{"id":2782,"date":"2017-03-11T01:35:04","date_gmt":"2017-03-10T22:35:04","guid":{"rendered":"http:\/\/www.celikavukatlik.com.tr\/?p=2782"},"modified":"2017-03-11T01:35:04","modified_gmt":"2017-03-10T22:35:04","slug":"anonim-sirketler-ve-pay-senetleri","status":"publish","type":"post","link":"https:\/\/celikavukatlik.com\/tr\/anonim-sirketler-ve-pay-senetleri\/","title":{"rendered":"Anonim \u015eirketler ve Pay Senetleri"},"content":{"rendered":"G\u0130R\u0130\u015e<\/strong>\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>Bir anonim \u015firketin sermayesinin birbirine e\u015fit paylar\u0131ndan bir par\u00e7as\u0131n\u0131 temsil eden k\u0131ymetli evrak niteli\u011findeki belgelere hisse senetleri denir. Hisse senetleri hem kapal\u0131 tip anonim ortakl\u0131k hem de halka a\u00e7\u0131k anonim ortakl\u0131klar a\u00e7\u0131s\u0131ndan \u015firket sermayesine kat\u0131l\u0131m\u0131 temsil etti\u011finden \u00f6nem ta\u015f\u0131maktad\u0131r.\n\n\u00c7al\u0131\u015fmamda ilk \u00f6nce sermaye piyasas\u0131 ara\u00e7lar\u0131ndan\u00a0 genel olarak bahsedilmi\u015f,daha sonra sermaye piyasas\u0131 ara\u00e7lar\u0131ndan hisse senetlerinin tan\u0131m\u0131 yap\u0131larak,t\u00fcrleri,sahiplerine sa\u011flad\u0131\u011f\u0131 haklar hem sermaye piyasas\u0131 kanunu hem de T\u00fcrk Ticaret Kanunu a\u00e7\u0131s\u0131ndan farkl\u0131l\u0131klar da g\u00f6z \u00f6n\u00fcnde bulundurularak anlat\u0131lm\u0131\u015ft\u0131r. Oydan yoksun pay senetleri ise sadece sermaye piyasas\u0131 kanunu\u2019na tabi halka a\u00e7\u0131k anonim ortakl\u0131klar a\u00e7\u0131s\u0131ndan s\u00f6z konusu oldu\u011fundan ve \u00f6nem arz etti\u011finden ayr\u0131 bir ba\u015fl\u0131k alt\u0131nda ayr\u0131nt\u0131l\u0131 olarak ele al\u0131nm\u0131\u015ft\u0131r.\n
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  1. SERMAYE P\u0130YASASI ARA\u00c7LARI<\/strong><\/li>\n<\/ol>\nSermaye piyasas\u0131 ara\u00e7lar\u0131 menkul k\u0131ymetler ve di\u011fer sermaye piyasas\u0131 ara\u00e7lar\u0131d\u0131r (SerPK m.3\/b\/1).Menkul k\u0131ymetler Sermaye Piyasas\u0131 ara\u00e7lar\u0131n\u0131n bir alt k\u00fcmesini olu\u015fturur. Menkul k\u0131ymetler; \u00a0ortakl\u0131k veya alacakl\u0131l\u0131k sa\u011flayan, belli bir tutar\u0131 temsil eden, yat\u0131r\u0131m arac\u0131 olarak kullan\u0131lan,\u00a0 d\u00f6nemsel gelir getiren,\u00a0 misli nitelikte, seri halinde \u00e7\u0131kar\u0131lan, ibareleri ayn\u0131 olan ve \u015fartlar\u0131 Sermaye Piyasas\u0131 Kurulu\u2019nca belirlenen, k\u0131ymetli evrakt\u0131r (SerPK m.3\/b\/2). Hisse senedi ortakl\u0131k hakk\u0131 sa\u011flayan menkul k\u0131ymetlere, tahvil de alacakl\u0131l\u0131k hakk\u0131 sa\u011flayan menkul k\u0131ymetlere \u00f6rnek olarak verilebilir. Menkul k\u0131ymet d\u0131\u015f\u0131nda kalan ve \u015fartlar\u0131 Kurulca belirlenen di\u011fer evraklar da di\u011fer sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131 olu\u015fturur. Nakit, \u00e7ek, poli\u00e7e, bono ve mevduat sertifikas\u0131 sermaye piyasas\u0131 arac\u0131 de\u011fildir( SerPK m.3\/b\/3).\n
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    1. SERMAYE P\u0130YASASI ARA\u00c7LARINDAN PAY SENETLER\u0130<\/strong><\/li>\n<\/ol>\n
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      1. TANIM<\/strong><\/li>\n<\/ol>\nPay senetleri, anonim ortakl\u0131klar taraf\u0131ndan \u00e7\u0131kar\u0131lan,\u00a0 \u015firket sermayesine kat\u0131l\u0131m\u0131 temsil eden, yasal \u015fekil \u015fartlar\u0131na uygun olarak d\u00fczenlenmi\u015f k\u0131ymetli evraklard\u0131r.[1] Di\u011fer bir deyi\u015fle anonim \u015firketin \u00e7\u0131kard\u0131\u011f\u0131 pay senetleri,k\u0131ymetli evrak niteli\u011finde bir senet olup,pay sahiplerinin hissedarl\u0131k haklar\u0131n\u0131 temsil eden sermaye piyasas\u0131 arac\u0131d\u0131r.[2] Hissedarl\u0131\u011f\u0131n do\u011fmas\u0131 i\u00e7in, \u015firketin hisse senedi \u00e7\u0131karmas\u0131 gerekmez. Hisse senedi \u00e7\u0131kar\u0131lmam\u0131\u015f olsa dahi, anonim \u015firketin tescili ve t\u00fczel ki\u015fili\u011fin kazan\u0131lmas\u0131 ile hissedarl\u0131k do\u011far. Bu nedenle, pay senedi \u00e7\u0131kar\u0131lmas\u0131,kambiyo senetlerinde oldu\u011fu gibi (TTK m.482 vd) ihdasi (kurucu) de\u011fil, a\u00e7\u0131klay\u0131c\u0131 niteli\u011fe sahiptir.[3]\n
