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• obtaining shares representing directly or indirectly 10% or
more of the capital of the Company by a real or legal person;
• obtaining a share pledge and right to vote exceeding the ratios
of 10%, 20%, 33% and 50%;
• share transfers resulting in a capital share of the shareholders
which exceed or fall below 10%, 20%, 33% and 50% of the
company capital.
Sanction
The Prime Ministry may require the Board of Directors to take cer-
tain actions in the event that the rights and benefits of the participants
are endangered by Company practices, the Company neglects the
obligations arising from the agreement or the financial structure of the
company is weakened in a way that may endanger the rights and ben-
efits of the contributors. Once such actions are required by the Prime
Ministry, the Company is obliged to prepare a recovery plan within ten
days following notification and must notify the Undersecretariat of
said plan.
Should the Company fail to take the actions provided in the recov-
ery plan on time or if there is no improvement in the present condition
although the required actions have been taken, the Prime Ministry is
entitled to require the realization of heavy measures such as the decla-
ration of the Company as bankrupt, the cancellation of the operation
license and the transfer of the funds as deemed appropriate.
Pension Investment Fund
The Fund is not a legal entity and it cannot be established and used
for purposes and obligations other than those stated in the Law, the
pension agreement, the fund by-laws and the related legislation. The
fund is established for an indefinite period of time. The Fund’s assets
cannot be subject to pledge, provided as a guarantee for transactions
other than those regarding the portfolio and cannot be seized by the
third parties.
In order to establish a fund, the Company should apply to the
Board with the Fund by-laws, the pension agreement and other docu-
MISCELLANEOUS
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