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NewsTHE NOTICE ON AMENDING THE NOTICE WHICH WAS ALTERED THE LAW ON REGULATION OF CHEQUE PAYMENTS AND PROTECTION OF HOLDERS OF CHEQUE WAS PUBLISHED.

February 1, 20090

The Notice on amending the Notice which was altered Regulation of Cheque Payments and Protection of Cheque Holders was published in the Official Gazette, numbered 27111 and dated 15th January 2009 with series number 2009/1. The notice will be entered into force from 26th of January 2009.

By this amendment, interim Article 6 of the Notice which series number 2008/1 and was altered the Notice on Regulation of Cheque Payments and Protection of Holders of Cheques dated 9th of April 2004 and published in the Official Gazette, numbered 2574 with series number 2003/1, has been altered. With this current alteration, the phrase of “435 YTL (new Turkish lira)” was amended as “470 TL (Turkish Lira).”

Now, related article of the Regulation concerned was altered as “if a cheque has been dishonoured totally or partially within the presentation time, drawee bank should pay up to 470 TL or bring to completion of 470 YTL for each cheque respectively”.

THE REGULATION ON SHORT-TIME WORKING AND ALLOWANCE OF SHORT-TIME WORKING WAS PUBLISHED.

The Regulation on Short-time Working and Allowance of Short-time Working came into effect from publication date in the Official Gazette dated 13th of January 2009 and numbered 27109. The regulation was based on subsequent clause 2 of Unemployment Insurance Law (Act No. 4447). It sets out substance and procedure of allowance of short-time working payments and determination of eligibility of requests by the Ministry when employers employ persons whom suppose to be insured and work within a working contract and weekly working hours at a work place temporarily and significantly has been decreased or the business activity totally or partially has been quitted by the employer because of forces majeure or global economic crisis.

In case of existence of above-mentioned reasons, an employer who requests short-time working at the workplace should written notify to the Employment Agency and the related Labour Union if there is any collective labour agreement was made.

First of all, a claim of short-time working will be assessed in respect of its grounds and the procedure by the Employment Agency of Turkey. If an assessment result is positive, an employee can benefit from short-time working allowance. However, to be benefited from short-time allowance, these conditions should be completed: the employee should claim the short-time working allowance, the employer’s request to work short-time should be approved by the Ministry, the worker should be entitled to receive unemployment payment in respect of his length of working period and number of days of paid unemployment insurance premiums.

The period of short-time working allowance should be as long as the period of short-time working and should not be exceeded more than three months. The amount of short-time working allowance is equal to amount of unemployment allowance. The payments will start after one week time if short-time working is performed because of existence of forces majeure. The allowance of short-time work shall be suspended if employees got a job, start to receive old-age pension, for any reason whatsoever to be conscript, to quit an employment by reason of duty to work under any other legislation or temporally disability payment has been started.

The Regulation on Short-time Working and Short-time Working Allowance dated 31st of March 2004 and the Official Gazette numbered 25419 was abolished from publication date of the said Regulation.

THE NOTICE CONCERNING TO REGULATION OF THE SUBSTANCE OF NON-VOTING SHARES HAS BEEN PUBLISHED.

The Notice concerning the Substance of Non-voting Shares has come into force from the publication date. It was published in the Official Gazette dated 21st January 2009 and numbered 27117 and it regulates the issuance of non-voting shares, public offering and the rights granted to the share holders and substance of the conditions in order to exercise this rights. The Notice sets the issuance and substance of non-voting shares by a joint stock corporation and it was based on Article 14/A of the Capital Market Law which Act No. 2499 and dated 28.07.1981.

The joint stock corporation may issue non-voting shares by increasing the capital. The non-voting shares may be issued as bearer or registered shares. Therefore, the nominal value of non-voting shares should be equal to either the nominal value of voting shares or the different nominal values if there is any.

Accordingly, the joint stock corporation may issue the non-voting shares if there are provisions on the issuance of non-voting shares in the Articles of Association of the joint stock corporation; if there is a resolution was given in order to issue the non-voting shares by a competent body of the corporation and the privileges have been granted to the non-voting shares at the share of profit and to be paid upon rogues from other respects apart from bonus shares by the Articles of Association and the ratio of privileges has been shown at the shares of profit.

By publishing the said notice Series: I No: 30 the Notice Concerning the Substance of Non-voting Shares was repealed which published in the Official Gazette dated 20.03.2003 and dated 25054.

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