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OVERSEAS CONSTRUCTION PROMOTION ACT

Wholly Amended by Act No. 4573, Aug. 5, 1993

Amended by Act No. 5230, Dec. 30, 1996

Act No. 5386, Aug. 28, 1997

Act No. 5454, Dec. 13, 1997

Act No. 5453, Dec. 13, 1997

Act No. 5726, Jan. 29, 1999

Act No. 5815, Feb. 5, 1999

Act No. 5901, Feb. 8, 1999

Act No. 8466, May 17, 2007

Act No. 8852, Feb. 29, 2008

Act No. 9059, Mar. 28, 2008

Act No. 9545, Mar. 25, 2009

Act No. 9770, jun. 9, 2009

Act No. 9856, Dec. 29, 2009

Act No. 10135, Mar. 17, 2010

Act No. 10250, Apr. 12, 2010

Act No. 11023, Aug. 4, 2011

Act No. 11198, Jan. 17, 2012

Act No. 11690, Mar. 23, 2013

Act No. 12082, Aug. 13, 2013

Act No. 12996, Jan. 6, 2015

Act No. 13494, Aug. 11, 2015

Act No. 14956, Oct. 24, 2017

CHAPTER I GENERAL PROVISIONS
 Article 1 (Purpose)
The purpose of this Act is to contribute to the development of the overseas construction industry and improvement of the balance of international payments by prescribing matters necessary for the promotion of overseas construction, such as declaration of overseas construction business and assistance of overseas works.
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 2 (Definitions)
The definitions of terms used in this Act shall be as follows: <Amended by Act No. 13494, Aug. 11, 2015; Act No. 14956, Oct. 24, 2017>
1. The term "overseas works" means overseas construction works, overseas construction engineering activities, and overseas infrastructure and urban development projects;
2. The term "overseas construction works" means works performed overseas, such as civil engineering works, architectural works, industrial facilities and equipment works, landscaping works, electric works, information and telecommunications works, and other similar works prescribed by Presidential Decree;
3. The term "overseas construction engineering activities" means planning, feasibility studies, designing, analysis, purchase, procurement, testing, supervision, test operation, evaluation, counseling and advising concerning overseas construction works, and other similar activities prescribed by Presidential Decree;
3-2. The term "overseas infrastructure and urban development project" means any of the following projects performed overseas:
(a) Projects of developing infrastructure defined in subparagraph 1 of Article 2 of the Act on Public-Private Partnerships in Infrastructure, and an urban development project defined in Article 2 (1) 2 of the Urban Development Act;
(b) Other projects specified by the Minister of Land, Infrastructure and Transport in relation to item (a);
4. The term "overseas construction business" means the business of performing overseas construction works or overseas construction engineering activities;
5. The term "overseas construction business operator" means any individual or corporation who operates overseas construction business directly or through its local subsidiary after making a declaration of overseas construction business;
6. The term "local subsidiary" means a corporation in which an overseas construction business operator has made direct foreign investments defined in subparagraph 18 of Article 3 of the Foreign Exchange Transactions Act to operate overseas construction business;
7. The term "construction worker dispatched overseas" means a construction worker defined in Article 2 of the Act on the Employment Improvement, etc. of Construction Workers and dispatched by an overseas construction business operator to work in overseas construction works.
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 3 (Relationship with other Acts)
(1) Except as otherwise expressly provided for in this Act, the Framework Act on the Construction Industry shall apply to overseas construction business: Provided, That the Electrical Construction Business Act shall apply to electrical works, and the Information and Communications Construction Business Act shall apply to information and communications works.
(2) Where a person who has made a declaration under Article 6 intends to engage in any activity, etc., subject to the application of the Foreign Exchange Transactions Act to perform the relevant overseas construction business, he/she shall comply with the Foreign Exchange Transactions Act. <Newly Inserted by Act No. 13494, Aug. 11, 2015>
(3) Except as otherwise expressly provided for in this Act, a collective investment scheme for overseas construction referred to in Article 19 (3) and the collective investment business entity, trust business entity, and general administration company of a collective investment scheme for overseas construction shall be governed by the Financial Investment Services and Capital Markets Act: Provided, That Articles 249-12 (4) through (6) and 249-13 (1) of the Financial Investment Services and Capital Markets Act shall not apply to any type of privately-placed fund participating in the management of overseas construction. <Newly Inserted by Act No. 13494, Aug. 11, 2015>
(4) When an overseas construction investment company referred to in Article 19 (1) or a type of privately-placed fund participating in the management of overseas construction referred to in Article 19 (2) amounts to a holding company defined in subparagraph 1-2 of Article 2 of the Monopoly Regulation and Fair Trade Act, Article 8-2 (2) 2 of the same Act shall not apply. <Newly Inserted by Act No. 13494, Aug. 11, 2015>
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 4 (Assistance to Overseas Construction Business Operators)
With regard to governmental assistance to overseas construction business operators, overseas construction business operators shall be construed as trade business operators under related Acts, such as the Foreign Trade Act and the Credit Guarantee Fund Act.
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 5 (Formulation of Master Plans to Promote Overseas Construction, etc.)
(1) The Minister of Land, Infrastructure and Transport shall survey the trends in overseas construction markets and opinions of overseas construction business operators on the policy for overseas construction, and formulate a long-term master plan to promote overseas construction and an annual implementation plan for overseas construction. <Amended by Act No. 11198, Jan. 17, 2012; Act No. 11690, Mar. 23, 2013>
(2) If necessary for the promotion of the overseas construction industry, the Minister of Land, Infrastructure and Transport may formulate a promotion plan for overseas construction for each field of overseas construction, such as industrial facilities and equipment, engineering, urban development, traffic-related infrastructure, and water-related construction and engineering. <Newly Inserted by Act No. 11198, Jan. 17, 2012; Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
CHAPTER II DECLARATIONS OF OVERSEAS CONSTRUCTION BUSINESS
 Article 6 (Declarations of Overseas Construction Business)
(1) A person who intends to operate overseas construction business shall make a declaration for each kind of business prescribed by Presidential Decree with the Minister of Land, Infrastructure and Transport. The same shall also apply to any intended modification to matters prescribed by Presidential Decree among those declared. <Amended by Act No. 11023, Aug. 4, 2011; Act No. 11690, Mar. 23, 2013>
(2) A person eligible to make a declaration of overseas construction business under paragraph (1) shall be as follows: <Amended by Act No. 11023, Aug. 4, 2011>
1. A person who has registered his/her construction business under the Framework Act on the Construction Industry;
2. A person who has registered his/her construction business under the Electrical Construction Business Act;
3. A person who has registered his/her information and communications business under the Information and Communications Construction Business Act;
4. A person who has made a declaration of his/her engineering business under the Engineering Industry Promotion Act;
5. A person who has filed a report on opening a certified architect office under the Certified Architects Act;
6. A person who has registered his/her professional engineer office in the construction field under the Professional Engineers Act;
7. A person who has registered his/her specialized environmental construction business under the Environmental Technology and Industry Support Act;
