NEWSLETTER-2020-metin

24 NEWSLETTER 2020 Issues Regarding Use of Right to Vote in Joint Stock Companies* Att. Helin Akbulut Introduction A shareholder’s right to vote under the provisions of the Turkish Commercial Code No. 6102 (“TCC”) is regulated under the section of “ General Assembly ”. Under this section, the rights of the shareholders are listed after the provisions regarding powers of the general assem- bly, procedures of the meetings, and meeting quorums. The right to attend the general assembly (TCC Article 425), right to vote (TCC Article 434), right to get information and to carry out an inspection (TCC Article 437), and right to request a special audit (TCC Article 438), are regulated under the rights of the shareholders. The scope of this newsletter article covers the issues on the use of voting rights in private joint stock companies. Firstly, general prin- ciples regarding the exercise of right to vote are stated. Then, discus- sions on the method of using voting rights, especially when more than one share is owned by one shareholder, are conveyed. Exercising Right to Vote in the General Assembly The shareholder’s right to attend the general assembly and to vote appear as two directly linked rights. It is also possible that the voting right may be viewed as the successor of the right to participate in the general assembly. As mentioned below, only the shareholder who uses the right to attend the general assembly may vote, because the voting right may only be used in the general assembly. Although participation in the general assembly is not sufficient for the exercise of the voting right, as seen in the example of deprivation of the right to vote, it is a precursor to the exercise of the voting right as explained, above. * Article of November, 2020