What legislation is the printing of registered shares subject to?
A registered share certificate provides significant convenience to its owner both in proving that he is a partner of the company and in transferring his shares. In addition to these benefits, registered shares provide significant tax advantages to the owner, especially in terms of transfer. This advantage arises in terms of income tax due to the exceptions brought to the capital gains in real person partners, and especially in terms of stamp tax in legal entity partners. Thus, you will be exempt from paying millions of liras in taxes with the registered shares that you will print at a very low cost.
In order to benefit from these tax advantages in accordance with the law, there must be a registered share certificate issued in accordance with the legislation. Since the registered share certificate is regulated in the Turkish Commercial Code, the registered share certificate to be issued must be prepared and printed in accordance with the Turkish Commercial Code No. 6102. Otherwise, it would not be possible to talk about a valid registered share.
Security measures to be applied to registered shares
The application of certain security measures to registered shares is one of the indispensable validity conditions of these shares. What is meant by the security measures to be applied to the stock is to ensure that these stocks have some features that prevent them from being imitated easily.
Registered shares are valuable documents. It is clear that the registered share certificate, which is a valuable document and shows that the owner is a partner of the company, is not an ordinary document. In this respect, a registered share should not be printed like a wedding invitation.
When was it mandatory to apply security measures to registered shares?
The issuance of registered shares was subject to a different regulation before the Law No. 6102. This arrangement was also accepted in 1956 and did not meet the requirements of the day. That is to say, the old Commercial Code (repealed Turkish Commercial Code No. 6762) did not require issuance of stocks, nor did it order any security measures to be applied to the bills of companies wishing to issue stocks. As such, it was possible to print registered shares in any printing house that printed wedding or circumcision invitations. In fact, some companies and their financial advisors were printing registered shares on A4 paper directly from the computer.
Even today, we learn from our environment that some companies and professionals are printing stocks. However, registered shares printed from the printer may be invalid. Let’s briefly explain why.
As we mentioned above, the former Commercial Code did not introduce any provision on the security of stocks. However, in the Turkish Commercial Code No. 6102, it is obligatory to apply some security measures to the stocks to be issued by the joint stock company. Since the Turkish Commercial Code No. 6102 entered into force on July 1, 2012, the application of security measures to stocks has also become mandatory as of July 1, 2012.
I had printed registered shares from the printer. Are these bills valid? If not, what should I do?
In the face of the mandatory provisions of the Turkish Commercial Code No. 6102, the registered share certificate, which is a valuable document, must be printed by applying some security measures that prevent easy imitation and prevent fraud. These security measures can be technological holograms, secret writing, watermarks and similar applications.
It is not possible for a registered share certificate printed on a simple A4 paper, printed from the company printer, to carry these security measures. Printed stock is fairly easy to fake.
For this reason, it is not possible to consider the registered shares issued after 1 July 2012, when the Turkish Commercial Code 6102 came into force, to be valid.
If you have any issued shares, you can contact us regarding the ways to be followed and the procedures to be applied.
Our services for registered stock security measures
As AEK Pay Senedi Consulting and Printing Center, you can contact us for detailed information about the high security measures we apply in printing registered shares.