8. A corporation established by overseas construction business operators through joint investment to engage in activities, such as obtaining contracts for overseas works (excluding performing construction works);
9. A trade business operator or a person prescribed by Presidential Decree, operating business similar to those prescribed in subparagraphs 1 through 7.
(3) The kinds of business of which a person listed under paragraph (2) is eligible to make a declaration shall be prescribed by Presidential Decree. <Amended by Act No. 11023, Aug. 4, 2011>
(4) The Minister of Land, Infrastructure and Transport shall issue a certificate of declaration of overseas construction business to a person who has filed such declaration under paragraph (1). <Amended by Act No. 11023, Aug. 4, 2011; Act No. 11690, Mar. 23, 2013>
(5) Deleted. <by Act No. 5901, Feb. 8, 1999>
(6) Public institutions prescribed by Presidential Decree, among those referred to in the Act on the Management of Public Institutions (hereinafter referred to as "public institutions"), and local public enterprises prescribed by Presidential Decree, among those referred to in the Local Public Enterprises Act (hereafter in this paragraph, referred to as "local public enterprises") may operate overseas construction business without declaration, notwithstanding paragraph (1). In such cases, public institutions and local public enterprises shall be deemed overseas construction business operators for the purposes of this Act. <Amended by Act No. 11023, Aug. 4, 2011>
(7) Matters necessary for the details of and procedures for declaration under paragraph (1) and other matters shall be prescribed by Presidential Decree. <Amended by Act No. 11023, Aug. 4, 2011>
 Articles 7 through 9 Deleted. <by Act No. 5901, Feb. 8, 1999>
CHAPTER III DECLARATIONS AND REPORTING OF ESTABLISHMENT, ETC. OF LOCAL SUBSIDIARIES
 Article 10 (Declarations of Establishment, etc. of Local Subsidiaries)
Where an overseas construction business operator establishes or acquires a local subsidiary to operate overseas construction business, he/she shall declare the current status thereof to the Minister of Land, Infrastructure and Transport or the head of the relevant diplomatic mission abroad, as prescribed by Presidential Decree. In such cases, the head of the diplomatic mission abroad in receipt of such declaration shall notify the Minister of Land, Infrastructure and Transport thereof without delay. <Amended by Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Articles 11 and 12 Deleted. <by Act No. 5901, Feb. 8, 1999>
 Article 13 (Reporting on Status of Overseas Works)
Where any overseas construction business operator performs overseas works, he/she shall report to the Minister of Land, Infrastructure and Transport on his/her marketing activities and status of performance, as prescribed by Presidential Decree. <Amended by Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
CHAPTER IV ASSISTANCE, ETC. FOR OVERSEAS WORKS
 Articles 14 and 15 Deleted. <by Act No. 5815, Feb. 5, 1999>
 Article 15-2 (Assistance for Small and Medium Construction Business Operators for Overseas Works)
(1) The Minister of Land, Infrastructure and Transport may provide assistance in the following matters, if necessary for fostering small and medium construction business operators seeking to penetrate new markets for overseas construction: <Amended by Act No. 11690, Mar. 23, 2013>
1. Provision of information related to entry into overseas markets;
2. Counseling and guidance services for obtaining contracts from abroad;
3. Education and training for overseas construction;
4. Other matters prescribed by Presidential Decree, which are deemed necessary for entering into overseas construction markets by small and medium construction business operators.
(2) The Minister of Land, Infrastructure and Transport may establish and operate the Small and Medium Contractors Business Center to conduct affairs stipulated in paragraph (1). <Amended by Act No. 11690, Mar. 23, 2013>
(3) Matters necessary for establishing and operating the Small and Medium Contractors Business Center under paragraph (2) shall be determined by the Minister of Land, Infrastructure and Transport. <Amended by Act No. 11690, Mar. 23, 2013>
(4) The Minister of Land, Infrastructure and Transport may entrust the operation of the Small and Medium Contractors Business Center referred to in paragraph (2) to an institution or entity prescribed by Presidential Decree. In such cases, the Minister of Land, Infrastructure and Transport may provide it with administrative or financial support necessary therefor. <Amended by Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 15-3 Deleted. <by Act No. 14956, Oct. 24, 2017>
 Article 15-4 (Assistance in Overseas Construction Policies and Research and Development, etc.)
(1) The Minister of Land, Infrastructure and Transport may provide assistance in the following matters to promote overseas construction:
1. Surveys and analysis of trends in overseas construction markets, and market prospects;
2. Surveys and analysis of trends in overseas construction systems and policies of major countries;
3. Fostering international cooperation to promote overseas construction;
4. Assistance in development of policies and improvement of systems to promote overseas construction;
5. Research and survey projects to enter into overseas construction markets;
6. Consulting on feasibility analysis and risk management for entry into overseas construction markets;
7. Other matters prescribed by Presidential Decree to promote overseas construction.
(2) To conduct affairs specified in paragraph (1), the Minister of Land, Infrastructure and Transport may establish and operate the Korea Research Center for Overseas Construction. In such cases, for the efficient performance of its affairs, the Minister of Land, Infrastructure and Transport shall ensure that its affairs are linked to and integrated with those of the Small and Medium Contractors Business Center established under Article 15-2. <Amended by Act No. 14956, Oct. 24, 2017>
(3) Matters concerning the establishment and operation of the Korea Research Center for Overseas Construction and other necessary matters, shall be determined by the Minister of Land, Infrastructure and Transport.
(4) The Minister of Land, Infrastructure and Transport may entrust the operation of the Korea Research Center for Overseas Construction to an institution or organization prescribed by Presidential Decree. In such cases, the Minister of Land, Infrastructure and Transport may provide it with administrative and financial support necessary therefor.
[This Article Newly Inserted by Act No. 12082, Aug. 13, 2013]
 Article 15-5 (Assistance, etc. in International Cooperation Related to Overseas Works)
Where necessary to promote overseas construction business, the Minister of Land, Infrastructure and Transport may subsidize any of the following expenses incurred in the implementation plan, standards for payment, procedures for public announcement, etc., as prescribed by Presidential Decree:
1. Expenses incurred in the international cooperation and exchange of technologies with foreign countries, in connection with overseas works;
2. Expenses incurred in the feasibility study of overseas works accompanying investment;
3. Other expenses prescribed by Presidential Decree, incurred in the promotion of overseas construction business, such as gathering and analysis of information on overseas works.
[This Article Newly Inserted by Act No. 13494, Aug. 11, 2015]
 Article 15-6 (Financial Counselling)
For the efficient promotion of overseas construction business, an overseas construction business operator and a collective investment scheme for overseas construction referred to in Article 19 (1) and (2), may seek financial counselling, financial arrangement, counselling on affairs related to the establishment of a collective investment scheme, etc., on financial affairs necessary for overseas construction, from a financial institution defined in subparagraph 1 of Article 2 of the Act on the Structural Improvement of the Financial Industry.
[This Article Newly Inserted by Act No. 13494, Aug. 11, 2015]
 Article 15-7 (Establishment, etc. of Information System)
(1) To provide strategic support for overseas construction, the Minister of Land, Infrastructure and Transport may establish and operate an information system to manage the following information:
