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Pre-emption right on the new shares in joint stock companies

  1. Tez No: 81617
  2. Yazar: ÖZDEMİR GÜNAL
  3. Danışmanlar: PROF. DR. CELAL GÖLE
  4. Tez Türü: Yüksek Lisans
  5. Konular: Ekonomi, Hukuk, Kamu Yönetimi, Economics, Law, Public Administration
  6. Anahtar Kelimeler: Belirtilmemiş.
  7. Yıl: 1999
  8. Dil: Türkçe
  9. Üniversite: Ankara Üniversitesi
  10. Enstitü: Sosyal Bilimler Enstitüsü
  11. Ana Bilim Dalı: Özel Hukuk Ana Bilim Dalı
  12. Bilim Dalı: Ticaret Hukuku Bilim Dalı
  13. Sayfa Sayısı: 180

Özet

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Özet (Çeviri)

164 SUMMARY Pre-emption right is the entitlement of an existing shareholder to have alloted to him a proportionate part of a new issue of shares. It's aim is to protect the shareholder against a dilution of his present holding in the company as the result of a new share issue. The subject of pre-emption right is essentially regulated in Turkish Commercial Code (Article 394). In addition to this regulation, there are other provisions in Capital Market Code and communique's of the Capital Market Board. Our study consists of three main sections except introduction and conclusion sections In the first section, the concept of pre-emtion right has been determined. Some of the subjects that are examined in this section are legal characteristic of pre-emption right, ifs purpose and importance in practice.In this section, the subject has been also determined in comparison with foreign law systems (English, American and European Community Law ). In the second section the shareholders and persons except the shareholders who (privileged shares, shares without vote, shares restricted with usufruct and pledge etc.) can acquire and exercise the pre-emption right have been investigated. The usage process of the right has been also determined in mis section. On the other hand, financial evaluation, connection with insider trading, the problem whether pre-emption right converts to an obligation or not165 during capital increasing of banks, exercise of the right by automatic treasury machines and validity this kind of usage according to the Turkish Commercial Code have also been determined. In the last section, restriction and violation of the right has been investigated. All of the investigations mentioned above have been made by consideration of both Turkish Commercial Code's and Capital Market Law's (Code and communique's of the Capital Market Board) provisions. Finally we have reached and thought that despite it's importance, the subject hasn't been regulated in detailed provisions. Because of this some problems especially regarding to it's restriction and violation, arise in practice. Some alterations are needed in order to solve these problems.

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