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Conclusion
In the New TCC, the preference has been defined as a priority right
granted to a share, or a shareholding right that has not been provided
by law. With the limitation on the vote cast of the preference share, the
discretionary use of this right is aimed to be prevented. On the other hand,
there are some exceptions for this principle, and this principle shall not be
applied if corporate governance principle requires, or in the presence of
a valid reason. Granting of preference in favor of certain share groups is
regulated under a separate article, and therefore, the “group preference”
concept has been adopted by law. Dispositions concerning the PSSC have
been re-organized, and controversial issues have been clarified.
All these new dispositions regulate preference shares in detail, which
are significant both in theory and in practice. The New TCC responds
to the needs that arise from the practice, and provide legal dispositions
concerning controversial issues.