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DOI :10.26650/mecmua.2020.78.2.0012   IUP :10.26650/mecmua.2020.78.2.0012    Full Text (PDF)

COVID-19 Measures Adopted Under the Provisional Article 13 of the Turkish Commercial Code for the Protection of the Equity of Stock Corporations

Hamdi Pınar, S. Özlem Türkoğlu, Esra Tutulmaz

Several legal amendments regarding the economic life in Turkey have been made to prevent the negative impacts of the coronavirus disease 2019 (COVID-19). The Provisional Article 13 of the Turkish Commercial Code (TCC) has been adopted due to the precautionary principle. This regulation aims to keep the equity of stock corporations within the company during this epidemic. The provision aims to ensure the continuity of the stock corporations in our country by overcoming the COVID-19 pandemic with minimum damage. According to the provision, for a certain period of time, the corporations can only distribute their net profits for the fiscal year of 2019 up to 25%, cannot subject the previous years’ dividends and distributable reserves to distribution, and cannot give authority to their governing bodies to distribute advance dividend. The enforcement date of the provision has initiated new discussions in Turkish law about the validity and execution of general assembly resolutions. This study examines the principle of capital maintenance and possible problems regarding the outcome of the general assembly resolution about distribution after determining the basic concepts, scope, and execution area of the TCC’s Provisional Article 13.

Keywords: COVID-19, Stock corporation, Dividend, Principle of capital maintenance, Invalidity
DOI :10.26650/mecmua.2020.78.2.0012   IUP :10.26650/mecmua.2020.78.2.0012    Full Text (PDF)

Sermaye Şirketlerinin Özkaynaklarının Korunmasına Yönelik Türk Ticaret Kanunu Geçici M 13 ile Kabul Edilen COVID-19 Önlemleri

Hamdi Pınar, S. Özlem Türkoğlu, Esra Tutulmaz

Geçtiğimiz aylarda tüm dünyayı etkisi altına alan COVID-19 salgınının ülkemizdeki ekonomik hayata olumsuz etkilerinin önlenmesi amacıyla birçok kanuni değişiklik yapılmıştır. Bu kapsamda ihtiyatlılık politikası gereği TTK Geçici m 13 düzenlemesi de kabul edilmiştir. Bu düzenlemenin amacı salgının olumsuz etkilerinin en üst seviyede olacağının öngörüldüğü dönem için sermaye şirketlerinin özkaynaklarının şirket bünyesinde tutulmasıdır. Düzenleme ile ülkemizdeki sermaye şirketlerinin COVID-19 salgını dönemini en az zararla atlatarak devamlılığının sağlanması hedeflenmiştir. Bu amaca ulaşmak için belli bir süre ile sınırlı olmak üzere 2019 yılı net dönem kârının en fazla %25’inin dağıtılabileceği, geçmiş yıl kâr payları ile serbest yedek akçelerin dağıtılamayacağı ve kâr payı avans dağıtım yetkisi verilemeyeceği kuralı getirilmiştir. Hükmün, yürürlüğe giriş ve yürürlükte kalacağı tarih dikkate alındığında, getirdiği sınırlama, genel kurul kararlarının geçerliliği ve icrasına ilişkin Türk hukukunda yeni tartışmaları başlatmıştır. Bu çalışmamızda Geçici m 13 hükmünde yer alan temel kavramlar ve hükmün kapsamı ile uygulama alanı tespit edildikten sonra, sermayenin korunması ilkesi ve hükme aykırı genel kurul kararları sebebiyle ortaya çıkacak muhtemel sorunlar ve bunlara ilişkin görüşlerimiz inceleme konusu yapılmıştır. 

Keywords: COVID-19, Sermaye şirketi, Kâr payı, Sermayenin korunması ilkesi, Butlan

EXTENDED ABSTRACT


Provisional Article 13 has been added to the TCC in the context of measures against the negative impacts of the COVID-19 pandemic on business life, aiming to prevent the potential need for financing and to maintain strong capital in cash and ensure continuity for stock corporations. 

