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The New Turkish Commercial Code has been Accepted
in the New Year
1
*
Prof. Dr. H. Ercüment Erdem
The Draft Turkish Commercial Code (hereinafter referred to as the
“New TCC”) replacing the current Turkish Commercial Code (herein
after referred to as the “TCC”), which went into force in 1957 and which
has been in use for more than fifty years without a structural change,
was accepted by Grand National Assembly of Turkey on January 14,
2011. The New TCC will enter into force on July 1, 2012. Therefore, a
transition period of approximately one year and a half has been granted to
enterprises and merchants in order to become familiar with the important
amendments made to the TCC.
Why was a new Turkish Commercial Code needed? The reasons may
be gathered under some main headings:
- Necessity of integration with the European Union, with which
we continue membership talks and the need to transfer
acquis
communitaire
into Turkish Law;
- Insufficiency of the present TCC with regard to the transparency,
institutionalization, auditing, and accountability of companies,
the provisions regarding maritime commerce, which do not
reflect international conventions and which do not satisfy current
requirements, deficiencies and defects of the provisions regarding
insurance law, which have been observed since the effective date
of the TCC;
- Necessity to reflect the changes which are observed in the IT
industry and company structures during the last fifty years
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Article of January 2011