Acquittal in corporations

Acquittal is one of the reason which terminates the liability of the member of the board of directors in corporations. With the valid acquittal decision of the general assembly of a corporation, the works, transactions and activities of the member of the board of directors which are made in a financial period, are approved and on the other hand, the corporation, declare that not to claim a right or a credit against to them because of these works, transactions and activities; not to bring forward any right or claim; not to bring a compensation suit. For the formation period, acquittal is prepared in the article 310 of the Turkish Commercial Code. According to this article, the liability of the founders, member of the board of directors and controllers arising from the transactions of foundation period, can not be terminated by acquittal or peace unless four years have passed from the official registration of the corporation. Acquittal in the running period is preapared in the article 380 of the Turkish Commercial Code. According to this article, as a rule, with the decision of the general assembly relating to the approving the balance sheet, at the same time acquittal becomes fact. But, if some respects are not stated or stated but balance sheet is consisted some respects that prevents to see the real situation of the corporation, the acquittal does not becomes fact even if the balance sheet is approved. The basis provisions about the acquittal in the Turkish Commercial Code are article 310 and 380. But, we can?t say that these articles are adequate provisions despite acquittals? being of a very important instution in corporations as it saves the the founders, member of the board of directors and controllers from liability. Also, the bill of Turkish Commercial Code have couldn?t complete all the necessary parts for acquittal.