12 NEWSLETTER 2021 “(3) Minority shareholders constituting at least onetenth of the capital of a non-public company, one-twentieth of a publicly traded companies or, if stipulated in the articles of association, a smaller share, may request the board of directors to summon the general assembly to a meeting, or, if the general assembly is already to be convened, to put the issues they want to be settled on the agenda, by stating the necessary reasons and the agenda, in writing, through a notary. The request to put an item on the agenda must reach the board of directors before the payment of the announcement fee of the publication of the summons in the Turkish Trade Registry Gazette. (4) If, despite acceptance of the application made by the minority shareholders to the board of directors to convene the general assembly meeting, the meeting invitation is not made by the board of directors within forty-five days, the minority shareholders themselves shall invite the general assembly for a meeting. (5) If the request of the minority shareholders to convene the general assembly meeting is rejected by the board of directors, or if an affirmative response is not given within seven workdays, the general assembly shall be invited to the meeting by the trustee appointed by the court in accordance with Article 412 of the Law.”9 The shares required to exercise this right of action may belong to an individual shareholder, or the required minority share can be achieved through gathering shares of a number of shareholders. In addition, a convocation right may be granted to the shareholders having a smaller share if stated in the articles of association of the company. Such that, by putting a provision to the articles of association of a nonpublic joint stock company, the shareholders constituting at least 6% of the capital may call the general assembly to convene. On the other hand, the quorums stipulated by the law cannot be increased by adding a provision in the articles of association.10 9 Translated by the author. 10 Altaş, Soner: Türk Ticaret Kanununa Göre Anonim Şirketler, 2021, Ankara, p. 133.
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