1. Matters concerning support for overseas construction business operators;
2. Local information and data related to overseas construction works;
3. International cooperation and technology exchanges with foreign countries relating to overseas construction works;
4. Training and management of human resources related to overseas construction works;
5. Other information and data prescribed by Presidential Decree that the Minister of Land, Infrastructure and Transport deems necessary for the overseas expansion of overseas construction business operators.
(2) The Minister of Land, Infrastructure and Transport may request data about the matters necessary to establish and operate the information system pursuant to paragraph (1) from central administrative agencies, local governments, public institutions, related associations and organizations, etc. (hereinafter referred to as "central administrative agencies, etc."). In such cases, the heads of the central administrative agencies, etc. in receipt of the request shall comply therewith except in extenuating circumstances.
(3) Central administrative agencies, etc. may utilize the information system referred to in paragraph (1) to support persons who perform overseas construction works.
(4) Matters necessary for establishing, operating, etc. the information system referred to in paragraphs (1) through (3) shall be prescribed by Presidential Decree.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 16 (Designation, etc. of Exemplary Overseas Construction Business Operators)
(1) The Minister of Land, Infrastructure and Transport may designate any of the following overseas construction business operators as an exemplary overseas construction business operator (hereinafter referred to as "exemplary business operator"): <Amended by Act No. 11690, Mar. 23, 2013>
1. An overseas construction business operator who has developed a new overseas market or showed superior performance records in obtaining contracts for overseas construction works;
2. An exemplary small and medium business operator seeking to enter an overseas market.
(2) Where deemed necessary to penetrate a new overseas construction market, the Minister of Land, Infrastructure and Transport may designate the market as such and recommend an overseas construction business operator to facilitate the entry into new markets. <Amended by Act No. 11690, Mar. 23, 2013>
(3) Matters necessary for standards, procedures, etc. for the selection of exemplary business operators shall be prescribed by Presidential Decree.
(4) Necessary assistance may be provided to an exemplary business operator or an overseas construction business operator who facilitates entry into new overseas construction markets under paragraph (2).
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 17 (Recommendation, etc. of Joint Solicitation of Contracts and Undertaking Works)
(1) Where the Minister of Land, Infrastructure and Transport deems it necessary to strengthen the international competitiveness of overseas construction business operators, or to solicit and undertake large scale works, he/she may recommend at least two overseas construction business operators to solicit orders or undertake works jointly. <Amended by Act No. 11690, Mar. 23, 2013>
(2) Assistance equivalent to that prescribed in Article 16 (4) may be provided to an overseas construction business operator who jointly solicits orders or undertakes overseas works in accordance with paragraph (1).
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 17-2 (Investment of Public Institutions in Overseas Works)
(1) Any public institution deemed an overseas construction business operator under Article 6 (6) may finance, or invest in, a collective investment scheme for overseas construction referred to in Article 19 (3), which is aimed at any of the following investments, for the purpose of revitalizing overseas construction. In such cases, matters related to the upper limits of financing or investment by public institutions shall be prescribed by Presidential Decree: <Amended by Act No. 13494, Aug. 11, 2015>
1. Investment in overseas works concerning new establishment, expansion, improvement, or operation of infrastructure (referring to infrastructure defined in subparagraph 1 of Article 2 of the Act on Public-Private Partnerships in Infrastructure; hereafter in this Article, the same shall apply);
2. Investment in overseas works for construction projects of facilities equivalent to infrastructure (referring to projects specified under Article 21 (1) of the Act on Public-Private Partnerships in Infrastructure);
3. Acquisition of equity in corporations operating infrastructure, participating in the relevant construction projects referred to in subparagraph 1 or 2.
(2) Where any public institution intends to finance or invest under paragraph (1), it shall pre-report it to the head of the relevant central administrative agency in charge of the business of the said public institution.
(3) The Government may provide necessary support to promote financing or investment of public institutions under paragraph (1) and identify eligible projects.
(4) Deleted. <by Act No. 11198, Jan. 17, 2012>
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 17-3 (Overseas Construction Promotion Committee)
(1) The Minister of Land, Infrastructure and Transport may establish and operate the Overseas Construction Promotion Committee to deliberate on the following: <Amended by Act No. 11690, Mar. 23, 2013>
1. Formulation of long-term master plans to promote overseas construction, annual implementation plans for overseas construction, and promotion plans for each field under Article 5;
2. Strategies for entering into an overseas construction market and business plans of public institutions deemed overseas construction business operators under Article 6 (6);
3. Support necessary for financing or investment of public institutions under Article 17-2 (1) and identifying eligible projects under paragraph (3) of the same Article;
4. Other matters prescribed by Presidential Decree as important policies concerning overseas construction.
(2) Matters necessary for the composition, operation, etc. of the Overseas Construction Promotion Committee shall be prescribed by Presidential Decree.
[This Article Newly Inserted by Act No. 11198, Jan. 17, 2012]
 Article 18 (Development of Technology)
(1) The Minister of Land, Infrastructure and Transport may, as prescribed by Presidential Decree, recommend an overseas construction business operator who obtains a contract for overseas works, the amount of which exceeds a certain predetermined amount, to invest some of such amount in technology development for the advancement of construction technology. <Amended by Act No. 11690, Mar. 23, 2013>
(2) Assistance equivalent to that prescribed in Article 16 (4) may be provided to an overseas construction business operator investing in technology development in accordance with paragraph (1).
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 18-2 (Nurturing and Management of Overseas Construction Personnel)
(1) The Minister of Land, Infrastructure and Transport may formulate and take measures to nurture and manage human resources who have expert technology or skill in the field of overseas construction (hereinafter referred to as "overseas construction personnel"). <Amended by Act No. 11690, Mar. 23, 2013>
(2) Measures the Minister of Land, Infrastructure and Transport formulates under paragraph (1) may include the following: <Amended by Act No. 11690, Mar. 23, 2013>
1. Matters concerning supply of and demand for overseas construction personnel, and practical use thereof;
2. Matters concerning nurturing, education, and training of overseas construction personnel;
3. Matters concerning management and authentication of careers of overseas construction personnel;
4. Other matters prescribed by Presidential Decree, necessary for nurturing and managing overseas construction personnel.
(3) The Minister of Land, Infrastructure and Transport may provide assistance to the relevant organizations, associations, mutual-aid associations, and construction business operators that perform duties for the nurturing and management of construction personnel, if necessary for implementing measures for nurturing and managing overseas construction personnel. <Amended by Act No. 11690, Mar. 23, 2013>