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        1. PAYIN OLU\u015eUM ANININ KAPALI T\u0130P AO\u2019LAR ve HAAO\u2019LAR A\u00c7ISINDAN DE\u011eERLEND\u0130R\u0130LMES\u0130<\/strong><\/li>\n<\/ol>\nKapal\u0131 tip AO\u2019larda hisse senetleri tescilden sonra \u00e7\u0131kar\u0131l\u0131r.<\/strong> Kapal\u0131 tip anonim \u015firkette pay senetlerinin \u00e7\u0131kar\u0131lma zaman\u0131,kurulu\u015fta,\u015firketin tescilinden sonra (TTK m.412) ve sermaye art\u0131r\u0131m\u0131nda ise,genel kurulun art\u0131r\u0131m karar\u0131n\u0131n tescilinden sonra \u00e7\u0131kar\u0131labilir (TTK m.395.c\u00fcm.3). Tescilden \u00f6nce \u00e7\u0131kar\u0131lan pay senetleri h\u00fck\u00fcms\u00fczd\u00fcr (TTK.395.c\u00fcm.3,412). Tescilden \u00f6nce pay senedi \u00e7\u0131karan kimseler,bunlar\u0131n ge\u00e7ersizli\u011fi nedeniyle meydana gelen zararlardan sorumludurlar. Pay senetlerinin ge\u00e7ersizli\u011fi, onlar\u0131n i\u015ftirak taahh\u00fcd\u00fcnden do\u011fan bor\u00e7 ve y\u00fck\u00fcml\u00fcl\u00fcklerine etkili olamaz.[4]\n\nHAAO\u2019da ise \u00a0tescilden \u00f6nce hisse senedi \u00e7\u0131kar\u0131labilir<\/strong>. 3794 say\u0131l\u0131 yasa ile SerPK\u2019da yap\u0131lan de\u011fi\u015fiklik ile halka a\u00e7\u0131k anonim \u015firketlerde,TTK m.395 ve 412 h\u00fck\u00fcmlerinin SerPK sisteminde uygulanmayaca\u011f\u0131 \u00f6ng\u00f6r\u00fclm\u00fc\u015f ve pay senetlerinin sermaye art\u0131r\u0131m karar\u0131n\u0131n tescilinden \u00f6nce bast\u0131r\u0131l\u0131p sahiplerine verilme zorunlulu\u011fu getirilmi\u015ftir.Buna g\u00f6re,kay\u0131tl\u0131 sermaye sistemini kabul etmi\u015f anonim \u015firketler sat\u0131\u015f esnas\u0131nda hisse senetlerini al\u0131c\u0131lara teslim etmek zorundad\u0131rlar (SerPK m.7\/4). Esas sermayeli anonim \u015firketlerde ise, hisse senetleri sermaye art\u0131r\u0131m\u0131n\u0131n tescilini izleyen 30 g\u00fcn i\u00e7inde sahiplerine verilmelidir. Nama yaz\u0131l\u0131 hisse senetlerinde ise bu s\u00fcre 90 g\u00fcnd\u00fcr.[5]\n\nG\u00f6r\u00fcld\u00fc\u011f\u00fc gibi pay\u0131n olu\u015fum an\u0131 a\u00e7\u0131s\u0131ndan TTK sistemi ile sermaye piyasas\u0131 kanunu sistemi farkl\u0131l\u0131k g\u00f6stermektedir.\n
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          1. PAY SENETLER\u0130N\u0130N SAH\u0130PLER\u0130NE SA\u011eLADI\u011eI HAKLAR<\/strong><\/li>\n<\/ol>\nHisse senetleri sahiplerine, ortakl\u0131k hakk\u0131, y\u00f6netime kat\u0131lma (oy) hakk\u0131, kar pay\u0131 (temett\u00fc) alma hakk\u0131, r\u00fc\u00e7han hakk\u0131 (yeni pay alma hakk\u0131),\u00a0 bedelsiz pay alma hakk\u0131, tasfiyeden pay alma hakk\u0131,\u00a0 bilgi edinme hakk\u0131, sa\u011flar. Payda\u015flar\u0131n belirtilen bu haklar\u0131 a\u015fa\u011f\u0131da payda\u015flar\u0131n mali haklar\u0131 ve y\u00f6netimsel haklar\u0131 ba\u015fl\u0131\u011f\u0131 alt\u0131nda incelenecektir.\n
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            1. Payda\u015flar\u0131n Mali Haklar\u0131<\/strong><\/li>\n<\/ol>\n
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              1. Kar Pay\u0131 (temett\u00fc) Alma Hakk\u0131<\/strong><\/li>\n<\/ol>\nTTK. m. 455\/f(1)\/c.1 uyar\u0131nca her pay sahibi, kanun ve esas s\u00f6zle\u015fme h\u00fck\u00fcmlerine g\u00f6re pay sahiplerine da\u011f\u0131t\u0131lmas\u0131 kararla\u015ft\u0131r\u0131lm\u0131\u015f net d\u00f6nem kar\u0131na, pay\u0131 oran\u0131nda kat\u0131lma hakk\u0131na haizdir.Her ne kadar TTK sistemi uyar\u0131nca kar pay\u0131 alma hakk\u0131 m\u00fcktesep haklardan olsa da pay sahiplerine kar pay\u0131n\u0131n da\u011f\u0131t\u0131lmamas\u0131 da m\u00fcmk\u00fcnd\u00fcr.Kar pay\u0131 da\u011f\u0131t\u0131lmazsa yedek ak\u00e7elere b\u00f6l\u00fcnmesi m\u00fcmk\u00fcnd\u00fcr. Sonra yedek ak\u00e7elerden sermaye art\u0131r\u0131m\u0131 veya yat\u0131r\u0131m yap\u0131labilir. SerPK\u2019ya tabi HAAO\u2019larda kar pay\u0131n\u0131n da\u011f\u0131t\u0131lmas\u0131nda ise hisse senetleri borsada i\u015flem g\u00f6ren halka a\u00e7\u0131k anonim ortakl\u0131klar ve hisse senetleri borsada i\u015flem g\u00f6rmeyen halka a\u00e7\u0131k anonim ortakl\u0131klar \u015feklinde ayr\u0131m yap\u0131l\u0131r. Hisse senetleri borsada i\u015flem g\u00f6ren anonim ortakl\u0131klar pay sahiplerine 1.temett\u00fcy\u00fc da\u011f\u0131tmayabilir ama hisse senetleri borsada i\u015flem g\u00f6rmeyenler mutlaka 1.temett\u00fcy\u00fc pay sahiplerine nakden da\u011f\u0131tmak zorundad\u0131r.\n
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                1. Tasfiyeden Pay Alma Hakk\u0131 (Tasfiye Sonucuna Kat\u0131lmalar\u0131)<\/strong><\/li>\n<\/ol>\nOrtakl\u0131klar\u0131n tasfiyesinde \u00f6ncelikle \u015firketin bor\u00e7lar\u0131 \u00f6denir. Ortakl\u0131\u011f\u0131n tahvil, finansman bonosu gibi bor\u00e7lanmay\u0131 ifade eden menkul k\u0131ymetleri varsa \u00f6ncelikle bu k\u0131ymetlerin bedelleri \u00f6denir.\n\n\u015eirket bor\u00e7lar\u0131 \u00f6dendikten sonra, kalan tutarlar \u00fczerinden hisse senedi sahiplerinin pay alma haklar\u0131 mevcuttur.[6]\n
