One of the shortest statutes in press legislation - three articles - but the core provision shaping Anadolu Agency's corporate structure.
The Identity of the Law
| Detail | Value |
|---|---|
| Name | Law on Exempting Anadolu Agency Turkish Joint Stock Company from Article 272 of Turkish Commercial Code No. 6762 |
| Law number | 7 |
| Date of adoption | 1/7/1960 |
| Official Gazette | 6/7/1960 - No. 10544 |
Article 1 - The Exemption
Anadolu Agency Turkish Joint Stock Company is exempted from the adaptation provisions of Turkish Commercial Code No. 6762 on joint stock companies and from the provision of its Art. 272.
The Word "Provisional" Was Removed
A footnote in the text carries important information: the word "Provisional" in the title of this Law was removed by Art. 4 of Law No. 55 of 12/8/1960.
Articles 2 and 3
- Article 2 - This law enters into force on the date of its publication.
- Article 3 - This law is executed by the Council of Ministers.
Law No. 6762 Was Repealed - What Happened to the Exemption?
A Direct Reference to the New Code: Additional Art. 1 of Law No. 57
By contrast, Additional Art. 1 added to Law No. 57 in 2014 refers directly to Turkish Commercial Code No. 6102 and sets up a special share regime for the Agency:
| Issue | Provision |
|---|---|
| Acquiring its own shares | Without being subject to the ratio limitation in Art. 379/1 of Law No. 6102 |
| The acquisition condition | The condition in Art. 379/3 of Law No. 6102 is not sought |
| Articles that do not apply | Arts. 384 and 385 do not apply to shares acquired or taken as a pledge |
| The Treasury | Holds a usufruct right over the shares acquired |
Why Such an Exemption?
Anadolu Agency is a structure established in the form of a joint stock company but performing a public function. Law No. 57 treats its property as State property and its staff as officials in applying the Turkish Penal Code. That dual character makes some provisions of general company law difficult to apply; the exemptions fill that gap.
We cover the status as a whole in the legal status guide and the property and staff regime in the Law No. 57 guide.
Summary
- Law No. 7 exempts Anadolu Agency Turkish Joint Stock Company from the adaptation provisions of Commercial Code No. 6762 on joint stock companies and from its Art. 272.
- The word "Provisional" in the title was removed by Law No. 55, making the arrangement permanent.
- A similar exemption in relation to the new Commercial Code was provided by Additional Art. 1 added to Law No. 57 in 2014.