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of the holders which are a party to the contract. Along with this, a

jouissance share issued for a definite period of time will expire at the

end of this period. However jouissance shares do not expire in cases of

merger or conversion, unless they have been purchased by the compa-

ny over their real prices on the date of the merger (art. 140/5 of TCC).

Accordingly, the jouissance shares may expire in case of a public offer-

ing pursuant to article 348/2 of the TCC mentioned above.

Conclusion

The amendments made through the TCC in the provisions of the

former TCC regarding the jouissance shares for founders result in

restriction of the cases where jouissance shares for founders can be

issued and in non-issuance of jouissance shares in the course of capi-

tal increase. It is uncertain whether these results are preferred by the

legislator. However, the legal provisions in force require the accep-

tance of these results.

NEWSLETTER 2012