ARTICLE – CALL OPTION AGREEMENT ON SHARES OF A JOINT STOCK COMPANY
Abstract
A call option agreement on shares of a joint stock company is an agreement that grants the option holder the right to purchase the shares subject to the agreement at the price and on the date determined in the agreement, at option holder’s unilateral will. However, due to the relative nature of the agreement, it is not possible to assert it against third parties. Accordingly, under Turkish law, call option agreements do not have corporate effect, and the most secure way to preserve the contractual right would be to obtain a call option agreement with deterrent penalty provisions and a guarantee from the transferor to cover failure to transfer the shares pursuant to the call option agreement. Furthermore, an escrow agent mechanism may be used to prevent the transfer of the shares to third parties in the event of a dispute between the parties regarding the call option agreement. It is important to note that these mechanisms are not definitive solutions to restrict the transfer of shares to a third party.
Keywords: Call Option Agreements, Call Right, Share Certificate, Joint Stock Company, Share Transfer Restrictions
I. INTRODUCTION
In principle, registered share certificates in joint stock companies may be transferred without any restriction. The realization of such transfer depending on the choice of the transferee in the future due to the current market situation, financial reasons or other commercial arrangements between parties lead us to the concept of call option or call right. In this study, the nature of call option agreements, their reflections in Anglo-Saxon law and Turkish law, the problems that may arise in the transfer of shares and the practices regarding alternative solutions to these problems are analyzed.
II. CALL OPTION AGREEMENTS
A. Call Option Agreements Under Anglo-Saxon Law
In Anglo-Saxon law, agreements are formed by the exchange of mutual declarations of will, and the subject matter of a call option agreement is constituted by another agreement. The agreement that constitutes the subject matter of the call option agreement is characterized as the main agreement and the call option agreement is defined as an option agreement established in order to guarantee that the main agreement is established at the option holder’s discretion1.Thus, with the call option agreement, the investment to be made by the option holder is left at its own initiative and offers the opportunity to evaluate alternative investments.
B. Call Option Agreements under Turkish Law
“A call option right entitles the holder to purchase shares at a price determined by the parties as to the amount or how it will be calculated at a specified maturity.”2 Accordingly, a call option is a right that gives the right holder the right to purchase the shares in question with a unilateral declaration of will, in other words, it is a formative right3. Accordingly, it is irrelevant whether the person who grants a call option to the other party under a call option agreement accepts the option holder’s declaration of will or not. This is because a call option agreement grants one party the right to purchase the shares at a price whose amount or method of calculation is specified in the agreement within the specified term, and imposes an obligation on the other party to sell the shares in question at the relevant price in the event that the call right is exercised4.
Although the call right gives the right holder the right to acquire the shares of the company under the conditions set forth in the agreement and the call option agreement is valid under the Turkish Code of Obligations numbered 60985, it does not have a corporate effect in Turkish law and only creates a contractual obligation to transfer the shares to the other party6. In this context, the fact that the call option is a relative right may cause various problems in practice.
III. REFLECTIONS AND PROBLEMS OF CALL OPTION AGREEMENTS UNDER TURKISH LAW
First of all, for a legally valid share transfer to take place in a joint stock company, the registered share certificates must be endorsed in the name of the transferee and the share certificates must be physically delivered by the transferor to the transferee (transfer of possession) in accordance with the relevant provisions of the Turkish Commercial Code numbered 61027. Additionally, in order for the new shareholder to assert its shareholding rights (voting rights, dividend distribution rights, etc.) against the company, the transferee must be registered as a shareholder in the share ledger of the company8. According to the mandatory provisions of the Turkish Commercial Code, since keeping the share ledger is one of the non-transferable duties and powers of the board of directors9, it will not be possible for the board of directors to authorize a third party to keep the share ledger of the company. Therefore, in the event of a possible share transfer in the future, the company’s board of directors must register the new shareholder in the company’s share ledger in order to exercise the shareholding rights.
In practice, if the option holder wishes to exercise the purchase right established by the call option agreement, there is no obstacle under Turkish commercial law for the debtor not to fulfill its obligation or for the shareholder to transfer the shares subject to the agreement to a third party before the option holder exercises its right. In the event that the shares are transferred to a third party, it is not possible for the option holder to assert its right against a third party due to the fact that the purchase right established by the agreement is a relative right as explained above. Therefore, in the event that the party obliged to transfer the shares under the call option agreement breaches its obligation, it is not possible to impose any remedy under Turkish commercial law10.
