Selen IBRAHIMOGLU GURES
Attorney at Law / Managing Partner
01 March 2015
Long lasting rules of determining representation powers and bank mandates in corporations i.e joint stock companies (AS), for third party transactions are being re-shaped.
An amendment to the Turkish Commercial Code, numbered 6102 effective as of 01.07.2012 (“TCC”) was issued on 19.09.2014 in relation to regulating the possible limitations, monetary or scope wise, to the representation powers to be assigned to especially company representatives.
Nevertheless, the new rules brought many discussions with them.
WHAT ARE THE HISTORIC AND CURRENT MAJOR ISSUES RELATING TO REPRESENTATION POWERS ORIGINALLY ASSUMED BY THE BOARD OF DIRECTORS OF AN AS?
We are keen on closely watching out for the evolvement of this important issue especially for Turkish JV companies and updating you on such.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.