The Union of Chambers and Commodity Exchanges of Turkey (TOBB) is the highest legal entity in Turkey representing the private sector. Similar to the patterns of guilds and syndicates, which traditionally organized and represented tradesmen and producers throughout the Turkish History, TOBB, too, adopted a representative role in a democratic and modern society. Today, TOBB has 365 members in the form of local chambers of commerce, industry, commerce and industry, maritime commerce and commodity exchanges. Law #5590 on the Chambers, Commodity Exchanges and Union was promulgated on 8 March 1950 and entered into force upon its publication in the Official Gazette #7457 of 15 March 1950. Recently The Law #5174 replaced Law #5590 and has been effective as 1 June 2004.