What are the Duties of the Board of Directors of a Joint Stock Company?
A joint stock company is a company with a certain capital, divided into shares in certain proportions, and held responsible solely for its assets. To establish a joint stock company, there must be at least one shareholder. In addition, the company's assets must not fall below a specified amount. If the capital falls below the stated value, the company cannot be established. Both natural and legal persons can be shareholders in the company. The entire capital, or a high portion of it, must belong to a Turkish citizen.
In a joint stock company, the duty of the board of directors is to define the management system for the company. This includes tasks such as planning and organizing necessary matters like finance, accounting, and company management; determining senior management; distributing roles within the company; assigning upper and lower level responsibilities; identifying authorized signatories; checking whether the activities and duties are carried out in accordance with appropriate conditions, regulations, and laws; and reporting the situation to the court in case of bankruptcy due to excessive debt.
