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obligations. These sanctions may be listed as specific performance,
compensation, rescission of the agreement for synallagmatic agreements
and termination on just grounds in cases where the agreement is of
corporative nature. It should be noted that the preference between these
possibilities is based on the nature of the breach.
Based on the compensation principles of the law of obligations,
in case the performance of the obligation is still possible, the specific
performance is considered as the principal remedy. However, in case the
specific performance is not possible anymore, the remedies are based on
Articles 112 et seq. of the Turkish Code of Obligations No. 6098 that set
forth the infringement of contractual obligations.
It should be emphasized that specific performance and the possibility
to request specific performance are of great importance here, since SHAs
are closely related to the corporative sphere as well, and whether this
performance is possible or not is based on these effects on the corporative
sphere
9
.
Conclusion
The wide usage of SHAs in practice is based on the need to form a
structure that better suits shareholders’ needs. Shareholders may provide
detailed provisions with regard to their rights and obligations within the
scope of their shareholding status in the SHA. On the other hand, SHAs’
close proximity with the corporate sphere may give rise to some level
of complexity and a variety of disputes. In conclusion, with the need to
regulate the relationship between shareholders, SHAs do not seem to lose
their popularity in practice.
9
Okutan Nilsson
, p. 346.