(4) Matters for necessary for nurturing and management of and assistance, etc. to overseas construction personnel under paragraphs (1) through (3) shall be prescribed by Presidential Decree. <Amended by Act No. 11690, Mar. 23, 2013>
(5) The Minister of Land, Infrastructure and Transport may, as prescribed by Presidential Decree, request the head of the relevant central administrative agencies, institutions operating a retirement benevolent system for construction workers under Article 87 of the Framework Act on the Construction Industry, and any relevant organizations, associations, mutual-aid associations, construction operators, etc. that perform duties for the nurturing and management of construction personnel, to provide data necessary to nurture and manage overseas construction personnel. In such cases, a person in receipt of such request shall comply therewith, except in extenuating circumstances. <Amended by Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 18-3 (Installation, etc. of Emergency Medical Facilities)
(1) Each overseas construction business operator shall be equipped with emergency medical facilities and a medical team at an overseas construction site, the scale of which is at least that prescribed by Presidential Decree, taking into account the reported amount of the overseas construction works awarded, etc. so that construction workers dispatched overseas can receive appropriate medical treatment when they become ill or injured: Provided, That the same shall not apply where a medical facility is located within a distance prescribed by Presidential Decree from the site.
(2) Matters necessary for the standards for installation of emergency medical facilities and the organization of a medical team, qualifications of members thereof, etc. under paragraph (1) shall be prescribed by Presidential Decree.
[This Article Newly Inserted by Act No. 13494, Aug. 11, 2015]
CHAPTER V COLLECTIVE INVESTMENT SCHEMES FOR OVERSEAS CONSTRUCTION
 Article 19 (Objectives, etc. for Establishing Collective Investment Scheme for Overseas Construction)
(1) An overseas construction investment company may be established, the objectives of which are to invest its assets in overseas works through the methods prescribed in Article 19-6 (hereinafter referred to as "overseas construction investment company") and to distribute its earnings to its shareholders, or an overseas construction investment trust may be established, the objectives of which are to distribute its earnings to the beneficiaries (hereinafter referred to as "overseas construction investment trust").
(2) A type of privately-placed fund participating in management may be established, the objectives of which are to invest its assets in overseas works through the methods prescribed in Article 19-6 and to distribute its earnings to the partners (hereinafter referred to as "type of privately-placed fund participating in the management of overseas construction").
(3) An overseas construction investment company, a type of privately-placed fund participating in the management of overseas construction, and an overseas construction investment trust (hereinafter referred to as "collective investment scheme for overseas construction") shall be deemed an investment company, a type of privately-placed fund participating in management, and an investment trust prescribed in the Financial Investment Services and Capital Markets Act, respectively.
(4) Each overseas construction investment company and overseas construction investment trust shall be a closed-end fund prescribed in Article 230 (1) of the Financial Investment Services and Capital Markets Act.
[This Article Newly Inserted by Act No. 13494, Aug. 11, 2015]
 Article 19-2 (Consultation on Registration, etc. of Collective Investment Schemes for Overseas Construction)
(1) The Financial Services Commission shall pre-consult with the Minister of Land, Infrastructure and Transport on the registration or reporting of a collective investment scheme for overseas construction filed under Article 182, 249-6, or 249-10 of the Financial Investment Services and Capital Markets Act.
(2) A collective investment scheme for overseas construction shall submit a business report on its assets to the Minister of Land, Infrastructure and Transport and the Financial Services Commission, as prescribed by Presidential Decree, on the preparation, submission, etc. of business reports.
[This Article Newly Inserted by Act No. 13494, Aug. 11, 2015]
 Article 19-3 (Duration of Existence)
(1) The duration of existence of a collective investment scheme for overseas construction shall be determined by the relevant trust deed or articles of incorporation within 30 days from the date it is registered or reported as a collective investment scheme for overseas construction under Article 182, 249-6, or 249-10 of the Financial Investment Services and Capital Markets Act: Provided, That where necessary to extend the duration of existence of a collective investment scheme for overseas construction due to the continuation, etc. of the overseas construction business, it may be extended only once by up to 30 years calculated from the expiration date of the original period of duration of existence, after obtaining approval from the Financial Services Commission.
(2) Where the Financial Services Commission intends to approve an extension of duration of existence under the proviso to paragraph (1), it shall pre-consult with the Minister of Land, Infrastructure and Transport.
[This Article Newly Inserted by Act No. 13494, Aug. 11, 2015]
 Article 19-4 (Supervision, Inspection, etc. of Collective Investment Schemes for Overseas Construction)
(1) The Minister of Land, Infrastructure and Transport and the Financial Services Commission may request the following entities to submit or report data on the business affairs and property of their collective investment schemes for overseas construction:
1. An overseas construction investment company and/or an overseas construction investment trust;
2. The collective investment business entity, the trust business entity, and/or the general administration company of an overseas construction investment company and/or an overseas construction investment trust;
3. A type of privately-placed fund participating in the management of overseas construction.
(2) Where necessary, the Minister of Land, Infrastructure and Transport may request the Financial Services Commission to inspect the business affairs and property of business entities specified under paragraph (1) (in cases falling under paragraph (1) 2, such inspection shall be limited to the business affairs and property of an overseas construction investment company and/or an overseas construction investment trust; hereafter in this paragraph, the same shall apply). Where deemed necessary for financial supervision, the Financial Services Commission may assign staff belonging thereto or the Governor of the Financial Supervisory Service established under Article 24 of the Act on the Establishment, etc. of Financial Services Commission to inspect the business affairs of the collective investment business entity, the trust business entity, and/or the general administration company, if any, of an overseas construction investment company and/or the relevant overseas construction investment trust.
(3) The Financial Services Commission shall inform the Minister of Land, Infrastructure and Transport of the findings of inspections conducted under paragraph (2) without delay.
[This Article Newly Inserted by Act No. 13494, Aug. 11, 2015]
 Article 19-5 (Special Provisions, etc. on Collective Investment Business)
(1) A person who intends to obtain authorization for collective investment business under the Financial Investment Services and Capital Markets Act to manage only the assets of an overseas construction investment company or an overseas construction investment trust (hereafter in this Article, referred to as "specialized collective investment business entity") shall meet the capital requirement, being at least one billion won, notwithstanding Article 12 (2) 2 of the same Act, and shall secure human resources for management of investment in overseas construction business prescribed by Presidential Decree, such as those who meet the qualification requirements, notwithstanding Article 12 (2) 4 of the same Act.
