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ARTICLE · 01 NOVEMBER 2014

Analysis Of Share Transfer Restrictions Under Turkish Commercial Code

Inal Law Office
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Turkish Commercial Code No. 6102, in principle, TCC provides that registered shares may be transferred without being subject to any restrictions.

TurkeyCorporate/Commercial Law
Seyma Inal
Seyma Inal
Pinar Kara
Pinar Kara
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Turkish Commercial Code No. 6102 ("TCC"), in principle, TCC provides that registered shares may be transferred without being subject to any restrictions. However, it also stipulates certain legal and AoA based restrictions on share transfer.

According to the relevant provisions, legal restrictions imposed on share transfers apply to registered shares prices of which have not been fully paid. In fact, with the exception of inheritance, division of inheritance, marital property regime and forced sales, the TCC stipulates that registered shares may only be transferred with the approval of the relevant company. The company is also entitled to reject the relevant share transfer in case the transferee's payment capacity is doubted and the requested security is not provided.

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