NEWSLETTER-2019-metin

37 COMMERCIAL LAW acteristics of a right to claim 1 . Therefore, in accordance with Article 133/2 of the TCC, while the shares that may be seized in accordance with the provisions of the EBL on movables may be seized in accor- dance with Articles 85 and 88 of the EBL when they are certificated, uncertificated shares may be seized in accordance with Article 94 of the EBL. Let us consider the seizure of an uncertificated share which has not been issued as a share certificate or a provisional certificate. Ar- ticle 94 of the EBL clearly regulates this issue. According to the said Article: “…If no share certificates or provisional certificates are is- sued for the shares in joint stock companies, the share of the debtor in the company is seized through the enforcement office’s notification to the company. It is mandatory for this seizure to be recorded in the company stock ledger; however, the seizure shall be deemed that it has been made on the date of notification to the company even if it has not been recorded in the company stock ledger. The Trade Registry shall be notified of the seizure which, in turn, will be registered by the enforcement office. In this case, the transfer of the seized shares is void to the extent that it violates the rights of the creditor. The sale of the seized shares is subject to the procedure of the sale of movable goods. In other movables, the enforcement office shall take measures in order to prevent transfer to others.” As is clear from the text of this Article, the enforcement office’s notification to the company is required to establish seizure on the com- pany’s uncertificated shares that have not been issued as share certifi- cates or provisional certificates. In this case, the enforcement director, who decides on the seizure of the uncertificated share, does not have to go to the headquarters of the joint stock company in order to affect the protection measure related to this seizure 2 . The enforcement director may also be content to send a notice to the joint stock company pursu- ant to Article 94 of the EBL 3 . In this notice, the company is notified that the related number of shares of the debtor in the joint stock com- 1 Tekinalp, Ünal : Sermaye Ortaklıklarının Yeni Hukuku, Vedat Kitapçılık, 4. ed, Istanbul, 2015, p. 98-99. 2 Kuru, Baki : İstinaf Sistemine Göre Yazılmış İcra ve İflas Hukuku, Legal Yayınevi, 2016, p. 220. 3 Kuru , p. 220.