85 / 391
COMMERC I AL LAW
71
The Liquidation of the Real Estate
If it is established at the end of the investigation that the real estate
or the limited rights
in rem
are being utilized in a way that is contrary to
the Title Deed Act or the Current Regulation, this situation is notified to
the Ministry of Finance. The Ministry of Finance will grant the company
a delay of 6 months for the liquidation. This delay may be extended once
for justified reasons. In case the liquidation does not take place within this
period, it is effectuated by the Ministry of Finance according to the general
provisions. The income generated from the liquidation will be deposited
into a bank account that will be opened on behalf of the holder of the right.
Transitional Clauses
The clauses of the Current Regulation will apply to operations initiated
before October 6, 2010, and that have not yet been finalized.
The utilization within the scope of activity designated in the articles of
association of the real estate and limited rights
in rem
acquired before the
entry into force of the Current Regulation will be evaluated in accordance
with the Current Regulation.
Conclusion
It can be clearly seen that the points in the Former Regulation that
were criticized have been fixed by the amendments. Firstly, the definition
of foreign investor is given, so as to avoid confusion. The system of
examination of conformity to the articles of association of the company
concerning the acquisition of real estate is abandoned, and a commitment
by the company in this matter is found adequate. A time limit is set forth for
the institutions that will make an examination of any step of the application,
and the arbitrary prolongation of the operations is prevented. In addition,
the fact that the documents requested in the application process are listed
as
numerus clausus
will avoid differing practices. I think that these new
clauses will significantly facilitate and accelerate the acquisition of real
property and limited rights
in rem
by the foreign investors, provided that
uniformity is obtained concerning the practice of the different governors’
offices. On the other hand, taking into consideration the importance of the
issue and the effects and consequences concerning liquidation, it would