PEKDİNÇER, Tamer Marmara Üniversitesi - Hukuk Fakültesi - Ticaret Hukuku Anabilim Dalı, Turkey

ANONIM SIRKETLERDE YÖNETIM KURULU KARARLARININ GEÇERLILIGI (ÖZELLIKLE BATIL YÖNETIM KURULU KARARLARI) (TTK m. 391)

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The source of Turkish Commercial Code (TCC) article 391 regarding the validity of the board of directors’ resolutions is CO (Swiss Code of Obligations) art. 706/b and 714. The aim of the provision is to determine the difference between the “invalidity” and “annulability” and therefore to enforce the shareholder protection. However, as distinct from the source the art. 391 defines “acts against equal treatment principle” as a reason of invalidity. This fact creates a clear contradiction with art. 445. The listed invalidity reasons other than this subparagraph -acts violating the fundamental structure of the company, disregarding the principle of capital protection, violating or restricting the rights unalienable rights of the shareholders or involving acts under the in transmissible rights of other organs- are in line with Turkish law. Furthermore the secondary legislation regarding the internal directive on procedure and elements of board meetings is considerably important for the practice as well as the jurisprudence.

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Board resoulutions , validity , invalidity , internal directive , equal treatment principle.

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