b) The registered share certificates or provisional receipts bearing this guarantee will freely circulate among persons of all nationalities, both within and outside Turkey. Prior to the sale of these share certificates or provisional receipts to real persons or legal entities in Turkey - whether or not new share certificates or provisional receipts are issued to replace these - they must be submitted to the Ministry of Finance for cancellation of the guarantees thereon.


Guarantees on Credit Loans


Article 6 - a) The Ministry of Finance may, by a decision of the Council of Ministers, issue a guarantee on the principal sum and interest of a foreign credit loan to be contracted by an enterprise which meets the qualification requirements in Article 1 of this Law, up to a ceiling of one billion Turkish Liras, and against counter-guarantees or collateral.


b) Such guarantees shall automatically be abolished for the repaid portion of the principal or interest of the loan.


Employment of Foreigners


Article 7 - a) During the survey, foundation and operation phases of an enterprise established pursuant to this Law, the terms, conditions and restrictions imposed by Laws No. 2007 and 2818 shall not apply to foreigners investing in such enterprises, to foreigners acting as agents or representatives of such investors, to experts, foremen and to other skilled personnel, for a period of time which is considered necessary by the Committee tor the efficient establishment, expansion or operation of the business or for it to be restored for activity.


b) The above provision shall also apply to foreign experts, foremen and other skilled or trained personnel to be employed by domestic enterprises, provided that such enterprises are accepted by the Committee as meeting the conditions set forth in Article 1 of this Law.


c) Foreigners to be employed in accordance with the terms and provisions of this Article may for the purpose of providing subsistence to their immediate families or accumulating normal and reasonable savings, transfer abroad such parts of their earnings as shall be duly specified in their employment contracts, in the currencies of their countries of origin and subject to conversion at the current rates of exchange subject to obtaining in advance the Ministry of Finance's approval.


Committee for the Promotion of Foreign Investment


Article 8 - a) With the aim of implementing the provisions of this Law, a Committee has been established under the Chairmanship of the General Director of the Turkish Central Bank. This Committee consists of the General Director of the Treasury, General Director of Internal Trade, General Director of Industrial Affairs, the head of the Research and Planning Department in the Ministry of State Administration and the General Secretary of the Union of Chambers of Commerce, Industry and Commodity Exchanges, in cases where it is deemed necessary, the Committee may consult other ministries, as well as the representatives of other institutions. The issues submitted to the Committee shall be decided upon within 15 days from the date of submission to the Committee.

The General Director of Internal Trade shall act as the General Secretary of the Committee and in cases when it is deemed necessary, the General Secretary may convene the Committee for meetings.

The remuneration to be paid to the Chairman and members of the Committee shall be determined by the Council of Ministers.


b) Appeals to be raised against the Committee's decision must be carried out within 30 days from the date when the decision is announced to the parties concerned. Appeals must also be directed to the Minister of Finance, the Minister of the Economy and Commerce, and the Minister of State Administration. The decisions issued by these officials are final.



Article 9 - a) The Ministry of the Economy and Commerce is responsible for the implementation of this Law.


b) Upon the decision to be taken by the Committee, the Ministry of the Economy and Commerce shall issue orders to the relevant Customs Office regarding the importation of the real capital into the country.


Equal Treatment For Domestic and Foreign Capital


Article 10 - All rights, exemptions, privileges and facilities recognised for domestic capital and enterprises shall be equally applicable to foreign capital and foreign enterprises engaged in comparable fields of business.


Article 11 - a) All rights granted to persons engaged in investment activities in accordance with Article 31 of Decree No. 13 issued under the authority of Law No. 1567 and Laws No. 5583 and 5821, are reserved.


b.) All investments realized pursuant to Law No. 5821 in the period between 1 August 1951 and the date when this law comes into force shall benefit from the provisions granted by this Law.


Repeal of the Former Law


Article 12 - Law No. 5821 is hereby repealed.


Coming into Force


Article 13 - This law shall come into force on the date of its publication.


Article 14 - The Council of Ministers is entrusted with the enforcement of this law. Top

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