Dividend  423
bb. Right of Obtaining Liquidation Dividend  425
cc. Preparatory Period Interest  425
dd. Right of Preemption  426
ee. Right of Requesting Separation Provision in Mergers, Change of Type and Demergers, and Suit for Offsetting Request  427
3. Minority Rights in the Incorporated Companies  427
a. In General Terms  427
b. Types of Minority Rights  430
aa. Negative Minority Rights  430
aaa. Cases of Weighted Majority  430
bbb. Preventing Compromise and Release  431
bb. Positive Minority Rights  431
aaa. Calling the General Assembly Meeting and the Right to Request Adding Items to the Agenda  431
bbb. Requesting Appointment of Special Auditor  432
ccc. Postponement of the Financial Statement Deliberations  432
dd. Dismissal of Account Reviser and Filing a Suit for Appointment of a New Accounting Reviser  433
ee. Right to Request Printing Registered Share Certificates  433
ff. Right to Request Termination of the Company for Justifiable Reasons  434
IX. SECURITIES IN THE INCORPORATED COMPANIES  434
A. Share Certificates  435
B. Transfer of Share Certificates  437
1. Transfer of Bearer Share Certificates  437
2. Transfer of Registered Shares and Share Certificates  438
C. Limitation of Transfer (Context)  438
1. Legal Limitation (Legal Context)  439
2. Limitation by Articles of Association  439
a. In General Terms  439
b. Unquoted Registered Shares  440
c. Quoted Registered Shares  441
D. Location of Share Ledger  445
E. Other Securities Set Out by the TCC.  446
1. Redeemed Shares  446
2. Debt Securities and Securities Including the Right to Obtain and Change  447
X. AMENDING THE ARTICLES OF ASSOCIATION  448
A. Amendment of Articles of Association in General Terms  448
1. Method to be Followed and Quorum  449
2. Special Assembly Meeting of the Privileged Shareholders  450
3. Registration  452
B. Special Amendments of Articles of Association  452
1. Increasing Capital  452
2. Decreasing Principal Capital  456
XI. FINANCIAL MANAGEMENT AND CONTINGENCY RESERVES IN THE INCORPORATED COMPANIES  458
A. Financial Tables  458
1. In General Terms  458
2. Principles Governing Preparation of Financial Tables  459
B. Annual Activity Report of Board of Directors  461
C. Contingency Reserves in Incorporated Companies  463
1. Definition  463
2. Purpose for Setting Forth the Contingency Reserves and their Characteristics  465
3. Types of Contingency Reserve  467
a. Legal Contingency Reserves  467
b. Contingency Reserves that are Voluntarily Spared by the Company (Voluntary Contingency Reserves)  469
aa. Contingency Reserves that are spared by the Articles of Association (Status Contingency Reserves)  469
bb. Contingency Reserves that are spared by the Decision of the General Assembly  470
c. Relationship between the Dividend and Contingency Reserves (Extraordinary Contingency Reserve)  470
XII. PROFIT AND LIQUIDATION DIVIDEND  471
A. Principle  471
B. Manner of Calculation  472
C. Prohibition of Interest and Exceptions  473
D. Dividend Shares  474
E. Repayment Obligation  474
XIII. TERMINATION AND LIQUIDATION OF THE INCORPORATED COMPANY  475
A. Termination of the Incorporated Company  475
1. In General Terms  475
2. Cases for Involuntary Termination of the Incorporated Companies (Dissolution)  477
a. Expiration of the Company’s Term  477
b. By Realization of Its Subject Matter of OperationBy Its Subject Matter of Operation Becoming Impossible  478
c. By Realization of Any Reason for Termination which is Set Forth in the Articles of Association  479
d. By Losing Two Thirds of the Principal Capital  479
e. Transfer of Headquarters of the Incorporated Company Abroad  480
3. Voluntary Termination of the Incorporated Company (Reason for Voluntary Termination – Termination by the Decision of the General Assembly)  481
4. Cases for Termination of the Incorporated Company by the Decision of the Court (Cases for Dissolution by the Court Decision)  484
