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Law No. 4487 Acceptance date: 15.12.1999 Article 1 - Capital Market Law No. 2499 dated 07.28.1981 the following Article 10 / A is added. dematerialization of capital market instruments Article 10 / A. - Capital market instruments and rights related thereto; having a private legal entity Center followed by the Registry Agency records. This organization is under the supervision and control of the Board. the establishment of the Central Registry Agency, activities, operation and control principles shall be defined by a regulation issued by the Council. Recordings by the Central Registry Agency, the computer environment, issuers are kept as intermediaries and beneficiaries. Recording rights are not linked to securities in accordance with Article 7 of this Act. how to keep the register of registered or bearer basis in the written account of capital market instruments and principles and procedures concerning the keeping of records having to do a notification is determined by the Board. Its ability to put forward against the third party's rights on record followed by capital market instruments, Center are based on historic declaration to the Registrar. Establishment of rights under this Article shall be recorded, which is related capital market instruments such rights as the issuer of species and determine. The transfer of shares, the Turkish Commercial Code on record in the share register by the partnership in the framework of Article 417, without the need to consult the relevant central registration before the Organization as issuers are based on records kept. Central Registry Agency, issuers and intermediaries are responsible for damages to the rights of the rate of defects due to improper keeping of records they hold their own. Central Registry Agency about the staff, the provision of Article 25 of the Code. Article 2 - Capital Market Law is amended as follows: Article 11 of the article with different title. Common Provisions Article 11 - The number of shareholders in excess of 250 people deemed to be arzol shares of joint stock companies and partnerships, the public, are subject to the provisions of the open joint-stock companies. The Board keeps track of issuers subject to this Law. Issuers of capital market instruments from the date they learned that he sold to the public in any way or publicly held companies are required to notify the Board within thirty days of acquired status. Partnership auditors, in this case at the time they are learning, they are obliged to inform the Board of Directors and the Board of the issuer. Studies performed by the Board, the subsidiaries subject to this Act it is understood that the creation of a secondary market of securities; Assembly, the number of partners or partnership directly or indirectly taking into account the balance sheet size, it can bring the condition to securities traded on the stock exchange. the issuers covered by this Act; not having the character of the corporations, who offered to the public capital market instruments, total assets, gross sales revenue, export or IPO amounting Board Less than amount to be determined or other capital market instruments issued or publicly offered by the Boards of part of its obligations arising from being subject to this Act or completely may be exempted. This exemption conditions, the emergence or removal from the Board of issuers mainly determined by recording partial exemption from the notification requirements of the IPO. under the principles determined by the Board, in order to facilitate the circulation in national and international markets, providing the same rights given by the warehouse securities issued them in writing to the holders identical "securities issued certificate store" removable. Nama is issued in writing also, in the stock market or for organized continuously traded stocks on Article 368 of the Turkish Commercial Code, in other markets do not apply provisions on reporting of by sending registered letters to the shareholders meeting. Public joint stock companies of the Turkish Commercial Code 388 Article of the second and plenary meetings to be held for the issues mentioned in the third paragraph, or a provision to the contrary in the articles of association, meeting in the Turkish Commercial Code 372 Article quorum. The Turkish Commercial Code 341, 348, 356, 359, 366, 367 and 377 Article in principle granted to the shareholders representing at least one-tenth of the capital rights in publicly owned companies, is used by shareholders representing at least one twentieth of the share capital. without reference to the Industry and Trade Ministry to amend the articles of association of public joint stock companies prior approval of the Board is required to take. Article 3 - Capital Markets canceled sixth paragraph of Article 12 of the Law on the Constitutional Court was reorganized as follows. The board's decisions taken in the framework of the principles in this matter against the Turkish Commercial Law in the cases mentioned in the first paragraph of the 381 Article board members, auditors or rights violated by shareholders, can open the annulment in place trade court where the joint-stock company's headquarters within thirty days from the announcement of the decision. In this case, regarding the cancellation of a General Assembly resolution 382 of the Turkish Commercial Code, the provisions of Article 383 and 384 apply. Company until the end of the three working days following the date on which the case turned out that the state is obliged to notify the Board. Article 4 - 13 of the Capital Market Law / Constitutional Court canceled the last paragraph of the article has been revised as follows. Until redemption of asset-backed securities, which corresponds to the forming receivables and fixed assets, not saving any other purpose, it may not be pledged as collateral, subject to attachment. Article 5 - Article 15 of the Capital Markets Act has been amended as follows. Dividend and the distribution of free shares Article 15 - the first dividend rate in the articles of association of public joint stock companies must be shown. This rate can not be less than the amount determined by the Board and will be announced with the notification. The Board distributable profits and dividends as the type of issuer may remove or defer the delivery obligation. Management committee members and officers, the main contract to distribute a share of the profits to employees and workers are a prerequisite for provision. They reserve fund to be set aside by law and the Articles of Association, the shareholders of are allocated designated first dividend to another of reserves, to transfer profit to the next year and the board members, officers, like not decided to distribute a share of the profits to employees and workers, identified the first dividend paid by the profits to these people shares can not be distributed. By the end of the current fiscal year dividend to all shareholders of their issue and acquisition dates of evenly distributed without consideration. Public joint stock companies are regulated in accordance with the capital market legislation and audited quarterly interim periods as they prepared their Located profit in the financial statements, after the laws and the Articles of Association according to which they would have to separate reserves and provisions for taxes deducted does not exceed half of the remainder of the provisions in the Articles of Association no dividend and to authorize the board of directors of the conditions to be limited to the annual general meeting regarding the decision may distribute advance. Each interim dividend will be given advance may not exceed one half of the previous year's record profit. It is deducted from the advance dividend paid in the previous period, an additional dividend advance and can not be given to the decision to distribute dividends. In deciding the advance dividend distribution and the payment of the advance of the Turkish Commercial Code, and is on the balance sheet and profit distributed to the adoption of the income statement, which is contrary to the provisions of this Article shall not apply. Board members and entities they are representative, company auditors, independent auditors engaged and connected that they are natural and legal persons, interim balance sheets and income statements of fact reflects failure or regulations and accounting rules and principles to the company for damages resulting from not regulated in accordance with shareholders, they are also directly responsible for the creditors of the company and severally liable towards third parties, including the right to dividends in advance of the agreed or paid by persons who have acquired shares of stock in the balance sheet year. in the presence of the circumstances give rise to legal liability, shareholders, board members, since the announcement of the decision by the auditor and the Board within thirty days, revocation proceedings may be opened in the framework of the principles in Article 12 of the sixth paragraph. Assembly, including