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PATRIOTS AND VETERANS FUND ACT

Act No. 3400, Mar. 27, 1981

Amended by Act No. 3419, Apr. 4, 1981

Act No. 3742, Aug. 2, 1984

Act No. 4074, Dec. 31, 1988

Act No. 4459, Dec. 27, 1991

Act No. 4461, Dec. 31, 1991

Act No. 4512, Dec. 2, 1992

Act No. 4568, jun. 11, 1993

Act No. 4675, Dec. 31, 1993

Act No. 4854, Dec. 31, 1994

Act No. 4856, Dec. 31, 1994

Act No. 5170, Dec. 12, 1996

Act No. 5291, Jan. 13, 1997

Act No. 5454, Dec. 13, 1997

Act No. 5982, May 24, 1999

Act No. 6075, Dec. 31, 1999

Act No. 6372, Jan. 16, 2001

Act No. 6590, Dec. 31, 2001

Act No. 6836, Dec. 30, 2002

Act No. 6921, May 29, 2003

Act No. 7106, Jan. 20, 2004

Act No. 7790, Dec. 29, 2005

Act No. 7908, Mar. 24, 2006

Act No. 8135, Dec. 30, 2006

Act No. 8566, Jul. 27, 2007

Act No. 9327, Dec. 31, 2008

Act No. 9401, Jan. 30, 2009

Act No. 9464, Feb. 6, 2009

Act No. 11941, Jul. 16, 2013

Act No. 13609, Dec. 22, 2015

 Article 1 (Purpose)
The purpose of this Act is to prescribe matters concerning the establishment, operation and management of a Patriots and Veterans Fund to promote the honor and welfare of those subject to application of the Act on the Honorable Treatment of Persons of Distinguished Services to Independence, the Act on the Honorable Treatment of and Support for Persons, etc. of Distinguished Service to the State, the Act on Support for Persons Eligible for Veteran’s Compensation, the Act on Honorable Treatment of War Veterans, etc. and Establishment of Related Associations, the Act on the Honorable Treatment of Persons of Distinguished Services to the 5·18 Democratization Movement, the Act on Honorable Treatment of Persons of Distinguished Service during Special Military Missions and Establishment of Related Organizations and the Support for Discharged Soldiers Act, as well as to support business activities performed by the Korea Veterans Association. <Amended by Act No. 11029, Aug. 4, 2011; Act No. 11042, Sep. 15, 2011; Act No. 11941, Jul. 16, 2013; Act No. 13609, Dec. 22, 2015>
[This Article Wholly Amended by Act No. 9327, Dec. 31, 2008]
 Article 2 (Definitions)
The terms used in this Act shall be defined as follows: <Amended by Act No. 11029, Aug. 4, 2011; Act No. 11042, Sep. 15, 2011; Act No. 11941, Jul. 16, 2013>
2. The term "compensation fund for counter-espionage operations" means the fund to support and compensate persons involved in counter-espionage operations (including red guerrilla sweep operations; hereinafter the same shall apply);
3. The term "welfare expenses of the persons, etc. of distinguished services to the State" means expenses for supporting various business activities to promote the self-support and welfare of persons covered by the Act on the Honorable Treatment of Persons of Distinguished Services to Independence and the Act on the Honorable Treatment of and Support for Persons, etc. of Distinguished Service to the State, and the Act on Support for Persons Eligible for Veteran’s Compensation (hereinafter referred to as "persons, etc. of distinguished services to the State"), and other expenses for rewarding and encouraging exemplary persons of distinguished services to the State;
4. The term "operational support expenses for medical facilities, etc." means expenses for supporting the improvement of welfare of persons receiving medical assistance, elder care assistance, and childcare assistance in veterans hospitals, etc. pursuant to the Act on the Honorable Treatment of Persons of Distinguished Services to Independence and the Act on the Honorable Treatment and Support of Persons, etc. of Distinguished Services to the State (including those receiving medical assistance, elder care assistance, and childcare assistance provided in the Act on the Honorable Treatment and Support of Persons, etc. of Distinguished Services to the State pursuant to other Acts and subordinate statutes) and persons receiving medical assistance pursuant to the Act on Support for Persons Eligible for Veteran’s Compensation (including those receiving medical assistance provided in the Act on Support for Persons Eligible for Veteran’s Compensation pursuant to other Acts and subordinate statutes); and other facility expenses, equipment purchase expenses and operational support expenses for veterans hospitals, etc.;
5. The term "disaster compensation" means money provided for supporting those covered by the Act on the Honorable Treatment of Persons of Distinguished Services to Independence, the Act on the Honorable Treatment and Support of Persons, etc. of Distinguished Services to the State, the Act on Support for Persons Eligible for Veteran’s Compensation, the Act on the Honorable Treatment of Persons of Distinguished Services to the 5·18 Democratization Movement and the Act on Honorable Treatment of Persons of Distinguished Service during Special Military Missions and Establishment of Related Organizations, who suffer damage due to any natural disaster or other calamity;
