The Communiqué Regarding Extension Of The Deadline For
The Limited Liability Companies And Corporations To Amend Their
Company Agreements In Compliance With The Turkish Commercial Code
(the "Communiqué") has entered
into force on June 29, 2013. The Communiqué has amended
Article 22 of the Law on the Validity and Application of the
Turkish Commercial Code numbered 6103 (the
"Application Law"). Prior to the
Communiqué, Article 22 of the Application Law provided that
corporations shall amend their Articles of Association and limited
liability companies shall amend their Articles of Partnership by
July 01, 2013 in compliance with the provisions set forth under the
Turkish Commercial Code (the "TCC").
"IN THE EVENT COMPANIES DO NOT AMEND THEIR COMPANY
AGREEMENTS IN ACCORDANCE WITH THE PROVISIONS SET FORTH UNDER THE
TCC UNTIL JULY 01, 2014, THE RELEVANT PROVISIONS UNDER THE TCC
SHALL BE APPLIED TO THOSE COMPANIES INSTEAD OF THE PROVISIONS UNDER
THEIR COMPANY AGREEMENTS."
The abovementioned deadline has been extended by the
Communiqué until July 01, 2014. In the event companies do
not amend their company agreements in accordance with the
provisions set forth under the TCC until July 01, 2014, the
relevant provisions under the TCC shall be applied to those
companies instead of the provisions under their company
Another change is with respect to general assembly meetings of
corporations. Previously, the time granted to shareholders
attending electronic general assembly meetings to cast their votes
was maximum five minutes pursuant to Article 7 of the
Communiqué Regarding The Electronic General Assembly System
To Be Used During The General Assembly Meetings Of Corporations
(the "Old Communiqué"). The
Communiqué which has been published in the Official Gazette
dated June 29, 2013 and numbered 28692 amended Article 7 of the Old
Communiqué reducing this to two minutes.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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