The effects of the concordat on the representation of the joi̇nt-stock company

By virtue of its legal personality, a joint-stock company is entitled to all rights and obligations except those exclusively assigned to natural persons. The corporate bodies of the company are determined by law. The company acquires its legal capacity through its corporate bodies and expresses its will through them. In external relations, the company exercises its legal capacity within the scope of its representation authority. Transactions carried out by the corporate bodies authorized to represent the company produce results as if they were conducted directly by the legal entity of the company. The authority to represent a joint-stock company belongs to the board of directors. During the period between registration and liquidation, the authority of representation is vested in the board of directors. However, during the concordat moratorium, if the management of the company is assigned to a commissioner, the authority of representation belongs to the commissioner. The board of directors continues to exercise its management and representation authority during the concordat moratorium. However, the use of these authorities is not entirely unrestricted. Limitations on management and representation authority arise from court decisions, legal provisions, and the instructions of the commissioner. In this study, the principles of company formation, its structure, and the limitations imposed on management and representation authority during the concordat moratorium are examined in a comprehensive and theoretical manner. The analysis includes a literature review and a comparative approach with the legal systems and practices of certain foreign countries. The findings aim to contribute to future scientific research.