Coming Soon: Selected Sections Of The Draft Commercial Code

Certain sections of the draft Turkish Commercial Code¹ (the "Draft TCC") that are still pending before the Turkish National Assembly were summarized in one of our previous Mondaq articles² dated 10 June 2008. This article discusses some of the other sections of the Draft TCC which represent a significant departure from the old approach adopted by the Turkish Commercial Code (the "TCC").

The scope of Joint Stock Corporations' Articles of Associations – Compulsory Shareholders Agreements?

One of the major changes introduced by the Draft TCC is the limitation of the provisions that may be included under a Joint Stock Corporation's (a "JSC") articles of association ("AoA"). While the TCC only lists the provisions that are obligatory for the AoA, the Draft TCC contains a provision that an AoA may not list any provisions other than those that are obligatory and listed in the Draft TCC, unless the Draft TCC specifically authorizes to the contrary. Accordingly, a JSC may