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ARTICLE · 09 JANUARY 2013

How Shall The Advance Dividend Be Distributed According To New Turkish Commercial Code?

GSG Attorneys at Law
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In accordance with Article 509 of Turkish Commercial Code No. 6012, which entered into force on 1 July 2012, the procedures and principles of "advance dividend distribution" were revised in the Advance Dividend Distribution.

TurkeyCorporate/Commercial Law
Nilgün Serdar Simsek
Nilgün Serdar Simsek

In accordance with Article 509 of Turkish Commercial Code (TCC) No. 6012, which entered into force on 1 July 2012, the procedures and principles of "advance dividend distribution" were revised in the Advance Dividend Distribution Communique (ADDC) that was issued by the Ministry of Customs and Trade and entered into force following its promulgation in the Official Gazette on 9 August 2012. According to Article 2 of the ADDC, these procedures and principles shall apply to joint-stock companies, limited liability companies and limited partnerships that do not fall under the scope of the Capital Markets Law No. 2499.

Advance Dividend Distribution Procedure

As per Article 5 of the ADDC, companies shall distribute an advance dividend if the following two conditions arise: if a general assembly resolution regarding advance dividend payment is passed and if the company has already made a profit on its three-, six- or nine-month interim period statements prepared within

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