Newsletter-21

89 COMMERCIAL LAW Provisions regarding Companies Law Amendments made to the TCC with respect to companies law entered into force on the date of publication of Law No. 6728. These amendments intend to limit the number of bureaucratic transactions in company incorporations, as well as incorporations costs. • Notarial Certification: With the amendment made to Article 40 of the TCC, the obligation for signature declarations to be certified by a public notary is eliminated. Real person mer- chants and authorized signatories of legal entity merchants may also give written declarations on their trade names and signatures in the presence of the trade registry manager or deputy manager. Accordingly, although a formal certification requirement is still reserved, an option for this certification to be performed either before the notary or the trade registry is provided to the merchants so that they may have their sig- natures certified directly by the trade registry instead of the notarial procedure, and without incurring additional costs. Similarly, by making amendments to Articles 212, 215, 335, 339, 345, 566, 575, 585 and 587, execution of the articles of association of joint stock and limited liability companies, as well as the limited partnerships divided into shares, and companies with unlimited liability in the presence of the trade registry manager or deputy manager is made possible without notarial certification. • Valuable Paper Cost: As per the additions made to Articles 212, 335, 556 and 575, valuable paper costs shall not be charged on papers constituting the articles of association at the incorporation stage of joint stock and limited liabil- ity companies, as well as limited partnerships divided into shares, and companies with unlimited liability. • Conversion of Type: Article 184 of the TCC regarding the conversion of type used to regulate that the provisions regarding the incorporation of the new type would be ap- plied in the event of conversion of type; whereas, for capital companies, the provisions regarding the minimum number