Changes to Turkey’s commerce code were approved by parliament and are due to take effect on July 1, Dunya reported.
Henceforth, shareholders who are relatives of company directors will be able to borrow from companies under certain conditions, the newspaper said. Draft legislation previously discussed by the parliament would have meant board members’ relatives couldn’t owe companies money.
Companies won’t have to announce debts or cash holdings on their websites under the new code; having to make such details public was an aspect of the draft that business objected to, Dunya said. Websites will be compulsory and must contain information such as board members and capital increases, the newspaper said.
The new code has to be approved by President Abdullah Gul and be published in the Official Gazette before it takes effect, the newspaper said.
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