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Articles contributed by Erdem & Erdem Law Office
Provisions of the New Turkish Commercial Code (“New TCC”) concerning the Board of Directors (“BoD”) are found among the provisions that have been significantly modified.
General assembly (“GA”) meetings of joint stock companies play an important role, since it gives the opportunity to shareholders to enjoy to exercise their rights regarding company affairs. Shareholders enjoy their essential rights such as right to obtain information and right of examination through GA meetings.
THE ARTICLES OF ASSOCIATION - II
Provisions concerning the amendment of the articles of association (“AoA”) were subject to extensive modifications within the New Turkish Commercial Code (“New TCC”).
THE AMENDMENTS OF THE ARTICLES OF ASSOCIATION - I
In joint stock companies, amendments of the articles of association (“AoA”) are of significant importance, since they have a direct effect on the rights of shareholders.
As is known, the New Turkish Commercial Code (“New TCC”) has been accepted by the Grand National Assembly of Turkey on January 14, 2011.
Voting rights in joint stock companies are of significant importance, since they enable shareholders to participate in the management of the company. Shareholders may have a voice in the activities of the company through the exercise of their voting rights, such as appointment of members to corporate boards, supervision of the said members and exercise of minority rights. Privileges such as right of access to information, convocation of the general assembly and right to demand the annulment of the decisions aim to guarantee that the voting right is exercised more efficiently.
Minority shareholders rights are of significant importance in companies’ constitution, since they provide protection for the value of minority shareholding and the management of company can be apportioned between the majority and minority shareholders by preventing inappropriate exertion of control by majority shareholders.
The Draft Turkish Commercial Code (hereinafter referred to as the “New TCC”) replacing the current Turkish Commercial Code (herein after referred to as the “TCC”), which went into force in 1957 and which has been in use for more than fifty years without a structural change, was accepted by Grand National Assembly of Turkey on January 14, 2011.
The purpose of Incoterms is, as stated by ICC “to provide a set of international rules for the interpretation of the most commonly used trade terms in foreign trade. Thus, the uncertainties of different interpretations of such terms in different countries can be avoided or at least reduced to a considerable degree”.
Energy consumption has increased both globally and domestically because of population growth. Activity in the energy sector has accelerated in our country, as well as in the world, in order not to have difficulties in energy supplies as a result of this increase in demand.