Convening A Formal Shareholders Meeting Under Turkish Commercial Code

The procedure for inviting the general assembly to meeting has been set forth in Article 410 of Turkish Commercial Code ("TCC") numbered 6102. According to the given article; "i) General assembly may be convoked by board of directors even though its duration is expired. Liquidators can convoke the general assembly also for respects related to their duties. ii) In case of irregular meeting schedule of board of directors, failure to reach quarum or unavailability of it, sole shareholders can convoke general assembly with permission of court. Decision court is definite."

Those parties who had briefly summarized (except a liquidation officer who is also entitled to call a shareholders meeting when the company is in formal legal liquidation process), are empowered to summon the shareholders for a formal meeting by law.