Mandatory Tender Offers Under The Communique Serial IV, No: 8 By Capital Markets Board Of Turkey

III.THE NATURE OF THE PROVISIONS CONCERNING MANDATORY TENDER OFFERS

1.Exemption from the Art. 405/1 of the Turkish Commercial Code

Under the article 269(44) and 405/1 of the TCC, the liability of shareholders is limited to the amount equal to their commitment to the capital and it is forbidden to impose provisions contrary to this rule by the Articles of Incorporation. This fundamental principle of Turkish corporation law is called “sole obligation principle” (tek borç ilkesi) in…