THE STATEMENT REGARDING THE GENERAL ASSEMBLY MEETINGS OF COMPANIES BY THE MINISTRY OF TRADE

23 March 2020

The measures have been announced in order to respond the impact of COVID-19 by “the statement regarding the general assembly meetings of companies” published on the website of the Ministry of Trade.

In this sense, the ordinary general assembly meetings of joint stock and limited companies can be cancelled by managing bodies of companies without generally assembly meetings.

Moreover, according to article 1527 of the Turkish Commercial Code, the shareholders of the companies which use the electronic general assembly system and intend to hold a general assembly meeting, are advised to participate the meeting in electronic way, to ensure the physical meeting to be held with minimum shareholders.

Also, companies whose articles of association do not contain a provision regarding the use of “Electronic General Assembly Meeting System” and “Electronic Board of Director System” are allowed to hold electronic general assembly meeting.

The companies shall benefit the opportunity herein so as to get support from “the Central Securities Depository”, and not to prevent the obligation to provide the facility of electronically participation to the beneficiaries.

You can read the text of the statement (in Turkish) here.

Should you have any queries and/or remarks, please do not hesitate to contact us.

Kind regards,

Zumbul Attorneys-at-Law

info@zumbul.av.tr