a)
Capital decrease
In the case of a capital decrease in the transferor company, due to the division of certain provisions of the new TCC, are not applied.
b)
Capital increase
The transferee company increases the capital to the level adequate to protect the rights of the partners of the transferor company. The provisions regarding capital in kind are not applied in divisions. The capital may be increased without changing the ceiling due to division although it is not in accordance with the authorized capital system.
c)
Formation of a new company
In the formation of a new company due to division, relevant provisions of the Cooperatives Law are applied. In the formation of capital companies the provisions pertaining to contribution of capital in kind and the minimum number of founders are not applied.
d)
Interim balance sheet
An interim balance sheet is prepared if:
- The period between the date the division agreement is signed or the date the division plan is drawn up and the date of the balance sheet is longer than 6 months, or,
- There are significant changes in the assets of the companies participating in the division after the last balance sheet is prepared.
The interim balance sheet is prepared based on the principles and provisions applied to the annual balance sheet except for the following matters:
- There is no requirement to conduct physical stock take,
- The valuations applied in the preparation of the last balance sheet are changed to the extent of the transactions in the commercial books. Depreciation, valuation adjustments, provisions are also taken into account in the preparation of the interim balance sheet.
