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NEWSLETTER 2011
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(participation in general meetings through the internet, publication
of company information on the internet, corporation sole,
professional boards of directors, group companies, consolidated
and uniform accounting, external audits, etc.);
- Necessity of harmonization with new laws (Turkish Civil Code,
Turkish Penal Code, certain clauses of Execution and Bankruptcy
Law, Misdemeanors Code, etc.);
Needless to say, the preparation of a new Turkish Commercial
Code was a controversial process. Some people objected to scrapping
the existing code for practical reasons, others out of doctrinal concerns.
They suggested amending the present code. However the Commission
nominated by the Ministry of Justice took a more radical course of action
and decided to prepare a reformed code, just as in 1957.
The ScienceCommissionwhich prepared theNewTCCwas organized
by the Ministry of Justice and consisted of university academics, judges
of appeal courts, representatives of non-governmental organizations, and
members from several public institutions. The Commission, which held
its first meeting on February 10, 2000, selected Prof. Ünal Tekinalp as its
president. A total of 631 meetings were held during its working period of
more than five years. The Draft was shared with the public in February
2005, and opinions from all relevant institutions and organizations were
taken and discussed.
The Draft has submitted to the Prime Ministry in 2005 and conveyed
from there to the Presidency of the Turkish Grand National Assembly.
After being discussed by the Commission of Justice of the Assembly and
after some minor amendments were made, the Draft was accepted by
Grand National Assembly of Turkey on January 14, 2011.
The TCC consists of five sections, titled Commercial Enterprise,
Commercial Companies, Negotiable Instruments, Maritime Commerce,
and Insurance Law. The New TCC brings fundamental changes and
innovations to all of these sections. Here are some of these changes and
innovations: