Can the powers of the Board of Directors be restricted? (In Turkey)
Can we restrict the authorization for the realization of the purchase and sale of real estate registered in the assets of a joint-stock company consisting of a single board of directors with two partners after getting the approval of the general assembly?
The Board of Directors manages the company according to Article 375 of the Turkish Commercial Code. This restriction will interfere with the powers of the board of directors. In fact, the law refers to the approval of the general assembly for the sale of large or large-scale (multiple) real estates. A provision in this authorization can be included in the main agreement. However, I consider that there cannot be any restriction on all real estate sales transactions.
Source: İSMMMO
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