a. Lack of Any one of the Organs of the Incorporated CompanyInability of the General Assembly to Meet  484
b. Performing ProceduresActivities against the Public Orderthe Subject Matter of the Field of Operation  484
c. Realization of One of the Reasons for Dissolution Set Forth in the Articles of Association  485
d. Deficiency in Incorporation and Contrariety against the Provisions of the Law  486
e. Company’s Purpose Becomes against the Law and the Public Morals  488
f. Dissolution of the Incorporated Company for Justifiable Reasons  488
g. Termination of the Incorporated Company by Bankruptcy  489
B. Liquidation Stage  491
1. Executor(s) of Liquidation  491
2. Liquidation Affairs  493
3. Outcome of Liquidation  496
a. Distribution of Liquidation Outcome  496
b. Keeping Books  496
c. Deletion of Commercial Title of the Company  497
XIV. CASES OF LEGAL LIABILITY IN THE INCORPORATED COMPANIES  498
A. General Cases of Legal Liability  498
1. Contrariety of the Documents and Declarations Against the Law  498
2. Wrong Declarations Regarding Capital and Knowing Insolvency  498
3. Fraud in Valuation  499
4. Collecting Money from Public  499
B. Liabilities of Founders, Members of the Board of Directors, Managers and Liquidators  499
C. Liability of the Account Reviser (External Auditor)  500
D. Company’s Loss  500
E. Succession and Application  501
F. Acquittal  502
G. Statute of Limitation  502
H. Authorized Court  503
XV. CRIMINAL LIABILITY  503
§ 7. LIMITED PARTNERSHIPS IN WHICH THE CAPITAL IS DIVIDED INTO SHARES  507
I. DEION AND PROVISIONS TO BE APPLIED  507
II. INCORPORATION  508
III. MANAGEMENT  509
IV. PROHIBITION OF COMPETITION  510
§ 8. LIMITED LIABILITY COMPANIES  511
I. CONCEPT OF LIMITED LIABILITY COMPANY IN GENERAL TERMS AND REFERENCES MADE TO INCORPORATED COMPANIES  511
A. Concept of Limited Liability Company in General Terms  511
B. References Made to the Incorporated Company  514
II. DEFINITION AND COMPONENTS  517
A. Definition  517
B. Components  517
1. Component of Commercial Title  517
2. Component of Principal Capital  518
3. Component of Person (Partner)  520
4. Component of Limited Liability of Partners  521
a. Rule  521
b. Exception  522
5. Component of Purpose and Subject Matter  525
6. Component of Legal Personality  526
III. INCORPORATION  526
A. Preparation and Mandatory Content of the Articles of Association  526
B. Moment of Incorporation  529
C. Registration Procedure  530
1. Registration Request  530
2. Registration and Announcement  531
3. Obtaining Legal Personality  532
IV. AMENDING ARTICLES OF ASSOCIATION OF LIMITED LIABILITY COMPANY  533
A. Amending Articles of Association In General Terms  533
1. In General Terms  533
2. Authorized Organ in Amending the Articles of Association  534
B. Special Cases of Amending Articles of Association  535
1. Increasing Principal Capital  535
a. In General Terms  535
b. Right of Preemption  536
2. Decreasing Principal Capital  537
V. SUBJECTING PRINCIPAL CAPITAL SHARE IN LIMITED LIABILITY COMPANIES TO LEGAL PROCEDURES  537
A. Rule  537
1. Share Certificates  538
2. Share Ledger  538
B. Transfer of Principal Capital Share  539
1. Procedure for Voluntary Transfer of Shares  539
2. Transfer of Principal Capital Share by Law  540
a. In General Terms  540
b. Company’s Right to Acquire Those Shares in Their Real Value  541
c. Determination of Real Value  541
3. Registration of Transfer and Exchange  542
C. Rights of Usufruct and Lien on the Principal Capital Shares and Acquisition by the Limited Liability Companies of Their Own Principal Capital Shares  542
1. Rights of Usufruct and Lien on the Principal Capital Shares  542
2. Acquisition by the Limited Liability Companies of Their Own Principal Capital Shares  543
VI. RIGHTS AND OBLIGATIONS OF PARTNERS IN LIMITED LIABILITY COMPANIES  543
A. Rights  543
1. In General Terms  543
2. Financial Rights  546
a. Right of Dividend  546
