Meet the Co-chairs - TAGLAW
Mitchell Silberberg & Knupp LLP
Meet the Co-chairs - TIAG
Burgis & Bullock
Meet the Co-chairs - TAG-SP
Corporate and M&A
New legislation was enacted on 23 March 2018 with the purpose of enabling Bermuda to meet international standards with respect to the accessibility of beneficial ownership information. Unless exempted from the legislation, Bermuda entities have six months to comply with the new requirements.
In cases where the means of an individual establishment is not sufficient due to the volume or technical features of the commercial operation that is planned, need for cooperation arises in order to carry such a commercial operation. Partnerships that are formed as joint ventures are frequently encountered in infrastructure projects, as well as in the transportation, energy and construction sectors. Particularly, companies are willing to participate in wide-ranging investments by combining forces under the structure of joint ventures and joint projects which makes for stronger investments by using each other's specialties and the strength realized through financing together.
In joint stock companies, capital increases can be made through capital commitment or internal resources. Capital increases through internal resources enable the conversion into capital of the reserve funds and freely-usable parts of the statutory reserves, the funds that are allowed by legislation to be added to the capital and included in the balance sheet. It was a notable absence, in the former Turkish Commercial Code numbered 6762, not to embrace this frequently used method. That being said, Turkish Commercial Code numbered 61021 ("TCC") explicitly regulates this method under a separate article. This article examines the internal resources that are allowed by legislation to be added to the capital, as well as the procedures and conditions for capital increases through internal resources within the scope of the relevant provision.
Author: Duygu Oner
Turkey ratified the Convention on the Contract for International Carriage of Goods by Road ("CMR") in accordance with Act No. 3939 dated 7 December 1993, and the CMR entered into force in Turkey on 31 October 1995. In accordance with Article 1 / 1 of the CMR, the carriage of goods by road shall be subject to the CMR in cases when the place of taking over of the goods and the place designated for delivery, as specified in the contract, are situated in two different countries, of which at least one is a contracting country, irrespective of the places of residence and the nationalities of the parties. The CMR is practically applicable to every carriage that begins or ends in or passes through Turkey.