How To Transfer Shares In Companies?
Hello, dear guest of our page, welcome. In this article, we will try to explain how to transfer shares in a company operating in Turkey. Before we begin our article, it is useful to underline that this issue requires detailed legal action. Therefore, you can consult a law office in Alanya.
How Do Shares Transfer Occur In Limited Companies?
According to the Turkish Commercial Code,the transfer of the share of the person who is a partner in Limited companies can be done by the transfer agreement to be arranged in notary public. In order to transfer the shares, the shareholders must have the approval of at least three-quarters and those persons must have at least three-quarters of the principal capital. A notarized copy of the decision of the board of partners, whose signatures are approved by the notary public, indicating that they are eligible to transfer, must be given to the trade registry office. Although this stage can be seen as a bit complicated, our law office in Alanya conducts these operations on behalf of its clients.
In the event that the partner transfers the share of capital in the company,the transferee persons and the transferred persons shall be directly responsible for the share of the public receivables before the transfer in the proportion of the share of capital shares. After the transfer of shares is realized,this portion may come out as costs that the transferee or the transferor does not expect. Therefore, we recommend that you consult a law office in Alanya.
Another important aspect is that most people consider the transaction completed after transferring their share in the notary.However, if the transfer agreement is not given to the trade registry office for registration with the consent of the partners, the transfer is not deemed to have occurred legally. Therefore, we recommend that you work with a law office in Alanya to make these transactions legally correct.
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How To Transfer Transactions In Joint Stock Companies?
It is really a very detailed field and requires a lot of knowledge and experience. And you, dear readers, should be lucky that you can find the necessary information below without going to a law office in Alanya.:)
1- 1st.Have the shares of the Joint Stock Company been printed or certificate of proof published?
It is important to examine this issue. Because the shares of the Joint Stock Company are printed (or issued certificate of proof) on the back of “….. I transferred and assigned shares to the person ” must be provided with the turnover of the shares.
2-) The approval of the Joint Stock Company must be given at the time of the transfer by the decision of the board of directors and the transfer of shares must be processed in the company’s share book. The second ceremony that completes the transfer is the approval of the company’s Board of Directors of the share transfer made by the shareholder. In accordance with the relevant law,registered shares, which are not fully paid, can only be transferred with the approval of the company. At this stage it would be very helpful to consult a law office in Alanya.
As a law office in Alanya,we provide legal support to our foreign clients throughout Turkey,especially in the field of corporate law.
3-) Has the Joint Stock Company’s Capital been fully paid up?
This issue should also be examined. If there is a debt, the person who receives the shares will inherit that debt. If the board of Directors of the company takes a decision on the payment of this debt, this debt will have to be paid by the people who have taken over the shares of the company. Therefore, it is necessary to consider these debts when buying shares from the company.
We, as a law office in Alanya, prepare reports for our clients and inform them about the debt situation.
4-)Documents showing that the company whose shares are to be transferred is free of debt due to finance and insurance should be obtained.
5-)A legal dispute report of the company whose shares will be transferred must be requested and a transfer agreement must be added.
Otherwise, unexpected problems will arise due to the lawsuits that will be lost. This report should also be taken into account when determining the transfer price of the company’s shares. It will be appropriate to add a clause to the transfer agreement that the seller will be responsible for any problems arising out of the report. Almost all of these jobs are the operations of a company lawyer in Alanya.
You will be legally satisfied if you consult a lawyer in Alanya or a law office in Alanya during these procedures.
6-)The contracts of the company whose shares are to be transferred, the status of customers and the rights of workers according to labour legislation should also be examined.
Otherwise, there may be problems in the future. This review should also be taken into account when determining the transfer price of the company’s shares. It will be appropriate to write that these examinations will be included in the transfer agreement annex and that if other contracts are issued, they can be referred to the seller.
At this stage,we recommend that you apply to a law office in Alanya and get more detailed advice.
7-)If a company is to be acquired specifically because of its customer portfolio, it will be appropriate to add a provision to the contract in case the company loses that customer. For example, it may be appropriate to include a penal clause which the parties may consider reasonable in case of loss of X customer for 12 months or 18 months.
Dear guest, we tried to give you information about the transfer of shares in this article.You can call us or visit our law office in Alanya to find out more.
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