the accuracy examination of the obligations arising from the law and is authorized to inspect the income statement and balance sheet adjustments. It reserved provisions relating to tax assessments of the Tax Code. The principles for the implementation of this paragraph shall be determined by the Board. Public joint stock companies of the capital increase will be distributed to existing shareholders at the date of bonus shares increases. Public joint-stock companies; management, control or capital as a direct or indirect terms found that an enterprise or other related party according to precedents obviously different prices, such as wages and profit recently to implement the implicit transaction costs and / or decrease its assets. Article 6 - Article 17 of the Capital Markets Act has been amended as follows. Assembly Article 17 - The duties assigned by law to make public the legal personality and possessing powers to use, with administrative and financial autonomy of the Capital Markets Board has been established. Assembly, one president, one of seven members, including the vice-president. The Board will use its powers independently under its own responsibility. Center in Ankara. The Board may establish offices where necessary. Relevant Ministers, audited annual accounts and the transactions relating to the expenditure of the Board; Take the necessary measures related to the audit results. Audit report shows the results of a process and the measures taken concerning them, submitted to the Council of Ministers by the relevant Ministers together with the Board's annual report. Article 7 - Article 18 of the Capital Markets Act has been amended as follows. selection and appointment of the chairman and members Article 18 - The Board will be proposed by the relevant ministries of the two out of four candidates, Ministry of Finance, Industry and Trade Ministry, the Banking Regulation and Supervision Agency of Turkey Chambers and Stock Exchanges Union and Turkey will be proposed by the Capital Market Intermediary Institutions of the Union of two candidates including a person of Ministers, composed of seven members to be appointed by the Council. The Council of Ministers is appointed as President of one of the candidates. The Council shall elect one of its members as a vice president with the President's proposal. Vice President of vacation, illness, domestic and overseas assignments, which shall represent the President in other cases no dismissal and dismissal. Article 8 - Article 19 of the Capital Markets Act has been amended as follows. Terms of appointment and term of office Article 19 - to be appointed as Chairman of the Board and membership; a) law, economics, finance, banking, business administration, public administration, international relations, engineering and the disciplines in the fact that at least a four-year bachelor's degree, while those who had made the degree in the engineering branches have done graduate studies in the fields and 14.7.1965 657 and dated the Civil Servants Law of Article 48 of the first paragraph (a) of paragraph 1, 4, 5, 6 and 7 sub-stated terms of transport in subparagraph b) financial markets, economics, finance, management, capital markets, banking and finance or experts with at least twelve years of experience in this branch of law in these areas, auditors, administrators or faculty to be members, it is compulsory. Chairman of the Board and members serve for six years. Times happening re-elected. One-third of the members other than the chairman is renewed every two years. Chairmanship and membership before the end of their term of office if vacated for any reason, the selection and appointment is made within two months from the above-mentioned principles to the place vacant. In this way those who are appointed, they shall complete the period of the person they are assigned instead. Chairman and members of the diseases, in case of accidents and other reasons, not the temporary incapacity of the state to continue their membership drops more than six months and where the appointment is made within two months. The term of office of the Chairman and Board members can not be before the end of the mission. However, the appointment of their or state lost the requirements for which are determined by this Law Article 20 on the contrary falls conviction in the law for the crimes they committed as tasks related to the finalization of the Board Chairman and members, while they dismissed with the approval of the Prime Minister before the end. Article 9 - Article 20 of the Capital Markets Act has been amended as follows. Prohibitions Article 20 - Chairman of the Board and its members, not dependent on a specific law can not take any official or private duties, trade does not engage, can be found in self-employed activities, paid conferences and courses can not, examinations and similar tasks can not, can not hold shares in any kind of commercial purpose partnership . The Chairman and members of the fiscal in which they share and portfolio of stocks with investment funds before the inauguration participation certificates, to third degree by blood and second degree of affinity kin of those outside or must dispose of by delegate. The members act within thirty days of this entry shall be deemed to have withdrawn from membership. The Chairman and members of associations, foundations, cooperatives and management can not do the like. Article 10 - Article 22 of the amended Law of Capital Markets Of paragraph Constitutional Court canceled (j), (n), (r) and (s) of the said rearranged as follows, (c), (d), (g), (h), (i), (k) (l) bend amended, paragraph (t), (u), (v) and (y) the following sentence is added to the last paragraph of the article. c) The standard ratio associated with the use of the financial structure and resources of this Act are subject to capital market institutions to determine as general or business sectors or types of institutions to regulate procedures and principles regarding the publication of this ratio, d) in the capital market audit, including necessary electronic media to determine principles regarding the activity; 01.06.1989 dated and those who are authorized to audit by Law No. 3568 of the institutions have to have independent auditing activities in the capital market institution conditions and the working principles of Turkey Certified Public Accountant and Chartered Financial Consultants to determine in consultation with the Union of Chambers and to declare the event lists with these conditions, g) publications with all kinds of communication tools concerning the capital market, announcements and watch the ads and to prohibit those found to be misleading them and report to relevant institutions to be submitted should, v) obtained in accordance with provisions of this Law or he entrusted the financial statements and examine other documents and reports , the issuer on matters it deems necessary and corporate auditors from or independent auditors also request a report evaluating the results achieved, to take necessary measures in the Code, i) listed in the general Assembly of the open joint-stock companies to set principles for voting by proxy in accordance with the general provisions and the hands of government control in these partnerships changing the lead rate proxy collects or those who acquired shares, other share purchase obligation and the public in the minority seized control individuals or groups to make arrangements for the right to sell their shares, j) Economic and financial indicators, capital market instruments, goods, precious metals and exchange-based futures and options, including all kinds of contracts of derivative instruments qualifications, purchases and sales principles, who will work in the stock market and the market will be traded in the vehicle inspection, operating principles and procedures with its obligations, guarantees, to arrange the principles and procedures of clearing and settlement system issues, k) capital market instruments to undo or sell and purchase and sale of the related contracts and organize market trading rules for these contracts and to identify operating principles and rules related to such transactions, l) the principles relating to short selling and borrowing and lending operations of the capital market instruments and to determine the principles and the Treasury of the Republic of Turkey Central Bank of opinion taken to copy the credit to make regulations relating to capital market instrument transactions, n) Settlement of capital market instruments, edit, store and capital market institutions and the rating of capital market instruments and controls, r) expertise to do the valuation of investment properties institutions in determining the conditions for found who will operate in the capital market and to declare in lists wake organizations in these conditions, s) in the capital market to be engaged in investment advice, including the media and the electronic media of individuals and organizations to determine the principles and procedures to be followed, t) will be found in the capital markets activities