(2) A collective investment business entity established under the Financial Investment Services and Capital Markets Act (hereafter in this Article, referred to as "general collective investment business entity") may manage the assets of an overseas construction investment company or an overseas construction investment trust. In such cases, a general collective investment business entity shall secure human resources for management of investment in overseas construction business prescribed by Presidential Decree, in addition to human resources for management of investment referred to in Article 12 (2) 4 of the Financial Investment Services and Capital Markets Act.
(3) Notwithstanding Article 42 (4) of the Financial Investment Services and Capital Markets Act, a general collective investment business entity may, as prescribed by Presidential Decree, enter into an entrustment contract with a person who has expertise in overseas construction business and partially entrust him/her with affairs related to the asset management of an overseas construction investment company or overseas construction investment trust in connection with overseas construction business, such as the purchase, management, administration, sale, etc. of assets for investment, to the extent not conflicting with the interests of investors in an overseas construction investment company or overseas construction investment trust.
(4) Where a specialized collective investment business entity or a general collective investment business entity manages assets of an overseas construction investment company or overseas construction investment trust, it may receive remuneration or a fee contingent upon the performance of asset management in accordance with the calculation method of remuneration of management, etc. prescribed by Presidential Decree.
[This Article Newly Inserted by Act No. 13494, Aug. 11, 2015]
 Article 19-6 (Scope of Asset Management)
(1) The collective investment business entity of an overseas construction investment trust, an overseas construction investment company, or a type of privately-placed fund participating in the management of overseas construction, shall use more than 50/100 of the total assets of the investment trust or the capital for the following purposes:
1. Acquisition of stocks, shares, and bonds of a corporation aimed at the execution of overseas construction business;
2. Lending money to, or acquiring loan obligations from, a corporation aimed at the execution of overseas construction business;
3. Investment, through the method referred to in subparagraph 1 or 2, to a corporation, the objectives of which are to invest in a corporation aimed at only one overseas construction business (excluding an overseas construction investment company and a type of privately-placed fund participating in the management of overseas construction);
4. Other investments approved by the Financial Services Commission as being necessary to achieve the objectives referred to in subparagraphs 1 through 3.
(2) A type of privately-placed fund participating in the management of overseas construction shall use a certain amount at the ratio prescribed by Presidential Decree, being at least 10/100 of its capital in the activities referred to in subparagraphs of paragraph (1), within the period prescribed by Presidential Decree which is at least six months from the date partners pay their contributions.
(3) If necessary to conduct affairs specified under paragraph (1), a collective investment scheme for overseas construction may provide its assets as collateral or provide a guarantee by providing its assets as collateral.
(4) A collective investment scheme for overseas construction may mange its surplus funds as follows:
1. Deposit in financial institutions;
2. Purchase of State bonds or public bonds;
3. Purchase of bonds or corporate bills, with credit ratings equivalent to those of State bonds or public bonds, within the limit prescribed by Presidential Decree, not exceeding 30/100 of the surplus funds.
[This Article Newly Inserted by Act No. 13494, Aug. 11, 2015]
 Article 19-7 (Borrowing of Funds)
(1) An overseas construction investment company or overseas construction investment trust may obtain a loan to secure, etc. operating funds or funds for investment within the ratio prescribed by Presidential Decree, not exceeding 30/100 of its capital or beneficiary certificates: Provided, That when an overseas construction investment company or overseas construction investment trust intends to obtain a loan to secure operating funds, it shall obtain approval at a general meeting of shareholders or general meeting of beneficiaries.
(2) A type of privately-placed fund participating in the management of overseas construction may obtain a loan to secure operating funds or funds for investment within the ratio prescribed by Presidential Decree, not exceeding 30/100 of its capital or beneficiary certificates.
[This Article Newly Inserted by Act No. 13494, Aug. 11, 2015]
 Articles 20 through 22 Deleted. <by Act No. 5901, Feb. 8, 1999>
CHAPTER VI INTERNATIONAL CONTRACTORS ASSOCIATION OF KOREA
 Article 23 (Establishment, etc. of International Contractors Association of Korea)
(1) Overseas construction business operators may establish an International Contractors Association of Korea (hereinafter referred to as the "Association") to protect their rights and interests, to develop overseas construction business in a sound manner, and to efficiently perform overseas works, upon obtaining authorization therefor from the Minister of Land, Infrastructure and Transport. <Amended by Act No. 11690, Mar. 23, 2013>
(2) The Association shall be a corporation.
(3) The Association shall be shall be duly formed when the registration for its establishment is completed at the registry office having jurisdiction over its principal place of business.
(4) A person who has made a declaration of overseas construction business may join the Association.
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 23-2 (Authorization, etc. for Establishment of Association)
(1) For the purpose of establishing the Association, the plan shall be initiated by at least 1/5 of persons eligible to become members of the Association, and obtain consent from at least 1/3 of persons eligible to become members of the Association, and the articles of association shall be formulated by the inaugural general meeting before submission to the Minister of Land, Infrastructure and Transport for authorization therefor. <Amended by Act No. 11690, Mar. 23, 2013>
(2) Where the Minister of Land, Infrastructure and Transport grants authorization under paragraph (1), he/she shall publicly announce such fact. <Amended by Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 24 (Duties of Association)
The Association shall perform the following duties: <Amended by Act No. 11198, Jan. 17, 2012; Act No. 11690, Mar. 23, 2013>
1. Gathering and analysis of data and information concerning overseas works;
2. Facilitation of international non-governmental cooperation for the promotion of overseas construction;
3. Undertaking studies and making recommendations for institutional improvements related to overseas construction business;
4. Maintenance of dignity of its members;
5. Education, training, and welfare services for those involved in overseas construction business;
6. Public relations of overseas construction and publication of periodicals;
7. Joint purchase of machinery and materials for overseas works, and intermediation of financing and foreign loans and provision of guarantees;
8. Consultation to maintain sound order in obtaining contracts for overseas works;
9. Affairs concerning support in confirming performance records of domestic works for obtaining contracts for overseas works;
10. Affairs delegated from the Minister of Land, Infrastructure and Transport.
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 25 (General Assembly)
(1) The Association shall have a general assembly.
(2) The general assembly shall consist of all members.
(3) Matters necessary for the management, decision-making, etc. of the general assembly shall be prescribed in the articles of association.
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 26 (Executive Officers, etc. of Association)
(1) The Association shall have one president elected at its general meeting, subject to approval from the Minister of Land, Infrastructure and Transport. <Amended by Act No. 11690, Mar. 23, 2013>