The distribution of distributable reserves and retained earnings of stock corporations is prohibited for the duration in which the Provisional Article 13 is effective. A maximum of 25% of the net profit of the fiscal year of 2019 can be distributed, and governing bodies cannot be given the authority to distribute dividend advances. The scope of the Provisional Article 13 that is the subject of our review, its application, and our perspectives on the challenges that may arise in the implementation of this provision are as follows.

The joint stock companies, limited companies, and commandite companies whose capital is divided into shares are subject to this provision. The provision limits the distribution of dividend, distributable reserves, and advance dividend. However, Provisional Article 13 and the Communiqué set out companies that will not be subject to these distribution restrictions.

The publication and enforcement date of Provisional Article 13 is April 17, 2020, and the first paragraph of this article shall be applied in respect of corporations that have not yet taken general assembly resolution regarding distribution by April 17, 2020.

The second paragraph of the article includes corporations that have decided to distribute for the period of 2019 but have not distributed fully. The article shall remain in force until September 30, 2020, and the President shall be authorized to extend and contract this period by 3 months. (Note: The period has been extended for 3 months.)

Therefore, Provisional Article 13 will not have any effect with respect to these transactions if the general assembly resolution taken before April 17, 2020, is executed fully. If the distribution is made partially as of April 17, 2020, remaining payments for the portion exceeding 25% of the net profit for the fiscal year of 2019 will be deferred until Provisional Article 13 cease to have effect. Moreover, the advance payments that have not yet been distributed will be deferred in the same way if the general assembly resolution authorizes the distribution of advanced dividend payments.

The lapse of time on the claim of deferred payments shall cease during the enforcement period of Provisional Article 13, and no interest shall be claimed for deferred payments.

The legal basis of the sanctions relating to the general assembly resolutions that exceed the limit regulated by Provisional Article 13 and taken after the date of April 17, 2020, is controversial. Because Provisional Article 13 is a provision concerning the principle of maintenance of capital, we believe that whether the resolutions are in breach of this provision or are invalid within the framework of Article 447 of the TCC should be examined.

According to our opinion, a general assembly resolution taken after April 17, 2020, and only partially in breach of the Provisional Article 13 of the TCC should be subject to partial invalidity. Such approach would conform with the teleological interpretation of the relevant provision and to the procedural economy.

At a general meeting after April 17, 2020, it is also possible to decide on the distribution of 25% of the net profit immediately and the distribution of extra dividend after Provisional Article 13 will cease to have effect. We believe that following the constitutional interpretation, no part of such resolution shall be subject to invalidity. 

Dividend shares that are distributed to the board of directors are not directly regulated in Provisional Article 13. However, the main purpose of the provision is not to distribute more than 25% of the company’s net profit for the enforcement period. We believe that dividend shares should be added to the scope of Provisional Article 13, considering that dividend shares are distributed from the net profit.

Prohibition of borrowing from the company for shareholders serves for the principal of capital maintenance, which makes the absence of its mention in Provisional Article 13 a deficiency. Following TCC Article 385, all shareholders who do not owe due capital debt will be able to become indebted to the corporation if the profit of the corporation together with the distributable reserves covers the losses of the previous year. In this way, the Provisional Article 13 will be eliminated, and it is possible to cash out of the corporation without any limit during the period.

In case an unlawful resolution is adopted by the general assembly, the governing bodies that execute the illegal resolution will be held responsible. Therefore, the governing bodies should avoid distributing net profits that exceed 25% in distributable reserves and/or advance dividend, contrary to the Provisional Article 13. In this case, if it is needed, the governing bodies are obliged to apply to the court and request an invalidity declaration of the regulations that are against the provision.