On the other hand, if the party to the call option agreement who is obliged to transfer the shares breaches its obligation, there are several remedies that can be provided under Turkish law of obligations.
IV. REMEDIES IN CASE OF BREACH
A. Specific Performance
In theory, if the breaching party does not voluntarily endorse and deliver the share certificates, the option holder has the right to forcibly take over the certificates through the execution offices11. However, Turkish execution offices do not execute such a takeover and there is no precedent in practice. On the other hand, this remedy is only applicable in the event that the share certificates are not endorsed and delivered to the option holder and does not restrict the transfer of the shares to a third party prior to option notice. For these reasons, specific performance is not considered as an applicable legal remedy under a call option agreement.
B. Penalty And Compensation
In the call option agreement, it is possible to determine certain penalty and compensation provisions in case of breach of the transfer promise. If such provisions are included in the agreement, in the event of a breach, a penalty or compensation will be paid in the amount specified in the agreement, and it would be beneficial to obtain a guarantee such as a bank letter of guarantee to guarantee the penalty or compensation. However, although penalty and compensation provisions are included in the agreement and deterrence against breach will be provided, this practice does not absolutely prevent the transfer of shares to a third party.
C. Handing Over the Share Certificates to the Escrow Agent
The shares that are the subject of call option agreements may be held by an escrow agent. An escrow agreement may stipulate that the escrow agent will hold the share certificates and deliver them to the transferee upon the fulfillment of the conditions in the call option agreement. However, even if the escrow agent delivers the share certificate to the transferee, in order for the shareholder to assert its shareholding rights, the share certificates must be registered in the share ledger of the company, and the board of directors of the company may refrain from registering the transferee in the share ledger. In this case, the transferee may file a lawsuit before the relevant Turkish court in order to be registered in the share ledger. In this context, the escrow agent mechanism may prevent the transfer of shares to third parties. However, although the escrow agent mechanism is widely used abroad, currently there is no business in Türkiye that provides escrow agent services. Therefore, in the current situation in Türkiye, the escrow agent mechanism is not common but real persons or businesses located abroad can be used as escrow agents.
D. Writing the Beneficiary on the Back of the Share Certificate
In practice, it is observed that the name of the option holder and the option right are written on the back of the share certificate in order to prevent the transfer of shares to third parties. Thus, it is intended to prevent transfers against third parties. However, in order to assert share transfer restrictions against third parties in joint stock companies, the relevant share transfer restrictions must be included in the articles of association12. Since the writing in question does not have such a legal effect, it will not be effective unless the third party is in malicious intent, and the option holder will not be able to claim ownership since it does not have possession of the shares. In addition, this practice is incompatible with the basis of the call option agreement. Because the purpose of the call option agreement is that the exercise of the option holder’s right is at its own initiative.
References
- Dr. Gülşah Yılmaz, Pay Sahipleri Sözleşmesinden Doğan Birlikte Satma Hakkı ve Birlikte Satışa Zorlama Hakkı, 1st Edition, İstanbul 2018, p.98-101 ↩︎
- Dr. Umut Metin, Şirketlerde Yönetim Kurulu Krizleri ve Çözüm Yolları, 2nd Edition, Ankara 2022, p.381 ↩︎
- Yılmaz, p.101-103 ↩︎
- Gül Okutan Nilsson, Anonim Ortaklıklarda Paysahipleri Sözleşmeleri, 1st Edition, İstanbul 2003, p.228 ↩︎
- 04.02.2011 dated and 27836 numbered Official Gazette ↩︎
- Nilsson, p. 228 ↩︎
- 14.02.2011 dated and 27846 numbered Official Gazette ↩︎
- Ali Murat Sevi, Anonim Ortaklıkta Payın Devri, 4th Baskı, Ankara 2018, p.273 ↩︎
- Turkish Commercial Code, Article 375 ↩︎
- Nilsson, p. 256-276 ↩︎
- Gül Okutan Nilsson/Oğuz Atalay, Anonim Ortaklık Pay Sahipleri Sözleşmelerinde Öngörülen Pay Alım ve Satım Opsiyonlarının Hukuki Niteliği ve Cebri İcrası Prof. Dr. Hüseyin Ülgen’e Armağan, 1st Volume, İstanbul 2007, p.416-418 ↩︎
- Turkish Commercial Code, Article 490 ↩︎
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CONTINUING OUR CONTRIBUTIONS TO NATURE
At SSI Legal, we always prioritize environmental awareness and our responsibility to nature. As part of our tradition, we have calculated our carbon footprint for the year 2023 and made a tree donation to offset this footprint.