(2) The number, term of office, and method of electing executive officers of the Association, and other necessary matters, shall be prescribed by Presidential Decree.
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 27 (Guidance and Supervision)
If necessary for guidance and supervision of the Association, the Minister of Land, Infrastructure and Transport may request the Association to report the details regarding its business or order it to submit data and take other necessary matters. <Amended by Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 28 (Application Mutatis Mutandis of the Civil Act)
Unless otherwise expressly provided in this Act, the provisions of the Civil Act regarding incorporated associations shall apply mutatis mutandis to the Association.
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
CHAPTER VII KOREA OVERSEAS INFRASTRUCTURE AND URBAN DEVELOPMENT SUPPORT CORPORATION
 Article 28-2 (Establishment, etc.)
(1) The Minister of Land, Infrastructure and Transport may establish Korea Overseas Infrastructure and Urban Development Support Corporation (hereinafter referred to as the "KIND") to support overseas infrastructure and urban development projects.
(2) KIND shall be a corporation.
(3) Except as otherwise provided for in this Act, the provisions of the Commercial Act concerning stock companies shall apply mutatis mutandis to KIND.
(4) The Government may provide administrative and financial support for KIND, if necessary to perform overseas infrastructure and urban development projects, etc.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-3 (Office)
(1) The site of the main office of KIND shall be prescribed by its articles of incorporation.
(2) KIND may have branch offices and local offices as prescribed by its articles of incorporation, if necessary to perform its duties.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-4 (Capital, etc.)
(1) The capital of KIND shall be 500 billion won.
(2) The capital of KIND may be invested by the following persons:
1. The Government;
2. Public institutions;
3. Financial institutions defined in subparagraph 1 of Article 2 of the Act on the Structural Improvement of the Financial Industry (hereinafter referred to as "financial institutions");
4. Other persons prescribed by Presidential Decree.
(3) Matters related to the payment of capital under paragraph (2) shall be prescribed by Presidential Decree.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-5 (Registration of Incorporation and Articles of Incorporation)
(1) KIND shall be duly established at the time it registers its incorporation at the registry office having jurisdiction over its main office.
(2) Necessary matters concerning the registration of incorporation of KIND and other registrations of KIND shall be prescribed by Presidential Decree.
(3) The articles of incorporation of KIND shall include the following matters:
1. Purpose;
2. Name;
3. Matters concerning main office, branch offices and local offices;
4. Matters concerning capital;
5. Matters concerning the Steering Committee;
6. Matters concerning the board of directors;
7. Matters concerning executive officers and employees;
8. Matters concerning its duties and implementation thereof;
9. Matters concerning budget and accounting;
10. Matters concerning amending the articles of incorporation;
11. Other matters specified by the Minister of Land, Infrastructure and Transport.
(4) KIND shall obtain prior approval from the Minister of Land, Infrastructure and Transport to amend its articles of incorporation.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-6 (Prohibition on Use of Similar Names)
No person, other than KIND established under this Act, shall use a name that includes the words "Korea Overseas Infrastructure and Urban Development Support Corporation" or similar.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-7 (Steering Committee)
(1) KIND shall have the Steering Committee.
(2) The Steering Committee shall deliberate and make resolutions on the following matters:
1. Formulation and modification of basic principles on performing the duties of KIND and operational plans;
2. Budget compilation and change, settlement of accounts;
3. Borrowing of funds under Article 28-18 or issuance of overseas infrastructure and urban development bonds under Article 28-19;
4. Other matters prescribed by articles of incorporation concerning the operation of KIND.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-8 (Composition of Steering Committee)
(1) The Steering Committee referred to in Article 28-7 (hereinafter referred to as the "Steering Committee") shall be comprised of the following seven members:
1. The president of KIND;
2. One person nominated by the Minister of Land, Infrastructure and Transport from among public officials under his/her control;
3. One person nominated by the Minister of Strategy and Finance from among public officials under his/her control;
4. One person nominated by the head of a related Ministry prescribed by Presidential Decree from among public officials belonging to the related Ministry;
5. One person with extensive knowledge and experience in the field of overseas construction, who is recommended by the competent Standing Committee of the National Assembly and commissioned by the Minister of Land, Infrastructure and Transport;
6. Two of the following persons with extensive knowledge and experience in the field of overseas infrastructure and urban development, who are recommended by the president of KIND and commissioned by the Minister of Land, Infrastructure and Transport:
(a) Any person who has served for at least five years in the affairs related to overseas construction or overseas construction engineering;
(b) Any person who has served for at least ten years in overseas construction finance business at a financial institution;
(c) Any person who majored in a field related to overseas construction, such as architecture, civil engineering, landscape architecture, municipal engineering, and serves at a university or college as a full-time faculty member or higher;
(d) Any person qualified as an attorney-at-law or a certified public accountant, and has served for at least five years in the field of overseas infrastructure and urban development.
(2) Qualifications of the members referred to in paragraph (1) 6 shall be prescribed by Presidential Decree.
(3) The term of office of members referred to in paragraph (1) 5 and 6 shall be two years, and may be renewed consecutively.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-9 (Operation of Steering Committee)
(1) The president of KIND shall be the chairperson of the Steering Committee.
(2) The chairperson shall represent the Steering Committee and exercise general supervision over its affairs.
(3) If the chairperson is unable to perform his/her duties due to any unavoidable cause, a member predesignated by the Steering Committee shall act on behalf of the chairperson.
(4) Meetings of the Steering Committee shall be convened by the chairperson if deemed necessary by the chairperson or at the request of not less than one third of all incumbent members, as prescribed by the articles of incorporation.
(5) A majority of the members of the Steering Committee shall constitute a quorum, and any decision thereof shall require the concurring vote of at least a majority of those present.
(6) Other matters necessary to operate the Steering Committee shall be prescribed by Presidential Decree.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-10 (Executive Officers and Employees)
(1) KIND shall have one president, not more than three standing directors, three or more non-standing directors, and one auditor.
(2) The term of office of executive officers shall be three years: Provided, That in the event of a vacancy of an executive officer, a new executive officer shall be appointed to fill the vacancy, and his/her term of office shall begin to run from the date of appointment.
(3) Articles 382 (1), 389 (1), and 409 (1) of the Commercial Act shall apply mutatis mutandis to the appointment and dismissal of executive officers of KIND, and employees of KIND shall be appointed or dismissed by the president as prescribed by the articles of incorporation.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-11 (Board of Directors)
