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CAP I TAL MARKET S LAW
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and the legal persons serving for public interest is subject to their
own legislation. However, it is also stated that financial tables
and certified public accountant report will be taken as a base for
evaluating the financial strength differently for the natural and legal
persons. And finally, it is stated that in case of existence of several
leading shareholders, the aforementioned conditions will be sought
separately for each leading shareholder.
•
A sub-article was added to the 7
th
article titled Foundation and
Conversion Procedures. According to this sub-article, in foundation
affairs, the registration of the Articles of Association with the trade
register must be made no later than 1 month following the issuance
of related Board permission; in conversion affairs, holding of the
general assembly meeting, where the modification of articles of
association will be approved, latest within 1 month following the
issuance of related Board permission and registration of general
assembly resolution to trade register latest within 15 days following
the general assembly meeting are obligatory.
•
In the 9
th
article titled Application for Registration, it is an
obligation to apply to the Board for registration of all shares and
for public offering of the shares which represent at least 20% of the
issued capital of corporations of which issued capital is less then
20 million TRY and the shares which represent at least 10% of the
issued capital of corporations of which issued capital is 20 million
TRY or more.
•
The communiqué also states that, “The corporations can be
shareholders of venture firms within the framework of the
provisions in this Communiqué” and that the founders must notify
the agreements relating to investments and transactions, articles of
associations of companies’, internal regulation and offering circular
of funds and other documents shall be notified to the Board within
six business days following investment.
•
The members of Board of Directors, the general director, and the
auditors must fulfill the conditions required of real person founders.
•
The possibility of investment in money market for shareholders is
accepted in order to diversify their portfolios. “
In condition that
the venture capital is limited to portfolio management activity it is