The Law Making Amendments in Certain Laws with the Purpose of Improvement in Investment Environment (“Law”) is published in the Official Gazette and entered into force on 10.03.2018. The basic changes brought by the Law are indicated below.
- Pursuant to the revised Article 26 of Code of Deed, mortgage transactions of immovable properties to secure present or future debts and loans by public institutions and organizations, credit institutions, banks, tradesmen and craftsmen, credit and surety cooperatives, and full credit cooperatives shall be registered in the directorate of Land Registry, upon the request of the contracting parties.
- Corporate books of joint stock and limited liability companies as well as cooperatives which have to be registered in their incorporation phase shall be registered by the Trade Registry where the headquarters of the corporation is located.
- A cooperative will be established by signing of the articles of association by at least seven (7) partners. Notarization of the articles of association shall no longer be required; instead signing of this before the authorized personnel in the trade registry shall be sufficient.
- Substructure excavation permissions granted by municipalities for excavation works within the boundaries of municipalities and adjacent areas shall be subject to excavation permission fee. This fee shall be charged at the ratio of two per thousand over the field destruction sum. The person or persons who request permission shall be liable for this legal fee.
- E-Municipality information system shall be established by the Ministry of Internal Affairs in order to ensure the performance of services and duties of municipalities and finalizing the applications.
- The amended Article 7 of Law of Pledge of Movable Properties in Commercial Transactions widened the scope of the pledges. Hereinafter, the legal returns such as future interest or insurance and natural product and substitute goods of it shall be directly included in the scope of pledge along with the movable estate.