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ARTICLE · 26 NOVEMBER 2015

The New Regulation Reducing Representation Problems At Corporates

Çukur & Yılmaz Law Firm
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Duties and rights of such appointees will be clearly defined with an internal directive that will be prepared in accordance with the article 367 of the TCC...

TurkeyCorporate/Commercial Law
İzzet Gürler
İzzet Gürler
Işıl Özkeleş
Işıl Özkeleş
Alper Pekcan
Alper Pekcan
Author LinkedIn connections

IT HAS ONCE AGAIN BECOME POSSIBLE TO ALLOCATE SIGNATORY RIGHTS TO COMPANY OFFICIALS OTHER THAN THE AUTHORIZED BOARD OF DIRECTORS MEMBERS

1- The new law that came into force on 11.09.2014 publicly known as "Torba Yasa" has implemented some considerable changes to the Turkish Commercial Code ("TCC") including an amendment to article 371 of the TCC, which has partially eased the representation restrictions of companies.

2- Within the framework of TCC Article 371/3 before this amendment; it was only possible to limit the signatory rights of authorized company representatives to the company center or a specific branch or diversify with regard to sole/joint signature. As a result of these limitations, it was no longer possible to group signature rights based on monetary limits or subject matter of the transactions, which caused serious difficulties to companies in practice. As a result of this former provision, companies were initially issuing a simple signature

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