The new TCC states that "one” or "more” shareholder founders are
required for incorporation of a joint stock company. This single shareholder joint
stock company is a significant change introduced by the new TCC that satisfies
a major need in the establishment of a joint stock company.
In cases where the number of shareholders decreases to one, the board of
directors must be notified of this matter in writing within seven days from the
date on which the relevant transaction causing this matter. Within seven days from
the date of receipt of this notification, the board of directors must register
and announce that the joint stock company is a single-shareholder joint stock
company.
Furthermore, in the case where the joint stock company is incorporated
by a single shareholder or the shares are held by a single person, name,
domicile and nationality of the single shareholder must be registered and
announced. In case of failure with the registration and announcement
requirement, the shareholder who fails to make the announcement and the board
of directors that fails to make the registration and the announcement may be held
responsible for any damages.
