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COMMERCIAL LAW
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as a presumption of written proof. However, no examination or
evaluation was offered by the court regarding this issue.”
The Draft Turkish Commercial Code
14
1
(“Draft”) stipulates certain
amendments regarding the representation of joint stock companies. The
Draft enables the separation of management rights and the authority to
represent. According to the relevant disposition, it is possible to transfer
fully or partially management rights, which include internal relations by
the articles of association or by an internal regulation. According to the
Draft, the company has the right of recourse against a representative if
the representative exceeds his or her authority with a transaction which is
contrary to the purpose and scope of the articles of association. In other
words, the company is bound by the transactions which do not fall within
the field of activity of the company, but the company is entitled to recourse
against the representative for the damages caused by the transaction.
1
The Draft Turkish Commercial Code has been approved by the Turkish National Grand
Assembly, but has not yet been published in the Official Gazette.