Taking action for a sustainable future is a priority we see as integral to our business and society. Therefore, we continue to work towards increasing our environmental awareness and responsibility.
We invite you to join us as environmentally conscious partners in contributing to nature.
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NEWS – IPO AND BORSA ISTANBUL LISTING OF ARTEMİS HALI A.Ş.
We are honored to have assisted Artemis Halı A.Ş. in its initial public offering and listing on Borsa İstanbul.
Artemis Halı shares started trading on Borsa Istanbul on 04.03.2024 with an unfiltered demand of TRY 116,554,321 nominal value equivalent to approximately TRY 3,000,000,000 billion, which is 5.8 times the total size of the public offering.
SSI Legal team included Founding Partners Çiğdem Bal Ilgın and Av. Muhammed Kerem Şenol, LL.M. and Managing Senior Associate Taceddin Külekci. We extend our gratitude to all stakeholders involved in this process and wish for continued success in this new era initiated by this IPO.
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NEWS – IPO AND BORSA ISTANBUL LISTING OF OBA MAKARNACILIK SANAYİ VE TİCARET A.Ş.
We are honored to have assisted Oba Makarnacılık Sanayi ve Ticaret A.Ş. in its initial public offering and listing on Borsa İstanbul.
Oba Makarnacılık shares started trading in Borsa İstanbul on 01.03.2024 with a demand reaching 1.7 times the total offer in domestic individual investors, 8.6 times the total offer in domestic institutional investors, 3.4 times the total offer in cross-border institutional investors and 1.2 times the total offer in group employees amounting to a total size of TRY 3,780,238,178.
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ARTICLE – INTERNATIONAL ARBITRATION IN TÜRKİYE
Abstract
Arbitration is an alternative form of adjudication to state proceedings in dispute resolution. In order to refer to arbitration, the dispute must meet certain conditions. In addition, the main reason for choosing arbitration as an alternative is the advantages which it offers to the parties. Arbitration, which has many types, is subject to recognition and enforcement in Türkiye if the arbitral awards are rendered abroad.
Keywords: Arbitration, Institutional Arbitration, Ad Hoc Arbitration, Arbitration Board, Arbitrator, Arbitral Award, Recognition and Enforcement
I. INTRODUCTION
Arbitration is the agreement of the parties, to the extent permitted by law, for the final and binding settlement of disputes that have arisen or may arise between the parties by arbitrators instead of courts.
The settlement of any dispute by arbitration is subject to two conditions. The first of these is that the dispute is arbitrable and the second is that the parties have agreed that the dispute will be resolved by arbitration.
The parties cannot arbitrate every dispute between them. In order for a dispute to be resolved by arbitration, it must be arbitrable and there must be a legally valid subject. Pursuant to Article 408 of Code of Civil Procedure numbered 61001, disputes arising out of real rights over immovable property, or disputes arising out of works that are not subject to the will of the two parties are not arbitrable. Considering this article, circumstances on which the parties cannot freely dispose, disputes that are expressly stated in the legislation as not arbitrable, or disputes where the principle of ex officio investigation is applied are not arbitrable2. Examples of such cases include settlement or acceptance, cases relating to the real rights of immovable property, divorce, denial of paternity, and custody3. In addition to these, arbitrability cannot be mentioned in cases where there is a public interest or a superior interest. Lastly, disputes in criminal proceedings, administrative proceedings, enforcement law and non-contentious judicial proceedings are also not arbitrable4.
