NEWSLETTER-2020-metin

51 COMMERCIAL LAW prior to the entry into force of such Article, but the shareholders have not yet been partially or completely paid, payments for the exceeding portion shall be postponed until 30 September 2020. This provision is limited to the profit for the year 2019, and does not include any expression regarding the payments to be made in accordance with the decisions for the distribution of previous years’ profits and free legal reserves. However, Article 4/3 of the Communiqué regulates that if a decision for making a distribution from the free legal reserves has been adopted, although the fiscal period has ended with losses, pay- ments for the portions that have not been yet paid shall be also post- poned until 30 September 2020. On the other hand, the Communiqué does not include any specific provisions regarding the decisions for distribution of previous years’ profits taken before the entry into force of provisional Article 13 of the TCC. A similar situation is also noted regarding the payments to be made in accordance with the authorization granted to the board of di- rectors for distribution of advance dividends for the year 2020 before the entry into force of the Article. Whereas the TCC does not introduce an obligation to postpone such payments, Article 4/4 of the Communi- qué regulates that if the board of directors has been authorized by the general assembly to distribute advance dividends, advance payments shall be postponed until 30 September 2020. Another regulation of the Communiqué, which is not included in the TCC, is that interest shall not accrue on the postponed payments (Article 4/3 of the Communiqué). Finally, pursuant to Article 4/1 of the Communiqué, dividend distribution limitations shall not apply to capital increases to be made from internal resources in accordance with Article 462 of the TCC. Accordingly, it is possible for the shareholders to acquire gratis shares via capital increase through internal resources. Procedure to Benefit from Exceptions Pursuant to Article 6 of the Communiqué, for the discussion of dividend distributions to be made in accordance with the exceptions regulated under the Communiqué at the general assembly, an affirma-