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ARTICLE 22 – FINANCIAL YEAR
With the exception of the Bank’s first financial year which shall
commence from the date on which the Bank is declared finally
incorporated and end on the 31st of December of the following
calendar year the Bank’s financial year shall commence every
year on the 1st of January and end on the 31st of December.
ARTICLE 23- ALLOCATION OF PROFITS
The net profits of the Bank shall be allocated by the Ordinary
General Meeting in accordance with the law.
2- Selling or otherwise disposing of the entire undertaking of
the Bank,
3- Liquidation of the Bank or its merger with another company
or organization,
4- Increasing or reducing Bank’s capital,
5- Issuance of bonds and all other kinds of debt instruments
(securities).
ARTICLE 22- ACCOUNTING PERIOD AND ACCOUNTS
The accounting period of the Bank shall consist of a calendar
year.
Bank’s accounts shall be kept and drawn up in accordance with
the Banking legislation, the Turkish Commercial Code and with
the imperative provisions of other relevant legislation taking into
account the chart of accounts, forms of Balance Sheet, Profit-
loss Statements.
The Bank’s accounts shall be drawn up in Turkish currency.
However, in case it is permitted by law the accounts may be
drawn in foreign currency in the manner prescribed by law.
The Bank may not leave its transactions unrecorded, may not
create accounting entries incompatible with their real nature,
may not settle its balance sheet without ensuring reconciliation
with legal and auxiliary books and records, branches, domestic
and foreign correspondents.
ARTICLE 23- ALLOCATION OF PROFITS RESERVE
FUNDS
The Bank may distribute profits pursuant to a resolution of the
General Meeting and in accordance with relevant legislation.
After deduction of legal and fiscal liabilities, the net profit is
allocated and distributed as follows:
Under Article 519 of the Turkish Commercial Code:
a. First legal reserve fund at the rate of 5% shall first be set
aside until twenty percent of paid in capital is reached.
b. After reaching the above level, 10% of the amount to be
received by persons entitled to receive profits shall be
added to the general reserve funds after payment of first
dividend at a rate of 5%.
The amount then outstanding may be distributed to
shareholders as second dividend and may be set aside as
extraordinary reserve funds, in part or in whole, at the absolute
discretion of the General Meeting of Shareholders.
Amendments to the Articles of Association