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extraordinary general assembly meetings, as well as the special assem-
bly of privileged shareholders’ meetings, are specified as the relevant
meetings to be held within joint stock companies.
Election of company bodies, financial statements, annual activity
reports, matters related to profit, acquittal of members of the board of
directors and other matters related to the relevant activity term deemed
necessary shall be discussed in ordinary general assembly meetings.
Extraordinary general assembly meetings, on the other hand, are
the meetings, other than the ordinary meetings, held if necessary and
urgent for the company.
In addition to such meetings, in the event there are privileged
shares among the shares of the company and an amendment to be made
to the articles of association may restrict the rights of the privileged
shareholders, the special assembly of privileged shareholders shall
convene to approve the relevant amendment resolution. However, in
the event that 60% or more of the share capital represented by privi-
leged shares was represented at the relevant general assembly meeting
in person by the shareholders or by proxy and the majority gives affir-
mative votes at the general assembly for the amendment of the articles
of association, it is not necessary for a separate special assembly of
privileged shareholders’ meeting to be held.
Time of Meeting
Pursuant to Article 7 of the Regulation, the ordinary general
assembly meetings shall be held within 3 months as of the end of each
account term. Extraordinary general assembly meetings on the other
hand are not subject to any time restraints as they are held when
deemed necessary.
The special assembly of privileged shareholders’ meetings shall be
convened to meet within 1 month as of the date of the resolution, in the
event a resolution is adopted for the amendment of the articles of asso-
ciation as explained above. In the event the special assembly of privi-
leged shareholders’ meeting is not held, the general assembly resolu-
tion shall be deemed approved.
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