NEWSLETTER-2019-metin

336 NEWSLETTER 2019 In addition, Article 15/2 (g) of the Regulations on the Registration of Football Clubs, issued by the Turkish Football Federation, regulates the necessity to submit “general assembly decisions on the acquisition of the association’s football branch with all actives and passives, and regarding the authorization of the Board of Directors for concluding a transfer contract with the association and the trade registry gazette where these decisions are published,” for the registration of the foot- ball branch on behalf of the joint stock company. Therefore, according to the aforementioned legislative arrange- ments, the association that aims to corporatize its football branch should convene a general assembly, and pass the decision of corpo- ratization with the majority specified in its charter. At this stage, the structure of the corporatization is important. In the general assembly, it is necessary to decide on whether the association will be a share- holder in the joint stock company where the football branch is to be transferred. In addition to the decision of corporatization made by the General Assembly, it should be decided to give authorization to the board of directors of the association for the execution and completion of the corporatization transactions. The association that has decided on corporatization in its General Assembly, and the joint stock company established for this purpose, must apply to the Turkish Football Federation after signing a transfer agreement on the transfer of football branch, and attaching a transfer balance sheet, together with all of the other necessary documents. The Turkish Football Federation will decide on the application in the meeting of the board of directors. Following the Turkish Football Federation’s consent to the corpo- ratization, the transfer of the football branch to the joint stock company from the association is completed. Following the transfer, the football team’s logo, brand, and name rights, as well as all of the contracts related to the football branch, must be transferred from the association to the company. Furthermore, in order to prevent any loss of rights, the notifications regarding the transfer of the football branch from the association to the company should be completed without delay.