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                  1. Bedelsiz Pay Alma Hakk\u0131<\/strong><\/li>\n<\/ol>\nHalka a\u00e7\u0131k anonim \u015firketlerde esas sermaye art\u0131r\u0131m\u0131 2 \u015fekilde yap\u0131labilir. D\u0131\u015f kaynaklardan yap\u0131lan sermaye art\u0131r\u0131m\u0131 ve i\u00e7 kaynaklardan yap\u0131lan sermaye art\u0131r\u0131m\u0131d\u0131r. D\u0131\u015f kaynaklardan yap\u0131lan sermaye art\u0131r\u0131m\u0131nda nakdi veya ayni olarak \u015firkete d\u0131\u015f kaynak getirilir. Bu durumda hem pay say\u0131s\u0131 hem de sermaye artar. \u0130\u00e7 kaynaklardan yap\u0131lan sermaye art\u0131r\u0131m\u0131nda ise paylar\u0131n itibari de\u011feri art\u0131r\u0131larak sermaye art\u0131r\u0131m\u0131 yap\u0131l\u0131r. Bu durumda pay say\u0131s\u0131 ayn\u0131 kal\u0131r sermaye artar ve yeni \u00e7\u0131kar\u0131lan paylar bedelsiz olarak \u00e7\u0131kar\u0131l\u0131p pay sahiplerine verilebilir.\n
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                    1. R\u00fc\u00e7han (Yeni Pay Alma) Hakk\u0131<\/strong><\/li>\n<\/ol>\nAncak bir sermaye art\u0131r\u0131m\u0131 \u00e7er\u00e7evesinde kullan\u0131lan bir hakt\u0131r. Pay sahibi sermaye art\u0131r\u0131m\u0131na ister kat\u0131l\u0131r ister kat\u0131lmaz dolay\u0131s\u0131yla r\u00fc\u00e7han hakk\u0131n\u0131n kullan\u0131lmas\u0131 zorunlu de\u011fildir.\n\nKay\u0131tl\u0131 sermaye sistemindeki anonim \u015firketlerde, esas s\u00f6zle\u015fmede bu konuda bir h\u00fck\u00fcm \u00f6ng\u00f6r\u00fclm\u00fc\u015f olmas\u0131 kayd\u0131yla,y\u00f6netim kurulunun,pay sahiplerinin yeni pay alma haklar\u0131n\u0131 s\u0131n\u0131rland\u0131rmas\u0131 m\u00fcmk\u00fcnd\u00fcr (SerPK m.12.V.). Ancak yeni pay alma hakk\u0131n\u0131 k\u0131s\u0131tlama yetkisi,pay sahipleri aras\u0131nda e\u015fitsizli\u011fe yol a\u00e7acak \u015fekilde kullan\u0131lamaz (SerPK m.12\/4 son c\u00fcm.)[7]\n\n2. Payda\u015flar\u0131n Y\u00f6netimsel Haklar\u0131<\/strong>\n\na. Bilgi Alma Hakk\u0131<\/strong>\n\nAnonim \u015firketlerin malvarl\u0131\u011f\u0131 ile ilgili bilgilerin al\u0131nmas\u0131 ve a\u00e7\u0131klanmas\u0131 HAAO, yani SerPK sisteminde \u00f6nem arz etmektedir. Buna kar\u015f\u0131l\u0131k, kapal\u0131 tip anonim \u015firketlerde, yani TTK sisteminde ise, sadece pay sahiplerinin TTK m.362 ve 363 h\u00fck\u00fcmlerinde malumat alma hakk\u0131 ba\u015fl\u0131\u011f\u0131 alt\u0131nda bilan\u00e7o, kar-zarar hesab\u0131, y\u0131ll\u0131k rapor ve safi kazanc\u0131n nas\u0131l da\u011f\u0131t\u0131laca\u011f\u0131na ili\u015fkin tekliflerin denet\u00e7i raporlar\u0131yla birlikte genel kurul toplant\u0131s\u0131ndan en az 15 g\u00fcn \u00f6nceden merkez ve \u015fubelerinde pay sahiplerinin emrine amade tutulaca\u011f\u0131 ve bunun bir y\u0131l s\u00fcreyle de devam edece\u011fi \u00f6ng\u00f6r\u00fclmektedir.[8]\n\nSermaye Piyasas\u0131 Kanununda ise 3794 say\u0131l\u0131 yasayla eklenmi\u015f olan 16\/A maddesinde kamunun ayd\u0131nlat\u0131lmas\u0131nda \u00f6zel durumlar ba\u015fl\u0131\u011f\u0131 alt\u0131nda bu husus d\u00fczenlenmi\u015ftir. Bu h\u00fckme g\u00f6re;\n\n\u2018Halka a\u00e7\u0131k anonim ortakl\u0131klar\u0131n sermaye ve y\u00f6netiminde kontrol\u00fc sa\u011flamak amac\u0131yla pay sahiplerine \u00e7a\u011fr\u0131da bulunarak, hisse senedi toplama giri\u015fiminde bulunulmas\u0131nda veya genel kurullarda oy hakk\u0131n\u0131 kullanmak i\u00e7in vekalet istenmesinde veya ortakl\u0131\u011f\u0131n pay da\u011f\u0131l\u0131m\u0131n\u0131n \u00f6nemli \u00f6l\u00e7\u00fcde de\u011fi\u015fmesi sonucu veren, hisse senedi el de\u011fi\u015ftirmelerinde, sermaye art\u0131r\u0131mlar\u0131nda, birle\u015fme ve devirlerde, menkul k\u0131ymetlerin de\u011ferini etkileyebilecek \u00f6nemli olay ve geli\u015fmelerden Kurul, k\u00fc\u00e7\u00fck pay sahiplerinin korunmas\u0131 ve kamunun ayd\u0131nlat\u0131lmas\u0131n\u0131 sa\u011flamak amac\u0131yla d\u00fczenlemeler yapar.\u2019\n\nG\u00f6r\u00fcld\u00fc\u011f\u00fc gibi sermaye piyasas\u0131 kanununa eklenen bu maddeyle HAAO\u2019larda k\u00fc\u00e7\u00fck pay sahiplerinin geli\u015fmelerden haberdar edilmeleri gere\u011fi vurgulanm\u0131\u015ft\u0131r.\n\nb. \u015eirket Y\u00f6netimine Kat\u0131lma ve Oy Kullanma Hakk\u0131<\/strong>\n\nHisse senedi sahipleri, \u015firketlerin genel kurullar\u0131na kat\u0131larak g\u00fcndemdeki maddelerle ilgili olarak oylar\u0131n\u0131 kullanabilirler.\n
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                      1. PAY SENETLER\u0130N\u0130N T\u00dcRLER\u0130<\/strong><\/li>\n<\/ol>\n
