Corporate Law Prof. Dr. Şaban Kayıhan - Kitap

Corporate Law

4. Baskı, 
Haziran 2021
Kitabın Detayları
Dili:
İngilizce
Ebat:
16x24
Sayfa:
658
Barkod:
9789750269974
Kapak Türü:
Karton Kapaklı
Yayınevi:
Seçkin Yayıncılık
Fiyatı:
610,00₺
24 saat içerisinde temin edilir.
Kitabın Açıklaması
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.
Kitabın 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
Yorumlar
Kitabın İçindekileri
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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