Joint-Stock Corporation under Turkish Commercial Law and the Doctrine of Increasing Shareholder Commitments

Authors

  • Berna Tepe Beykent University

DOI:

https://doi.org/10.5195/emaj.2015.85

Keywords:

Turkish Commercial Code, joint-stock corporations, principle of single obligation, shareholder commitments, increase in shareholders commitments, reduction of shareholder rights, mergers, rescission of general assembly decisions

Abstract


 ABSTRACT

 

The principle that the shareholder of a joint-stock company is under the single obligation of paying in his contribution to the equity-capital is in force within the framework of the 2011 Turkish Commercial Code. It appears as if the reinforced principle of “single obligation” critically challenges the relevance of the formerly settled norm of subjecting increase in shareholders’ commitments to unanimous consent of all shareholders.  That being said, since the Turkish Commercial Code also contains deviations to the single obligation principle in addition to the fact that the notion of increase is shareholders’ commitments was not made entirely obsolete from the Turkish Commercial Code, the doctrine for subjecting increases in shareholders’ commitments to the general assembly’s unanimous vote is - to an extent - still relevant within the context of the 2011 Turkish Commercial Code.

Author Biography

Berna Tepe, Beykent University

Faculty of Law, Commercial Law Department

References

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Published

2015-11-12

Issue

Vol. 5 No. 2 (2015)

Section

Articles

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