6. The term "Veterans Corporation's welfare project expenses" means any project expenses under Article 6 of the Korea Veterans Welfare and Healthcare Corporation Act;
7. The term "Korea Veterans Association's business expenses" means any business expenses under Article 4-2 of the Korea Veterans Association Act, which are covered by financial resources referred to in Article 3 (2) 7.
[This Article Wholly Amended by Act No. 9327, Dec. 31, 2008]
 Article 3 (Establishment and Revenue Sources of Patriots and Veterans Fund)
(1) The Government shall establish a Patriots and Veterans Fund(hereinafter referred to as the "Fund") to attain the purposes of this Act.
(2) The Fund shall be created out of the following financial resources: <Amended by Act No. 11941, Jul. 16, 2013; Act No. 13609, Dec. 22, 2015>
1. Amount of money remaining after the payment of principal and interest on insurance savings, incentives and guarantee insurance money pursuant to Article 2 of the Addenda of the repealed Military Personnel Insurance Act, Act No. 6760;
2. Donations made to promote the self-support and welfare of the persons, etc. of distinguished services to the State;
3. Other money or property donated for the purposes of compensating and supporting the persons, etc. of distinguished services to the State;
5. Loans made under Article 3-2;
6. Money deposited from the Public Capital Management Fund under the Public Capital Management Fund Act;
7. Money or property donated by companies, etc. financed by the Korea Veterans Association for the purposes of supporting the business activities of the Korea Veterans Association;
8. Contributions from the Government;
9. Money or property donated for the purposes of supporting the business activities under Article 4 of the Act on Honorable Treatment of War Veterans, etc. and Establishment of Related Associations;
10. Other receipts.
[This Article Wholly Amended by Act No. 9327, Dec. 31, 2008]
 Article 3-2 (Loan)
If necessary for the management of the Fund, any loan may be made from financial institutions or other Funds, etc. at the expense of the Fund.
[This Article Wholly Amended by Act No. 9327, Dec. 31, 2008]
 Article 3-3 Deleted. <by Act No. 4675, Dec. 31, 1993>
 Article 4 (Revenue of Fund)
The revenue of the Fund shall be as follows:
1. Money transferred from other accounts and money deposited from the Public Capital Management Fund;
2. Money obtained through withdrawing any loan, deposit or other lent money;
3. Donations, proceeds from the disposal of property donated, and money transferred from the Korea Veterans Welfare and Healthcare Corporation;
4. Proceeds and dividends earned from projects to increase Fund reserves;
5. Proceeds from the disposal of Fund property, rents and other interest receipts of various kinds;
6. Loans;
7. Other profits accrued from the management of the Fund.
[This Article Wholly Amended by Act No. 9327, Dec. 31, 2008]
 Article 4-2 (Collection of Donations)
(1) The Minister of Patriots and Veterans Affairs may designate institutions that take charge of the collection of donations pursuant to Article 3 (2) 2 and 3 (hereinafter referred to as "collecting institutions") to collect such donations.
(2) Requirements for designation of collecting institutions, methods of collection and other necessary matters shall be prescribed by Presidential Decree.
(3) With respect to the collection of donations under paragraph (1), the Act on the Collection and Use of Donations shall not apply.
[This Article Wholly Amended by Act No. 9327, Dec. 31, 2008]
 Article 5 (Expenditure of Fund)
The Fund shall be used to cover the expenses, etc. referred to in the following subparagraphs: <Amended by Act No. 11941, Jul. 16, 2013; Act No. 13609, Dec. 22, 2015>
1. Loans, repayments, housing construction expenses, deposits, the compensation fund for counter-espionage operations, operational support expenses for medical facilities, etc., securities purchase expenses, expenses required for projects to increase Fund reserves, loans extended as a part of welfare projects for the persons, etc. of distinguished services to the State, subsidies, welfare expenses of the persons, etc. of distinguished services to the State, disaster compensations, interest payments, investments, contributions, the Veterans Corporation’s welfare project expenses, and the Korea Veterans Association’s business expenses;
2. Redemption of principal and interest on money deposited from the Public Capital Management Fund;
4. Other Fund creation expenses and incidental expenses necessary for the management of the Fund.
