46 NEWSLETTER 2021 development of joint stock companies’ law.He also states that even the recital of the article tries to stretch the provision.5 Ali Paslı criticized the provision by drawing attention to the risk that it would invalidate many articles of association regulations. Therefore, the author states that the provision should be interpreted narrowly, “without a doubt”.6 The author argues that the supplementary regulation should be allowed, – interpreting the regulation quite flexibly – by referring to the referenced code, the German Stock Corporation Act.7 Other authors argue that such a flexible interpretation would be contrary to the purpose of the provision. Feyzan Şehirali Çelik argues that a liberal interpretation without considering the wording of the Article 340 of TCC as “if it is expressly permitted”, would make the article dysfunctional and meaningless.8 Mehmet Bahtiyar, who is critical about the article de lege feranda, states that the current version of the provision does not allow for a liberal interpretation, and confirms that optional regulations may only be inserted in cases where it is expressly permitted.9 Reflecting the Optional Regulations in the Articles of Association It is of crucial importance to incorporate the issues regulated under the shareholders’ agreement, where the principle of contractual freedom is enjoyed in its broadest sense, into the articles of association to the fullest extent permitted by the TCC. It is critical that issues such as representation in the board of directors, privileges in voting rights, or the right to profit, be incorporated to the articles of association in order to have an enforcement option at the corporate level. For 5 Kendigelen, Abuzer: Yeni Türk Ticaret Kanunu: Değişiklikler, Yenilikler ve İlk Tespitler, On İki Levha Yayıncılık, 2016, p. 229. 6 Paslı, Ali: “Yeni Türk Ticaret Kanunu Anonim Ortaklık Hükümlerinin Tanıtılması (II) YTK Kitap 2- Kısım 4- Bölüm 1 “Kuruluşa İlişkin Sisteme Yönelik Temel Değişiklikler ve Kuruluş İşlemleri”, Banka ve Ticaret Hukuku Dergisi, V. 28, 2012, p. 172. 7 Paslı, p. 172. 8 Şehirali Çelik, Feyzan Hayal (Kırca, İsmail / Manavgat, Çağlar): Anonim Şirketler Hukuku, V. 1, 2013, p. 160-161. 9 Bahtiyar, Mehmet: Ortaklıklar Hukuku, updated 12th ed., 2017, p. 129.
RkJQdWJsaXNoZXIy MjUzNjE=