Turkish Commercial Code & joint ventures
we are dealing with a joint venture agreement, and we would like to verify some aspects of Turkish law. In particular, is it true that:
1) according to Turkish Commercial Code, extraordinary decisions (conversion, merger or spin-off or other corporate restructuring measures; sales or purchase of assets outside the ordinary course of business; decision on change of the articles of association) shall require the UNANIMOUS approval? What is the relevant article? And - btw - is it possible to get an English translation of that code?
2) according to Turkish laws, general meetings must be held in Turkey?
Thank you in advance for your help.
First of all, it should be clarifed in advance that the "joint ventures" has not been regulated expressly by the Turkish Law. However, The Supreme Court, has deemed the joint ventures, in its several decisions, as ordinary (unlimited) partnerships."Ordinary partnership" is regulated by the Turkish Code of Obligaions(TCO). So your inquiries should be replied in line with this assumption.
1.Yes, extraordinary(corporate) decisions, such as the ones you have mentioned, of an unlimited partnership should be taken unanimously.(TCO, Art.524) But, this rule is not mandatory and can be altered by the articles of association, or by a unanimous decision of all the existing partners , as the a majority(as per partners count, but not per capital) vote of all should be adequate.
2.No, there is not such a requisite for general meetings.
Are you talking about two companies entering into separate joint venture agreement without forming a new company, or they form a new joint venture company and apart from articles of incorporation, they draft a shareholders agreement? If so, the joint venture company shall be joint stock company or limited? By the way, general meetings may be held in a foreign country if it is stated in the articles. I can send you general meetings quorum list by email. Copy and paste didn't work.
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