(1) The board of directors shall be established under KIND to deliberate and decide on matters to be referred to the meetings of the Steering Committee and other important matters prescribed by the articles of incorporation in relation to the duties of KIND.
(2) The board of directors shall be comprised of the president, standing directors, and non-standing directors.
(3) The president shall convene and preside over meetings of the board of directors.
(4) A majority of the members of the board of directors shall constitute a quorum, and any decision thereof shall require the concurring vote of at least a majority of those present.
(5) The auditor may attend a meeting of the board of directors and state his/her opinion.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-12 (Grounds for Disqualification of Executive Officers, Employees, etc.)
(1) Any of the following persons shall not be an executive officer of KIND, and any person falling under subparagraph 2 shall not be a member of the Steering Committee or an employee of KIND:
2. A person who falls under any subparagraph of Article 33 of the State Public Officials Act.
(2) If an executive officer falls under any subparagraph of paragraph (1) or is found to fall thereunder as at the time of appointment, the executive officer shall retire naturally.
(3) Any act conducted by an executive officer who has retired pursuant to paragraph (2) before his/her retirement remains in effect.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-13 (Dispatch, etc. of Public Officials, etc.)
(1) Where deemed necessary to perform his/her duties, the president may request any central administrative agency, etc. to dispatch public officials, executive officers or employees under its jurisdiction (hereafter in this Article, referred to as "dispatched personnel"). In such cases, the president shall consult with the Minister of Land, Infrastructure and Transport in advance.
(2) The president shall submit to the Minister of Land, Infrastructure and Transport a document stating the number of dispatched personnel, duration of dispatch, grounds for a request for dispatch, and qualification requirements when requesting consultation pursuant to the latter part of paragraph (1).
(3) Upon receipt of a request for dispatch pursuant to paragraph (1), the head of the relevant agency may dispatch a public official, or executive officer or employee under his/her control to KIND.
(4) Dispatched personnel shall be deemed KIND personnel for the purpose of performing the duties provided for in Article 28-16.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-14 (Appointment of Agent)
(1) The president of KIND may appoint an agent who has the authority to perform all judicial or extra-judicial acts in relation to the duties of KIND, from among the executive officers or employees, as provided by the articles of incorporation.
(2) The scope of the executive officers and employees who can be appointed as an agent for judicial acts pursuant to paragraph (1) shall be prescribed by Presidential Decree.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-15 (Prohibition on Divulgence, etc. of Confidential Information)
A current or former executive officer or employee (including the members referred to in Article 28-8) of KIND shall neither divulge any confidential information acquired in the performance of his/her duties nor use it for any purpose other than performing his/her duties.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-16 (Duties)
(1) KIND shall perform the following duties to achieve its purpose referred to in Article 28-2 (1):
1. Finding and promoting overseas infrastructure and urban development projects;
2. Investing in, financing for, and financial counseling on, overseas infrastructure and urban development projects;
3. Supporting negotiations with foreign governments and clients in relation to the projects referred to in subparagraph 1;
4. International cooperation in relation to overseas infrastructure and urban development projects;
5. Affairs entrusted by the Government;
6. Education for training specialists in overseas infrastructure and urban development projects;
7. Other duties prescribed by Presidential Decree in relation to overseas infrastructure and urban development projects.
(2) The Support Center may establish regulations on performing its duties after deliberation by the Steering Committee.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-17 (Finance and Accounting)
(1) The fiscal year of KIND shall coincide with the fiscal year of the Government.
(2) The budget and the settlement of account of KIND shall be approved by the Minister of Land, Infrastructure and Transport, after resolution by the Steering Committee.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-18 (Borrowings)
(1) Where necessary to perform the affairs of overseas infrastructure and urban development projects, KIND may borrow funds from financial institutions or other persons prescribed by Presidential Decree in an amount not exceeding five times the total amount of paid-in capital and reserves, after resolution by the Steering Committee.
(2) The Government may guarantee the repayment of the principal and interest of funds borrowed by KIND pursuant to paragraph (1).
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-19 (Issuance, etc. of Overseas Infrastructure and Urban Development Bonds)
(1) To raise funds necessary for performing duties, KIND may issue overseas infrastructure and urban development bonds in an amount not exceeding five times the total amount of paid-in capital and reserves, after resolution by the Steering Committee.
(2) Whenever KIND issues overseas infrastructure and urban development bonds, it shall determine the amount, conditions, method of issuance, and method of repayment thereof and report them to the Minister of Land, Infrastructure and Transport.
(3) Matters necessary for issuing overseas infrastructure and urban development bonds shall be determined by the Steering Committee.
(4) The extinctive prescription of overseas infrastructure and urban development bonds shall complete after five years for principal and two years for interest.
(5) The Government may guarantee repayment of the principal and interest of overseas infrastructure and urban development bonds.
(6) Overseas infrastructure and urban development bonds shall be deemed special purpose bonds referred to in Article 4 (3) of the Financial Investment Services and Capital Markets Act.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-20 (Guidance and Supervision)
The Minister of Land, Infrastructure and Transport may require KIND to report matters concerning its duties or to submit data, or order other necessary matters if necessary to guide and supervise KIND.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-21 (Reporting, Inspection, etc.)
(1) The Minister of Land, Infrastructure and Transport may require KIND to report matters concerning its duties, accounting, property, etc. or require public officials under his/her control to inspect the status of the duties, books, facilities, and other necessary things of KIND if deemed necessary.
(2) Any competent public official who conducts an inspection pursuant to paragraph (1) shall carry a document indicating his/her authority and show it to interested persons.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Article 28-22 (Submission of Operational Plans)
KIND shall submit its operational plan without delay to the Standing Committee of the National Assembly each business year, after deliberation and resolution of it by the Steering Committee. The same shall also apply to any modification thereof.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
CHAPTER VIII SUPERVISION
 Articles 29 through 32 Deleted. <by Act No. 5901, Feb. 8, 1999>
 Article 33 (Substitute Performance of Works)
(1) Where overseas reputation is threatened to be tarnished by faulty performance of works by an overseas construction business operator and it is deemed not against the intent of the owner, the Minister of Land, Infrastructure and Transport may have another overseas construction business operator (hereinafter referred to as "substitute constructor") substitute and perform the works, as prescribed by Presidential Decree. <Amended by Act No. 11690, Mar. 23, 2013>
