Article 100 of Companies Law

In the event of assignment of an interest to persons other than the partners, the approval of the remaining partners must be obtained. If the partners’ approval cannot be obtained, the terms of the assignment must be published in the Official Gazette. If fifteen days elapse without any partner submitting an application to the Ministry expressing his desire to exercise the right of redemption, the assignor may dispose of his interest. If more than one partner exercises the right of redemption, the interest sold shall be divided among them in proportion to each one’s interest in the capital. An application for redemption shall not be recognized unless accompanied by a certified cheque in the name of the assignor for the full value of the interest assigned, which shall be delivered to the assignor after completion of the assignment procedures. If the assignor refuses to complete the assignment, the partner requesting redemption may either withdraw from redemption or compel the assignor to do so pursuant to a judicial judgment. The company’s memorandum of association shall be amended to reflect the assignment by an official instrument signed by the assignor and the assignee without the need for the signatures of the remaining partners, or by a judicial judgment establishing the validity and enforceability of the redemption. The assignment of the interest shall have no effect in relation to the partners or third parties until the time of registration.