Turkish Commercial Code No. 6102 (TCC), which entered into force
on July 1, 2012, brought many novelties to form a modern vision of
commercial law, whereas the former rules were inadequate to meet
the needs of the practice. The focus was mainly on transparency,
auditability, and equivalence among shareholders, and the relevant
legislation has adopted new principles with respect to corporate
governance and shareholders' rights.
As part of these novelties, the TCC provides categories of
important reasons that allow joint stock companies to reject the
transfer of registered shares under their respective articles of
association (AoA), while the former code did not enable a
shareholder who voted against any corporate change in the company
to sell its shares to the company at a fair value.
