NEWSLETTER-2019-metin

39 COMMERCIAL LAW Article 94 of the EBL also states that “In this case, the transfer of seized shares is void to the extent that it violates the rights of the credi- tor.” From this regulation, it is understood that although the debtor’s power of disposition as to uncertificated shares is restricted, the trans- fer is possible without creating any loss to the creditors. In addition, and pursuant to Articles 489 and 490 of the TCC, bearer share certificates or registered share certificates may be issued for the shares of a joint stock company. Both types of share certificates are negotiable instruments and endorsable. Shares embodied in share certificates with the nature of nego- tiable instruments shall not be seized separate from share certificates 8 . However, it is possible to seize the shares through seizure of share certificates. Since share certificates are movables, they are subject to the provisions of seizure and conversion into money of movables in accordance with Article 88/1 of the EBL. In order to seize the debtor’s share certificates of a joint stock company, it is not sufficient that the enforcement director has made a decision of seizure. In addition, it is necessary that the enforcement of- fice take the share certificates under protection through confiscation, and remove them from the debtor’s area of disposition; thusly, they are prevented to have been endorsed. While the seizure of the debtor’s goods and rights upon the re- quest of the creditor’s request to issue enforcement proceedings does not prejudice the debtor’s right of ownership on these goods and rights, it causes changes in its powers of disposition. (EBL Art. 86, 91, Civil Code Art. 1010/I, subparagraph 2, 1010/II) 9 . The provision stating that “The debtor may not dispose of seized movable without the prior consent of the creditor and approval of the enforcement officer. The officer who seized the movable warns the 8 Muşul, Timuçin : İcra ve İflas Hukuku Esasları, reviewed and extended 5th edi- tion, Adalet Yayınevi, 2015, p. 333. 9 Yüksel Orhun, Mercan : Prof. Dr. Cevdet Yavuz’a Armağan, V. 2, Marmara Üni- versitesi Hukuk Fakültesi Hukuk Araştırmaları Dergisi, 2016, p. 2080.