NEWSLETTER-2020-metin

89 CAPITAL MARKETS LAW tween. Shareholders or investors can agree on the distribution method amongst themselves. The part of the shares subject to the retirement right, which is not requested by other shareholders or investors, is purchased by the corporation. Shareholders or investors who offer to purchase shares subject to the retirement right must deliver their written requests regarding the amount of shares they would like to receive within three business days following the general assembly meeting to the intermediary to be determined by the corporation, and block the funds in the amount to cover the purchase. The intermediary transmits the purchase requests to the corporation at the end of the third business day. On the fourth business day, the board of directors of the corporation should adopt a decision as to the start and end date of the purchase by declaring the number of people who will make purchases in case of demand, and the amount of shares each of them will make or, if there is no demand, by declaring that the purchase will be made by the corporation. Such a decision should be announced on the public disclosure platform on the same day. Ten business days shall be applied for the transmission of their demands to the intermediary, from the date upon which the right is begun to be used. Cases Not Leading to Retirement Right and Exemptions With the introduction of the amendments to the Capital Market Law, the Board is authorized to exempt from the obligation to exercise the retirement right. Transactions, such as voluntary take-over bid, removal or change in privileges, the merger and dissolution of special- purpose a merger company are included among the exemptions under the Communiqué. As such, the Board is able to make an exemption decision by taking an assessment of such transactions. Transactions such as sales to banks with repurchase rights and rescue mergers are added to cases where the retirement right is not raised. With this ad- dition, it is aimed for corporations to carry out the necessary transac- tions for the continuity of their activities without any cost. In order to encourage public offerings, the Board also listed the transactions of selling affiliates’ shares through public offerings amongst the cases that do not lead to retirement right.