The Resolution of the General Assembly in Limited Liability Company Share Transfer and Its Annulment
Emine Develi AyverdiThe transfer of shares in a limited-liability company is subject to research and court rulings. Without a doubt, the general assembly’s resolution is one of the most important measures. Hence, upon notification regarding the transfer agreement, the general assembly can approve or decline the transfer. With the approval, the transfer becomes valid, and ownership of the share transfers to the buyer. However, if the general assembly declines the transfer within three months after notification, the transfer agreement becomes void until the resolution of the general assembly, and the share can be subject to interim legal transactions. Consequently, conflicts arise when the company’s will is required in addition to the transferrer’s will. One of the most likely conflicts to arise is that over the annulment of the resolution. Annulment cases regarding the decision of approval or rejection of the transfer have different issues to resolve; with the annulment of the resolution of rejection, the determination of an affirmative resolution can be demanded. Following Swiss and German law, this type of case must be acknowledged by Turkish law, and through this case, the transfer agreement can be deemed valid. This way, the interest of the transferrer will be protected. The abovementioned issues are addressed in this study by determining the legal aspects of the resolution of the general assembly in a limited-liability company share transfer in light of doctrine and court rulings.
Limited Şirket Esas Sermaye Payının Devrine İlişkin Genel Kurul Kararı ve İptal Edilebilirliği
Emine Develi AyverdiLimited şirket esas sermaye payının devri, birçok bilimsel çalışmaya konu olmasının yanı sıra yargı kararlarına da sıklıkla karşımıza çıkmaktadır. Devir işlemine dair en önemli aşamalardan biri ise kuşkusuz genel kurul onayıdır. Devrin bildirimi üzerine genel kurul onay veya ret yönünde karar alabilir. Genel kurulun onayıyla birlikte devir işlemi geçerlilik kazanır ve esas sermaye payı devralanın mülkiyetine geçer. Genel kurulun, devrin bildiriminden itibaren üç aylık hak düşürücü süre içinde ret kararı alması ise devir sözleşmesini kesin hükümsüz hale getirir. Genel kurul kararına kadar geçen sürede ise esas sermaye payı üzerinde ara tasarruflar gerçekleştirilebilir. Devir için devreden ortağın iradesinin yanı sıra şirketin iradesinin de aranıyor olması, birçok husumeti gündeme getirmektedir. Bunlardan en sık karşılaşılacak olanı ise devrin reddine veya onayına ilişkin genel kurul kararının iptalidir. Devrin genel kurul tarafından onaylanması veya reddedilmesi ilişkin kararların iptali davası bünyesinde, üzerinde durulması gereken sorunlar barındırmaktadır. Bilhassa devrin reddine ilişkin genel kurul kararının iptaliyle birlikte, iptali gerektiren hukuka aykırılığın niteliği elverdiği durumda olumlu kararın tespiti davası da açılabilmelidir. Alman ve İsviçre hukuklarını takiben Türk hukukunda da uygulama alanı bulacağını düşündüğümüz bu dava sayesinde, mahkemenin ilamı ile birlikte devir sözleşmesinin hüküm ve sonuçlarını doğurması sağlanarak devreden ortağın menfaati korunabilir. Bu çalışmada, ifade ettiğimiz sorunlara esas sermaye payının devrine ilişkin alınan genel kurul kararının hukuki niteliği ortaya konulmak suretiyle doktrindeki görüşler ve yargı kararları da ele alınarak çözüm aranmıştır.
When transferring the shares of a limited-liability company, the question of whether the transferee is already a partner or a third party requires several measures to be taken as set out in the Turkish Commercial Act numbered 6102, just as in its predecessor, Turkish Commercial Act numbered 6762. Among these regulations, the one that has attracted the attention of doctrine and is discussed in the rulings of the courts is the resolution of the general assembly. The approval of the transfer agreement lies in the hands of the general assembly exclusively and no other organ or person can validify the transfer.
When it comes to coining the legal definition of the resolution of the general assembly, there are numerous factors that need to be considered. The resolution of the general assembly is first the will of the company. It is an isolated legal transaction; therefore, it does not constitute integrity with transfer agreement and notarization. From another perspective, the resolution of the general assembly is a provision of applicability. Furthermore, TTK 595/II, which foresees that for the transaction agreement to be effective, the general assembly must approve the transfer, is a legal bond. However, this requirement is not obligatory.
Following the legal definition, the outcomes of the legal transaction that occurred in the interim (after the transfer agreement but before the resolution of the general assembly) should be clarified. In German law doctrine, it is said that the legal transaction approved by the general assembly first is effective and that the second conflicting transaction is treated as void. We consider this solution a sensible one and acknowledge that it can be implemented in Turkish law. However, the confiscation of the share is an exception, and the transfer cannot be executed.
The rules to be applied to the general assembly do not differ from the general rules. However, we find it necessary to highlight that the transferrer should vote positively in the general assembly. It is his/her obligation to rise from the transfer agreement. Shareholders outside the transfer agreement do not have the liability to vote positively in the general assembly. However, fidelity and good faith binds the shareholders. Apart from these principals bound by the said principles, other shareholders and transferees or transferrers can draw up a voting agreement. We consider that the claimant of this agreement can demand a specific performance.
The transfer agreement becomes null if the transfer is rejected; therefore, it becomes impossible to fulfill. Provided that the transferrer is at fault in the rejection, it increases his/her liability. However, the approval validates the transfer agreement and the share transfers. If the general assembly does not reject the transfer within three months after notification regarding the transfer is made, approval of the transfer agreement is implied.
The general assembly is not required to justify its rejection. However, we believe that the reason for rejection should be specified in the resolution. Furthermore, good faith and equality draw the line for arbitrariness. In the event of annulment of the resolution regarding rejection, we suggest the possibility of a demand for the determination of an affirmative resolution to validify the transfer agreement. Annulment and determination of an affirmative resolution can be demanded within the same lawsuit. Thus, the outcome of not only the contradiction to the law in voting but also the contradiction to the liability of positive voting of transferrer can be resolved. The ruling validates the transfer agreement.
The resolution of approval can also be annulled; however, if, three months after notification of the transfer agreement have passed without a rejection, the transfer is considered approved by the law and thus cannot be annulled.