Meet the Co-chairs - TAGLAW
Mitchell Silberberg & Knupp LLP
Barack Ferrazzano Kirschbaum & Nagelberg LLP
Meet the Co-chairs - TIAG
Burgis & Bullock
Meet the Co-chairs - TAG-SP
Corporate and M&A
By: Tony Stumm, Partner
The Australian Security and Investments Commission (ASIC) recently released Information Sheet 214: Mining and resources: forward looking statements (Sheet 214) which gives ASIC’s interpretation on what mining companies need to do when they make ‘forward looking statements’. Typically, ‘forward looking statements’ cover information on the extent of resources in the company’s tenements, the productivity value, etc. ASIC believes that forward looking statements need to be drafted to satisfy the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) as well as satisfying, where appropriate, the ASX listing rules and ASIC Regulatory Guide 170.
Contact: Tony Stumm, Partner; Carter Newell (Queensland, Australia)
The ramifications of the Australian Competition and Consumer Commission (ACCC) v Valve Corporation (No 3)  FCA 196 (Valve case) are best remembered as exposing operators of foreign based websites to the Competition and Consumer Act 2010 (Cth) (Act) where internet sales are made to Australians. In the Valve case, Valve Corporation was pursued by the ACCC for misleading and deceptive conduct for representing to Australian customers that they were not entitled to refunds where defective video games were purchased. The ACCC was able to prove that the Act was enforceable against Valve Corporation because the conduct of the Valve Corporation was considered to have arisen in Australia, hence triggering Australian jurisdiction.
Contact: Prof. Dr. H. Ercument Erdem; Erdem & Erdem (Turkey)
One of the events for succession of shares in limited liability companies is through share transfer. The transfer of shares, in principle, is subject to the approval of the general assembly. Contrary to joint stock companies, the transfer of shares in limited liability companies cannot be made freely, and is subject to a requirement as to form. One of the most important novelties brought by the Turkish Commercial Code (“TCC”) on this matter is the facilitation of transfers. This novelty is a consequence of the strengthening of the stock corporation nature of limited liability companies.
This Newsletter article focuses on the provisions of the TCC regarding the transfer of shares in limited liability companies. The succession of shares by way of inheritance, provisions on marital property or enforcement proceedings are not separately examined hereunder.
Contact: NILAY CELEBI; Erdem & Erdem (Turkey)
As per Art. 338 of Turkish Commercial Code No. 6102, one or more shareholders may establish a joint stock company. Thus, the Turkish Commercial Code allows a joint stock company to be established by a single shareholder. In addition, a joint stock company that has more than one shareholder may be converted to a single shareholder joint stock company, provided it fulfills certain notification requirements.
Contact: Nilsun Gursoy; Erdem & Erdem (Turkey)