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                        1. \u0130hra\u00e7 A\u00e7\u0131s\u0131ndan Hisse Senetlerinin \u00c7e\u015fitleri<\/strong><\/li>\n<\/ol>\nHisse senetleri nama ve hamiline yaz\u0131l\u0131 olarak ihra\u00e7 edilebilirler. Ancak Sermaye Piyasas\u0131 Kurulu\u2019nun kaydile\u015ftirilen Sermaye Piyasas\u0131 Ara\u00e7lar\u0131na \u0130li\u015fkin Kay\u0131tlar\u0131n Tutulmas\u0131n\u0131n Usul ve Esaslar\u0131 hakk\u0131ndaki tebli\u011fi uyar\u0131nca Merkezi Kay\u0131t Kurulu\u015fu \u00fcyesi(hisse senetleri borsada i\u015flem g\u00f6ren)ihra\u00e7\u00e7\u0131 kurulu\u015flar hisse senetlerini ayn\u0131 neviye \u00e7evirmek zorundad\u0131rlar.[9]\n\nBu durumda s\u00f6z konusu \u00fcyeler ana s\u00f6zle\u015fme de\u011fi\u015fikliklerini yaparak b\u00fct\u00fcn hisse senetlerini ya nama ya da hamiline \u00e7evireceklerdir.\n
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                          1. Haklar A\u00e7\u0131s\u0131ndan Hisse Senetlerinin \u00c7e\u015fitleri<\/strong><\/li>\n<\/ol>\n
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                            1. \u0130mtiyazl\u0131 \u2013Adi Hisse Senetleri<\/strong><\/li>\n<\/ol>\nHisse senetleri ana s\u00f6zle\u015fmede aksine bir h\u00fck\u00fcm yoksa sahiplerine e\u015fit haklar sa\u011flarlar. Bu tip hisse senetlerine adi hisse senetleri denir. Bir k\u0131s\u0131m hisse senetleri ise adi hisse senetlerine g\u00f6re kara kat\u0131lmada, y\u00f6netim ve denetim kuruluna \u00fcye se\u00e7iminde, oy hakk\u0131nda ve benzeri konularda ana s\u00f6zle\u015fmeye dayanarak sahiplerine imtiyazl\u0131 haklar tan\u0131yabilir. Bir anonim ortakl\u0131kla \u00e7e\u015fitli imtiyazlara sahip hisse senetleri bulunuyorsa bunlar farkl\u0131 grup isimleriyle adland\u0131r\u0131l\u0131rlar[10] ve borsada farkl\u0131 i\u015flem s\u0131ralar\u0131nda i\u015flem g\u00f6r\u00fcrler.[11]\n\nb. Kurucu Hisse Senetleri<\/strong>\n\nKurulu\u015fta eme\u011fi ge\u00e7en ortaklara bu hizmetleri kar\u015f\u0131l\u0131\u011f\u0131 verilen hisse senetleridir. Uygulamada kurucu hisse senetlerinin al\u0131m sat\u0131m\u0131 \u00e7ok azd\u0131r. Bunlara \u00f6rnek olarak \u0130\u015f Bankas\u0131 kurucu hisseleri g\u00f6sterilebilir.[12]\n\nc. Oydan Yoksun Hisse Senetleri<\/strong>\n\nBu t\u00fcr hisse senetleri oy kullanama d\u0131\u015f\u0131nda hisse senedinin ortaklar\u0131na sa\u011flad\u0131\u011f\u0131 her t\u00fcrl\u00fc haktan yararlanabilirler. Ancak genel kurullara g\u00f6zlemci olarak kat\u0131labilirler, oy kullanamazlar.[13]\n\nFarkl\u0131 bir \u00f6zellik arz eden oydan yoksun hisse senetleri a\u015fa\u011f\u0131da ayr\u0131 bir b\u00f6l\u00fcm olarak ele al\u0131nm\u0131\u015ft\u0131r.\n
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                              1. Primli (Agiolu) -Primsiz Hisse Senetleri<\/strong><\/li>\n<\/ol>\n\u00dczerinde yaz\u0131l\u0131 de\u011fer ile di\u011fer bir deyi\u015fle nominal de\u011ferden ihra\u00e7 edilen hisse senetlerine primsiz, nominal de\u011ferlerinden y\u00fcksek bir bedelle ihra\u00e7 edilen hisse senetlerine primli hisse senedi denir.\n\nTTK sisteminde primli hisse senedi \u00e7\u0131karma TTK.m.286\/2 h\u00fckm\u00fc gere\u011fince, esas s\u00f6zle\u015fmede bu hususta h\u00fck\u00fcm bulunmas\u0131na veya bunun genel kurul taraf\u0131ndan karar alt\u0131na al\u0131nmas\u0131na ba\u011fl\u0131d\u0131r. Oysa ki, kay\u0131tl\u0131 sermaye sistemini benimsemi\u015f anonim \u015firketlerde, SerPK m.12\/5 h\u00fckm\u00fc ile; ana s\u00f6zle\u015fmeye h\u00fck\u00fcm konulmas\u0131 kayd\u0131yla, y\u00f6netim kuruluna itibari de\u011ferinin \u00fczerinde pay senedi \u00e7\u0131karabilmesi imkan\u0131 tan\u0131nm\u0131\u015ft\u0131r. Primli hisse senetleri, \u00e7o\u011funlukla \u00f6z kaynaklar\u0131n\u0131n fazla, mali yap\u0131s\u0131n\u0131n sa\u011flam ve “, borsada menkul k\u0131ymetlerine talebin \u00e7ok oldu\u011fu, dolay\u0131s\u0131yla fiyatlar\u0131n\u0131n s\u00fcrekli y\u00fckseldi\u011fi anonim \u015firketlerin sermaye art\u0131r\u0131mlar\u0131nda \u00e7\u0131kar\u0131l\u0131r.[14]\n
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                                1. Bedelli-Bedelsiz Hisse Senetleri<\/strong><\/li>\n<\/ol>\nNakit\/bedelli sermaye art\u0131r\u0131m\u0131 yoluyla ihra\u00e7 edilen hisse senetlerine bedelli hisse senedi, ortaklar\u0131n nakit \u00f6deme taahh\u00fcd\u00fcn\u00fc i\u00e7ermeksizin i\u00e7 kaynaklardan sermaye art\u0131r\u0131m\u0131 yoluyla ihra\u00e7 edilen hisse senetlerine ise bedelsiz hisse senedi denir.\n
