Corporate law is the leading area among the most affected areas by the new Turkish Commercial Code which came into force in 2012. Both changing partnership structure of companies completely and also changes made in the selection and qualifications of members of Board of Directors have obligated existing companies or new companies to be established to consider the regulations imposed by the new Turkish Commercial Code.
New code has abolished the obligation of having at least two partners for limited companies and at least five partners for joint stock companies. Obligation of creating a web site has been imposed on the companies, many technological innovations such as electronic voting and using electronic signature and keeping the commercial records in electronic form have come with the new Turkish Commercial Code.
Issues such as share transfer restrictions or context rules set out in the shareholders’ agreement by the shareholders which were causing inconsistencies with the company’s articles of association from time to time also have been regulated in the new Turkish Commercial Code.
As a result of all these changes, Budak Law Office provides the services arising from the corporate law for its clients such as adaptation of existing articles of association with the provisions of new code, preparation of articles of association basically, preparation of board of directors’ resolutions and following required registration and announcement transactions on behalf of the clients including the general meeting transactions, preparation of share transfer agreements.