The sale and purchase of shares contract acted in stock exchange and transition of the right

The Sale and Purchase of Shares Contract Acted In Stock Exchange and Transition of The Right, Graduate Dissertation, Ankara, 2008.Dissertation entitled ?The Sale and Purchase of Shares Contract Acted In Stock Exchange and Transition of The Right? is divided into three parts.Part one describes the conceptual framework, the parties and the conclusion of the trading contract. According to these analysis, investors willing to complete a sale and purchase contract in Stock Exchange have to sign a framework agreement with an intermediary institution that holds a Stock Exchange membership certificate and which is established in accordance with CML. Within the framework of this agreement, the intermediary institution as the agent of the investor forwards the investor instructions to the Stock Exchange and the transaction is concluded when the buying and selling instructions match consistent with the principles existing in the system of Stock Exchange.Second part presents, the proper fulfillment and nonperformance of the contract. The clearing which provides the fulfillment of the contract is performed on the second consequent day of the transaction via the clearing account and intermediaries? account of CRA by ISE Settlement and Custody Bank. The intermediary in breach of its obligations will default without any need of notice or respite. In this state, the share is bought by the Stock Exchange or the obligation is fulfilled from the guarantee account of the intermediary institution. The intermediary institution is also obliged to pay a default interest. In case of default by the intermediary due to the investor?s default, the obligation of the investor turns into a cash obligation. If the intermediary does not default despite the default of the investor, the consequences of the default will be determined according to the Articles 38 and 39 of the ISE Regulation.Lastly, third part addresses the issues with regard to the transition of right when the contractual obligations are properly executed. Upon the analysis, it is determined that the records of the CRA has not a founder effect and the clearingaccount to intermediary?s account is sufficient for the transition of the right. On the other hand, according to the Article 10/A-5 of CML, in registering the transfer of registered shares at the share register of companies, the records at the CRA shall accepted as accurate without the need for further application by any party. It is also determined that the provisions of the Draft of Turkish Commercial Code is generally harmonious with the registered system.Key Words:1- Complete a sale and purchase contract in Stock Exchange2- Fulfillment and nonperformance of a sale and purchase contract in Stock Exchange3- Clearing in registered system4- Transition of rights related to the share5- Legal effect of the registeries of CRA.