of this article ( r) professional training of the capital market institutions, managers and other employees with individuals and organizations will operate under sub-paragraph, to determine the basis for granting the certificate shows vocational qualification and their professional competence, establish centers for these purposes and to identify operating principles, u), including the Internet, any electronic information and communication tools and media carried similar instruments issued through public offerings and capital market activities and operations; general provisions on transactions that fall under this Law within the framework to organize use of electronic signatures principles and auditing, v) general assembly in the management and control of joint stock companies subject to the law in decisions regarding the election of board members to be used for each membership vote of partially or fully cumulative one or several members of the election used to make arrangements for the method, y) in foreign capital markets regulation and supervision to make any kind of cooperation on capital markets with any equivalent authority and to exchange information. The Board authorized the use by establishing regulatory transactions and taking specific decisions. Regulatory process in the nature of regulations and communiqués, published in Official Gazette and put into force. Those involving the public of the specific decisions are announced to the people and organizations concerned with the Board's weekly bulletin. Article 11 - the first paragraph of Article 23 of the Capital Markets Act has been amended as follows. The Committee will meet with the presence of at least five members, including the President and an absolute majority. Article 12 - The following two paragraphs been added to the Capital Market Act after the second paragraph of Article 27, has continued as the third paragraph of the fifth paragraph and fourth paragraph has been removed from the text. the implementation of the 5434 Pension Fund Act, the pension terms, State Secretary to the Chairman of the Board, Board Member of the Ministry Deputy Undersecretary, Director General of the Ministry of Board Vice Chairman, Board First Degree Office Assistant Ministry Director General to the Chairman and vested pensions primary to register with the Board Specialists Treasury Expert for additional indicators and authorities determined compensation is applied. It passed in the previous term are considered in tasks that require the payment of compensation. Chairman of the Board and appointed to the Board at the time they served in the membership cut relations with former duties. However, the Civil Servants Law No. 657, which are regulated or subject to special legislation personnel regime, after the end of the mission of the Council of Ministers about the event acquired by the application are assigned to the appropriate staff. Reserve requirements for the acquisition of academic titles. Article 13 - Capital Market Law Article 28 (a) of paragraph is amended as follows. a) monthly wages of Chairman of the Board and its members, including any payments to exceed the costs of the most senior civil servant, determined by the Council of Ministers upon the recommendation of the relevant minister. In addition, the Chairman and Board members are paid quarterly bonuses. However, the annual total of the bonus to be paid in one year may not exceed the total amount of bonuses paid to the most senior civil servant in a year. Highest State are not subject to income tax paid to those officers are not held subject to income tax in accordance with this Law. Although, no matter the name, not made any payment out of it. The salaries and other financial rights of Board staff is determined to exceed the amount determined for the members of the Board. The principles for the establishment of officers and staff to be employed by contract staff and wages, the Council of Ministers shall be determined upon the proposal of the Board's proposal and the relevant minister. ARTICLE 14 - Capital Market Law of the amended Article 30 of the first paragraph of Article Constitutional Court canceled (c) shall be amended as follows, (d) and (f) are amended, (f) to come after paragraph (g) was added and the Constitution second paragraph, which was canceled by the Court has been reorganized. c) Economic and financial indicators, capital market instruments, goods, precious metals and foreign exchange-based futures and options contracts, including through the construction of all sorts of derivative instruments for trading, d) trading with repurchase or sale commitment of capital market instruments, f) Portfolio business and management, g) other capital markets activities of the organization are. Through capital market instruments Article 31 on its own behalf by the competent authorities within the framework of and on behalf of someone else, someone else is buying and selling account on his behalf. Article 15 in conjunction with Article 34 of the Law on Capital Markets different material item title is amended as follows. Article 34. Terms of the activities of intermediary organizations - principles regarding the activities organized by the Board through intermediary organizations. The Board is authorized to make of each intermediary activities to be performed by separate regulations for organizations. Intermediaries, within the principles determined by the Board, if allowed, can also be found in other capital markets activities. Which will operate in the stock market intermediation, it is necessary to take stock of the relevant stock exchange membership certificate. Intermediary institutions and centers of principles regarding the activities of non-governmental organizations determined by the Board. centers outside of intermediary institutions are allowed by the Board of the organization. Intermediaries, are required to run the operations of the capital market enough inspectors to check for compliance with the principles and legislation. the intermediary institutions, due to capital market activities The type of collateral they deposit, the amount of usage and shape are determined by the Board. Securities may not be pledged, seized can not be used beyond saving purposes, transferred to third parties. Permission from the Board of the transfer of shares in the capital market institutions is mandatory. The transfer made without permission under this paragraph not registered in the share register. This provision to the contrary in the share register recording made null and void. The principles for the implementation of this paragraph shall be determined by the Board. Basis of foreign entities in the capital market activities will be determined by the Board. Article 16 - The following paragraph has been added to the end of the amended Article 36 of the Capital Market Law. the establishment of real estate investment trusts and capital increases may be in kind capital of the Turkish Commercial Law. Kind capital money is held by the Board of the IPO shares to be issued and their mainly the era of the Turkish Commercial Code Article 404 shall not apply. Article 17 - Capital Markets Law, the Constitutional Court canceled the Article 39 is amended as follows. Other capital market institutions Article 39 - Other capital market institutions; organization and operating principles determined by the Board, exchange and storage of capital market instruments, grading, organizations dealing with issuers and supervision of the capital market institutions, investment consulting company in fulfilling the capital market activities such as portfolio management, asset management companies, by appropriation will take the partnership and organization exclusive of this Law Article 13 / a general financial partnerships established to issue securities based on assets identified in mortgage-backed securities, agency, venture capital funds, venture capital investment trusts, futures brokerage companies and are portfolio storage company. Article 18 - Article 40 of the Capital Markets varied Act has been amended as follows. Stock exchanges and other organized markets Article 40 - exchanges will be traded in the capital market instruments, got organized in the written principles of private law, securities and other capital market instruments of security and stability, to ensure easy Tradability under free competition and detection rates that occur and only declared having established institutions are authorized as a public entity. Exclusively, economic and financial indicators, capital market instruments, goods, precious metals and foreign exchange-based futures and options contracts on stock exchanges have a legal personality of all kinds will be traded in the capital market instruments consisting of derivatives of Ministers on the recommendation of the Board's proposal and the relevant minister with the approval of established. organization of these exchanges, organization, operations, supervision, membership principles and procedures determined by a regulation to be issued by the relevant ministry. If the joint-stock company