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COMMERC I AL LAW
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The designation of the Real Estate’s Location
The Current Regulation, in parallel with the Former Regulation,
regulates the military forbidden zone, the military security zone, the
zones determined for their proximity to the military forbidden zones or
for any other strategic causes in accordance with the proposals of the
Presidency of General Staff, or private security zones, under different
dispositions. Pursuant to Article 6 of the Current Regulation, if the real
estate is located in these areas, the Office of the Governor will send copies
of the application documents to the Presidency of the General Staff and
to other empowered commanderships, and will ask whether the request
for acquisition of real property is appropriate or not for the state security.
Their decision must be notified within fifteen days. If the notification is
not received within fifteen days, the request for acquisition of real property
will be considered appropriate for state security.
If the real estate is not within the scope of prohibition, the Office of
the Governor will provide the company and the Land Registry Office
with written information for the registration procedures. The registration
will be effectuated within three months beginning from the notification
of this information to the company. In case the time limit is exceeded,
the application will be renewed. The imposition of such a severe sanction
in case the time limit is exceeded is unnecessary. It would be suitable to
designate an exception for cases of
force majeure
.
The same process is applied for the acquisition of limited rights
in
rem
. For the establishment of a lien, a request must be submitted directly to
the Land Registry Office where the real estate is located, without applying
to the Office of the Governor.
If the application is rejected, the Office of the Governor will provide
the company with relevant information, including legal remedies against
the action and the prescribed terms.
The Conversion of Companies into Companies with Foreign Capital
The fact that a company was converted into a company with foreign
capital will be notified to the Undersecretariat of the Treasury in accordance
with theRegulationon theApplicationof theDirect Foreign InvestmentsAct
(Official Gazette No 25205 dated August 20, 2003). The Undersecretariat