b. Prohibition of Interest and Preparatory Period Interest  548
c. Right to Acquire New Shares  548
d. Right to Request Separation Provision  550
e. Right of Obtaining Liquidation Dividend  551
2. Rights Regarding Management  552
a. Attending the General Assembly  552
b. Right to Vote  553
c. Right to Participate into Company’s Management and Representation  556
aa. In General Terms  556
bb. Rights Protecting the Partners  557
aaa. Right to Obtain and Examine Information  557
bbb. Right to File Suit for Determination of Nullity and Cancellation  557
ccc. Right to File Liability Suit  558
ddd. Right to Leave Company  559
i. Recognition of the Right to Leave by the Articles of Association  559
ii. Right to Leave Company for Justifiable Reasons  559
eee. Right to Participate Into Leaving  560
fff. Right to Request another Partner’s Dismissal from the Company  560
ggg. Right to File Suit for the Dissolution of the Company  562
i. In General Terms  562
ii. Filing a Suit for Termination due to Justifiable Reasons  562
hhh. Right to Request Being Subjected to Equal Treatment  563
B. Obligations  563
1. Obligation to Pay the Subscribed Capital  563
2. Obligation to Manage the Company  564
3. Loyalty Obligation and Prohibition of Competition  564
4. Additional Payment and Additional Performance Obligations  566
a. Additional Payment Obligation  566
aa. In General Terms  566
bb. Continuation of Obligation  567
cc. Repayment  567
b. Additional Performance Obligation  567
c. Subsequent Stipulation  568
VII. ORGANS OF LIMITED LIABILITY COMPANY  568
A. In General Terms  568
B. General Assembly  569
1. In General Terms  569
2. Powers of General Assembly  569
3. Convention of General Assembly  571
a. Call  571
b. Making a Decision without Making a General Assembly Meeting  573
3. Right to Vote and it’s Calculation  575
4. Quorums for Making Decisions in the General Assembly  576
a. Quorum in Amendments of the Articles of Association and Ordinary Quorum for Making Decisions  577
aa. Ordinary Quorum for Making Decisions  577
bb. Quorum in Amendments of the Articles of Association  577
b. Quorum for Making Extraordinary Decisions (Quorum in Important Decisions)  577
5. Nullity of Decisions  579
C. MANAGEMENT AND REPRESENTATION OF THE COMPANY  579
1. Managers  579
a. In General Terms  579
b. Having Multiple Numbers of Managers  581
c. Responsibilities and Powers of Managers  581
d. Scope and Limitation of the Power of Representation  583
e. Rights of Managers  584
f. Obligations of Managers  585
aa. Obligation of Care and Loyalty  585
bb. Prohibition of Competition  585
cc. Obligation of Equal Treatment  585
dd. Responsibilities  586
2. Commercial Representatives and Commercial Agents  586
VIII. TERMINATION IN LIMITED LIABILITY COMPANIES  587
A. Reasons for Termination  587
1. Special Reasons for Termination that are Set Forth in the Law  588
a. Inexistence of Mandatory OrgansInability to Convene  588
b. Termination for Justifiable Reasons  588
2. Outcomes of Dissolution  589
B. Liquidation  589
IX. PROVISIONS TO BE APPLIED  589
§ 9. COOPERATIVE COMPANIES  591
I. IN GENERAL TERMS  591
II. DEFINITION and COMPONENTS  591
A. Definition  591
B. Components  592
1. Component of Partner (Person)  592
2. Component of Articles of Association  593
3. Component of Purpose  593
4. Component of Commercial Title  594
5. Component of Capital  595
6. Component of Liability  596
a. Rule: Limited Liability  596
b. Exception: Unlimited Liability  597
7. Component of Legal Personality  597
III. INCORPORATION OF COOPERATIVE COMPANY  598
A. Preparation of the Articles of Association and Its Signature before the Authorized Personnel at the Directorate of Trade Registry  598
1. Form of the Articles of Association and Its Approval by the Notary Public  598
2. Contents of the Articles of Association  598
a. Mandatory Components  598
b. Optional Components  599
B. Permission of the Ministry of Customs and Trade  600