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                                  1. PAY SENETLER\u0130N\u0130N GET\u0130R\u0130LER\u0130<\/strong><\/li>\n<\/ol>\nHisse senedi sahipleri temel olarak iki t\u00fcr gelir elde ederler;\n\n1. Kar pay\u0131 (temett\u00fc) geliri:<\/strong> Anonim ortakl\u0131klar\u0131n y\u0131lsonunda elde ettikleri kar\u0131n ortaklara da\u011f\u0131t\u0131lmas\u0131ndan elde edilen gelirdir. Hisseleri\/paylar\u0131 Borsa\u2019da i\u015flem g\u00f6ren halka a\u00e7\u0131k anonim ortakl\u0131klar, karlar\u0131n\u0131 Sermaye Piyasas\u0131 Kurulu\u2019nun Seri: IV, No: 27 say\u0131l\u0131 Tebli\u011fi\u2019nde yer alan esaslar, ortakl\u0131k esas s\u00f6zle\u015fmesinde yer alan h\u00fck\u00fcmler ve \u015eirketler taraf\u0131ndan kamuya a\u00e7\u0131klanm\u0131\u015f kar da\u011f\u0131t\u0131m politikalar\u0131 \u00e7er\u00e7evesinde nakden veya temett\u00fc\u00fcn sermayeye ilavesi suretiyle hisse ihra\u00e7 ederek da\u011f\u0131tabilir. 2009 y\u0131l\u0131 faaliyetlerinden elde edilen karlar i\u00e7in herhangi bir asgari kar da\u011f\u0131t\u0131m zorunlulu\u011fu bulunmamaktad\u0131r. Hisse senetleri Borsa\u2019da i\u015flem g\u00f6rmeyen halka a\u00e7\u0131k anonim ortakl\u0131klar ise Seri: IV, No: 27 say\u0131l\u0131 Tebli\u011f h\u00fck\u00fcmleri ve ilgili Kurul d\u00fczenlemeleri \u00e7er\u00e7evesinde, da\u011f\u0131t\u0131labilir karlar\u0131n\u0131n en az %20\u2019sini birinci temett\u00fc olarak da\u011f\u0131tmak zorundad\u0131r.\n\n2.Sermaye kazanc\u0131: <\/strong>Zaman i\u00e7inde hisse senedinin de\u011ferinde meydana gelen art\u0131\u015ftan elde edilen gelirdir.\n\nF. \u00a0PAY SENETLER\u0130N\u0130N Z\u0130YAI VE ZAMANA\u015eIMI<\/strong>\n\nHisse senedinin ziya\u0131, do\u011fal bir afet (deprem vb.) veya bir insan fiiliyle (\u00e7al\u0131nma, y\u0131rt\u0131lma vb.) elinde bulunduran\u0131n iradesi d\u0131\u015f\u0131nda senedin elinden \u00e7\u0131kmas\u0131, veya elinde bulunmakla beraber y\u0131pranma bozulma gibi nedenlerle art\u0131k kullan\u0131lamaz hale gelmesidir. Zayi oldu\u011fu ispat edilen hisse senetleri i\u00e7in, mahkemeden iptal talebinde bulunulabilir. Hisse senedi mahkeme taraf\u0131ndan iptal edildi\u011finde hak ile senedin aras\u0131ndaki ba\u011f kopar ve senedin verdi\u011fi haklar senetsiz de talep edilebilir. Hisse senedinin bir m\u00fclkiyet senedi olmas\u0131 ve vade ta\u015f\u0131mamas\u0131 nedeni ile, zamana\u015f\u0131m\u0131 s\u00f6z konusu de\u011fildir. Ancak, tasfiye bakiyesinden pay alma hakk\u0131 tasfiye tarihinden itibaren 10 y\u0131ll\u0131k zamana\u015f\u0131m\u0131na, kar pay\u0131 hakk\u0131 ise 5 y\u0131ll\u0131k zaman a\u015f\u0131m\u0131na tabidir.[15]\n\nIII. OYDAN YOKSUN H\u0130SSE SENETLER\u0130<\/strong>\n\nA. OY HAKKI BAKIMINDAN PAY<\/strong>\n
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                                    1. Oy Hakk\u0131 Olan Pay<\/strong><\/li>\n<\/ol>\nTTK.m.373\/1 h\u00fckm\u00fc uyar\u0131nca,her pay\u0131n en az bir oy hakk\u0131 vard\u0131r.Oydan yoksun pay olmaz.Bu sistem TTK\u2019n\u0131n benimsedi\u011fi sistemdir.Ancak ba\u015fka hukuk sistemlerinde oy hakk\u0131 olan paylar\u0131n yan\u0131 s\u0131ra oy hakk\u0131 olmayan paylar da bulunmaktad\u0131r.1992 y\u0131l\u0131nda yap\u0131lan de\u011fi\u015fiklikle Sermaye Piyasas\u0131 Kanununun 14\/A h\u00fckm\u00fc, karda imtiyazl\u0131 fakat oy hakk\u0131ndan yoksun paylara izin vermi\u015ftir.\n
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                                      1. Oy Hakk\u0131ndan Yoksun Pay<\/strong><\/li>\n<\/ol>\nT\u00fcrk Ticaret Kanunu sisteminin aksine,2499 say\u0131l\u0131 Sermaye Piyasas\u0131 Kanunu\u2019nda 1992 y\u0131l\u0131nda[16] yap\u0131lan de\u011fi\u015fiklikle, karda imtiyazl\u0131 oydan yoksun paylar \u00e7\u0131kar\u0131lmas\u0131 kural\u0131 getirilmi\u015ftir. SerPK.m.14\/A h\u00fckm\u00fcne g\u00f6re,\n\n\u2018Anonim ortakl\u0131klar esas s\u00f6zle\u015fmelerinde h\u00fck\u00fcm bulunmak \u015fart\u0131yla, k\u00e2r pay\u0131 imtiyaz\u0131 sa\u011flayarak, oy hakk\u0131ndan yoksun paylar ihra\u00e7 edebilir ve bunlar\u0131 temsil eden hisse senetlerini halka arz edebilirler.\n\nOydan yoksun paylar\u0131n ihrac\u0131 ve bunlar\u0131n sermaye i\u00e7indeki oran\u0131 bu paylar\u0131 temsil eden hisse senetlerine kar pay\u0131 da\u011f\u0131t\u0131m\u0131nda tan\u0131nacak imtiyaz\u0131n mahiyeti ve oran\u0131, senetlerin \u015fekil, kapsam ve t\u00fcr\u00fc, k\u00e2r pay\u0131 imtiyaz\u0131 d\u0131\u015f\u0131ndaki pay sahipli\u011fi haklar\u0131nda tan\u0131nabilecek di\u011fer imtiyazlar ve bunlar\u0131n kullan\u0131m esaslar\u0131 ile bu senetlerin halka arz, sat\u0131\u015f \u015fart ve usulleri Kurul taraf\u0131ndan belirlenir.\u2019\n\nBu h\u00fck\u00fcmden anla\u015f\u0131laca\u011f\u0131 \u00fczere;\n\nOy hakk\u0131ndan yoksun pay \u00e7\u0131kar\u0131labilmesi i\u00e7in HAAO\u2019nun esas s\u00f6zle\u015fmesinde bu yolda bir h\u00fck\u00fcm bulunmal\u0131d\u0131r.\n\nOydan yoksun paylar halka arz edilmek \u00fczere \u00e7\u0131kar\u0131labilir.\n\nMevcut pay sahiplerine oydan yoksun pay tahsis edilemez.\n\nOydan yoksun paylar, kural olarak, karda imtiyaz sa\u011flamak \u00fczere \u00e7\u0131kar\u0131l\u0131r.\n