II. ADVANTAGES OF ARBITRATION
Arbitration has many advantages over other alternative dispute resolution methods such as judicial remedy or mediation and reconciliation. One of the most important advantages is that these alternative methods are not binding unless the parties have agreed that they are binding, whereas arbitration proceedings are binding. Especially in cases where non-binding alternative methods of resolution do not achieve results, the time spent and costs incurred during the use of these methods will be to the detriment of the parties to the dispute. In this respect, the binding character of arbitration proceedings is advantageous for the parties in terms of time and costs incurred5.
Another advantage of arbitration is that it is subject to confidentiality. The confidential resolution of the dispute, the protection of trade secrets, the non-publication of arbitral awards as a rule, and therefore the publication of arbitral awards to the extent permitted by the parties make arbitration more advantageous than other dispute resolution methods.
Arbitration proceedings are resolved by experts. Pursuant to the principle of natural judge in state proceedings, disputes are resolved by the competent and authorized courts6. Therefore, the parties are not able to choose the competent and authorized court for the resolution of the dispute, and therefore they are not able to choose the judge of their choice. However, arbitration proceedings are more advantageous compared to other judicial remedies, as the parties can choose an arbitrator who is specialized and knowledgeable in the subject matter of the dispute in arbitration proceedings.
In this context, unlike in state proceedings, since the parties have freedom of will in arbitration proceedings, the parties can choose the procedural rules to be applied in arbitration proceedings, the country where the proceedings will be held and the arbitrators7.
Another advantage of arbitration is that it is easier to enforce arbitral awards compared to the enforcement of court decisions. Under Turkish law, as per Act on Private International Law and International Civil Procedure numbered 5718 8(“APILICP“), enforcement of foreign court decisions and enforcement of foreign arbitral awards are regulated by different provisions. In order for a foreign court decision to be enforced in Türkiye, there must be reciprocity between the country where the foreign court decision was rendered and Türkiye. However, the international agreements that Türkiye has concluded in this regard are bilateral agreements, the number of which is quite limited. However, in terms of enforcement of foreign arbitral awards, since Türkiye is a party to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards 9(“New York Convention“), arbitral awards can be enforced in any country that is a party to the New York Convention, including Türkiye10. Thus, the enforcement of arbitral awards is made easier compared to the enforcement of court decisions.
Besides, from Türkiye’s perspective, arbitration is much more advantageous than other dispute resolution methods in terms of time, considering the length of the process together with the state proceedings, cassation and appeal phases.
The controversial issue in terms of arbitration is the cost of arbitration proceedings. Although the cost of arbitration is a concern for the parties’ preference for arbitration, arbitration is generally a more beneficial solution for the parties, especially when the importance of the dispute is taken into consideration, in addition to its advantages such as resolving the dispute in a shorter period of time and being more in line with the speed of commercial life and the expectations of the parties11.
III. TYPES OF ARBITRATION
The parties to arbitration proceedings may choose either institutional arbitration or ad hoc arbitration to resolve the dispute between them.
A. Institutional Arbitration
Institutional arbitration is the conduct of arbitration proceedings by an arbitral institution that has rules applicable to the arbitration proceedings and includes regulations governing arbitration12. Parties prefer institutional arbitration centers due to the more detailed regulation of arbitration proceedings and the existence of a regular, technical and administrative organization to manage the process13.
There are various arbitration institutions established for the resolution of disputes. International Chamber of Commerce (“ICC“) International Court of Arbitration, London Court of International Arbitration (“LCIA”), Permanent Court of Arbitration (“PCA”), Stockholm Chamber of Commerce (“SCC”), World Intellectual Property Organization (“WIPO”), Grain and Feed Trade Association (“GAFTA”), Court of Arbitration for Sport (“CAS”) and Istanbul Arbitration Center (“ISTAC”) are some examples of arbitration institutions.
Istanbul Arbitration Center Law numbered 657014 paved the way for institutional arbitration in Türkiye in the international arena. ISTAC and the Istanbul Chamber of Commerce Arbitration and Mediation Center (“ITOTAM”) can be cited as arbitration board in Türkiye.
B. Ad Hoc Arbitration
Ad hoc arbitration is a type of arbitration in which the parties determine the arbitrator, the arbitral tribunal and the arbitration procedure without being subject to any arbitral institution, and which, by agreement of the parties, is temporarily determined solely to resolve the concrete dispute between those parties15.