established in the nature of these exchanges, distribute more than 20% of their annual profits. capital market instruments covered by this paragraph are exempt from stamp duty. Exchange of goods, provision of public property. about the staff and board members with the chairman of the stock exchange, the provision of Article 25 of the Code. The Board will allow the business of funding from capital markets for small and medium-sized markets with capital market instruments to the purchase and sale of the establishment of other organized markets is done and their confidence is authorized to make arrangements for the provision of operating within the opening and stability. Assembly of the scope of this article the stock market, the market and other organized markets is the monitoring and control authorities. exchanges established under this Act shall be governed by special budgets. Budget year is the calendar year. the general assembly is finalized upon the proposal of the budget and staff of the board of directors. Exchanges, listing fees, registration fees and market share of 5% of revenues derived from the Assembly recognized as revenue in the budget. This ratio at the request of the Board, to increase up to 10%, the stock market, types and levels of development can provide a lower rate of interest as of Ministers decision on separation or no separation of the shares. However, these substances to be registered by the Board in revenue, the stock of the annual revenue-expenditure difference and having the anonymous nature of the partnership may not exceed 10% of the stock of the annual net profit. According to this article the payments to be made, of the calendar year following the year in which the income is accrued must be made no later than the end of the fourth month. MATTER 19 - following the Capital Market Law 40 / B substance has been added. Association of Capital Market Intermediary Institutions of Turkey Article 40 / B. - Duly authorized entities by this law to be in the intermediary activities in the capital markets in Turkey, which is a professional organization in the nature of public institutions with legal personality Turkey must apply to become a member of the Capital Market Intermediary Institutions. organizations related to it, from the moment he won intermediaries are obliged to make the necessary quality of the application within three months. through the activities of organizations that do not meet the aforementioned obligation Assembly stopped. Turkey Capital Market Intermediary Institutions of the Union, to conduct research to ensure the development of the capital markets and intermediation activities, take care of the requirements of the members of the Union Solidarity and capital markets, and create professional rules for their work in the discipline, take the necessary measures in order to prevent unfair competition, itself released by the law or set by the Board on issues to make arrangements, to carry out checks; In order to give disciplinary punishments prescribed in the statute to cooperate with relevant organizations representing Union member institutions in related matters; professional development, following the administrative and legal arrangements, to inform the members on this issue and officials are authorized. The Union will make arrangements and take decisions in this Act, the Board regulations, directives and decisions, it is obliged to comply with other legislation related to capital markets. Article 20 of the Capital Markets Law following 40 / C agent is added. The organs of the Union and the status of Article 40 / C. - Compulsory organs of the Union, the General Assembly, the Board of Directors and the Supervisory Board. Capital Market Intermediary Institutions of Turkey selection of the organs of the Union, by secret ballot according to the principles stipulated in this law by members of the Union and is carried out under judicial supervision. at least fifteen days before the general meeting election, elections will join the list determines Union members and their representatives, the meeting agenda, place, day, will be held in the absence of time and the majority in triplicate along with a letter stating the points for the second meeting to be determined by the Supreme Election Board Chairman of the election Committee shall be deposited with the judge. Judge list by making the necessary investigations and other matters are confirmed, with a ballot box chairman and two members of the election board shall appoint an alternate member for them. Voting is done by secret ballot and open counting basis. At the end of the election period, the election results are detected in minutes and signed by the chairman and members of the chest. Minutes from the organization of the elections will be held within two business days to appeal to all kinds examined by the judge on the same day and is connected to a final decision. The bodies of the Union, revenues, expenses and working conditions, membership to accept temporary and permanent removal mainly from membership of Ministers, held in the Statute enacted by the Council on the Committee's recommendation and about the approval of the Ministry. The Union shall acquire legal personality upon entry into force of the Statute. The Board, or at the request of the Union in the case of ex deemed necessary, taking the opinion of the Union may propose to the Ministry the relevant amendments to the Statute. Status, it is deemed appropriate by the Ministry regarding this proposal and replaced by the Council of Ministers. Union dues, if not paid within the period specified in the Statute, shall be collected through enforcement by the Union. Union decisions on the payment of fees in 2004 and are part of the Executive written official document of the Article 68 of the Bankruptcy Code. Members are obliged to comply with the Union and the Statute of the decisions to be taken by the Union. all kinds of transactions and accounts are audited by the Board of the Union. Membership was considered rejection of the application, with regard to temporary or permanent removal from the membership against the decisions taken by the competent organs of the Union, it can be appealed before the Board within ten business days following the notification regarding the decision. As regards the decision of the Appeals Committee is final. ARTICLE 21 Article 45 of the Law on Capital Markets different is amended as follows. Control officials Article 45 - the implementation of the provisions of this Law and other laws related to the capital market and supervision of all types of capital market activities and transactions carried out by the Committee of experts and assistants. Committee appointed by the Council of experts and assistants; issuers, capital market institutions, their affiliates and other real capital of this Law and other laws and legal persons and organizations To ask for the information they see on provisions relating to the market, all books, records and documents and other information to examine the means of containing and take their samples, inspection procedures and accounts of, to take written and oral information from relevant, necessary proceedings is authorized to issue related with the requested information, documents, books and give examples of other means, they are obliged to sign the written and oral information and reports. The first and second paragraphs shall requested information from them in the framework of natural and legal persons can not refrain from giving information in writing, citing privacy and secrecy provisions of special laws. book requested by the experts assigned to the audit, documents, files, records and other documents submitted in case of delivery or of issuers, capital market institutions, their affiliates and organizations can be searched in the eyes. Search, Board reasoned that an article with the authorized criminal search warrant on a request from the judges of the criminal judge in the desired location can be done if you decide to be searched. in Search and book on the need to examine and documents shall be determined with a detailed written report and where on-site inspection is not possible, who reviewed taking into custody is transferred to the place of work. examination of the books and documents taken in the search results are returned to the finalization of a written report within three months. These substances, shall be in accordance with the Notification Law are applied. ARTICLE 22 - The Capital Market Law of the amended Article 46 of the first paragraph of Article Constitutional Court canceled (c), (g), (h), (i) and (j) the second and bend, third and fourth paragraph shall re-arranged as follows, the first paragraph (a) and (f) bend modified, this paragraph (k) is added to the end of the two paragraphs I and substance. a) stipulates that exports made to the Board instead of the registration obligation, the public offering and sale transactions, capital market activities without authorization to take all necessary measures to put an end to; IPO without complying with the obligation to register and sales