122 / 516
Important Provisions of Law No. 6361
Pursuant to Temporary Article 1 of Law No. 6361, the provisions
of the legislation issued pursuant to the abrogated provisions and
which do not conflict with Law No. 6361 will be applicable until the
entry into force of the legislation to be issued pursuant to the related
law. According to the same article, the legislation foreseen under Law
No. 6361 shall enter into force within 1 year.
Pursuant to Temporary Article 2 of Law No. 6361 regarding the
adaptation period, companies subject to this law must adapt them-
selves, within 3 years as of the date of publication of the law to provi-
sion No. 5(1)(e) regulating the minimum capital, and within 6 months
as of the date of publication of the law to provisions No. 8(1) regard-
ing the establishment of a branch and No. 13(2) with respect to the
conditions required to be on the board of directors and general man-
agers (chief executive officers). In the event of a force majeure, and if
deemed acceptable by the Banking Regulation and Supervision Board
(“BRSA” or the “Board”); these periods may be extended provided
that the extensions do not exceed 1 year.
The establishment of a company in Turkey falling within the scope
of the Law is permitted only with a resolution adopted with the vote of
at least 5 members of the Board, provided that the conditions foreseen
under the Law are met. A company to be established in Turkey shall
fulfill the following;
a) Shall be established as a joint stock company and its number of
founders may not be less than five;
b) The share certificates shall be registered and in cash;
c) Shall bear one of the following expressions: “Financial Leasing
Company”, “Factoring Company” or “Financing Company” in
its trade name;
d) The founders shall fulfill the conditions specified under the
Law;
e) The members of the board of directors shall have the qualifica-
tions set forth under the corporate governance provisions of
this Law and have professional experience in order to realize
108
NEWSLETTER 2012