Legal responsibilities of members of bank board of directors

The administrative and representative body of the banks, which are one of the indispensable components of the economic life, is the bank board of directors. Although, as a general principle, the legal responsibility stemming from the exercise of the broad authority that the members of bank board of directors have is up to the incorporated bank, in some situations, the members of bank board of directors can also be hold responsible. In our thesis, we analyze the responsibility system of the members of bank board of directors who have the opportunity to transact and take decisions that can affect the national economy.Our thesis is mainly based on the provisions of the Turkish Commercial Code and the Banking Code and there are comparative references to the related articles of the Turkish Commercial Draft Code. As our thesis regards only the legal responsibility, the criminal responsibility of the members of bank board of directors is excluded from the field of analysis. As there is no distinction between incorporated companies and banks regarding the procedures about the legal responsibility cases, acquittal and limitation, in our thesis there is no reference to these points which are the subjects of many academic studies. The restriction of subjects and sources are made accordingly.Our thesis is made up of three main chapters. In the first chapter, the administrative and representative nature of the bank board of directors is emphasized. In the second chapter, the general responsibility system which the members of the bank board of directors depend on is explained. Consequently, in the third chapter, the personal bankruptcy of the members of the bank board of directors is analyzed.Legal responsibility cases filed against the members of bank board of directors can be examined under two main headings. The first one of these is the joint responsibility case filed in accordance with Article 336 of the Turkish Commercial Code. The second one is the personal bankruptcy case filed under Article 110 of the Banking Code. Accordingly, responsibility cases can be filed against the members of the bank board of directors under Article 336 of the Turkish Commercial Code because of the reasons stated in the Turkish Commercial Code or the Banking Code. Moreover, if certain conditions are fulfilled, the personal bankruptcy of the members of the bank board of directors can be demanded under Article 110 of the Banking Code.Key Words1.Banking Law2.Bank3.Board of directors4.Legal responsibility5.Personal bankruptcy