NEWSLETTER-2017

358 NEWSLETTER 2017 ate of Tea Enterprises), and various immovables with tourism facilities have been transferred to the Wealth Fund 3 . The financing may be realized through security, pledge, surety and mortgage in the portfolio of the Turkish Wealth Fund. Pursuant to Article 5 of Law No. 6741, assets and rights trans- ferred to the Wealth Fund and all other assets acquired through the operations realized by the Company, which can be subject to registra- tion, shall be registered with the relevant registry, or recorded under the name of “Wealth Fund.” The Wealth Fund is vested with legal personality, limited with these registry operations. Accordingly, the legal personality of the Wealth Fund is limited. Audit of the Wealth Fund The Company, the other companies to be incorporated by the Company, the Wealth Fund and the sub-funds to be established within the Wealth Fund are subject to independent audit. Additionally, the audited annual financial statements and operations shall be audited by the audit personnel assigned by the Prime Minister, pursuant to independent audit standards. The report to be drafted as a result of the audit shall be presented to the Council of Ministers each year until the end of the month of June. Financial statements and operations of the prior year of the Com- pany, the other companies to be incorporated by the Company, the Wealth Fund, and the sub-funds to be established within the Wealth Fund shall be audited based on the audit reports drafted by the Plan- ning and Budget Commission of the Grand National Assembly of Turkey in the month of October, each year. Attachment and Pledge of the Assets of the Wealth Fund Attachment and pledge of the assets of the Wealth Fund is regu- lated under Article 7 of Law No. 6741. Accordingly, the assets of the Turkish Wealth fund, and the assets and rights transferred to the Company in order to be managed are separate from the assets of the 3 Decision of the Council of Ministers dated 24 January 2017 and numbered 2017/9756; Turkish Official Gazette, February 5, 2017, No. 29970 (reiterated).