According to Article 299 of the Turkish Code of Obligation No. 6098 (“TCO”), the parties to a lease agreement are the “lessor” and the “lessee”. Besides, Article 322/2 of the TCO states that “In residential and roofed business premises, the lessee shall not sublease, or transfer the right of use of the leased premises to...Read More
Articles 1472 and 1481 of the Turkish Commercial Code No. 6102 (“TCC”) regulate the principle of subrogation in property insurance and liability insurance, respectively. The right of recourse arising from the principle of subrogation is that in the event of an occurrence of a risk, the insurer shall take the place of the insured after...Read More
A minimum-term employment contract is a type of contract in which the employee undertakes the performance of work and the employer undertakes the payment of wages for a period not less than a certain period. In practice, it is generally agreed that the terminating party shall pay a certain amount of penalty if the agreement...Read More
Valuable residence tax is a duty paid by the owners, usufruct right holders, or in the absence of both of these, those making dispositions of a residential immovable property which has a value above a certain amount. According to Article 42 of the Real Estate Tax Law No. 1319 (“Law”), residential immovable properties within the...Read More
Diminished value refers to the decrease in the second-hand market value of a vehicle that has been repaired to remedy damage caused by events such as a traffic accident. Indeed, however flawlessly a vehicle may have been repaired, and even if original parts were used, it is inevitable that, because of the accident it has...Read More
According to article 344/1 of the Turkish Code of Obligations numbered 6098 (“TCO”, “Law”), which applies to the rental fees of residential and roofed business premises; “The agreement of the parties regarding the rental fees to be applied in the renewed lease period is valid provided that it does not exceed the previous rental year’s...Read More
INTRODUCTION The principle of free transferability of shares is fundamental in joint stock companies. Under this principle, both uncertificated shares and shares represented by certificates may be freely transferred to others without the approval of any corporate body, the shareholders or third parties. Transferability allows shareholders to exit the company easily and to realise the...Read More