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                                        1. Oydan Yoksun Pay Senetleri<\/strong><\/li>\n<\/ol>\nOydan Yoksun Pay Senetleri(OYPS),Sermaye Piyasas\u0131 Kurulu(SPK)\u2019n\u0131n Seri:1,No:15 Tebli\u011fi ile d\u00fczenlenmi\u015ftir.[17] Bu tebli\u011fe g\u00f6re, OYPS\u2019ler, AO\u2019lar\u0131n sermaye art\u0131r\u0131m\u0131 ile ihra\u00e7 edebilecekleri, oy hakk\u0131 hari\u00e7, sahibine kar pay\u0131ndan ve AO isterse-esas s\u00f6zle\u015fmede h\u00fck\u00fcm bulunmas\u0131 \u015fart\u0131yla- tasfiye bakiyesinden imtiyazl\u0131 olarak yararlanma hakk\u0131 ve di\u011fer ortakl\u0131k hakk\u0131n\u0131 sa\u011flayan pay senetleridir. Oydan Yoksun Pay Senetleri\u2019nin nama yaz\u0131l\u0131 olmas\u0131 zorunludur. TTK.m.418 uyar\u0131nca, ortakl\u0131k y\u00f6netim kurulu bu paylar\u0131 pay defterine kay\u0131ttan ka\u00e7\u0131namaz (m.5). Buna g\u00f6re OYPS\u2019nin itibari de\u011ferleri oy hakk\u0131 veren klasik pay senetlerinin-veya farkl\u0131 itibari de\u011fer varsa-bunlardan herhangi birisinin itibari de\u011ferine e\u015fit olmal\u0131d\u0131r. Tebli\u011f, AO\u2019nun YK ba\u015fkan\u0131n\u0131n ve \u00fcyelerinin, denet\u00e7ilerin, murahhas m\u00fcd\u00fcr, genel m\u00fcd\u00fcr ve yard\u0131mc\u0131lar\u0131n\u0131n, yetki ve sorumluluk bak\u0131m\u0131ndan belirtilen g\u00f6revlere benzer g\u00f6revlerde bulunanlar\u0131n, bunlarla y\u00f6netim, denetim, veya sermaye ili\u015fkisi i\u00e7inde bulunan ki\u015filerin OYPS edinmelerini yasaklam\u0131\u015ft\u0131r (m.7). Ancak bu yasa\u011f\u0131n ne derece etkili olabilece\u011fi ve bunun ne gibi yararlar sa\u011flayaca\u011f\u0131 ku\u015fkuludur.[18]\n
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                                          1. Sa\u011flad\u0131\u011f\u0131 Haklar<\/strong><\/li>\n<\/ol>\naa. K\u00e2r Pay\u0131nda \u0130mtiyaz<\/strong>\n\nOydan yoksun hisse senedi sahipleri di\u011fer ortaklarla birlikte, mevzuat ve esas s\u00f6zle\u015fmede belirtilen miktarda kar pay\u0131 al\u0131rlar.\n\nYukar\u0131da belirtti\u011fim oydan yoksun pay senetlerinin tan\u0131m\u0131ndan da anla\u015f\u0131laca\u011f\u0131 gibi, oydan yoksun pay senedi sahipleri i\u00e7in, esas s\u00f6zle\u015fmede g\u00f6sterilecek oranda k\u00e2r pay\u0131nda imtiyaz tan\u0131nmas\u0131 zorunludur ve imtiyazl\u0131 k\u00e2r paylar\u0131 nakden da\u011f\u0131t\u0131l\u0131r. Oydan yoksun hisse senedi sahiplerine tan\u0131nan imtiyazl\u0131 kar pay\u0131 da\u011f\u0131t\u0131lmad\u0131k\u00e7a, ba\u015fka yedek ak\u00e7e ayr\u0131lmas\u0131na, ertesi y\u0131la kar aktar\u0131lmas\u0131na ve y\u00f6netim kurulu \u00fcyeleri ile memur, m\u00fcstahdem ve i\u015f\u00e7ilere, \u00e7e\u015fitli ama\u00e7larla kurulmu\u015f olan vak\u0131flara ve bu gibi ki\u015fi veya kurumlara k\u00e2rdan pay da\u011f\u0131t\u0131lmas\u0131na karar verilemez.[19]\n\nbb. Tasfiye Bakiyesinde \u0130mtiyaz<\/strong>\n\nOrtakl\u0131k esas s\u00f6zle\u015fmesinde h\u00fck\u00fcm bulunmak ko\u015fuluyla, oydan yoksun hisse senedi sahiplerine tasfiye bakiyesinde imtiyaz tan\u0131yabilir. Bu halde tasfiye halinde bulunan ortakl\u0131\u011f\u0131n bor\u00e7lar\u0131 \u00f6dendikten sonra kalan mevcudu, TTK h\u00fck\u00fcmleri sakl\u0131 kalmak \u00fczere, \u00f6ncelikle tasfiye bakiyesinde imtiyazl\u0131 oydan yoksun hisse senedi sahiplerine, ortakl\u0131\u011fa koyduklar\u0131 sermayenin \u00f6denmesi i\u00e7in tahsis edilir.\n\ncc. Oy Hakk\u0131n\u0131n Do\u011fmas\u0131<\/strong>\n\nOrtakl\u0131k, \u00fcst \u00fcste 3 y\u0131l k\u00e2r da\u011f\u0131tamazsa veya mevzuat uyar\u0131nca izin verilmedi\u011fi halde, herhangi bir nedenle bir y\u0131l oydan yoksun hisse senedi imtiyaz\u0131na ili\u015fkin k\u00e2r da\u011f\u0131t\u0131m\u0131n\u0131 yapmazsa, senet sahipleri, bu durumlar\u0131n kesinle\u015fti\u011fi genel kurul toplant\u0131 tarihini izleyen y\u0131l, esas sermayeye kat\u0131lmalar\u0131 ile orant\u0131l\u0131 olarak oy hakk\u0131n\u0131 elde ederler ve buna ba\u011fl\u0131 olarak imtiyazl\u0131 bu paylar adi pay haline d\u00f6n\u00fc\u015f\u00fcr. Ayr\u0131ca esas s\u00f6zle\u015fmede h\u00fck\u00fcm bulunmak kayd\u0131yla, belirlenecek bir s\u00fcre sonunda bu senetler adi hisse senedine d\u00f6n\u00fc\u015febilir.