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Nationality of Entities Regulated under the Banking Law
The Banking Law no 5411 published in the Official Gazette dated
01.11.2005 and numbered 25983 (reiterated) differentiates the compa-
nies incorporated in Turkey and the foreign companies incorporated
out of Turkey. Article 6 of the Banking Law regulates the establishment
or the permission for branch and representative office in Turkey as;
“The establishment of a bank in Turkey or the opening up of the first
branch in Turkey by a bank established abroad shall be permitted upon
affirmative votes of at least five members of the Banking Regulation
and Supervision Board provided that the establishment conditions laid
down in this Law are fulfilled.”
Under art. 6/4 of the Banking Law, it
is stated that;
“The banks established abroad may open up representa-
tive offices in Turkey with the permission of the Board provided that
they do not accept deposits or participation funds and those they oper-
ate within the framework of the principles to be set by the Board.”
Art. 7 of the Banking Law states the conditions for establishment
of a bank in Turkey. Moreover, requirements for the opening of a
branch in Turkey by the foreigner banks are enumerated in art. 9 such
as;
“a) Its primary activities must not have been prohibited in the
country where they are headquartered, b)The supervisory authority in
the country, wherein the headquarters of the bank is located should not
have negative views regarding its operation in Turkey, c)The paid-in
capital reserved for Turkey should not be less than the amount indi-
cated in Article 7, d) The members of the board of managers should
have adequate professional experience to be able to satisfy the require-
ments laid down in the corporate governance provisions and to per-
form the planned activities, e) It must submit an activity program indi-
cating work plans for the fields of activity covered by the permission,
the budgetary plan for the first three years as well as its structural
organization, f) The group including the bank must have a transparent
partnership structure.”
Nationality of Entities regulated under the Mining Law:
The Mining Law no 3213 published in the Official Gazette dated
15.06.1985 and numbered 18785 provides that the mining right is
exclusive to the Turkish citizens and that
“the legal persons incorpo-
MISCELLANEOUS
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