A-) Employee’s Right to Terminate the Contract with Just Cause
The employee is entitled to terminate the contract, whether for a definite or an indefinite period, within the presence of serious and important reasons determined in the Labor Law numbered 4857 (“the Law”), in the following cases and such reasons are classified in three groups.
1. Term of employment is designated as maximum 45 hours a week. Overwork (overtime) begins when 45 hours of terms of working time is exceeded. Working extra hours (excessive work) is determined as the hours that are up 45 hours a week in the event that working hours are designated below 45 hours under an agreement. Overtime total shall not be more than 270 hours a year.
Petroleum Market Law numbered 5015 (“the New Law”), as determined in its justification, has been enacted by Grand National Assembly of Turkey (“GNAT”) at December 4, 2003 within the efforts performed to institutionalize the market economy and improve the competitive environment in order to update the current legal regulations in the petroleum and petroleum product industry in absolute coherence, regulate the markets within such approach and meet the requirements accordingly.
You may find the brief memorandum below which explains the legal status of incorporating a joint stock company by way of conversion from a limited liable company in the system of the Turkish Commercial Code (“the TCC”) and the procedure if such conversion is to be resolved.
Signature Circular is an official document signed before the Notary in which signature powers of the Company and its branches are determined and the limitations of such powers are detailed. In practice, signature circular is mostly requested by public authorities, banks and third parties in which the Company is represented. Scope and degree of the Company representatives’ signature powers are determined in the signature circular. In case third parties other than the individuals listed outside the Board Members/Limited Liability Company partners are vested with the power of authorization, the limitation of the transactions and the level of authorization of such individuals are determined.
AGAOGLU MASLAK1453
Maslak Mah. Tas Yoncası Sok.
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Sariyer Istanbul – Turkey
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info@barlaslaw.com
