Turkish Grand National Assembly accepted the law proposal regulating the Machinery and Chemical Industry Institution (MKEK) as a joint-stock company. The Machinery and Chemical Industry Joint Stock Company (MKE A.Ş.), with an initial capital of 1 billion 200 million lira, subject to the Turkish Commercial Code and private law provisions, will be established. MKE A.Ş.'s management, supervision, duties, powers and responsibilities will be regulated. The company will be related to the defence ministry.
The Treasury will own the entire capital of
the company. However, the Treasury's rights and powers such as voting,
management, representation and auditing based on its shareholding in the
company are not prejudiced. All financial rights arising from the shareholding
remain with the Ministry of Treasury and Finance.
Certain provisions of the Turkish Commercial
Code will not be applied to MKE A.Ş.
