In the periods after the establishment of joint stock companies, “usufruct shares” may be granted to persons who benefit the company with the decision of the General Assembly. usufruct shares are similar to “founder shares”. They do not represent partnership shares. They do not give the right to participate in management (voting). They are distributed free of charge. The holder only receives a certain share in profit distribution.

(Our Turkish Commercial Code stipulates certain rules for allocating a share of profit to “privileged shares”. In publicly traded companies, special dividends cannot be paid to these shares until the shareholders are allocated 50 percent of the first dividend from the profit. The amount of special dividend cannot exceed one tenth of the remaining profit).