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4. References to the Provisions of the Current TCC
In case of references made in legislation or any agreement to the
provisions of the Current TCC, such references shall be deemed to be
made to the respective provisions of the New TCC corresponding to the
provisions in the Current TCC. Nevertheless, if the New TCC does not
include any corresponding provisions, the judges shall apply common
law, if such common law does not exist they shall act on the basis of
how they would have legislated on the relevant issue if they were the
legislative body.
Special Provisions
Under this chapter, the entry into force governed by the Application
Act of certain provisions, which are significantly important for equity
companies shall be analyzed.
1. Turkish Accounting Standards and Audit
Pursuant to article 1534 of the New TCC, articles in relation to the
Turkish Accounting Standards applicable to large scaled companies, their
affiliates and subsidiaries falling within the scope of consolidation and
group companies, companies traded on stock exchange or other organized
markets, intermediary institutions, portfolio management companies
and other undertakings falling within the scope of consolidation, banks,
insurance and reinsurance companies and pension companies; and specific
Turkish Accounting Standards for other companies and merchants shall
enter into force on July 1, 2013.
Provisions with regards to auditing of joint stock companies shall
enter into force on July 1, 2013.
2. Ultra Vires
Article 125 of the New TCC has abolished the
ultra vires
which
limited the competence of the company. Therefore, transactions that
do not fall within the scope of activities of a company shall bind the
company. Such transactions shall not bind the company only if the third
person party to the transaction knows or may know that such transaction