In practice, in ad hoc arbitration, the parties more often choose the United Nations Commission on International Trade Law (“UNCITRAL”) Arbitration Rules. If the parties choose the UNCITRAL Arbitration Rules for dispute resolution or if they cannot agree on the arbitration rules applicable to the dispute, the UNCITRAL Arbitration Rules will be applied upon the decision of the arbitration tribunal. Pursuant to the UNCITRAL Arbitration Rules, if the parties have agreed that a dispute between them in respect of a particular legal relationship, whether contractual or not, shall be resolved in accordance with the UNCITRAL Arbitration Rules, such disputes shall be resolved in accordance with these rules, taking into account the amendments to be agreed by the parties16.
IV. RECOGNITION AND ENFORCEMENT OF FOREIGN ARBITRAL AWARDS
A. In General
APILICP and New York Convention are the main regulations on the recognition and enforcement of foreign arbitral awards. According to these regulations, for a foreign arbitral award to be recognized and enforced in Türkiye, it must be a foreign arbitral award17. Pursuant to the first article of the New York Convention, in order for an arbitral award to be considered a foreign arbitral award, it must have been rendered and recognized in a place other than the country where enforcement is sought and the procedural rules of the country where enforcement is sought must not have been applied to that arbitral award. In this regard, the Supreme Court does not recognize ICC arbitral awards that are sought to be enforced as foreign arbitral awards in some cases. In cases where ICC arbitral awards are recognized as domestic arbitral awards, there will be no need to seek enforcement in order to ensure that the award is enforceable in Türkiye18.
Supreme Court had a ruling19 that ICC arbitral awards rendered by applying Turkish procedural law will not be considered as foreign arbitral awards, and in the light of this ruling, it can be said that such awards will be deemed as domestic arbitral awards and, therefore, will not be subject to enforcement. In addition, it is important to note that it does not matter whether it is an institutional arbitration or an ad hoc arbitration when seeking recognition and enforcement of a foreign arbitral award.
Pursuant to the fifth paragraph of Article 90 of the Constitution of the Republic of Türkiye20, as the New York Convention is an international treaty which Türkiye is a party, a foreign arbitral award falling within the scope of this Convention will no longer be enforced in accordance with the provisions of APILICP, but in accordance with the provisions of the New York Convention21. In other words, in order to apply the provisions of the APILICP to a foreign arbitral award that may be sought to be enforced, it must not fall within the scope of the New York Convention or the New York Convention must refer to the procedural law of the enforcing state. In the context of Türkiye, it must refer to APILICP.
In addition, under Turkish law, the court will only examine whether the judgment for which recognition and enforcement is sought meets the conditions for recognition and enforcement. Under Turkish law, according to the decisions of the Supreme Court, there is a prohibition on reviewing the correctness of foreign arbitral awards (revision au fond)22. Therefore, the authorized court will only examine whether the conditions for enforcement exist.
The authorized court for the recognition and enforcement of foreign arbitral awards is the civil court of first instance23. However, pursuant to the Code of Civil Procedure, the Supreme Court recognizes that the authorized court for the enforcement of foreign arbitral awards in commercial cases is the commercial court of first instance24. In addition, the parties may agree in writing on the competent court for the enforcement of foreign arbitral awards25.
B. Enforcement of Arbitral Awards in Türkiye
In order for foreign arbitral awards to be enforced in Türkiye, there must be no obstacle to the enforcement of the foreign arbitral award. Since the third article of the New York Convention refers to the procedural law of the enforcing state, the provisions of APILICP shall apply by analogy to the enforcement of foreign arbitral awards subject to the New York Convention26.
Enforcement of foreign arbitral awards is requested by petition from the court of first instance in the place agreed upon in writing by the parties. In the absence of such an agreement between the parties, the court of the place of residence of the party against whom the award has been rendered in Türkiye, or if this is not the option, the court of the place where the properties that may be subject to enforcement are located, shall be deemed competent27.
The reasons which will prevent the enforcement of foreign arbitral awards are regulated in the fifth article of the New York Convention, some of which are to be taken into account ex officio by the enforcement court and some of which are to be claimed and proved by the parties. Accordingly, the grounds that will be taken into consideration ex officio by the court are as follows:
- The impossibility of resolving the dispute that is the subject matter of the arbitral award through arbitration according to the law of the country where recognition or enforcement is sought,
- The arbitral award is contrary to public order.
