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This section addresses the formation, governance and transfer of shares of joint stock and limited liability companies, as well as mergers, divisions and conversions, under the Turkish Commercial Code (Law No. 6102).

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LatestFormation of a Joint Stock Company: Steps, Documents and the Articles of Association (2026)25 April 2026
02 April 2026

Annulment Action against Joint Stock Company General Assembly Resolutions (TTK art.445)

Grounds for annulment, three-month forfeiture period and nullity

How is a general assembly resolution annulled? Breach of statute, of the articles of association and of the principle of good faith, the three-month action period and the competent court.

Every resolution of the general assembly of a joint stock company is binding; however, resolutions in breach of statute, of the articles of association or of the principle of good faith may be annulled in an action brought by the persons listed in the law — namely, shareholders, the board of directors or directors who would face personal liability from the implementation of the resolution. This remedy is set out in detail in articles 445-451 of the Turkish Commercial Code (Law No. 6102).

Grounds for Annulment

TTK art.445 sets out three basic grounds for annulment: (i) breach of statute, (ii) breach of the articles of association and (iii) breach of the principle of good faith. The principal grounds for annulment in practice include failure to comply with convocation procedures, discussion and resolution of items not on the agenda, voting by a person without a voting right, infringement of minority rights and the general assembly not having been duly convened.

Grounds for nullity (kesin hükümsüzlük) are separately listed in TTK art.447: resolutions that abolish the inalienable rights of shareholders, that undermine the fundamental structure of the joint stock company, or that breach the mandatory rules on capital protection, are void from the outset and not subject to any time limit.

Standing to Sue and the Three-Month Period

Under TTK art.446, the annulment action may be brought by: shareholders who attended the meeting, voted against the resolution and had their dissent recorded; shareholders who were not summoned to the meeting or who were unable to attend due to defects in the convocation; the board of directors; and any director whose personal liability would be engaged by the implementation of the resolution.

Under TTK art.445, the annulment action must be brought within three months from the date of the general assembly resolution. This is a forfeiture period; once it expires, the action is dismissed on the merits. The court takes the period into consideration ex officio; extension or restitution is not permitted.

Competent Court and Legal Effect

The competent court is the Commercial Court of First Instance of the place of the company's seat. A final annulment judgment has retroactive effect; the annulled resolution is treated as never having been adopted. The judgment is registered and announced by the Trade Registry Directorate.

Filing an annulment action does not automatically suspend the implementation of the resolution. The claimant may seek an interim injunction suspending its implementation; the court may require security against bad-faith applications when granting an injunction (TTK art.449).

Practical Considerations

In corporate-law matters, resolutions, meeting notices, agendas, attendance lists, signature circulars, trade-registry application documents and the articles of association must be reviewed as a whole. In corporate transactions, most disputes arise not from the substance of the resolution but from defects in notice, quorum, representation and registration.

Transactions such as share transfers, amendments to the articles of association, mergers, demergers and liquidations are not completed by internal resolutions alone; notary, trade-registry, tax and accounting dimensions are also part of the process. The legal steps and financial obligations should therefore be planned together when drawing up the transaction timetable.

From the perspective of shareholders or directors, dissenting opinions, information rights, requests for special audit and records of release and liability may carry decisive evidentiary weight in any subsequent action. Minutes of meetings should therefore be prepared in clear and auditable form.

Relevant Statutory Provisions

  • TTK m.445Grounds and time limit for annulment of resolutions

    Original (Turkish, official):

    MADDE 445- (1) 446 ncı maddede belirtilen kişiler, kanun veya esas sözleşme hükümlerine ve özellikle dürüstlük kuralına aykırı olan genel kurul kararları aleyhine, karar tarihinden itibaren üç ay içinde, şirket merkezinin bulunduğu yerdeki asliye ticaret mahkemesinde iptal davası açabilirler.

    English summary (non-binding):

    Article 445- (1) The persons listed in article 446 may bring an action for annulment, before the Commercial Court of First Instance of the place of the company's seat, within three months of the date of any general assembly resolution that breaches statute or the articles of association — and, in particular, the principle of good faith.

    Source: mevzuat.gov.tr · last reviewed: 2026-05-12

  • TTK m.446Persons entitled to bring an annulment action

    Original (Turkish, official):

    MADDE 446- (1) a) Toplantıda hazır bulunup da karara olumsuz oy veren ve bu muhalefetini tutanağa geçirten,
b) Toplantıda hazır bulunsun veya bulunmasın, olumsuz oy kullanmış olsun ya da olmasın; çağrının usulüne göre yapılmadığını, gündemin gereği gibi ilan edilmediğini, genel kurula katılma yetkisi bulunmayan kişilerin veya temsilcilerinin toplantıya katılıp oy kullandıklarını, genel kurula katılmasına ve oy kullanmasına haksız olarak izin verilmediğini ve yukarıda sayılan aykırılıkların genel kurul kararının alınmasında etkili olduğunu ileri süren pay sahipleri,
c) Yönetim kurulu,
d) Kararların yerine getirilmesi, kişisel sorumluluğuna sebep olacaksa yönetim kurulu üyelerinden her biri,
iptal davası açabilir.

