Exemptions from the Dividend Distribution Limitations have been Declared
Company dividend distributions have been limited by Provisional Article 13 added to the Turkish Commercial Code (“TCC”) numbered 6102 with Article 12 of Law numbered 7244 published in the Official Gazette dated 17 April 2020 and numbered 31102.
The Ministry of Commerce issued the “Communiqué on the Procedures and Principles of the Implementation of Provisional Article 13 of the Commercial Code Numbered 6102” (“Communiqué”) and set forth the conditions for companies to be exempt from these dividend distribution limitations. The Communique was published in the Official Gazette dated 17 May 2020 and numbered 31130.
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