Newsletter-21

78 NEWSLETTER 2016 in writing, within 7 (seven) days as of the day of the transaction. The board of directors shall register and announce that the company is a single shareholder joint stock company within 7 (seven) days from the receipt of the notification. The related application to the trade registry shall be accompanied with a petition and a copy of the board of directors’ resolution in this regard. The petition must be signed by the signatory of the company under the company seal. Informa- tion that the number of shareholders in the joint stock company has been reduced to a single shareholder, the name and surname of the shareholder, address, nationality, Turkish identity number (if any) of such shareholder, if such shareholder is a foreigner, and tax number or identity number issued specifically to foreigners should be set forth in the board of directors’ resolution. In the event of non-compliance with the registration and an- nouncement requirement, the non-performing shareholder and the negligent board of directors shall be responsible for any loss. Joint Stock Company’s Abandonment of the Single Shareholding Structure Notification to, and registration and announcement in the trade registry, shall also be made in the event that the single shareholding structure ceases within the company. General Assembly within the Single Shareholder Joint Stock Company There is no distinction or exemption envisaged under the Turkish Commercial Code regarding the general assembly, and its procedure to convene for single shareholder joint stock companies. Art. 408/3 of the Turkish Commercial Code states that “ the sole shareholder of the joint stock company has all the authority of the general assembly, ” which indicates that the single real or legal person shareholder shall constitute the general assembly. As per the said provision, the resolu- tions to be taken by the single shareholder should be in writing in order to be valid.