What Is A Joint Stock Company, What Are It’s General Principles And Obligations?
Joint stock company:
S A company whose share capital is fixed and divided into shares, and which is liable for its debts only with its assets.
What are the purposes:
A joint stock company may be established for any economic purpose and subject not prohibited by law.
Partnership structure:
A joint stock company can be established with a single partner. The liability of the partners to the creditors of the company is limited to the capital they have contributed.
Capital structure:
The capital must be at least 50.000.- TL. In non-public joint stock companies that have adopted the registered capital system, the initial capital cannot be less than one hundred thousand Turkish Liras (TL 100,000).
At least 1⁄4 of the nominal value of the shares subscribed in cash must be paid before the registration and the remaining part must be paid within twenty-four months following the registration of the company.
Assets, including intellectual property rights and virtual media, on which there are no limited rights in rem, attachment and injunction, which can be valued and transferred in cash, may be subscribed as the same capital. Acts of service, personal labour, commercial reputation and outstanding receivables cannot be capital. Joint stock companies may offer their shares to the public.
Management:
The joint stock company is managed and represented by the board of directors. One or more directors appointed by the articles of association or elected by the general assembly
There is a board of directors consisting of one person. The members of the board of directors are elected for a maximum term of three years. Unless otherwise provided in the articles of association, the same person may be re-elected.
The members of the board of directors may be paid attendance fees, salaries, bonuses, premiums and shares from the annual profit, provided that the amount is determined by the articles of association or by a resolution of the general assembly.
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