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APA

Pınar, H., Türkoğlu, S.Ö., & Tutulmaz, E. (2020). COVID-19 Measures Adopted Under the Provisional Article 13 of the Turkish Commercial Code for the Protection of the Equity of Stock Corporations. Istanbul Law Review, 78(2), 579-610. https://doi.org/10.26650/mecmua.2020.78.2.0012


AMA

Pınar H, Türkoğlu S Ö, Tutulmaz E. COVID-19 Measures Adopted Under the Provisional Article 13 of the Turkish Commercial Code for the Protection of the Equity of Stock Corporations. Istanbul Law Review. 2020;78(2):579-610. https://doi.org/10.26650/mecmua.2020.78.2.0012


ABNT

Pınar, H.; Türkoğlu, S.Ö.; Tutulmaz, E. COVID-19 Measures Adopted Under the Provisional Article 13 of the Turkish Commercial Code for the Protection of the Equity of Stock Corporations. Istanbul Law Review, [Publisher Location], v. 78, n. 2, p. 579-610, 2020.


Chicago: Author-Date Style

Pınar, Hamdi, and S. Özlem Türkoğlu and Esra Tutulmaz. 2020. “COVID-19 Measures Adopted Under the Provisional Article 13 of the Turkish Commercial Code for the Protection of the Equity of Stock Corporations.” Istanbul Law Review 78, no. 2: 579-610. https://doi.org/10.26650/mecmua.2020.78.2.0012


Chicago: Humanities Style

Pınar, Hamdi, and S. Özlem Türkoğlu and Esra Tutulmaz. “COVID-19 Measures Adopted Under the Provisional Article 13 of the Turkish Commercial Code for the Protection of the Equity of Stock Corporations.” Istanbul Law Review 78, no. 2 (Jun. 2024): 579-610. https://doi.org/10.26650/mecmua.2020.78.2.0012


Harvard: Australian Style

Pınar, H & Türkoğlu, SÖ & Tutulmaz, E 2020, 'COVID-19 Measures Adopted Under the Provisional Article 13 of the Turkish Commercial Code for the Protection of the Equity of Stock Corporations', Istanbul Law Review, vol. 78, no. 2, pp. 579-610, viewed 26 Jun. 2024, https://doi.org/10.26650/mecmua.2020.78.2.0012


Harvard: Author-Date Style

Pınar, H. and Türkoğlu, S.Ö. and Tutulmaz, E. (2020) ‘COVID-19 Measures Adopted Under the Provisional Article 13 of the Turkish Commercial Code for the Protection of the Equity of Stock Corporations’, Istanbul Law Review, 78(2), pp. 579-610. https://doi.org/10.26650/mecmua.2020.78.2.0012 (26 Jun. 2024).


MLA

Pınar, Hamdi, and S. Özlem Türkoğlu and Esra Tutulmaz. “COVID-19 Measures Adopted Under the Provisional Article 13 of the Turkish Commercial Code for the Protection of the Equity of Stock Corporations.” Istanbul Law Review, vol. 78, no. 2, 2020, pp. 579-610. [Database Container], https://doi.org/10.26650/mecmua.2020.78.2.0012


Vancouver

Pınar H, Türkoğlu SÖ, Tutulmaz E. COVID-19 Measures Adopted Under the Provisional Article 13 of the Turkish Commercial Code for the Protection of the Equity of Stock Corporations. Istanbul Law Review [Internet]. 26 Jun. 2024 [cited 26 Jun. 2024];78(2):579-610. Available from: https://doi.org/10.26650/mecmua.2020.78.2.0012 doi: 10.26650/mecmua.2020.78.2.0012


ISNAD

Pınar, Hamdi - Türkoğlu, S.Özlem - Tutulmaz, Esra. “COVID-19 Measures Adopted Under the Provisional Article 13 of the Turkish Commercial Code for the Protection of the Equity of Stock Corporations”. Istanbul Law Review 78/2 (Jun. 2024): 579-610. https://doi.org/10.26650/mecmua.2020.78.2.0012



TIMELINE


Submitted16.06.2020
Accepted04.09.2020
Published Online16.10.2020

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