NEWSLETTER-2019-metin

38 NEWSLETTER 2019 pany is seized, and this seizure is recorded in the stock ledger. In the event of issuance of a share certificate or provisional share certificate in the future, the share certificates or provisional certificates of the debtor shall be delivered to enforcement office instead of to the debtor. All notifications regarding the share of the debtor must be made to the enforcement office. The approval of the executive office should be obtained for all of the common dispositions and decisions that the debtor’s approval should be obtained for, and the payment of the inter- est, profit share or liquidation share is to be made to the enforcement office instead of to the debtor 4 . Therefore, the company is notified that the power of disposition as to the debtor’s seized uncertificated share is restricted, and the necessary measures are taken. The company that receives the notification of the enforcement office regarding the seizure, is obliged to record in the company stock ledger that the uncertificated share of the debtor has been seized. However, as stipulated in Article 94 of the EBL, the seizure of the un- certificated share, even though it is not recorded in the company stock ledger, is deemed to have been made on the date of the company’s re- ceiving the seizure notification made by the enforcement office. As the Regulation provides, recording the seizure of the uncertificated share in the stock ledger is not a requirement of validity for the seizure; it is a protection measure 5 . According to the regulation of the same Article, the seizure of the uncertificated share shall be notified to the trade registry at the company’s headquarters to be registered by the enforcement office. Also, this notification and registration made to the trade registry is not a requirement of validity for the seizure of uncertificated shares, and is a protection measure 6 . Even if the uncertificated share seizure is only notified to the trade registry and is postponed, the uncertificated share will not be considered as seized, since the company has also not been notified 7 . 4 Kuru , p. 221. 5 Kuru, Baki : İcra ve İflas Hukuku, Rewritten and extended 2nd edition, Adalet Yayınevi, 2013, p. 449. 6 Kuru , İcra ve İflas Hukuku, p. 448. 7 Kuru , İcra ve İflas Hukuku, p. 448.