[This Article Wholly Amended by Act No. 9327, Dec. 31, 2008]
 Article 6 (Subdivision of Fund)
In managing the accounting of the Fund, it shall be subdivided into support fund for persons, etc. of distinguished services to the State, support fund for war veterans and discharged soldiers, support fund for persons of distinguished services to the 5ㆍ18 Democratization Movement, and support fund for persons of distinguished service during special military missions. <Amended by Act No. 11029, Aug. 4, 2011>
[This Article Wholly Amended by Act No. 9327, Dec. 31, 2008]
 Article 7 (Operation and Management of Fund)
(1) The Fund shall be operated and managed by the Minister of Patriots and Veterans Affairs.
(2) The accounting of the Fund shall be performed according to the principles of corporate accounting.
(3) The Fund may deposit its funds with the financial institutions determined by Presidential Decree.
(4) The Fund may purchase the following securities using its funds:
1. Securities directly issued or guaranteed by the State, a local government or a financial institution against the failure to repay debts;
2. Other securities determined by Presidential Decree.
(5) The Fund may perform the project to increase Fund reserves and the project to improve the welfare of the persons, etc. of distinguished services to the State.
(6) The Minister of Patriots and Veterans Affairs may entrust the projects referred to in paragraph (5) to the Korea Veterans Welfare and Healthcare Corporation under the Korea Veterans Welfare and Healthcare Corporation Act or other public corporation or a company, 1/2 or more of the capital of which is composed of investments from the Korea Veterans Welfare and Healthcare Corporation, or have a legal entity established by using the resources of the Fund perform such projects.
(7) The Minister of Patriots and Veterans Affairs may invest in or contribute Fund property in kind to the legal entity, etc. referred to in paragraph (6) to carry out the projects provided in paragraph (5). In such cases, the determination of the price of such property shall be made pursuant to Article 44 of the State Property Act. <Amended by Act No. 9401, Jan. 30, 2009>
(8) In cases under paragraph (6), Article 22 of the Korea Veterans Welfare and Healthcare Corporation Act shall apply mutatis mutandis with respect to products manufactured by the relevant legal entity.
(9) Necessary matters regarding the operation and management of the Fund shall be prescribed by Presidential Decree.
[This Article Wholly Amended by Act No. 9327, Dec. 31, 2008]
 Article 8 (Fiscal Year of Fund)
The fiscal year of the Fund shall be in accordance with the fiscal year of the Government.
[This Article Wholly Amended by Act No. 9327, Dec. 31, 2008]
 Article 9 (Use of Fund by its Financial Resources)
The use of the Fund by its financial resources shall be prescribed by Presidential Decree.
[This Article Wholly Amended by Act No. 9327, Dec. 31, 2008]
 Article 10 (Fund Management Council)
(1) A Council on Management of the Project Fund for Patriotic Martyrs and Patriots and the Patriots and Veterans Fund (hereinafter referred to as the "Council") shall be established within the Ministry of Patriots and Veterans Affairs to deliberate on matters concerning the operation and management of the Fund under this Act and the Project Fund for Patriotic Martyrs and Patriots under Article 27 of the Act on the Honorable Treatment of Persons of Distinguished Services to Independence.
(2) Necessary matters regarding the organization and operation of the Council shall be prescribed by Presidential Decree.
[This Article Wholly Amended by Act No. 9464, Feb. 6, 2009]
 Article 11 Deleted. <by Act No. 7106, Jan. 20, 2004>
 Article 12 (Accounting Agency of Fund)
(1) The Minister of Patriots and Veterans Affairs shall appoint a Fund revenue collection officer, a Fund financial officer, a Fund disbursing officer and a Fund accounting official from among public officials under his/her control to take charge of the affairs of revenue and expenditure of the Fund.
(2) The appointment of a Fund revenue collection officer, a Fund financial officer, a Fund disbursing officer and a Fund accounting official under paragraph (1) may be substituted by the designation of positions established at government offices under the control of the Minister of Patriots and Veterans Affairs.
[This Article Wholly Amended by Act No. 9327, Dec. 31, 2008]
 Article 13 (Establishment of Fund Account)
The Minister of Patriots and Veterans Affairs shall open a Patriots and Veterans Fund account with the Bank of Korea.
[This Article Wholly Amended by Act No. 9327, Dec. 31, 2008]
 Articles 14 and 15 Deleted. <by Act No. 7106, Jan. 20, 2004>
 Article 16 (Disposal of Deficits)