results for years to be money and the sale of the sold part are exempted from all types of security precautionary measures and to request precautionary attachment, measures and foreclosure date from to or follow sue within six months; of all kinds, provided legal and without prejudice to criminal liability, unauthorized capital market activities and operations of three months from the date fixed for the cancellation of the consequences, to file a lawsuit within one year from the occurrence date, c) joint-stock companies and capital market institutions subject to this Act, the law, the main contract or business purpose and scope contrary to common conditions and procedures to determine the illegality of the process that led to the loss or capital reduction or to file a lawsuit for the cancellation of the Turkish Commercial Code without prejudice to take measures to remedy the breach of the related and to ask you to do the prescribed procedure and required that where to Avoid referred to the relevant authorities, f) requested by the persons appointed to the audit book, document, file, event registration and should not be submitted or delivered by other means containing information, apply to the court if necessary, to request the provision of their submission or surrender, g) capital market institutions of the legislative, if the articles of incorporation and bylaws to determine contrary to the provisions of the activities, and eliminate the conflicts of laws relating to the business objectives and to ask for ensuring compliance with the principle; in violation of corporate responsibility officers detected, then proceeded to the prosecution the right to limit the powers of signature until the conclusion of the proceedings or to remove; In case of detection of irregularities breach of elimination are not or can not be removed, all necessary measures to take and the activities of these institutions temporarily or remove permanently cease and powers h) Capital market institutions, if it is determined that you are seriously weakened by the financial structure; be given within a reasonable time, to require the strengthening of the financial situation; corporate officials signing authority to limit or abolish; given within this time, if the taking of necessary measures by these institutions or the financial situation of their commitment to take the necessary measures if found to be weak enough to meet temporarily stop their activities any time without the organization or to remove permanently stopping powers; To decide the case gradual liquidation not taken as a result of these measures and after the end of the liquidation necessary or gradual liquidation's all go directly to ask the bankruptcy i) Law Article 47 (a) the provision of the actions listed, either directly or indirectly, be determined by the Board they attended the natural or legal persons, stock exchanges and other organized markets in temporary or permanent basis to take the necessary measures to ensure the prevention of transactional, j) in cases which are deemed necessary, ring the general Assembly to the open joint-stock companies, without the right to vote to send an observer, k) capital market institutions (h) pursuant to the provisions of paragraph, gradual into liquidation or bankruptcy cases of the condition are established by the responsibilities it has been identified; partners with a share of 10%, the duty of the separated or and the current chairman of the board and its members and authorized signatory managers and mutual fund managers to ask them personally bankrupt, Powers assets of permanently abolished capital market institutions, relating to the removal of powers from the date of receipt of the Board's decision lumps announced the completion of gradual liquidation process; Following the gradual liquidation or in direct must be made in the bankruptcy petition, to be decided on the merits by the court of the bankruptcy petition, gradual liquidation under the Investor Protection Fund, and except for actions to be taken by the Board, be transferred to third parties, may not be pledged collateral can not be displayed, confiscated all enforcement proceedings began also stops automatically. Where it operates as intruding in the capital markets, authorizations shall be canceled where or activities temporarily stopped even though the trade titles, the announcement and advertising, although criminal proceedings held responsible persons in case of finding that capital market operates their impressions used to create that word or phrase in, in case of delay in mind, the request of the board as on the gubernatorial the authorities can temporarily shut down their businesses and advertising and ads can be stopped with illegal documents, notices and advertisements can be confiscated. This is the first paragraph (g) and (h) authorization pursuant to bend removed the officials, no signature to be engaged in capital market institutions authorized personnel without the consent of the Board until the conclusion of the trial rights. This is the first paragraph (h) about the assets for their activities in accordance with clause temporarily stopped capital market institutions, the Board temporarily stop the decision from the date of the given paragraph shall apply until the date of issuance of the permit back in operation. in cases filed by the Board under this article and the follow-up committee will be held, it is exempt from all kinds of guarantees and fees. ARTICLE 23 - Capital Markets Law, the Constitutional Court canceled 46 / substance together with its title is amended as follows. Investor Protection Fund Article 46 / A.- About gradual liquidation or bankruptcy of the brokerage houses and banks Law Without prejudice to the Council of Ministers this Act discontinued activities with the Decision of Article 50 (a) of banks under the provisions of paragraph, they made due to capital market activities and operations customers to stock transactions from the cash payment and delivery of shares obligations and the Law 46 / tasks organized in B substance fulfill according to the principles set forth in this Law and liquidation of legal entities in order to cover the costs of having the Investor Protection Fund was established. All intermediaries are obliged to participate in this fund. Fund capital market instruments to keep track of the Centre shall be governed and represented by officials of the Registry Agency. The management and operating principles of the Fund is determined by a regulation issued by the Board. Assembly to examine and audit the accounts and transactions of the Fund, the fund is authorized to request any information in this regard. Assembly, according to the review and audit results, the fund may require the fulfillment of it deems necessary and, if necessary, request the Minister to establish the fund's management about the transfer. Related Minister is authorized to decide on the temporary or permanent transfer of fund management. Fund, 2886 in terms of visas and registration with the State Tender Law No. 1050 and No. 832 of the Public Accounting Act are not subject to the provisions of the Law Court. The Fund is supervised by the Court. all kinds of operations the Fund's income and taxes and are exempt from fees. The income of the Fund; a) annual fees to be deposited in the intermediary institution, b) The Board, securities stock market sees the value process and Turkey Capital Market Intermediary Institutions of administrative fines imposed by the Union c) Amount of temporary dues are determined by the Board, d) the return of the fund's assets, e) Other income will occur. (A) above the dues in me, until the end of the second year following the year concerned, shall be paid at the time determined by the Board of the Fund account temporary dues. During this period, payments are not credited to the State Institute of Statistics for the previous month for each month's increase in the Consumer Price Index will be determined by the Board not to exceed three times the rate of default interest applied. The amount of annual contributions to the Fund will be invested in the intermediary institutions, determined by the Board not to exceed one ten thousandth of the annual monetary amount of equity trading volume. Board not to exceed the maximum limit; types and risk status of intermediation rates will be determined separately as it is on the authority to request the payment. Fund asset if there is not enough to meet the need, the agent of the organization, the deduction for payments to be made in subsequent years may be temporary dues up to one in ten thousand monetary amount of the previous year to stock trading volume. Of the intermediary institutions that meet the needs of dues in case of insufficient balances Istanbul Stock Exchange for the grant advances to the Fund by the section. Fund assets not pledged collateral can not be displayed, seized by third parties. Usages and principles of the fund's assets, temporary dues deducted from the advance repayment terms and other issues determined by the regulation to be issued by the Board. ARTICLE 24- Capital Markets Law, the Constitutional Court canceled 46 / B substance with the title is rearranged as follows. Gradual liquidation Article 46 / B.