Newsletter-21

234 NEWSLETTER 2016 assembly meeting regarding the material transactions, ii) an invitation to the general assembly meeting has not been made in due form or iii) the agenda has not been announced in due form, the shareholder may use the retirement right, without requiring the condition of being opposed to the general meeting decisions, and having their dissention recorded in the minutes 3 . Current CMB Regulations under the State of Emergency On July 21, 2016, the CMB announced that publicly held cor- porations which do not currently have any share buy-back programs may buy their own shares back from the stock exchange without being subject to any limit provided if they publicly disclose the transaction. On the announcement, it was also stated that the publicly held corporations with a share buy-back program authorized by the general assembly may buy their own shares back from the stock exchange without being subject to any limit, provided if they publicly disclose the trade and duly inform their authorized bodies of this transaction. Following the announcement on July 21, 2016, the CMB made a new announcement that detailed the first announcement, as follows: 1. The regulation in the Communiqué regarding the authoriza- tion given by the General Assembly, the 10% limit on the buy-back shares, and the 25% limit on the average of the daily amount of transactions, shall not be applicable until the CMB announces that they shall be applicable again. 2. Publicly held corporations that currently exceed the 10% limit may also buy back shares within the framework of the announcement. The limitation on publicly held corporations in the capital increase process shall only be applicable for corporations that are in the process of capital increases via a cash injection. 3 Please refer to our article for detailed information on material transactions: http:// www.erdem-erdem.av.tr/publications/law-post/communique-regarding-com- mon-terms-on-material-transactions-and-shareholders-right-to-dissociate-ii231/ (access date: 30.12.2016).