(1) Certificate of Establishment As soon as joint stock companies are established cannot immediately issue and distribute shares.
In order for a Joint Stock Company to be able to issue shares, the formalities of incorporation must be completed and all of the incorporation capital must have been paid in full. Those who wish to become a shareholder in a Joint Stock Company during the establishment period pay a portion (usually 25 percent) of the price of the shares they wish to purchase. They sign a letter of commitment stating that they will pay the remaining portion in installments (Apeller) on the dates to be determined by the Board of Directors.
The shareholders are given a “Temporary Share Certificate-Imbühaber” until the full amount of the share certificate price they have committed to is paid. This is popularly called “Temporary Share Certificate”.
Ilmühaber – Temporary Share Certificate is registered. It can be bought and sold like a registered share certificate. However, the transferor of the Ilmühaber cannot be released from its commitment with the transfer. The responsibility of the transferor also continues until the transferee pays all the installments (Apelles). After payment of all installments, the Temporary Share Certificate shall be exchanged for fully paid-up Shares (regular Shares).
(2) Certificate of Capital Increase In capital increases, even if the shareholders pay the share certificate price at once, the new share certificates until they are issued with a Temporary Share certificates are issued.
In capital increases, just as in the establishment collection of such shares through installment and installment payments may be decided. In this case, the Certificate The owner is asked to sign a letter of undertaking. In a similar form as in the Certificate of Incorporation responsibilities until the commitment is paid in full continues. Certificates-Temporary Share Shares for different amounts of Share Certificates as a single piece of paper-document difficult to buy and sell. But it is bought and sold. On the stock exchange are traded like any other Equity Shares.