If deemed impossible to collect the principal and interest on any loan extended from the Fund, the Minister of Patriots and Veterans Affairs may treat such loan as an amount of loss, following deliberation by the Council, as prescribed by Presidential Decree. <Amended by Act No. 11941, Jul. 16, 2013>
[This Article Wholly Amended by Act No. 9327, Dec. 31, 2008]
 Article 17 (Interest Rate of Fund)
The interest rate of funds managed by the Fund shall be prescribed by Presidential Decree.
[This Article Wholly Amended by Act No. 9327, Dec. 31, 2008]
 Article 18 (Entrustment of Payment Services)
(1) The Minister of Patriots and Veterans Affairs may entrust loan services among the payment services of the Fund to communications agencies or financial institutions provided in Article 7 (3).
(2) The Minister of Patriots and Veterans Affairs shall, upon entrustment of loan services to communications agencies or financial institutions pursuant to paragraph (1), direct the competent Fund disbursing officer to provide necessary funds.
[This Article Wholly Amended by Act No. 9327, Dec. 31, 2008]
 Article 19 Deleted. <by Act No. 9327, Dec. 31, 2008>
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 (Repeal of Act)
The Act on the Special Accounts for Support of Veterans is hereby repealed: Provided, That matters relating to the 1981 special account budget for support of veterans shall be binding until the settlement thereof comes to an end.
Article 3 (Reversion of Veterans Association Revolving Fund, etc.)
The assets and liabilities held by the veterans assistance revolving fund (including the veterans assistance revolving fund reserves in the 1981 special account budget for support of veterans and the settlement surplus in the insurance loan account) under the former Act on the Special Accounts for Support of Veterans and by the assistance project fund for veterans of counter-espionage operations and the assistance fund for self-support of veterans operated and managed by the Administrator of the Veterans Affairs Agency, at the time this Act enters into force, shall revert to the Fund.
Article 4 (Reversion of Donated Property)
The property donated or gifted to the Administrator of the Veterans Affairs Agency for the purpose of supporting veterans from July 16, 1980 to the enforcement date of this Act shall revert to the Fund.
Article 5 Deleted. <by Act No. 6921, May 29, 2003>
Article 6 (Disposal of Deficits from Loans Extended Prior to Enforcement of This Act)
If it is deemed impossible to collect the principal and interest on any loan extended from the assistance fund for self-support of veterans under Article 3 of the Addenda before this Act enters into force, the Administrator of the Veterans Affairs Agency may treat such loan as the amount of loss pursuant to Article 16.
Article 7 Omitted.
ADDENDA <Act No. 3419, Apr. 4, 1981>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 9 Omitted.
ADDENDA <Act No. 3742, Aug. 2, 1984>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 1985. (Proviso Omitted.)
Articles 2 through 16 Omitted.
ADDENDA <Act No. 4074, Dec. 31, 1988>
(1) (Enforcement Date) This Act shall enter into force on January 1, 1989.
(2) (Transitional Measures concerning Consolidation of Funds) The compensation fund and the assistance fund for self-support of the persons, etc. of distinguished services to the State under the previous provisions at the time this Act enters into force shall be consolidated into a loan assistance fund.
ADDENDUM <Act No. 4459, Dec. 27, 1991>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 4461, Dec. 31, 1991>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 1992. (Proviso Omitted.)
Articles 2 and 3 Omitted.
ADDENDA <Act No. 4512, Dec. 2, 1992>
(1) (Enforcement Date) This Act shall enter into force on the date of its promulgation.
(2) (Transitional Measures concerning Livelihood Support Fund) The livelihood support fund under the previous provisions at the time this Act enters into force shall be deemed the loan assistance fund.
(3) (Transitional Measures concerning Claims and Liabilities Arising from Livelihood Support Fund) The claims and liabilities arising from the livelihood support fund under the previous provisions at the time this Act enters into force shall be deemed the claims and liabilities arising from the loan assistance fund.
ADDENDA <Act No. 4568, Jun. 11, 1993>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
Articles 2 through 10 Omitted.
ADDENDA <Act No. 4675, Dec. 31, 1993>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 1994.
Articles 2 through 8 Omitted.
ADDENDA <Act No. 4854, Dec. 31, 1994>
(1) (Enforcement Date) This Act shall enter into force on January 1, 1995.
