NEWSLETTER-2019-metin

27 COMMERCIAL LAW (v) Failure to Provide Electronic General Assembly System Article 1527 of the TCC allows for general assembly meetings to be held electronically. Pursuant to the Regulation on Electronic General Assemblies to be held in Joint Stock Companies 6 (“EGARegulation”), in all general assembly meetings of joint stock companies implement- ing the electronic general assembly system, the right-holders and their representatives shall be enabled to exercise their rights to participate in the meeting, to make suggestion, to express opinions and to vote through the established electronic system. Article 28/6 of the EGA Regulation regulates a postponement circumstance specific to companies that have implemented this sys- tem. According to the article, if it is determined that the conditions stipulated under the EGA Regulation are not met in the general as- sembly meetings of companies implementing the electronic system for participation in the general assembly meetings, the chairmanship of the meeting may postpone the meeting by taking the Ministry rep- resentatives’ opinion. It is worth mentioning that according to Article 32/1-b of the Regulation, a Ministry representative must be present at all general assembly meetings of the companies which implement electronic system for participation in the general assembly meetings. Procedures and Principles of the Second Meeting According to Article 21/2 of the Regulation, provided that the agenda is unchanged, if the meeting is postponed due to the absence of quorum, the request of the minority, the decision of the general assembly, or for any other reason, the meetings that are to be held are legally deemed as continuation of the previous meeting. Regarding the procedures and principles of these meetings, comprehensive regula- tions exist within the various articles of the Regulation. Time of Meeting Upon postponement of the discussion of financial statements upon the request of the minority, the second meetings shall be held 6 The EGA Regulation (OG, No. 28395, 28.08.2012) entered into force on 01.10.2012.