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the planned activities;
f) Shall have a paid-in capital amounting to at least twenty mil-
lion Turkish Liras in cash and free of any collision,
g) The articles of association shall be in compliance with the pro-
visions of the Law;
h) Shall have a transparent and open shareholding structure which
will not prevent the active control of the Banking Regulation
and Supervision Authority (“Authority”);
i) Shall submit an activity program detailing the business plans
with respect to the foreseen scope of activities, projections
regarding the financial structure of the establishment, budget
plan for the first three years and the company’s structural orga-
nization.
The companies that obtain an establishment license must also
receive permission to operate from the Agency. The permission to
operate given by the Board shall be published in the Official Gazette.
The opening of a branch within the country or abroad is subject to
the permission of the Agency. Companies cannot engage in organiza-
tional structures other than the establishment of branches, and cannot
grant franchises.
The Agency shall be informed before amendments are made to the
company articles of association. Unless the Agency delivers a negative
opinion within 15 business days regarding amendments to the articles
of association, these amendments will be included in the agenda of the
general assembly meetings of the company and the Agency will be
informed of the results. The current version of company articles of
association should be published on the company website. The articles
of association must be updated within 10 business days following the
date of realization of the amendments. Changes in the company
address shall be notified to the Agency within 15 business days fol-
lowing the date of such change.
The company board of directors cannot consist of less than 3 mem-
bers, including the general manager. The general manager, or his rep-
resentative in his absence, is a natural member of the board of direc-
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