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Legal Updates in Turkish Corporate Law Q2/2012
Focus items for this edition are: Communiqué on Privileges for Joint Stock Companies, Changes to Official Announcement Fees, UNDP-Turkey Treaty.
Communiqué on Privileges for Joint Stock Companies
The Communiqué regarding the Adaptation of Provisions that Create Privileges for Joint Stock Company’s Main Contracts (numbered 28261 and published April 11, 2012) extends the time to making the main contract of a joint stock company consistent with Article 401/2 of the Turkish Commercial Code (published in the Official Gazette dated June 6, 1956 and numbered 6762) until July 2, 2012. According to Article 401/2 if the State, municipalities and other public corporations are shareholders in joint stock companies shareholders shall not obtain any privileges.
Changes to Official Announcement Fees
The Council of Minister Decision regarding the determination of Official Announcements (numbered 2967 published April 11, 2012) regulates and lists the new fees for official announcements.
The Law Approving the Confirmation of the Treaty Regarding the Establishment of the Istanbul International Center for the Private Sector in Development between the Government of the Turkish Republic and the United Nations Development Programme (numbered 28276) was published on April 27, 2012.
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Pekin & Pekin is a full-service Turkish law firm based in Istanbul. The Firm advises on cross-border transactions in Turkey and the region, and over the 40 years since establishment has gained broad experience in both international and Turkish law. A member of Lex Mundi, TerraLex and SEE Legal, and advisor to ISDA and ICMA, the Firm is committed to excellence and has a culture of participation and success, driving all to exceed client objectives.
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