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fer of the facilities that are the subject of the license, shall not be
deemed as transfer of the license.
In accordance with the Turkish Commercial Code, shares of joint
stock and limited liability companies shall be transferred freely unless
a special restriction is stipulated, either by law or through the articles
of association. The EML and the Regulation restrict share transfers of
the companies by introducing a share transfer restriction provided by
the law.
Share transfers are dichotomously stipulated by the electricity
market legislation, based on the licensing process. Different restric-
tions are provided for the share transfers of the preliminary license
holder companies, as well as the license holder companies.
Transfer of Preliminary License Holder Company Shares
Preliminary license holder companies are expected to solely oper-
ate in electricity energy investments; therefore, the public administra-
tion tends to restrict them from being active in different fields. Hence,
the share transfers of preliminary license holder companies are pro-
hibited under the law
3
.
In accordance with Art. 6(3) of the EML, “
A preliminary license
shall be cancelled if, the shareholding structure of the preliminary
license holder company directly or indirectly changes for a reason
other than succession or bankruptcy, its shares are transferred,, or the
company concludes a transaction that will result in the transfer of its
shares or the company does not comply with its obligations laid down
by the Board.
”
4
.
As is clear from the wording of the provision, the transfer of the
preliminary license holder companies’ shares is prohibited by the law.
In parallel with these provision of the Law, Art. 57(3) of the
Regulation reads as follows: “
Until the license is obtained, no trans-
action shall be made by the company that will directly or indirectly
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283
3
ÖZDAMAR Mehmet
, Elektrik Piyasasında Faaliyet Gösteren Şirketlerde Pay Devri, Energy
Law Journal 2014/1, p. 121.
4
Official Gazette. D. 30.03.2013, No. 28603.