June 2010
THE NOTICE REGARDING THE PRINCIPLES OF REGISTRATION OF SHARES TO THE BOARD AND SALE OF SHARES WAS PUBLISHED IN THE OFFICIAL GAZETTE DATED 3rd APRIL AND NUMBERED 27541
This present notice regulates registration of incorporated companies’ shares which are deemed as being offered to public because their share holders number exceed 250, and registration of incorporated companies shares to the Board which represent existed or increased capital of that company. The Notice also regulates the mandatory procedure and substance of selling and offering of that kind of shares to the public. This whole text of the Notice (serial no 1 and number 40) can be found on the following link http://rega.basbakanlik.gov.tr.
THE NOTICE REGARDING SUBSTANCE OF SALE METHODS OF CAPITAL MARKET INSTRUMENTS TO PUBLIC OFFERING WAS PUBLSIHED
The Notice regarding Substance of Sale Methods of Capital Market Instruments to Public Offering was published in the Official Gazette dated 3rd of April 2010 and numbered 27541.
The aim of that notice is to regulate the substance of sale methods of the capital market instruments to public offering through register them to the Capital Market Board.
According to the Notice, exporter and/or shareholder and leader of consortium can freely determine the price, sale and basis of allocations of capital market instruments to public offering except for public offering of partnership shares where their characteristic have been determined in the Notice. However these matters should be given in detail in a registration statement. This whole text of this Notice (Serial number VIII and no 66) can be found on the following link; http://rega.basbakanlik.gov.tr.
UNITED NATIONS CONVENTION ON INTERNATIONAL SALE CONTRACTS HAS BEEN PUBLISHED IN THE OFFICIAL GAZETTE DATED 7th APRIL OF 2010 AND NUMBERED 27545
This agreement can be applied either parties’ business place take in different states provided that if these states are Contracting States or when the rules of private international law lead to the application of the law of a Contracting State.
It cannot be applied to sales by auction, on execution or otherwise by authority of law; sale of stocks, shares, investment securities, negotiable instruments or money; sale of ships, vessels, hovercraft or aircraft; sale of electricity, sale of goods bought for personal, family or household use. Moreover, there are some significant points of that agreement, these are:
This agreement is regulated the formation of a contract and obligation and rights of parties which arise from a contract.
Besides that, if seller or his goods cause an injury or death, this Convention provisions are not applicable to this kind of legal liabilities.
In order to formation of a valid contract between parties, firstly duly made offer and acceptance are required.
Also, contracts which have been made by the parties in accordance with the provisions of the convention can be changed or terminated by the parties.
In regard to that convention a seller should deliver goods, present the related documents and transfer a title of a good, whereas a buyer should pay a consideration and accept delivery.
When the goods actually are in possession of the buyer and after loss or damage has occurred the buyer still should pay the consideration (except the seller negligence or non-performance).
Moreover, buyer should examine or make someone else to examine the goods within a reasonable period. If one party breaches a contract, other party can demand all his damages, including loss of profit. Additionally, providing that one party does not pay price or due debt, then other party is entitled to ask for default interest without losing his compensation claims.
THE REGULATION REGARDING APPLICATION OF TURKISH CITIZENSHIP LAW WAS ABOLISHED
The regulation regarding application of Turkish Citizenship Law no. 403 was abolished through a notice which was published in the Official Gazette dated 6th April 2010 and numbered 27544.
In the same Official Gazette, the new regulation named the Regulation regarding Application of Turkish Citizenship Law (decision number 2010/139), has been entered into force according to the article 46 of the Turkish Citizenship Law no. 5901.
In this regulation, acquisition, loss and proof of citizenship are regulated. It also regulates the procedures and principles, application to the proceedings which are related to having a dual-citizenship. For further information, you may visit http://rega.basbakanlik.gov.tr
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