    English summary (non-binding):

    Article 446- (1) An annulment action may be brought by: a) Shareholders who attended the meeting, voted against the resolution and had their dissent recorded in the minutes; b) Shareholders — whether or not they attended the meeting and whether or not they voted against — who assert that the convocation was not made in due form, that the agenda was not duly announced, that persons (or their representatives) without authority to attend participated and voted, that they were unjustifiably denied attendance or voting rights, and that any such irregularity influenced the adoption of the resolution; c) The board of directors; d) Each board member whose personal liability would be engaged by the implementation of the resolution.

    Source: mevzuat.gov.tr · last reviewed: 2026-05-12

  • TTK m.447Grounds for nullity

    Original (Turkish, official):

    MADDE 447- (1) Genel kurulun, özellikle;
a) Pay sahibinin, genel kurula katılma, asgari oy, dava ve kanundan kaynaklanan vazgeçilemez nitelikteki haklarını sınırlandıran veya ortadan kaldıran,
b) Pay sahibinin bilgi alma, inceleme ve denetleme haklarını, kanunen izin verilen ölçü dışında sınırlandıran,
c) Anonim şirketin temel yapısını bozan veya sermayenin korunması hükümlerine aykırı olan,
kararları batıldır.

    English summary (non-binding):

    Article 447- (1) General assembly resolutions are void where they in particular: a) Restrict or abolish a shareholder's inalienable rights — including the rights to attend the general assembly, minimum voting rights, the right to sue and other rights conferred by statute; b) Restrict a shareholder's rights of information, inspection and supervision beyond what is permitted by law; c) Undermine the fundamental structure of the joint stock company or breach the rules on capital protection.

    Source: mevzuat.gov.tr · last reviewed: 2026-05-12

  • TTK m.448Court's jurisdiction and procedure

    Original (Turkish, official):

    MADDE 448- (1) Yönetim kurulu iptal veya butlan davasının açıldığını ve duruşma gününü usulüne uygun olarak ilan eder ve şirketin internet sitesine koyar.
(2) İptal davasında üç aylık hak düşüren sürenin sona ermesinden önce duruşmaya başlanamaz. Birden fazla iptal davası açıldığı takdirde davalar birleştirilerek görülür.
(3) Mahkeme, şirketin istemi üzerine muhtemel zararlarına karşı davacıların teminat göstermesine karar verebilir. Teminatın nitelik ve miktarını mahkeme belirler.

    English summary (non-binding):

    Article 448- (1) The board of directors duly announces the filing of an annulment or nullity action and the date of the hearing, and posts the announcement on the company's website. (2) Hearings in an annulment action cannot begin before the three-month forfeiture period has elapsed. Where multiple annulment actions are brought, they are joined and heard together. (3) On the company's application, the court may order the claimants to provide security against potential damages. The nature and amount of the security are determined by the court.

    Source: mevzuat.gov.tr · last reviewed: 2026-05-12

  • TTK m.449Suspension of implementation

    Original (Turkish, official):

    MADDE 449- (1) Genel kurul kararı aleyhine iptal veya butlan davası açıldığı takdirde mahkeme, yönetim kurulu üyelerinin görüşünü aldıktan sonra, dava konusu kararın yürütülmesinin geri bırakılmasına karar verebilir.

    English summary (non-binding):

    Article 449- (1) Where an annulment or nullity action is brought against a general assembly resolution, the court — after taking the views of the board members — may order the suspension of the implementation of the contested resolution.

    Source: mevzuat.gov.tr · last reviewed: 2026-05-12

  • TTK m.450Effect of the annulment judgment

    Original (Turkish, official):

    MADDE 450- (1) Genel kurul kararının iptaline veya butlanına ilişkin mahkeme kararı, kesinleştikten sonra bütün pay sahipleri hakkında hüküm ifade eder. Yönetim kurulu bu kararın bir suretini derhâl ticaret siciline tescil ettirmek ve internet sitesine koymak zorundadır.

    English summary (non-binding):

    Article 450- (1) Once final, a judgment annulling or declaring void a general assembly resolution has effect in respect of all shareholders. The board of directors must promptly file a copy of the judgment with the trade registry for registration and post it on the company's website.

    Source: mevzuat.gov.tr · last reviewed: 2026-05-12

The statutory provisions are reproduced for information purposes only. The current and official text on mevzuat.gov.tr is authoritative.

Conclusion

Success in a general assembly annulment action depends on observing the three-month period and on having one's dissent properly recorded in the meeting minutes. The measures taken at the meeting itself are the most critical factor in the outcome of the action.

This article is for information purposes only and does not constitute legal advice. If you would like professional assistance on a specific matter, you may request a consultation.

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