The reasons preventing enforcement to be claimed and proved by the parties are as follows:
- The parties to the arbitration agreement are incompetent or the arbitration agreement is invalid,
- The party against whom enforcement of the award is sought has not been duly informed of the selection of the arbitrator or the arbitral proceedings or has been deprived of the opportunity to present evidence,
- The arbitral award relates to a matter not covered by the arbitration agreement or exceeds the limits of the arbitration agreement,
- The selection of the arbitrators or the procedure applied by the arbitrators is contrary to the agreement of the parties or, in the absence of such an agreement, to the law of the place where the award was rendered,
- The arbitral award has not become final or enforceable under the law of the jurisdiction to which it is subject or where it was rendered, or has been set aside by the court of the jurisdiction where it was rendered28.
Foreign arbitral awards that are enforced shall be enforced in the same manner as Turkish arbitral awards. However, since the appeal of the enforcement decision will stay the enforcement of the arbitral award, the enforcement of the foreign arbitral award may be enforced after the court decision on enforcement becomes final. For the enforcement of a foreign arbitral award, a request for precautionary distraint may also be filed, if the conditions for it exist29.
C. Recognition of Arbitral Awards in Türkiye
Neither the New York Convention nor the APILICP provides different provisions for the recognition and enforcement of foreign arbitral awards. Therefore, the recognition of any foreign arbitral award is subject to the provisions on enforcement30.
Unlike the enforcement of a foreign arbitral award, there is no requirement to file a separate action for the recognition of a foreign arbitral award. A separate lawsuit may be filed for the recognition of the foreign arbitral award, or the recognition of the foreign arbitral award may be requested within a pending lawsuit31. This request must be made by way of a petition, and the petition must include the matters set forth in Article 52 of the APILICP and the documents set forth in Article 61 of the APILICP must be attached to the petition32.
If the Turkish court considers that the foreign arbitral award meets the conditions for recognition, the Turkish court will decide to recognize the foreign arbitral award and will decide either to consider the foreign arbitral award as conclusive evidence in that case or to dismiss the case due to res judicata. On the other hand, if it concludes that the foreign arbitral award does not meet the conditions for recognition, it will reject the request for recognition and proceed to examine the case on the merits. However, since the decision on the rejection of the request for recognition is an interim decision, it cannot be appealed on its own, but can only be appealed together with the final award33.
References
- 04.02.2011 dated, 27836 numbered Official Gazette ↩︎
- Derya Buluttekin, Hukuk Muhakemeleri Kanununa Göre Tahkimin Değerlendirilmesi (HMK m. 407-444), Dicle Üniversitesi Hukuk Fakültesi Dergisi, V. 27, 2022, s. 265; Özbay/Korucu, p. 8, 10; Pekcanıtez Usul, p. 2633 ed seq ↩︎
- Buluttekin, p. 265; Nuray Ekşi, Hukuk Muhakemeleri Kanunu’nda Tahkim, İstanbul: Beta Yayınevi, 2013, p. 73 ed seq ↩︎
- Buluttekin, p. 266; Nevhis Deren Yıldırım, Tahkime Elverişlilik, p. 53; M. Serhat Sarısözen, Medeni Usul Hukukunda Hakem Yargılaması, lst Edition, İstanbul 2005, p. 12 ↩︎
