Özet:

Securities are negotiable instruments according to the Turkish Law. The acquire and transfer of these are subject to the negotiable instruments provisions. But, because of the large number of transactions relating to the sale and purchase of the securities, keeping services and cost difficulties, the registration system becomes an obligation and the provisions about the negotiable instruments are disregarded. In registration system, the share in the form of valuable documents are not physically issued, but, are registered in a central registration agency and monitored by this agency; and they are subject to transfer in terms of these registers as well as the rights on the shares are transferred on these registers. Code No.4487 has determined a provision for registering securities (CMA.a. 10/A). Drafting such a provision is undesirable in terms of legislation technique. This provision conflicts with the CMA’s definition of the security and it is not understood how to reconcile this provision with the article 10/A of the CMA. On the other hand, this provision opposes to the transactions in the provisions of the Commercial Act, such as pledge, ususfract and bankruptcy, especially within the provisions relating to the issuance of bonds and shares by the joint stock partnerships; it also conflicts with the articles 416 and 417 on transfer of the shares written in the name or for the holder, and Article 557 giving description of the valuable documents, of the Commercial Code. It is legally baseless and not acceptable to state that the aforementioned Law Articles shall not be applied

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