NEWSLETTER-2020-metin

29 COMMERCIAL LAW Conclusion There are no explicit provisions in the TCC and its secondary legislation regarding whether a shareholder may use its voting rights arising from more than one share in different directions in the general assembly of joint stock companies. There are two views in the doctrine on this subject, arguing that: (i) the votes may be cast separately by emphasizing the independence of the shares, and (ii) the votes of one shareholder should be used in the same direction by referring to the prohibition of contradictory behavior. There is no clear provision regarding the participation of the shareholder in the general assembly by representing some of their shares, personally, and others by proxy. On the other hand, Article 18(8) of the Regulation states that no shareholder may be represented at the general assembly by more than one representative who are au- thorized to vote.