77 / 391
COMMERC I AL LAW
63
which they will be extending credit. Lines of credit to
be extended by financing companies are directly paid
to suppliers for and on behalf of consumers or against
delivery or supply of services in line with the principles
of general contracts. However, credit repayments are
made to financing companies by those to which credit is
extended.”
The current article stipulates that lines of credit to be extended by
financing companies are directly paid to suppliers for and on behalf of
consumers or against “
delivery
and
supply
”, whereas the Draft Regulation
amended the article as “
delivery
or
supply
”.
The below mentioned sub-paragraph is added to article 23 of the
Regulation.
“(3) The minimum equity capital of factoring and
financing companies shall not be less than the minimum
paid up capital mentioned in article 4/1 (b) of the
Regulation. The companies shall increase their equity
capital to the minimum paid-up capital within 1 year in
case their equity capital amount falls under this amount”
Article 26/1 of the Regulation will be amended as follows:
“(1) It is obligatory that annual balance sheets and
income statements of companies to be presented to the
general assemblies be audited in accordance with the
principles and procedures foreseen in the “Regulation
on Authorization and Activities of Institutions to Perform
Independent Audit to Banks”, and by the institutions
authorized to perform independent audits of banks.
It is obligatory that companies submit their end-year
independent auditing contracts and independent audit
reports to the Agency no later than the end of October
of the relevant year and April 15 of the following year,
respectively.”
By this amendment, it is envisaged that the audit is to be performed in
accordance with the principles and procedures foreseen in the “Regulation
on Authorization and Activities of Institutions to Perform Independent