- the first paragraph of Article 46 of the Law (h) shall be decided by the Board in accordance with the powers of the gradual liquidation of the brokerage removed. liquidation of these institutions is carried out by the Investor Protection Fund. Gradual liquidation of the aim, by allocating the value obtained by exactly the assets of brokerage houses depending on the nature of the work or convert to cash, cash payments and capital market instruments that are against their customers due to capital market activities performed under the Act is to liquidate their delivery obligations. Turkish Commercial Code and the gradual liquidation decision process, the provisions of the Bankruptcy Act and other legislation regarding the liquidation will be charged. Implementing rules and procedures of the gradual liquidation of the brokerage houses, it is shown in a regulation made by the Board. After gradual liquidation decision, duties and powers of the legislative body of the brokerage firm, it is fulfilled by the Fund until the conclusion of the liquidation. Directed by intermediaries, including investment fund and investment trust portfolio, the management of the portfolio, the Board may decide to transfer to another organization. However, the first paragraph of Article 46 (h) the provision reserved. About it stops payments to the brokerage and gradual liquidation decision on the entire property can only be saved by the Fund as of the date of this decision. The Fund will identify the assets and liabilities of the brokerage house. Broker's liquidation of its obligations within the scope of cash debts, principal and accrued interest on the date of the decision gradual liquidation of the total; The capital market instrument delivery obligations in cases not made the same delivery, the date of the borrower defaults on delivery, if any, otherwise the gradual liquidation decision the market value on the day that given the will as calculated over the cash. after issuance of the broker's gradual liquidation decision in terms of rights and obligations arising from the contract, as determined by maturity. Brokerage houses, the term to short-term debt, and other debt since 3095 No. Magnificent gradual liquidation of default interest and legal default interest rate prescribed in the third paragraph of Article 2 of the Law on Interest executed. In accordance with Regulations issued by the securities intermediaries, are taken into account active. Fund brokerage liquidation within the scope of the actual rights holders and credit amounts, recording of the board, brokerage records, which trusted with the records of other public and private institutions is about this organization determines, based on other information and documents. 278 of the Bankruptcy Code, 279 and in the presence of the situations in Article 280, opened for annulment by the Fund. Gradually unpopular subject to liquidation and rights in the bankruptcy of the brokerage houses, as ruler located on stock transactions in the cash and stock creditor to, the Fund, the Fund's management of the payment is made by considering the amount of receivables that appear in this table, with the approval. activities in accordance with relevant legislation stopped the banks, the stock transactions in the cash and stock creditor actual rights holders and credit amounts are determined by the organization have been transferred in accordance with relevant regulations of the bank's management and prevail in payments to the Fund with the approval of the Fund's management. the payments to be made pursuant to this paragraph shall be paid to the creditors of the gradual liquidation subjected intermediaries shall be applied. Tedricîtasfi at the start of the first distributed to the beneficiaries of capital market instruments in customer custody accounts. For this purpose, the customer account stored in capital market instruments, as compared to individual accounts and exclusively used to meet the obligations to the holders of these accounts. Enough to meet up or take in account the total of cash and stock will have no stock no custody accounts 7 billion 500 million pounds paid by waiting for the result of the liquidation of the Fund. However, it seems creditors from the same institution and they moved Fund's management considers those brought together, the sum paid will receive a rate not to exceed the above amounts. partners from appearing creditors subject to Tedricîtasfiye brokerage, management board and supervisory board members, their spouses and signature of authorized personnel and third-degree relatives including blood or affinity to, fund advance payments will be made. The total amount of payments to be made pursuant to this paragraph shall be increased each year proclaimed the re-valuation ratio of the number of floors. Funds after making the advance payment will continue the gradual liquidation of the brokerage firm. Liquidation balance of all entitlements under liquidation of receivables with the purpose of the meeting will be used to pay of those who can not. However, not enough to meet all of these receivables liquidation balance of payments garamet is done. This will be fully funded from the excess after the first paid for claims arising due to public claims, and the remaining funds from his advances and liquidation expenses. Balance is allocated to other creditors. Broker's assets, the receivables have rights under the liquidation of the purpose of the fund is not sufficient to meet payments and liquidation expenses, the Fund may ask the bankruptcy of the brokerage with the opinion of the Board. Intermediaries outside the capital, liquidation of market institutions gradually and outside the Assembly made provisions related to the Investor Protection Fund, this article applies the law. gradual liquidation of the organization under this paragraph shall be determined by the Board taking into account the species. ARTICLE 25.- Capital Market Law of the amended Article 47 of the first paragraph (A) No. 4 sub-paragraph of paragraph amended as follows, 5, 6 and added 7 of article, it is coming after me (in) the last paragraph of paragraph (B) paragraph amended as follows: (C) added paragraph, the second paragraph is amended as follows. 4. Article 4 of the acts contrary to the first and third paragraphs, capital market that unauthorized operating in or authorizations be canceled or activities that temporarily stopped the commerce titles, the announcement or advertisement to create the impression that they operate in the capital markets words or continuing their statement uses or activities with real people, representatives of legal entities, by 5.Yatırımc capital market activities in the capacity due or trustee or to the administration or as collateral or, no matter what under nam, capital market institutions to record or physically deposited or delivered capital market instruments, cash and other all kinds of use value of his or anyone else's interest sell or pledge or any whatever way, hide or that action denied or, to achieve this aim or held on computers to hide this deed records bonds and tağy officials of legal persons with real people about that, 6. profit by making the procedures outlined in the last paragraph of Article 15 of this Law and / or assets of officials of legal entities decreased, and those who participate in their actions, 7. the ones with real people about making the sale with repurchase commitment of capital market instruments, representatives of a legal person, 2 years 5 years imprisonment and shall be punished with heavy fines of up to 25 billion pounds to 10 billion pounds. in the crime, if this subparagraph combine two or more of the green states, the minimum rate of imprisonment and 3, the maximum limit of 6 years. B) 1. You will be asked to provide information to those appointed by the Board or the Board pursuant to this Act or with missing or that are contrary to the truth; books and documents that do not submit to these officials, hides, destroys or who prevents them from doing their duty, 2. Book and record-keeping who, books and open false accounts in record or record keeping and these are engaged in all kinds of accounting tricks, 3. untrue deliberately independent the organizers of audit reports and enables the editing of this report, 1 year to 3 years imprisonment and shall be punished with heavy fines of up to 20 billion pounds to 8 billion pounds. in the crime, if two or more states joined the writing of this paragraph, the minimum rate of imprisonment and 2, the maximum limit of 4 years. C) of this Act Article 6 of the second paragraph to 7, 9, 10, 10 / A, 11, Article 12, to, Article 13 of the fifth paragraph of, Article 13 / A of the third paragraph of Article 14 of the third paragraph, first of Article 15, second, third, fourth and fifth paragraphs, 16, 16 / agents, Article 25 (a) article 28 paragraph (b) article, Article 34 of, Article 38, 40 / B clause of Article 45 to 46 the second and fifth paragraphs of Article 46 / a and Article 46 / B of the moving violation, shall be punished with 5 billion pounds to 15 billion pounds in hefty fines. First paragraph (A), (B) and (C) the commission of a crime irrespective of the upper limit will be given heavy fines pursuant obtained by the benefit of not less than three times. ARTICLE 26 - The following Article 47 / A has been added to the Capital Market Law. Administrative fines Article 47 / A. - The arrangements made on the basis of this law, the standards and forms and the Board received public and fine given up to 10 billion pounds to 2 billion pounds of private real person determined to have acted contrary to the decision on the nature and the grounds of legal entities by the Board by stating. defense is taken before the implementation of the relevant administrative fines. from the date of the communiqué on defense requested that in case of no defense in a month, will be deemed to have waived his right to defense related. In case of repetition of acts that require the issuance of an administrative penalty, the penalty twice, three times in the second and subsequent increased again. from the date of issuance of this penalty if the same acts that require the issuance of an administrative penalty within two years of the previous sentence shall not be taken into account. 