A) Liability under Turkish Commercial Code numbered 6102
The liability of Board members under Turkish Commercial Code numbered 6102 ("TCC") is divided into two categories as legal and penal. Since there is no special regulation under TCC for independent board members, their liabilities are the same with other members.
a. Penal Liability
The penal liabilities of board members are regulated under Article 562 of TCC. The act and related penalty is indicated in table below:
|Act||Relevant TCC provision||Penalty (Administrative Fine)|
|Refraining from keeping the company books and ledgers||64||TRY 4,000.00|
|Refraining keeping the copies of company documents||64||TRY 4,000.00|
|Refraining validating company books for opening and closing||64||TRY 4,000.00|
|Keeping the company books and ledgers at odds with TCC||65||TRY 4,000.00|
|Taking inventory unfitting to the procedure||66||TRY 4,000.00|
|Refraining from presenting documents that have been transferred to image and data carriers||86||TRY 4,000.00|
|Keeping single and consolidated tables at odds with Turkish Accounting Standarts||88||TRY 4,000.00|
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.