Date: 19 October 2011

Publication: Memorandum on the Use of Internet Websites by Joint-stock Companies

Publishers: Pekin & Pekin Advisory Department

The latest memo in the series concerning the introduction of the new Turkish Commercial Code in July 2012.

In Turkish Law, joint-stock companies are not principally encouraged to purchase their own shares excluding some minor exceptions in the (old) Turkish Commercial Code which will be repealed on 1 July 2012. The (New) Turkish Commercial Code, which will enter into force right in the middle of 2012, allows, in principle, joint-stock companies to purchase their own shares; provided, however that shares, which will be purchased, may not exceed 10% of the capital stock.

The Capital Market Board ("CMB") has allowed some of the companies whose shares are traded on the Stock Exchange to purchase their own shares since 2009 by exercising its authority granted in its charter. The CMB has renewed its principal decision on this matter in parallel to the provisions of the new Turkish Commercial Code. This memo aims to outline the regulations governing the purchase of treasury shares in light of the aforementioned three statutes.

If you are interested in this publication please contact Charlotte McCrudden for more information via This e-mail address is being protected from spambots. You need JavaScript enabled to view it