40 / C Act does not comply with obligations under the fifth paragraph of Article members, Turkey Capital Market Intermediary Institutions of the Executive Board is given up to 5 billion pounds from 1 billion pounds fine. Union, on the other hand to give the penalty but preached concerned on the one hand and recording the revenue collected will inform the Investor Protection Fund. These penalties according to the 6183 Public Receivables Collection Procedure Law shall be monitored and collected by the Fund if the payment to the Investor Protection Fund within 30 days from the date of notification to the relevant Fund and accounted to enroll. ARTICLE 27 - Appendix The following article is added to the Capital Market Law. ADDITIONAL ARTICLE 1 - Audited financial statements of the presentation; according to the needs of the financial statements, true, accurate, reliable, comparable and to be understood in a position to provide the development and adoption of national accounting principles and to determine national accounting standards to be applied in the public interest and to publish public legal entity with administrative and financial autonomy for Turkey Accounting Standards Council was established. Assembly is a subsidiary organization of the Prime Minister. Turkey Accounting Standards Board; Ministry of Finance, Industry and Trade Ministry, the Higher Education Council, Treasury, Capital Markets Board, Banking Regulation and Supervision Agency of Turkey Chambers and Commodity Exchanges of one from the European Union, Turkey Certified Public Accountant and Certified Financial Advisors Association of Chambers of a certified financial consultant and a freelance accountant consists of 9 members, including financial advisers. The term of office of 3 years. Instead of leaving the institution concerned members elect new members expires. Turkey Accounting Standards Board members of economics, finance, political science, business administration, most in economics and administrative sciences and related fields It is made a four-year bachelor's degree, while those who had made another higher education bachelor's degree in institutions have graduate education in the specified branch, and in these areas it is essential to have at least 12 years experience. Assembly will elect the vice president and chairman from among its members. Board members of the Supreme Planning Council in the amount paid by the State Economic Enterprises honorarium paid to board members. Board's income, Turkey Certified Public Accountant and Certified Financial Advisors Association of Chambers of two percent of income from copyrights of their accounting standards to be established, composed of the contributions of relevant organizations and other operating income. The Board, in terms of visas and registration No. 1050 General Accounting Law No. 832 and the provisions of the Law Court of the State Tender Law No. 2886, No. 6245 and No. 492 Allowance Law are not subject to the Law on Fees. The income and expenses of the Board are subject to the Court of Accounts audit. The Board regularly carrying out their activities in order to be able to employ staff as may employ staff on the issue of the relevant institutions. Assembly, representatives of relevant organizations also establishes accounting standards for the preparation of working commission with the participation. Turkey Accounting Standards Board's work procedures and principles with the principles and procedures for the application of standards to be determined by the Board to the nature and extent specified in the regulations to be issued by the Council of Ministers. Article 28 - The following provisional article has been added to the Capital Market Law. Provisional Article 6 - after the entry into force of Article 10 / A of this Law, the Board of records kept by the same substance is not removed shares representing capital market instruments agreed to. However, Article 10 / A of the issue up to the end of the third year following the entry into force, the rights holder may request the suppression of the issuer's securities organizations. be on time with these requirements, methods and application principles determined by the Board. Assembly of the Law Article 10 / A, according to record retention agreed and the Act or this matter before the entry into force of suppressed capital market instruments in accordance with the first paragraph of Article 10 / A of the issuer of the organization until the end of the following six years of entry into force, provided that their authorized by intermediaries or capital market instruments, the holder must be submitted to the Central Registry Agency. Thus the accepted bills collected in the Central Registry Agency in the framework of the principles determined by the Board canceled and destroyed, are recorded in the Central Registry Agency according to the provisions of the Law of the rights represented by the vehicle. The second paragraph specified that the capital market to be delivered until the end of time means, after this date will not be processed in the stock market, intermediary institutions can not purchase through the sale and repurchase of participation certificates can not be done. financial rights attached to these shares, followed by registration in the Central Registry Agency and transferred to the rightful owner of the account if they surrender their shares on the basis of the second paragraph; management rights are for use by the Central Registry Agency. period specified in the first and second paragraph of this article may be extended up to a multiple of Ministers by the Council. PROVISIONAL ARTICLE 7. - until kaydileştirilince capital market instruments, capital market instruments and decided to cancel the ban on the payment of court and reported to the Central Registry Agency by the issuer. Provisional Article 8 - Capital Market Intermediary Institutions of Turkey Status from the date of entry into force of this law is put into effect in a year. intermediaries who operate in the capital markets, this time in Turkey are obliged to apply to the Board to be a member of the Association of Capital Market Intermediary Institutions. This membership application is finalized by the Board. The Board members of the Union within one month following the entry into force of the Statute calls for the first general meeting. Provisional Article 9 - the purpose of the initial presence of the Investor Protection Fund, the Istanbul Stock Exchange on behalf of the fund deposited by trillion. monetary amount of the 1998 volume of stock transactions on the basis of intermediary organizations, Law 46 / A of their dependents under the Investor Protection Fund annual dues of these organizations Funds deposited in the account. the payments must be done in accordance with this Article shall be made by the Board regarding the Fund The funds deposited in the account within one month following the entry into force of the regulation is mandatory. if payments are not made within this period, the borrower defaults on the payment section 46 / A projected rate of default interest is applied to the material and collected by the Fund. According to the principles laid down in the Law Article 40, Istanbul Stock Exchange the amount determined based on income included in the financial statements are issued as of 31.12.1998, deposited in the account Assembly within one month following the entry into force of the Act. ARTICLE 29. - 08.03.1950 dated and 5590 numbered Trade and Industry, Chambers of Commerce, Industry, Maritime Trade, Commodity Exchanges of Turkey and Commerce, Industry, Maritime Trade and Commodity Exchanges Act of 03.04.1997 dated and 4233 numbered Law Article 11 is amended as follows: Appendix added. Specialized Product