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article 24 of the Application Act, creditors of a company may directly
request such shareholders to pay their receivables from the company.
8. Board of Directors and Managers
Board members and managers currently on duty shall continue their
post until the term for which they were elected. Real person representatives
of legal entities shall resign from being a member of the board of directors
until October 1, 2012. In such a case, either the legal entity shall nominate
itself as a member for the empty slot or another person shall be elected as
a board member.
9. Quorums
Pursuant to article 26 of the Application Act, unless the references
made to the Current TCC in the articles regarding quorums are not
amended within 6 months following the entry into force of the New
TCC, they shall be deemed made to the relevant articles of the New TCC.
General assemblies convened in order to adapt such quorums within this
6 month period shall be subject to the quorums determined under the
Current TCC. If the quorums are regulated under the articles without
referring to the Current TCC, quorums higher than those set forth under
the New TCC shall continue to be applicable. However, the mandatory
article 421 of the New TCC shall be applicable if the specified quorums
are lower than those set forth under the New TCC.
10. Voting Rights and Privileges of Shares and Transfer
Restrictions
Articles 434 and 435 of the New TCC with regards to granting
voting rights proportional to the nominal value of shares, the voting right
becoming existent upon the payment of the subscribed capital and the
maximum limit for voting rights shall come into effect on July 14, 2012.
Article 479/3 of the New TCC stipulating where the privilege of
voting rights may not be exercised shall come into effect on February
14, 2012. Unless the relevant provision in the articles of association is
adapted to the New TCC within this period, such provisions shall be
deemed invalid and all voting right privileges shall cease to exist.