Abstract:

Shareholders’ dividend rights in public joint stock companies are regulated differently in new Capital Market Act compared to former Capital Market Act and Turkish Commercial Code. In addition, aforementioned difference is deepened by secondary regulations. The differences bring about new questions and problems. Such a problem worth considering is whether shareholder of a joint stock company have a legally guaranteed right to take dividend payment. While answering this question one will also come up againist “dividend payout policy” which was introduced to Turkish law by new Capital Market Act. Legal nature of “dividend payout policy” and its relation with articles of association –which might also contain provisions on dividend rights- is uncertain. On the other hand, one must also decide on the fate of a general assembly resolution which is against the provisions in “dividend payout policy”.

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