[20]\n\ndd. Yeni Pay Alma Hakk\u0131<\/strong>\n\nOrtakl\u0131klar\u0131n yapacaklar\u0131 sermaye art\u0131r\u0131m\u0131nda,oydan yoksun hisse senedi sahiplerinin di\u011fer ortaklarla birlikte,sermaye paylar\u0131 ile orant\u0131l\u0131 olarak yeni pay alma haklar\u0131 vard\u0131r.\n\nee. Bedelsiz Pay Alma Hakk\u0131<\/strong>\n\n\u0130\u00e7 kaynakl\u0131 sermaye art\u0131r\u0131mlar\u0131nda oydan yoksun hisse senedi sahipleri, art\u0131r\u0131m tarihindeki sermaye paylar\u0131 oran\u0131nda bedelsiz oydan yoksun pay alma hakk\u0131na sahiptirler.\n\nff. Genel Kurula Kat\u0131lma Hakk\u0131<\/strong>\n\nS\u00f6z konusu tebli\u011fin 18.maddesi oydan yoksun hisse senedi sahiplerine oy hakk\u0131 olmaks\u0131z\u0131n genel kurula kat\u0131lma ve bilgi alma haklar\u0131 sa\u011flam\u0131\u015ft\u0131r. Bu durum ihra\u00e7c\u0131 \u015eirket a\u00e7\u0131s\u0131ndan alternatif kaynak yarat\u0131rken, \u015firketin ortakl\u0131k yap\u0131s\u0131 ve y\u00f6netim d\u00fczeni korunmaktad\u0131r. Yat\u0131r\u0131mc\u0131lara ise alternatif bir yat\u0131r\u0131m arac\u0131 sunulmaktad\u0131r Ayr\u0131ca m.17\u2019de, OYPS\u2019lerin sahiplerine genel kurul toplant\u0131s\u0131n\u0131n mektupla bildirilmesi zorunlulu\u011fu \u00f6ng\u00f6r\u00fclmektedir. Ancak hisse senetleri borsalarda veya te\u015fkilatlanm\u0131\u015f di\u011fer piyasalarda i\u015flem g\u00f6ren ortakl\u0131klarda, oydan yoksun hisse senedi sahiplerine toplant\u0131 g\u00fcn\u00fcn\u00fcn taahh\u00fctl\u00fc mektupla bildirmesine ili\u015fkin TTK h\u00fckm\u00fc uygulanmaz. Oydan yoksun hisse senedi sahiplerinin talebi halinde, ortak y\u00f6neticileri,bu paylarla ilgili konularda,genel kurulda bilgi vermek zorundad\u0131rlar.[21]\n\ngg. Di\u011fer Haklar<\/strong>\n\nOydan yoksun hisse senedi sahiplerinin, di\u011fer ortaklar gibi \u015firket faaliyetleri hakk\u0131nda bilgi alma ve sorumluluk davas\u0131 a\u00e7ma haklar\u0131 vard\u0131r.Ayr\u0131ca oydan yoksun hisse senedi sahipleri az\u0131nl\u0131k haklar\u0131na sahiptirler.\n
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                                            1. Oydan Yoksun Hisse Senedi Sahipleri \u00d6zel Kurulu<\/strong><\/li>\n<\/ol>\nOydan yoksun hisse senedi sahipleri \u00f6zel bir kurul olu\u015ftururlar. Oydan yoksun hisse senedi sahiplerinin haklar\u0131nda de\u011fi\u015fiklik yaratan genel kurul kararlar\u0131, toplant\u0131 tarihinden itibaren en ge\u00e7 bir ay i\u00e7inde bu \u00f6zel kurulca onanmad\u0131k\u00e7a h\u00fck\u00fcm ifade etmez. Oydan yoksun hisse senedi sahiplerinin haklar\u0131n\u0131 de\u011fi\u015ftiren veya ortadan kald\u0131ran ya da ihlal eden genel kurul kararlar\u0131 aleyhine, \u00f6zel kurul toplant\u0131 tutana\u011f\u0131na muhalefetini yazd\u0131ran pay sahibi, gerekti\u011finde oydan yoksun hisse senedi sahipleri \u00f6zel kurul kararlar\u0131 i\u00e7in iptal davas\u0131 a\u00e7abilir ve genel kurul karar\u0131n\u0131n iptali i\u00e7in dava a\u00e7\u0131lmak \u00fczere, keyfiyeti y\u00f6netim kurulu \u00fcyeleri ve denet\u00e7ilere bildirir.[22]\n\nKay\u0131tl\u0131 sermaye sisteminde, oydan yoksun hisse senedi sahipleri y\u00f6netim kurulu kararlar\u0131 aleyhine de iptal davas\u0131 a\u00e7abilirler.\n\nSONU\u00c7<\/strong>\n\nAnonim \u015firketlerde, ortakl\u0131k haklar\u0131, hisse senetleri ile temsil edilir. Hisse senedinin maliki kim ise, o ki\u015fi ortakt\u0131r. \u00dclkemizdeki anonim \u015firketlerin, b\u00fcy\u00fck k\u0131sm\u0131 \u201caile \u015firketi\u201d oldu\u011fundan ve hisse senedi bast\u0131r\u0131lmas\u0131 konusunda, yasal bir zorunluluk da bulunmad\u0131\u011f\u0131ndan, anonim \u015firketlerde, hisse senedi konusu son derece \u00f6nemli olmas\u0131na kar\u015f\u0131n, olay\u0131n \u00f6nemini bilen ve hisse senedi bast\u0131ran \u015firket say\u0131s\u0131 azd\u0131r.\n\nOlay\u0131n sa\u011flad\u0131\u011f\u0131 mali avantajlar da yeterince bilinmedi\u011finden, anonim \u015firketlerin \u00e7ok b\u00fcy\u00fck k\u0131sm\u0131, hisse senedi bast\u0131rm\u0131yorlar.\n\nHisse senetleri sermaye piyasas\u0131 ve T\u00fcrk Ticaret Kanunu a\u00e7\u0131s\u0131ndan de\u011ferlendirildi\u011finde pay\u0131n olu\u015fum an\u0131 a\u00e7\u0131s\u0131ndan farkl\u0131l\u0131k s\u00f6z konusudur.T\u00fcrk Ticaret Kanununda pay tescille olu\u015furken,sermaye piyasas\u0131 kanununda tescilden \u00f6nce de hisse senedi \u00e7\u0131karmak m\u00fcmk\u00fcnd\u00fcr.