Article 111 of Capital Markets Authority Law

As an exception to the provisions of Articles 49, 59, 91 of the Civil and Commercial Procedure Law, the following shall be observed: 1 - A judgment must be rendered, at the defendant's request, deeming the action never to have been brought if the defendant has not been summoned to appear within thirty days from the date the statement of claim was submitted to the Registry and this was attributable to the claimant's act. - If the claimant does not appear, nor the defendant, at the first hearing or at any other hearing, the court shall adjudicate the action; otherwise, it shall order it struck out, after verifying the validity of service. The court shall order the action struck out if both parties appear and agree to its being struck out. If the claimant or appellant fails to appear for the second time, the court must, instead of striking it out, deem it never to have been brought. If the absent litigant appears before the hearing ends, the striking-out shall be deemed not to have occurred. The court shall rule that the action is deemed never to have been brought if both parties fail to appear after its resumption, or if neither litigant serves the other with notice of resumption of the action within thirty days of its being struck out. In calculating this period, the period of striking-out shall be included if repeated, even if not continuous. The time limit shall not be deemed observed unless service reaches the litigant before its expiry. 3 - The action may be stayed by agreement of the litigants not to proceed with it for a period not exceeding two months from the date on which the court approves their agreement. Such stay shall have no effect on any mandatory time limit prescribed by law for a procedural act. If neither litigant gives notice of resumption of the action within the fifteen days following expiry of the period, whatever the duration of the stay, the claimant shall be deemed to have abandoned his action and the appellant to have abandoned his appeal.