e-book2013

NEWSLETTER 2013

applicable. The Trade Registry Regulation foreseen under both the TCC

and the Implementation Law (“Regulation”) entered into force through

publication in the Official Gazette dated 27 January 2013 and numbered

28541. From a methodological perspective, the abrogation of by-laws by

a regulation, which ranks lower than by-laws in the hierarchy of norms,

is unacceptable. Nonetheless, bearing Article 42 of the Implementation

Law in mind, it should be accepted that the By-Laws were abrogated

with the entry into force of the Regulation. This article shall assess the

material provisions of the Regulation.

Trade Registry Directorate

Pursuant to Article 24 of the TCC, the trade registry shall be kept

by the trade registry directorate under the supervision and inspection

of the Ministry. The establishment, management and organization of

trade registry directorate, qualifications of directors, vice directors and

other directorate personnel, personnel affairs and legislation applicable

to personnel are regulated in detail under the Regulation. The By-Laws

stipulated that the officers, vice officers and other personnel of the trade

registry would be sanctioned as state officers with respect to crimes

related to their duties. The Regulation on the other hand specifically

regulates the sanctions to be imposed upon personnel and actions and

situations triggering such sanctions.

Liability

The provision regulating the responsibility of the state for all damages

incurred resulting from the keeping of the trade registry, which was

deleted from the Abrogated TCC with the Statutory Decree No. 559, was

reintroduced with the TCC. The Regulation similarly foresees that the

state and the relevant chamber shall be jointly responsible for all losses

incurred from the keeping of the trade registry.

MERSIS and Electronic Transactions

The TCC stipulates that the trade registry records will be kept

electronically. In compliancewith this provision, theRegulation introduces

the Central Registry Record System (

Merkezi Sicil Kayıt Sistemi