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RESTRICTION ON PRIVILEGED SHARES IN JOINT STOCK COMPANIES

May 2011 - Corporate & Commercial. Legal Developments by Cerrahoglu Law Firm.

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The Law No. 6215 Amending Several Laws (“Amending Law”), which includes provisions amending the current Turkish Commercial Code No. 6762 (“TCC”), has been published in the Official Gazette dated 12.04.2011. We would like to bring to your attention below, the significant amendment related to restriction of privileged shares in joint stock companies where Government, special provincial administrations, municipalities and other public legal entities, trade unions, associations, foundations, cooperatives and their parents (“Public Legal Entities”) hold shares.

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