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ARTICLE · 07 MARCH 2022

Dividend Right Certificates

ELIG Gürkaynak Attorneys-at-Law
ELIG Gürkaynak Attorneys-at-Law
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ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law is an eminent, independent Turkish law firm based in Istanbul. The...

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Turkish Commercial Code No. 6102 sets forth that in accordance with the articles of association or by changing the articles of association, general assembly of shareholders of a joint stock company may decide to issue dividend right certificates ...

TurkeyCorporate/Commercial Law
Gönenç Gürkaynak
Gönenç Gürkaynak
Nazlı Nil Yukaruç
Nazlı Nil Yukaruç
Nisa Aybüke Eroğlu
Nisa Aybüke Eroğlu
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I. INTRODUCTION

Turkish Commercial Code No. 6102 ("TCC") sets forth that in accordance with the articles of association or by changing the articles of association, general assembly of shareholders of a joint stock company may decide to issue dividend right certificates in favor of the owners, creditors or those related to the company for a similar reason. In this article, we will focus on the purpose and types of dividend right certificates within the framework of Article 348, 502 and 503 of the TCC.

II. TYPES OF DIVIDEND RIGHT CERTIFICATES

There are 3 (three) types of dividend right certificates as founder's dividend right certificates, ordinary dividend right certificates and participation dividend right certificates. As per Article 502 of the TCC, dividend right certificates, including those issued for the founders, may be issued in form of promissory or bearer.

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