ERDEM-NEWSLETTER-2018-metin

21 COMMERCIAL LAW nulment of a resolution of the general assembly not to distribute divi- dends; whereas, the shareholder would have an interest in requesting annulment of a resolution regarding capital decrease and redemption of certain shares 18 . On the other hand, pursuant to Çamoğlu, the right to request an- nulment of a general assembly resolution, in principle, belongs to the shareholder, and the shareholder is entitled to file a lawsuit in this regard, provided that it participated in the relevant meeting and anno- tated its objection to the meeting minutes; whereas, the usufructuary could exercise such right only if the shareholder did not participate in the relevant general assembly meeting 19 . Conclusion Unless otherwise agreed, a usufruct right entitles the usufructuary to fully use and enjoy the property, subject to such right. The usufruct right can be established on the printed registered shares of joint stock companies either through endorsement and delivery of the share cer- tificate for usufruct purposes, or without endorsement, by way of a written assignment declaration indicating the purpose of establishment of usufruct right and transfer of the share certificate’s possession. As for establishing a usufruct right on unprinted shares, a written usufruct right agreement shall be made in accordance with the procedure of assignment of receivables. The usufruct right shall be registered with the company share ledger. Only the person who is registered with the company’s share ledger shall be deemed as the usufructuary in terms of the relationship with the company. The articles of association of the company may require company approval in order to establish a usu- fruct right on registered shares. In principle, a usufruct right provides its holder with both economic and managerial rights, such as right to dividend, right to participate in general assembly meetings, voting right, right to request annulment of general assembly resolutions, and right to access information and examination. 18 Moroğlu , p. 233. 19 Poroy/Tekinalp/Çamoğlu , p. 540.