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ARTICLE · 13 JUNE 2024

Amendments Made To The Turkish Commercial Code On May 29, 2024

PALDIMOGLU Law Firm
PALDIMOGLU Law Firm
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PALDIMOGLU Law Firm

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The Law on Amending the Turkish Commercial Code and Certain Laws was published in the Official Gazette dated 29.05.2024.

TurkeyCorporate/Commercial Law

The Law on Amending the Turkish Commercial Code and Certain Laws was published in the Official Gazette dated 29.05.2024. This amending law introduces significant changes to many laws, and this article examines the amendments made to the Turkish Commercial Code.

Amendments to the Turkish Commercial Code

With the amendment, changes were made to Article 366 of the Turkish Commercial Code. Previously, joint-stock companies were required to elect a chairman and a vice-chairman of the board of directors every year. This requirement for annual elections has been removed. According to the new version of the article, the board of directors elects a chairman and at least one vice-chairman from among its members to act in the absence of the chairman. The articles of association may stipulate that the chairman and/or the vice-chairman be elected by the general assembly.

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