(2) (Transitional Measures) The loan assistance fund and the compensation fund for counter-espionage operations under the previous provisions at the time this Act enters into force shall be consolidated into a compensation fund, and the Korea Veterans Association’s project fund shall be deemed the veterans project fund; and the claims and liabilities arising from the loan assistance fund and the compensation fund for counter-espionage operations under the previous provisions shall be deemed to arise from the compensation fund, and the claims and liabilities arising from the Korea Veterans Association’s project fund shall be deemed to arise from the veterans project fund.
(3) Omitted.
ADDENDA <Act No. 4856, Dec. 31, 1994>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 1995.
Articles 2 through 11 Omitted.
ADDENDA <Act No. 5170, Dec. 12, 1996>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 1997.
Articles 2 through 6 Omitted.
ADDENDA <Act No. 5291, Jan. 13, 1997>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDUM <Act No. 5454, Dec. 13, 1997>
This Act shall enter into force on January 1, 1998. (Proviso Omitted.)
ADDENDA <Act No. 5982, May 24, 1999>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 6 Omitted.
ADDENDA <Act No. 6075, Dec. 31, 1999>
Article 1 (Enforcement Date)
This Act shall enter into force on April 1, 2000.
Articles 2 through 4 Omitted.
ADDENDA <Act No. 6372, Jan. 16, 2001>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 6 Omitted.
ADDENDA <Act No. 6590, Dec. 31, 2001>
Article 1 (Enforcement Date)
This Act shall enter into force on March 1, 2002. (Proviso Omitted.)
Articles 2 through 6 Omitted.
ADDENDA <Act No. 6836, Dec. 30, 2002>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2003.
Articles 2 through 7 Omitted.
ADDENDA <Act No. 6921, May 29, 2003>
(1) (Enforcement Date) This Act shall enter into force on the date of its promulgation.
(2) Omitted.
ADDENDA <Act No. 7106, Jan. 20, 2004>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation: Provided, That the amended provisions of Article 1 (limited to the portion of the Act on the Honorable Treatment of Persons of Distinguished Services to the 5ㆍ18 Democratization Movement), subparagraphs 1 (limited to the portion of the Act on the Honorable Treatment of Persons of Distinguished Services to the 5ㆍ18 Democratization Movement), 4, 5 and 8 of Article 2, and Articles 5 (limited to the portion of the welfare expenses of the persons, etc. of distinguished services to the State and disaster compensations), 6 and 16, and Articles 2 and 3 (1) and (3) of the Addenda, shall take effect on January 1, 2004.
Article 2 (Transitional Measures concerning Consolidation, etc. of Funds)
(1) The compensation fund and the welfare project fund under the previous provisions at the time this Act enters into force shall be consolidated into a fund for the support of the persons, etc. of distinguished services to the State; and the military personnel insurance fund, the veterans project fund and the war veterans project fund, into a fund for the support of war veterans and discharged soldiers.
(2) Claims and liabilities arising from the compensation fund and the welfare project fund under the previous provisions at the time this Act enters into force shall be deemed to arise from the fund for the support of the persons, etc. of distinguished services to the State; and the claims and liabilities arising from the military personnel insurance fund, the veterans project fund and the war veterans project fund, from the fund for the support of war veterans and discharged soldiers, respectively.
Article 3 Omitted.
ADDENDUM <Act No. 7790, Dec. 29, 2005>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 7908, Mar. 24, 2006>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Act No. 8135, Dec. 30, 2006>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2007.
Articles 2 through 9 Omitted.
ADDENDA <Act No. 8566, Jul. 27, 2007>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 and 3 Omitted.
ADDENDA <Act No. 9327, Dec. 31, 2008>
(1) (Enforcement Date) This Act shall enter into force on the date of its promulgation.
(2) Omitted.
ADDENDA <Act No. 9401, Jan. 30, 2009>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 11 Omitted.
ADDENDUM <Act No. 9464, Feb. 6, 2009>
This Act shall enter into force six months after the date of its promulgation.
ADDENDA <Act No. 11029, Aug. 4, 2011>
Article 1 (Enforcement Date)
This Act shall enter into on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Act No. 11042, Sep. 15, 2011>
Article 1 (Enforcement Date)
This Act shall enter into on July 1, 2012.
Article 2 Omitted.
ADDENDUM <Act No. 11941, Jul. 16, 2013>
This Act shall enter into six months after the date of its promulgation.
ADDENDA <Act No. 13609, Dec. 22, 2015>
Article 1 (Enforcement Date)
This Act shall enter into six months after the date of its promulgation.
Articles 2 through 4 Omitted.