Exchange Additional Article 11 - The Ministry of Industry and Trade, or province will see a multi-product operation, region or specialty products to operate in the country-level exchanges could be opened or installed. In these organizations, the opinion of the Union in the work area will be expanded and collapsed. Commodity exchanges in the open in an existing market and the establishment of a new stock exchange, stock trading volume and depth of supply and whether the spot trading methods will take place on demand is available the necessary services unit, physical, such as specialized personnel adequacy of institutional and financial infrastructure considerations are taken into account. Exchanges can and licensed merchandise retail stores can establish common view. These organizations and working conditions in the Regulation. Exchanges, regarding the subject matter in the stock market put the warehouse, receipts in stock, can arrange other warrants or securities representing goods. Law No. 2699 General Stores of Article 3 of the first paragraph and fourth paragraph (a) shall not apply to them. Exchange receipts or other securities issued by organizations, representing turnover of goods through warrants or other securities exchange can also be made in the stock market. of the goods traded on the stock exchange which is negotiable provisions in other bills. Which organizations can be organized in such securities must be sought in stock and qualifications, other issues related to their principles and procedures with storage and warehouse receipts for trading method will be removed Industry and Trade Ministry is a regulation. Alivr be used in the purchase and sale contracts arranged by borsalar turnover specified in Article 743 of the Turkish Commercial Code capable as any other negotiable securities. In this way, the contract can be arranged by turnover of trading in the stock market. This agreement will apply to such sales will be written with matters which are essentially a regulation to be issued by the Ministry of Industry and Trade. This article is within the scope of the bill and the contract will be issued in accordance with the Capital Markets 2499 does not include futures and options contracts held in accordance with the law. Exchanges, sufficient infrastructure to fulfill the duties of this Act, technical equipment and professional staff to provide the necessary services and units related to the organization and must create the branch. The principles for the implementation of this paragraph shall be issued by the Ministry of Industry and Commerce issued a regulation. Provisional Article 1 - The Chairman in office at the date of entry into force of this Act, vice president and members will complete their three-year term according to the legislation they were assigned. This Act comes into force on the date the Deputy President of the title of "Vice President" as amended. Meeting on duty at the time of entry into force of this Act, the President, at the end of the Chairman and members of his term, except the President of the members to be appointed within the principles of the Law No. 2499 Capital Markets, at the end of two members and the fourth year will be determined after draw at the end of the second year, instead of the two members to be determined as a result establishes the remaining members 2499 Capital Markets in accordance with the provisions of the Act are made to appoint a new member. Banking Regulation and Supervision Agency and Capital Market Intermediary Institutions of Turkey decision-making bodies until the creation of the Union, in accordance with the Capital Market Law No. 2499 Banking Regulation and Supervision Agency candidates to be nominated by the Ministry is concerned; The Capital Market Intermediary Institutions of Turkey are candidates to be nominated by the Union represented by the Banks Association of Turkey. Provisional Article 2 - This Law before its entry into force, the Board all authorizations canceled intermediaries, the Funds have claims arising from capital market activities facilities are the receivables considering the establishment of a special fund in order to be paid partly in the framework of the principles in this matter. Fund to be paid to the creditor in question brokerages before this law comes into force after the opening of insolvency proceedings or the rights and be connected to the bankruptcy liquidation incapable document from the will is obliged to pay the debt. Bankruptcy liquidation will be held at the principal amount of debt for cash and marketable securities linked to the insolvency of the payment document, brokerage houses on the date of authorization documents cancel the current Central Bank foreign currency are translated at the buying rate of the US dollar. These intermediaries payments during bankruptcy liquidation after the opening of the bankruptcy, the date on which the payment is made by turning the current Central Bank foreign exchange buying rate on US dollar, the dollar will be deducted from the original basis. In this way, which balances on the date of payment of the debt connected to the impotent document from current foreign exchange buying rate of the Central Bank are translated into Turkish Lira and paid to rights holders on the basis of the third paragraph. until 31.12.2000 will be made with a payment amount can not exceed the 2 billion Turkish Liras. This amount is increased by the revaluation coefficient declared percent each year after the date 1.1.2001. However, under the second paragraph, in dollar terms, the actual offset the interim payments amount of credit, deducted from receivables debt payments from the date of its connected to the impotent document of the Central Bank's foreign currency purchase on the dry translated into Turkish Lira and the maximum payment amount specified in this paragraph, the maximum amount is determined to be the rightful owners. within two months following the entry into force of this Act, these funds will be allocated 10 trillion Turkish liras in Istanbul by the Stock Exchange. This Fund, Stock Presidency, the admitted accretion to account deposits in public banks or public debt securities. Funds used for any purpose other than payments to be made under this Article. The Fund is insufficient to cover the case of payments to be made, not to exceed 5 trillion Turkish Liras, to be determined by the Council of Ministers of additional resources, it is covered by the Istanbul Stock Exchange. Is made all the payments under this Article shall be determined by a written declaration after the bankruptcy of the relevant authorities, the remaining part belongs to the Istanbul Stock Exchange. Fund to be paid, based on the humble submission of documents related debt that bankruptcy administration's approval of the Capital Markets Board, Istanbul Stock Exchange by the Presidency, made the bankruptcy administration. Capital Markets Board, payment of the supply to be made in accordance with the provisions of this Article finalized as ruler of, the documents in the file bankruptcy, has the right bankruptcy administration and based on documents that may be requested from bankrupt apartment to mutual inspection and rejection of the request for payment contrary to other relevant legislation in this matter. payment to the rightful owners, bankruptcy administrations are performed. Insolvent means creditors of the institution appear partners, management board and supervisory board members, staff and their spouses and relatives to third degree blood or affinity and capital market institutions can not be paid under this article. Istanbul Stock Exchange, for payments made, will be the successor to the rights of the helpless document from debt. Creditors' rights arising from general provisions for receivables in excess of the payments made pursuant to this article are reserved. principles and procedures to identify and Ministers to make the necessary arrangements for the implementation of this Article of Directors is authorized. Provisional Article 3 - This Law Article 13 of the 2499 Capital Market Law Article 28 (a) of the amendment in clause, including any payments to be redefined for the staff and Board Chairman and members, the total monthly charges, this law into force enters monthly fee, including any payments they receive from the date of the event is less than the previous month, total, in this case the difference is paid as resolved as compensation without any deduction. Enforcement ARTICLE 30 - This Law; - Article 1, to be effective from the date of publication, the date of the establishment of the Central Registry Agency, - 23 and Article 24 are to be effective from the date of publication, following the establishment of the Central Registry Agency Investors arrangements to be made by the Council for the Protection Fund The date of entry into force - Article 13 and Article 3 of the temporary, on 1.1.2005, - the date of publication other items, will enter into force. Execution Article 31 - This Law shall be enforced by the Council of Ministers.
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