29 / 521
Thereby, Art. 367 and Art. 371/7 shall be applied to limited liabil-
ity companies by analogy in the matter of the appointment of persons
bound to the company by a labor contract as commercial agents with
limited authorities or other commercial assistants, by the managers of
limited liability companies.
In addition to the abovementioned regulations, Omnibus Law No.
6552 grants an extension of time and further opportunities, in order for
companies to adopt the rules regulated under the TCC by the effective
date of 01.07.2012 via transitional provisions.
In this context, the wording:
“As from the entry into force of this
Code” in the TCC Temporary Art. 7, and “within two years starting
from the effective date of the Code”
in the sub clause (b) of the same
article are amended as
“until the date of 01/07/2015”.
Thus, in such a
case where a circumstance laid out in temporary Art. 7 occurs, such as
company capital not being decreased to the point of the minimum val-
ues, despite the fact that the liquidation process has been initiated, the
inability of the removal of the company from the Trade Registry due to
the lack of general assembly meeting or, general assembly meetings
not having been conducted over the last five years, the effective period
of the provision enabling joint stock and limited liability companies
and cooperatives to liquidate without complying with the liquidation
provisions stated in the Code has been extended from 01.07.2014 until
01.07.2015.
Additionally, via the regulation of TCC Temporary Art.10, an
extension of time is granted to the companies in order for them to
achieve the minimum amount of share capital stated in the Code.
“Temporary Article 10- The dissolution process shall not be
executed where the companies obliged to increase their capi-
tal in accordance with TCC provisions have not yet increased
their share capital by 14.02.2014, if such companies meet the
capital increase conditions within three months following the
publication date of this provision. The registration of compa-
nies with the trade registry, which were formerly removed from
the trade registry due to the fact that they have not performed
a capital increase shall take place ex officio, if the companies
apply for a capital increase within the abovementioned period.”
COMMERCIAL LAW
13