NEWSLETTER-2019-metin

21 COMMERCIAL LAW ately resorting to the court upon the first unsuccessful attempt to elect the board of directors 7 . According to Tekinalp, the expression “for a lengthy period of time” is an admissibility condition for the case, and is especially important when the lawsuit is immediately filed by the creditors or the Ministry of Trade: Filing of a lawsuit by the foregoing cannot be accepted when the shareholders are working to solve the problem 8 . Neither the wording, nor the preamble of the Article, includes guidance as to what the expression “for a lengthy period of time” refers to. According to the preamble, the discretionary power is left to the judge as to the interpretation of the lengthy period of time in order to prevent abuse of rights, and to enable acting freely according to the conditions of the case at hand; this is because the lawmaker thought that if a definite period of time was stipulated under the law, the right holders who are acting in bad faith would be involved in unjust practices by taking into consideration both such period and the court process 9 . Tekinalp is of the view that the lengthy period of time could be 10-12 months for shareholders, and a longer period of time for creditors and the Ministry of Trade 10 . Parties to the Case, Competent Court Shareholders and creditors of the company, as well the Ministry of Trade, are entitled to file the lawsuit foreseen under the Article. The preamble of the Article states that the Ministry of Trade’s entitlement to file a lawsuit for termination might be considered as a state interfer- ence with joint stock companies, yet the Ministry has exercised such power during the reign of the fTCC exceptionally, and with a great diligence and, therefore, the lawmaker deemed beneficial to keep such authority 11 . It is stated by the legal scholars that for a creditor to file such lawsuit, it should have a legitimate interest 12 . 7 Tekinalp/Poroy/Çamoğlu , p. 338. 8 Tekinalp/Poroy/Çamoğlu , p. 338. 9 Preamble of Article 530 of the TCC. 10 Tekinalp/Poroy/Çamoğlu , p. 338. 11 Preamble of Article 530 of the TCC. 12 Tekinalp/Poroy/Çamoğlu , p. 338.