Turkey has been a republic since 1923. In the 1920s, the legal system of the Ottoman Empire was abolished and secular European continental law was adopted.
The Turkish Republic is a democratic, secular and social constitutional state. At least that's what the law says. On behalf of the nation, the National Assembly exercises legislation in accordance with the principles set out in the Constitution. The Turkish state forms an indivisible whole with its territory and with its people and has no federal division. That is why the legal system is based on a uniform system.
All laws apply everywhere. There is no legislative power other than the National Assembly. In certain specific cases, the government may issue ordinances with the force of law. In addition, the Council of Ministers may, for the application of the law and the execution of legal authorizations, issue ordinances which must not violate the law and which are subject to preliminary examination by the State Council. The Council Presidium, the ministries and legal entities under public law can issue ordinances to ensure the application of the laws and ordinances based on their area of activity, provided they do not contradict them.
Turkish law is based on the continental system
The civil code came into force in 1926 and was taken from the Swiss civil code. It regulates personal law, family and inheritance law, property law. The Debt Code of 1926 is an inseparable part of the Civil Code and regulates the obligations, contracts, assumption of debt, transfer of funding; Individual obligations such as purchase, exchange, rent, loan, service contract, surety, guarantee, etc. Both laws together with the German Civil Code regulate the commercial regulations, about commercial registers, commercial companies such as merchants, brokers, agencies, representatives, commercial companies such as open partners, limited partners -, stock corporations and limited liability companies, securities such as checks, bills of exchange, drawn bills of exchange, transportation, maritime trade and insurance law. Many provisions of these laws are in accordance with German legislation.
Foreign exchange is regulated by the Law for the Protection of the Turkish Currency. You will find the important provisions of this law in the following pages. Other laws that regulate the economy are the following: Customs Act (1615), Banking Act (1985), Statutory Decree on Insurance (1995), Capital Markets Act (1981), Leasing Act (1985), Statutory Order on Lending (1985) Act on Free Trade Zone (1985), Central Bank Act of the Republic of Turkey (1970), Consumer Protection Act (1995), Statutory Orders on Industrial Design, Trademarks and Patent Rights (all three 1995), Antitrust Act (1994), Privatization Act (1994).
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