Impacts Of The Draft Turkish Commercial Code On Listed Corporations.
Mondaq Business Briefing › Nbr. 2010, January 2010
Linked as:
Extract
Impacts Of The Draft Turkish Commercial Code On Listed Corporations.
The Turkish Commercial Code ("The Code") basically governs commercial relationships and establishment and governance of companies. The Code which was enacted in 1956 has been amended on several occasions in response to urgent needs and changed circumstances, but an overall revision which is deemed as necessary to meet the demands of the contemporary commercial and corporate life has not been made until now. However, a draft commercial code ("the Draft") has been in the agenda of the Turkish Grand National Assembly and is expected to be enacted in 2010.
The Draft adopts a reformist approach and covers a multitude of fundamental changes in relation to the legal infrastructure of commercial life. However, this article intends to draw attention to the fundamental effects of the Draft on ISE listed companies, especially in relation to their publicly held nature. Share Buy-Back The Draft envisages a relatively liberal structure concerning a joint stock company's buy-back of its own shares. According to the Draft, a joint stock company may pledge a right over or buy-back its own shares up to 10% of its entire share capital. In order for a joint stock company to conduct a share buy-back programme (i) its bo...See the full content of this document
Sponsored links