C. Registration and Announcement of the Company  600
IV. AMENDING ARTICLES OF ASSOCIATION  601
V. ORGANS OF COOPERATIVE COMPANY  601
A. In General Terms  601
B. General Assembly  602
1. In General Terms  602
2. Nontransferable Powers of the General Assembly  602
3. Calling the General Assembly to Meeting and Quorums for Decisions  603
a. Calling to Meeting  603
aa. In General Terms  603
bb. Those Who Are Authorized to Make the Call to the Meeting  604
b. Making the Meeting, Principle of Adherence to the Agenda and Quorums for Decisions  605
aa. Making the Meeting, Principle of Adherence to the Agenda  605
bb. Quorums for Decisions  607
c. Cancellability of the Decisions  607
C. Board of Directors  609
1. In General Terms  609
2. Membership of the Board of Directors  609
3. Power of Management and Representation and Its Transfer  610
a. Power of Management and Representation  610
b. Transfer of Power of Management and Representation  611
4. Legal and Penal Liabilities of the Members of Board of Directors  612
D. Auditors  612
1. Auditors and their Appointment in General Terms  612
2. Responsibilities  613
3. Confidentiality Obligation  614
VI. PARTNERSHIP IN COOPERATIVES  615
A. Open Door Principle and Limits of the Principle  615
1. Open Door Principle  615
2. Limits  616
a. Limitation by the Articles of Association  616
b. Limitation in Housing Cooperatives  616
c. Prohibition of Leaving Company and Leading to Compensation  617
B. Conditions of Gaining the Title of Partnership, Legal Reflections of Gaining the Title of Partnership and Proof of the Title of Partnership  618
1. Conditions of Gaining the Title of Partnership  618
a. Having the Capacity to Act  618
b. Making a Written Application to the Cooperative  618
2. Legal Reflections of Gaining the Title of Partnership  620
a. Being a Founding Partner  620
b. Becoming a Partner after Incorporation  620
c. Becoming a Partner by Taking over the Share of the Cooperative  621
d. Becoming a Partner by Inheritance  621
e. Becoming a Partner against ServiceResponsibilityReal Estate PropertyBusiness Establishment  622
3. Proof of the Title of Partnership – Partnership Certificate  623
C. Obligations and Rights of the Partners  624
1. General Principles Regarding Rights and Obligations  624
a. Principle of Personal Contribution  624
b. Principle of Equality  625
2. Obligations of Partners  625
a. Obligation to Pay Share Price and Contribution  625
b. Additional Payment Obligation  625
c. Confidentiality Obligation  626
d. Liability for Cooperative’s Debts  626
3. Rights of Partners  627
a. Rights Providing Participation  627
aa. Right to Attend the General Assembly Meetings  627
bb. Rights of Casting Votes and Representation  628
b. Protective Rights  629
aa. Right to Obtain Information  629
bb. Right to File Annulment Suit against the Decisions of General Assembly and Right to File Suit against the Decision of Dismissal  630
cc. Right to File Liability Suit  633
c. Rights Regarding Assets  633
aa. Rights over the Difference between Revenues and Expenses  633
bb. Rights over the Liquidation Dividend  633
dd. Right to be exempted from the ment as to Form in Transfer of Real Estate Property  634
D. Loss of the Title of Partnership  635
1. Reasons that Terminate the Title of Partnership  635
a. Leaving Company  635
b. Being Dismissed from the Company  636
c. Loss of the Title of Partnership Due to Failure to Pay the Obligation of Capital Subion and other Payments  638
d. Transfer of the Partnership Interest  639
e. Death of a Partner  639
f. Termination of the Duty and Service  639
g. Transfer of the Real Estate Propertythe Establishment  639
2. Legal Consequences of Termination of the Partnership Title  640
VII. TERMINATION AND LIQUIDATION OF COOPERATIVE COMPANY  641
A. Termination  641
B. Liquidation  641
Resources  645
Index  653

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