Legal Liabilities of Board Members in Joint Stock Companies

Liabilities of Board members are regulated under Article 553 of TCC. Accordingly, board members may only be responsible of the damages caused to the company to it’s shareholders and to the creditors of the company (related third parties) in case they fail to fulfill their obligations arising from the law and articles of association at their own fault. Two conditions mentioned above should co-exist to hold the Board Members liable for their acts.

SHARE TRANSFERS IN JOINT STOCK COMPANIES IN TURKEY – PART II

THE ROLE OF COMPANY SHARE LEDGERS IN SHARE TRANSFERS IN TURKEY Av. Ali Yurtsever L.L.M I. OVERVIEW In Part-I of the corporate law and share transfer series, we reviewed the general rules and procedures relating to share transfers in joint stock companies (JSC) in Turkey. Although the general procedures were reviewed in detail for all types of share …

SHARE TRANSFERS IN JOINT STOCK COMPANIES – PART I

SHARE TRANSFERS IN TURKEY – PART I Av. Ali Yurtsever L.L.M Overview Share transfers in Joint Stock Companies in Turkey can be a quite complex subject due to the numerous rules and procedures governing transfer transactions. Joint Stock Companies, noted as “Anonim Şirket” in Turkish (JSC), are a type of capital company provided for by …

COMPANY FORMATION IN TURKEY (INCORPORATION)

I. OVERVIEW There are relatively few capital restrictions imposed upon businesses in Turkey, and although the formation procedures can be quite complex, foreigners are allowed to freely invest in businesses and are even allowed to have full/sole ownership of a capital company. Since it is fairly easy for foreigners to invest in Turkey, choosing the …

DISCONTINUATION OF PARTNERSHIP (İZALE-İ SUYU)

Emir Aksoy LL.M, LL.M. IP The lawsuit for the dissolution of the partnership is also known as izale-i Şuyu. With the lawsuit for dissolution of the partnership, the partnership between the stakeholders who have rights on the movable or immovable property subject to shared or joint ownership is terminated and the transition to personal property is …

THE IMPORTANCE OF CONFIDENTIALITY AGREEMENTS

Emir Aksoy LL.M., LL.M. IP Confidentiality Agreements or also known as Non-Disclosure Agreements (NDAs) are often used between companies in order to protect their confidential information, developed technology, know-how and/or trade secrets that might be given to the receiving party during their interaction. The general industry practice is to keep these NDA’s as short as …

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