\n\nOydan yoksun hisse senetleri bak\u0131m\u0131ndan iki kanun\u00a0 de\u011ferlendirildi\u011finde T\u00fcrk Ticaret Kanunu oydan yoksun paylara izin vermezken 1992 y\u0131l\u0131nda yap\u0131lan de\u011fi\u015fiklikle Sermaye Piyasas\u0131 Kanununun 14\/A h\u00fckm\u00fc, karda imtiyazl\u0131 fakat oy hakk\u0131ndan yoksun paylara izin vermi\u015ftir.Ancak,kar pay\u0131ndan imtiyaz verilmesi ve \u00fc\u00e7 y\u0131l kar da\u011f\u0131t\u0131lmamas\u0131 halinde bu hisse senetlerinin adi ortakl\u0131\u011fa d\u00f6n\u00fc\u015febilmesi,oydan yoksun hisse senetlerini piyasam\u0131zda g\u00f6rmeyen engelleyen unsurlard\u0131r.\n\nKAYNAK\u00c7A<\/strong>\n\nPULA\u015eLI<\/strong>, Hasan : \u015eirketler Hukuku, 8.Bas\u0131, Karahan Yay\u0131nlar\u0131, Adana, 2009.\n\n\u00a0HELVACI<\/strong>, Mehmet : Kay\u0131tl\u0131 Sermaye Sisteminde Sermaye Art\u0131r\u0131m\u0131 Usul\u00fc ve Bu Sisteme Tabi Olan Anonim Ortakl\u0131klarda Hisse Senetlerinin \u00c7\u0131kar\u0131lma Zaman\u0131, \u0130stanbul, 1995.\n\nYILDIZ<\/strong>,\u015e\u00fckr\u00fc:Anonim Ortakl\u0131kta Pay Sahipleri A\u00e7\u0131s\u0131ndan E\u015fit \u0130\u015flem \u0130lkesi,Ankara 2004.\n\nPOROY<\/strong>, Reha\/ TEK\u0130NALP<\/strong>, \u00dcnal\/ \u00c7AMO\u011eLU<\/strong>, Ersin, Ortakl\u0131klar ve Kooperatif Hukuku, 11. Bas\u0131, Vedat Kitap\u00e7\u0131l\u0131k,\u00a0 \u0130stanbul 2009.\n\n\u0130NAM <\/strong>,Mehmet:Sermaye Piyasas\u0131,Se\u00e7kin Yay\u0131nc\u0131l\u0131k,Ankara 2007.\n\n[2] Sermaye piyasas\u0131 arac\u0131 kavram\u0131,menkul k\u0131ymet teriminin yerine 3794 say\u0131l\u0131 yasa ile getirilmi\u015ftir.\n\n[3] Hasan Pula\u015fl\u0131, \u015eirketler Hukuku, 8.Bas\u0131, Karahan Yay\u0131nlar\u0131, Adana 2009, s.358.\n\n[4] Mehmet Helvac\u0131, Kay\u0131tl\u0131 Sermaye Sisteminde Sermaye Art\u0131r\u0131m\u0131 Usul\u00fc ve Bu Sisteme Tabi Olan Anonim Ortakl\u0131klarda Hisse Senetlerinin \u00c7\u0131kar\u0131lma Zaman\u0131, \u0130stanbul, 1995,s.159-160.\n\n[5] HELVACI ,s.159-160.\n\n[6] Mehmet \u0130nam, Sermaye Piyasas\u0131,Se\u00e7kin Yay\u0131nc\u0131l\u0131k,Ankara,2007,s.392.)\n\n[7] Kay\u0131tl\u0131 sermaye sisteminde yeni pay alma hakk\u0131n\u0131n s\u0131n\u0131rland\u0131r\u0131lmas\u0131 hakk\u0131nda bkz.\u015e\u00fckr\u00fc Y\u0131ld\u0131z,Anonim Ortakl\u0131kta Pay Sahipleri A\u00e7\u0131s\u0131ndan E\u015fit \u0130\u015flem \u0130lkesi,Ankara, 2004,s.171 vd.\n\n[8] PULA\u015eLI,s.200.\n\n[9] \u0130NAM,s.391.\n\n[10] A grubu, B grubu, C grubu gibi\n\n[12] \u0130NAM,s.391.\n\n[13] \u0130NAM,s.392.\n\n[14]POROY Reha\/TEK\u0130NALP \u00dcnal\/\u00c7AMO\u011eLU Ersin, Ortakl\u0131klar ve Kooperatif Hukuku, 11. Bas\u0131, Vedat Kitap\u00e7\u0131l\u0131k,\u00a0 \u0130stanbul 2009, s. 778.\n\n[16] RG.13.5.1992 g\u00fcn,say\u0131 11227.Oydan yoksun paylarla ilgili olarak bkz.Nomer,F\u00fcsun Anonim Ortakl\u0131kta,Oydan Yoksun paylar,\u0130stanbul 1994.\u00c7eker,M.Anonim Ortakl\u0131kta Oy Hakk\u0131 ve\u00a0 Kullan\u0131lmas\u0131,Ankara 2000,s.103 vd.\n\n[17] SPK 2003 y\u0131l\u0131nda \u00e7\u0131kard\u0131\u011f\u0131 Seri.1,No:30 say\u0131l\u0131 bir tebli\u011f ile OYPS\u2019yi yeniden d\u00fczenlemi\u015ftir(RG.20.3.2003,25054).\n\n[18] PULA\u015eLI , s.363.\n\n[19] \u0130NAM,s.395.\n\n[21] \u0130NAM,s.396.\n\n[22] \u0130NAM,s.396.","protected":false},"excerpt":{"rendered":"G\u0130R\u0130\u015e \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bir anonim \u015firketin sermayesinin birbirine e\u015fit paylar\u0131ndan bir par\u00e7as\u0131n\u0131 temsil eden k\u0131ymetli evrak niteli\u011findeki belgelere hisse senetleri denir. Hisse senetleri hem kapal\u0131 tip anonim ortakl\u0131k hem de halka a\u00e7\u0131k anonim ortakl\u0131klar a\u00e7\u0131s\u0131ndan \u015firket sermayesine kat\u0131l\u0131m\u0131 temsil etti\u011finden \u00f6nem…","protected":false},"author":1,"featured_media":4835,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-2782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ticaret-hukuku"],"yoast_head":"\nAnonim \u015eirketler ve Pay Senetleri - \u00c7elik Avukatl\u0131k<\/title>\n<meta name=\"description\" content=\"G\u0130R\u0130\u015e \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bir anonim \u015firketin sermayesinin birbirine e\u015fit paylar\u0131ndan bir par\u00e7as\u0131n\u0131 temsil eden k\u0131ymetli evrak niteli\u011findeki belgelere hisse\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"tr_TR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Anonim \u015eirketler ve Pay Senetleri - 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