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NEWS LETTER 2 0 1 0
174
Amendments in the Communiqué Regarding the Principles on
Venture Capital Investment Companies by the Communiqué
Serial: VI, No: 28
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Founders and natural or legal persons who directly or indirectly held
10% or more of a corporation’s shares could not have outstanding
tax debts in the original legislation. In the amended regulation,
this condition is only imposed upon legal person founders and the
disposition concerning the shareholders is repealed.
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Founders who held 10% or more of corporation’s shares provide
the necessary sources free of collision, in the original legislation,
in the amended regulation, leading shareholders are added to them
and the said persons should have the financial strength to pay the
subscribed capital. In addition to these, it should be noted that the
said persons should have the required reputation for a shareholder
of a capital investment trust.
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The requirements for the natural person shareholders are listed
in two articles in the former text. These are not to be personally
insolvent, not to be unlimitedly responsible partners in insolvent
institutions, and they shall not announce concordat, and the
reference done to the requirements listed at sub article (d) of first
paragraph of Article 9 of the Communiqué Regarding Intermediary
Activities and Intermediary Institutions. In the amended text,
these conditions are required for the natural person founders and
the conditions in the communiqué are included in the article with
two differences. The first of these differences is that, while being
contrary to legislation concerning lending activities was mentioned
in the former text, in the latter one, the Capital Market legislation
and the Banking Law are also added. The second difference is that
the condition of not to be forbidden to make transactions pursuant
to the Capital Market Law was required for the founders during the
foundation and transfer of shares. In the latter text, there is no such
limitation. However, it must be noted that the word “partners” is
replaced by “founders”.
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The requirement of satisfaction of financial competence by leading
shareholders of public institutions and of public legal persons
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Article of August 2010