SHAREHOLDERS’ RIGHT TO RECEIVE LIQUIDATION SHARES IN JOINT STOCK COMPANIES

The right of receive liquidation shares which is a shareholder right, can be highlighted as one of the most important financial right for the shareholders in the company; however, this right cannot be demanded unless the company expires. In order to transform this right into a right to claim; first, the external liquidation of the company must be completed; second, the amounts of capital that is paid by shareholders must be paid back to all shareholders in the company; third, a price balance should remain as a residuary balance on the accounts of the company; and fourth, the final balance sheet prepared by the liquidators should be approved by the general assembly of the company. If the right of usufruct is established on a share, the liquidation share shall be paid to the shareholders; however, the usufruct holder’s right on the replacement value shall continue. With the articles of association, it may be determined to use the liquidation balance within the different options without distribution of it to the shareholders; it is also possible to restrict the exercise of the right by means of privilege or dividend shares, or to adopt different procedures in terms of distribution manner. Since the provisions of TCC about returning of unfairly received liquidation shares is not clear, the unjust enrichment provisions must be applied.