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The Current Law

 

IN ACCORDANCE WITH THE LAW OF CHAMBERS AND COMMODITY EXCHANGES, NO.5174

The obligation to be registered in the commodity exchange

 

ARTICLE 32. – Those who deal with buying and selling of the products within the quotation of commodity exchange must be registered with the commodity exchange of the place they are located. The records of the firms who do not comply with this will be done by the commodity exchange on its own initiative and will be notified to them. The members registrations made according to sectorial groups will be kept in the common electronic data base of Ministry and Union. The changes, that are to be registered and announced according to Turkish Commercial Code, in the conditions of those who are required to be registered must be informed to the commodity exchange within a month. When the commodity exchange is informed of a firm that does not comply with this, it notifies the registry office to make necessary changes about these firms. Registration office is required to make necessary changes when informed of such a situation. The branch, contact office, plant, agency, warehouse, buying and selling area and such units of real or legal persons that operates within the borders of the commodity exchange must be registered, even though the center is not within the control area of the exchange. The names of the members, whose addresses and situations cannot be confirmed within the two years before the current year and who did not buy or sell anything via commodity exchange within the last two years, will be deleted from the sectorial members and electorate list, contribution accruals will be discontinued and they cannot benefit from the services of commodity exchange with the decision of commodity exchange assembly. Two years following the decision mentioned above, the record of a firm will be deleted from the commodity exchange with the decision of executive board if the firm does not inform the commodity exchange meanwhile. The contribution accruals of the firms that inform within this period will be commenced. Yet, they will not be included in the electorate lists unless they pay their contribution debts. The manufacturers of the products, with in the quotation of the exchange, who sell directly to the consumer can sell their products in the exchange without being registered.