ERDEM-NEWSLETTER-2018-metin

7 COMMERCIAL LAW struments under the law. Provisions regarding the pledge of registered share certificates also apply to the pledge of the provisional certificates that are issued for registered or bearer share certificates. Scope of the Right of Pledge The shareholding rights that are subject to a right of pledge are rights related to the assets (right to profit share, right to liquidation share, right to bonus shares, right to preference, right of use of prem- ises, and right to interest in the preparation period), not enlightening and protective rights. As for the bearer share certificates, if the dividend is tied to cou- pons, and is separate from the certificate, so long as there is no con- tract stipulating otherwise, and coupons are not pledged in due form, dividends are not in the scope of the principle pledge. However, in the event the dividend share coupons are on the original certificate and are delivered with the certificate, it is accepted that the profit share cou- pons are also pledged, and the profit share is covered by the pledge. Enlightenment rights (the right to receive information, the right to review and supervise) and the right to protective shareholding rights (litigation rights, minority rights) that cannot be converted into money cannot be subject to pledge. Rights of participation in the General As- sembly and voting rights can be left to the pledged creditor with the pledge contract (TCC Article 427/2). The right of pledge does not give the right to benefit from the rights of shareholding with respect to assets. The pledged creditor nei- ther has the right to use nor the right of usufruct. The right to property becomes significant when the pledge is monetized. As a matter of fact, a pledged creditor cannot claim rights with respect to assets as long as the credit is due. Acceptance of the Company’s Own Shares as Pledge Under Article 379 of the TCC, the Company is prohibited from acquiring, or accepting as a pledge, its own shares with consideration, with respect to any share that is above a certain percentage. Shares that do not exceed 1/10 of the capital may be acquired or pledged by the