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WHICH AMENDMENTS HAVE BEEN MADE TO THE REGULATION RELATED TO THE PROCEDURES AND PRINCIPLES OF THE GENERAL ASSEMBLY MEETINGS OF JOINT STOCK COMPANIES? 10 October 2020

A significant amendment has been made within the scope of The Regulation on the Amendment to the Regulation Related to the Procedures and Principles of the General Assembly Meetings of Joint Stock Companies and Representatives of the Ministry of Customs and Trade to Attend These Meetings published in the Official Gazette dated 09.10.2020 and numbered 31269. We will examine what the new regulation brings.

“The Regulation on the Amendment to the Regulation Related to the Procedures and Principles of the General Assembly Meetings of Joint Stock Companies and Representatives of the Ministry of Customs and Trade to Attend These Meetings” came into force and published in the Official Gazette dated 09.10.2020 and numbered 31269.

The following arrangements are included in the relevant Regulation;

·     The application in order to have a Ministry representative at the general assembly meetings called by the board of directors can also be made via central registration system (MERSİS).

·     Except for the companies which require the consent of the Ministry for the amendments to be made within the scope of the articles of association and establishment, in the general assembly meetings (for example capital increase or capital decrease) and the special boards of privileged shareholders of the single shareholder companies, the obligation to have a Ministry representative has been abolished.

·     In case of the shareholders of the non-public joint-stock companies are represented by proxy in the general assembly meetings, the procuration must be notarized; the practice of attaching a signature declaration issued before a notary to a non-notarized procuration has been abolished.

·     In cases where the board of directors does not exist or there is no possibility to form a meeting quorum and general meeting without invitation is desired to be held exclusively for the election of the members of the board of directors, a Ministry representative can also be appointed with the petition signed by all shareholders and notarized.

·     The requirement to prepare a list of those who can attend the general assembly meeting of joint-stock companies with a single shareholder has been abolished.

·     The obligation of submitting the signatory circular, of those who signed the letter of application, when applying for Ministry representative request has been abolished.
 

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