After deducting any sums which would be compulsory for the Bank to pay or set aside such as general expenditures and miscellaneous depreciation costs as well as any amount of taxes which would be compulsory for the Bank to pay, from the calculated incomes at the end of the account year, the remaining sum shall constitute the net income; after deducting previous year’s losses if any, the net income shall be distributed as follows:
First Scheme Legal Reserves:
- 5% of this sum shall be allocated to the legal reserves.
First Dividends:
- Out of the remaining amount, such rate and amount as
established by the Capital Market Boards of Turkey is allocated to the first
dividend.
Second Dividends:
- After deducting any sums specified in item (a) and (b)
from the net income, the General Assembly shall be authorized to distribute
such remaining amount, in part or in full, or to allocate as the extraordinary
reserves.
Second
Scheme Legal Reserves:
- Out of the sum calculated after deducting a
dividend at the of 5% of the paid-up capital from the established amount
to be distributed to the shareholders and other parties participating in
the profit, one-tenth shall be set aside as the second scheme legal reserves
in accordance with Article 466, Paragraph 2, Item 3 of the Turkish Commercial
Code.
Unless the legal reserves are duly set aside, and unless the first dividends
determined for the shareholders in the Articles of Association are distributed
in cash and/or in the form of share certificates, no decision may be adopted
to allocate further legal reserves, to pass any profits to the following
year, or to distribute any dividends to the members of the Board
of Directors as well as any officials, workers and employees, to foundations
established for various purposes, and to similar person and/or persons.