22 / 516
Similar to joint stock companies, the possibility for one fourth of the
capital of limited liability companies to be paid at the stage of incor-
poration, and the rest to be paid within twenty four months is intro-
duced. Additionally, it has been regulated that the provisions with
regards to the payment of capital shares, place of payment, perfor-
mance obligation, results of non-performance and transfer of shares
whose value has not been totally paid for joint stock companies shall
be applied by analogy. I am of the opinion that this provision is posi-
tive.
Website
Article 1524 of the New TCC provides a disposition regarding the
website. While this article regulated, prior to being amended, that all
equity companies were obliged to establish a website, as a result of the
amendments introduced under Law no. 6335, the website requirement
shall be applied to equity companies which are subject to auditing pur-
suant to Article 397/4 of the New TCC. The said companies shall open
their websites in three months following their registration to trade reg-
istry. Additionally, pursuant to Provisional Article 8 adopted by Law
no. 6335, equity companies subject to auditing which have been incor-
porated prior to the entry into force of Article 1524 shall establish their
websites within three months and allocate a section of the site to the
publication of the issues provided under the relevant article.
Amendments Made in Law no. 6103
Law no. 6335 introduced important amendments in Law on the
Entry into Force and Application of the Turkish Commercial Code
numbered 6103 (“Law no. 6103”).
Article 22 pertaining to amendments of articles of association has
been amended, and it has been regulated that the said amendments
shall be made within 12 months following the entry into force of the
New TCC. Prior to amendments, the said article regulated that the
amendments of articles of association shall be made in 18 months fol-
lowing the publication of the New TCC, which provided a shorter peri-
od of time, and was widely criticized by the scholars.
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NEWSLETTER 2012