- Ziya Akıncı, Milletlerarası Tahkim, 4th Edition, İstanbul 2016, p. 7 ↩︎
- Akıncı, Milletlerarası Tahkim, p. 8 ↩︎
- Akıncı, Milletlerarası Tahkim, p. 8: Ziya Akıncı, Alternatif Çözüm Yolları, p.95-96, 101 ↩︎
- 12.12.2007 dated, 26728 numbered Official Gazette ↩︎
- 21.05.1991 dated, 20877 numbered Official Gazette ↩︎
- Akıncı, Milletlerarası Tahkim, p. 8 ↩︎
- Akıncı, Milletlerarası Tahkim, p. 9 ↩︎
- Asst. Prof. Dr. Ebru Karademir, Milletlerarası Kurumsal Tahkim Merkezlerinin Karşılaştırılması, MHB, V: 2, p. 73-104 ↩︎
- Cumhurbaşkanlığı İdari İşler Başkanlığı, Hukuk ve Mevzuat Genel Müdürlüğü, Tahkime İlişkin Temel Kavramlar, Düzenlemeler ve Güncel Gelişmeler, 1st Edition, Ankara 2021, p. 4: Nomer/ Ekşi/ Gelgel, p.3 ↩︎
- 20.11.2014 dated, 29190 numbered Official Gazette ↩︎
- Cumhurbaşkanlığı İdari İşler Başkanlığı, Hukuk ve Mevzuat Genel Müdürlüğü, p. 4: Nomer/ Ekşi/ Gelgel, p.7 ↩︎
- Cumhurbaşkanlığı İdari İşler Başkanlığı, Hukuk ve Mevzuat Genel Müdürlüğü, p. 4: Ergun Özsunay, UNCITRAL Tahkim Kuralları, Istanbul 2014, p. 3 ↩︎
- Prof Dr. Adnan Deynekli, Yabancı Hakem Kararlarının Türkiye’de Tanınması ve Tenfizinde Karşılaşılan Sorunlar, Dokuz Eylül Üniversitesi Hukuk Fakültesi Dergisi, 2015, p. 105-122 ↩︎
- Nuray Ekşi, Yargıtay Kararları Işığında ICC Hakem Kararlarının Türkiye’de Tanınması ve Tenfizi, Ankara Barosu Dergisi, No: 1, 2009, p. 59 ↩︎
- Ekşi, Yargıtay Kararları Işığında ICC Hakem Kararlarının Türkiye’de Tanınması ve Tenfizi p. 59; 11. HD, F.7355, R. 7099, D. 19.12.1985 ↩︎
- 09.11.1982 dated, 17863 numbered Official Gazette ↩︎
- Akıncı, Milletlerarası Tahkim, p. 339 ↩︎
- Akıncı, Milletlerarası Tahkim, p. 336 ↩︎
- Article 60/2 of APILICP ↩︎
- 11. HD., F. 2013/5133 R. 2013/8847 D. 02.05.2013 ↩︎
- Article 60/2 of APILICP ↩︎
- Ekşi, Yargıtay Kararları Işığında ICC Hakem Kararlarının Türkiye’de Tanınması ve Tenfizi, p. 58 ↩︎
- Article 60/2 of APILICP ↩︎
- Ekşi, Yargıtay Kararları Işığında ICC Hakem Kararlarının Türkiye’de Tanınması ve Tenfizi, Ankara Barosu Dergisi, No: 1, 2009, p. 59 ↩︎
- Akıncı, Milletlerarası Tahkim, p. 359 ↩︎
- Article 63 of APILICP ↩︎
- Ekşi, Yargıtay Kararları Işığında ICC Hakem Kararlarının Türkiye’de Tanınması ve Tenfizi, p. 58 ↩︎
- Akıncı, Milletlerarası Tahkim p. 349: Baki Kuru, Hukuk Muhakemeleri Usulü, İstanbul 2001V. VI, p. 6215 ed seq ↩︎
- Akıncı, Milletlerarası Tahkim, p. 349: Kuru, B. VI, p. 6215-6216 ↩︎
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NEWS – SERVICE PROCUREMENT AGREEMENT BETWEEN TURKISH JOCKEY CLUB AND TÜRKİYE WEALTH FUND
We are honored to have represented Turkish Jockey Club in the service procurement agreement signed with Türkiye Wealth Fund, concerning the organization of horse races and acceptance of pari-mutuel betting on horse races. We extend our gratitude to all stakeholders involved in this process and wish for continued success in this new era initiated by this strategic partnership.
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NEWS – SALE OF SHARES OF LYKSOR KİMYA A.Ş.
As Şenol | Şahin | Ilgın we have represented Bimen Kadiroğlu and Savaş Tatar in the sale of 75% shares of Lyksor Kimya A.Ş. to Kale Kimya Kimyevi Maddeler Sanayi ve Ticaret A.Ş. Agreements are executed. We congratulate our team members who contributed their hard work and present our best wishes to the parties.
For detailed information, click here.
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