(2) Each substitute constructor referred to in paragraph (1) and existing constructor shall transfer and acquire, without delay, all rights and obligations regarding performance of the works in the form of a subcontract or substitute contract.
(3) Where any loss occurs due to the substitute performance under paragraph (1), the Minister of Land, Infrastructure and Transport shall provide the substitute constructor with necessary cooperation and assistance to indemnify the loss, as prescribed by Presidential Decree. <Amended by Act No. 11690, Mar. 23, 2013>
(4) When the Minister of Land, Infrastructure and Transport deems it necessary to provide assistance under paragraph (3), he/she may request the head of the relevant administrative agency to provide necessary cooperation and assistance. <Amended by Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
CHAPTER IX SUPPLEMENTARY PROVISIONS
 Article 34 (Delegation of Authority)
The Minister of Land, Infrastructure and Transport may partially delegate his/her authority bestowed under this Act to the Association, as prescribed by Presidential Decree. <Amended by Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 34-2 (Legal Fiction as Public Official in Application of Penalty Provisions)
Executive officers and employees of KIND (including members referred to in Article 28-8 and dispatched personnel referred to in Article 28-13) shall be deemed public officials in the application of Articles 129 through 132 of the Criminal Act.
[This Article Newly Inserted by Act No. 14956, Oct. 24, 2017]
 Articles 35 and 36 Deleted. <by Act No. 5901, Feb. 8, 1999>
CHAPTER X PENALTY PROVISIONS
 Article 37 (Penalty Provisions)
Where an overseas construction business operator falls under any of the following cases due to discontinuance of overseas works before completion due to faulty performance thereof, he/she shall be punished by imprisonment with labor for not exceeding seven years or by a fine not exceeding 70 million won: <Amended by Act No. 12996, Jan. 6, 2015>
1. A person who causes substitute performance referred to in Article 33 (1);
2. A person who inflicts property loss on a payment guarantor for overseas works.
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 38 (Penalty Provisions)
Where serious destruction or damage occurs to an object of construction due to improper execution of overseas works, during the warranty period of the completed works in question, the relevant overseas construction business operator shall be punished by imprisonment with labor for not exceeding five years or by a fine not exceeding 30 million won.
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 39 (Penalty Provisions)
Any of the following persons shall be punished by imprisonment with labor for not exceeding one year or by a fine not exceeding ten million won: <Amended by Act No. 14956, Oct. 24, 2017>
1. Any person who makes a report under Article 6 (1) by fraud or other improper means;
2. Any person who engages in overseas construction business without making a report required under Article 6 (1);
3. Any person who divulges any confidential information acquired in the performance of his/her duties or uses it for any purpose other than performing his/her duties, in violation of Article 28-15.
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
 Article 40 (Joint Penalty Provisions)
Where the representative of a corporation or an agent, employee, or other servant of a corporation or an individual commits any offence provided for in Articles 37 through 39 in connection with the business of the corporation or the individual, not only shall such offender be punished, but the corporation or individual also shall be punished by the fine prescribed in the relevant Articles: Provided, That the foregoing shall not apply where such corporation or individual has not been negligent in giving due attention and supervision concerning the relevant duties, to prevent such offence.
[This Article Wholly Amended by Act No. 10135, Mar. 17, 2010]
 Article 41 (Administrative Fines)
(1) Any person who fails to be equipped with emergency medical facilities and a medical team as prescribed in Article 18-3 shall be punished by an administrative fine not exceeding ten million won. <Newly Inserted by Act No. 13494, Aug. 11, 2015>
(2) Any of the following persons shall be punished by an administrative fine not exceeding three million won: <Amended by Act No. 13494, Aug. 11, 2015; Act No. 14956, Oct. 24, 2017>
1. Any person who fails to make a modified declaration of his/her registration under Article 6 (1);
2. Any person who fails to make a declaration required under Article 10, or makes a false declaration;
3. Any person who fails to file a report required under Article 13, or files a false report;
4. Any person who uses a name that includes words "Korea Overseas Infrastructure and Urban Development Support Corporation" or similar, in violation of Article 28-6.
(3) Administrative fines referred to in paragraphs (1) and (2) shall be imposed and collected by the Minister of Land, Infrastructure and Transport, as prescribed by Presidential Decree. <Amended by Act No. 11690, Mar. 23, 2013; Act No. 13494, Aug. 11, 2015>
[This Article Wholly Amended by Act No. 11023, Aug. 4, 2011]
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 1994.
Article 2 (Transitional Measures on Dispositions)
Dispositions made in accordance with the former provisions before this Act enters into force shall be deemed those made in accordance with this Act.
Article 3 (Transitional Measures on Licenses for Overseas Construction Business)
Anyone who has obtained his/her license for overseas construction business in accordance with the former provisions as at the time this Act enters into force shall be deemed one who has registered his/her overseas construction business in accordance with this Act.
Article 4 (Transitional Measures on Reporting of Establishment of Local Subsidiary)
An overseas construction business operator who has established or acquired a local subsidiary as at the time this Act enters into force shall, within three months from the date this Act enters into force, report to the Minister of Construction and Transportation on the current status of the establishment, etc. of the local subsidiary under the amended provisions of Article 10.
Article 5 (Transitional Measures on Reporting of Overseas Works Implementation Plans)
Anyone who has obtained a permit of contract or is in the course of application for a permit in accordance with the former provisions as at the time this Act enters into force, shall be deemed one who has reported an overseas works implementation plan under the amended provisions of Article 11 (1).
Article 6 (Transitional Measures on Fund)
(1) The Overseas Construction Promotion Fund established under the former provisions as at the time this Act enters into force shall be deemed established in accordance with the amended provisions of Article 19.
(2) The rights and duties retained by the International Contractors Association of Korea regarding assets (credit and liabilities are included herein) and articles belonging to the Overseas Construction Promotion Fund under the former provisions as at the time this Act enters into force, shall be comprehensively assumed and succeeded by the Minister of Construction and Transportation.
Article 7 (Transitional Measures on Penalty Provisions)
The application of penalty provisions to offences committed before this Act enters into force shall be governed by the former provisions.
Article 8 Omitted.
ADDENDA <Act No. 5230, Dec. 30, 1996>
Article 1 (Enforcement Date)
This Act shall enter into force on July 1, 1997. (Proviso Omitted.)
Articles 2 through 11 Omitted.
ADDENDA <Act No. 5386, Aug. 28, 1997>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 1998. (Proviso Omitted.)
Articles 2 through 8 Omitted.
ADDENDA <Act No. 5453, Dec. 13, 1997>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 1998. (Proviso Omitted.)
Article 2 Omitted.
ADDENDUM <Act No. 5454, Dec. 13, 1997>
This Act shall enter into force on January 1, 1998. (Proviso Omitted.)
ADDENDA <Act No. 5726, Jan. 29, 1999>
Article 1 (Enforcement Date)
This Act shall enter into force on July 1, 1999.
Articles 2 through 7 Omitted.
ADDENDA <Act No. 5815, Feb. 5, 1999>
(1) (Enforcement Date) This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
(2) (Transitional Measures on Penal Provisions) In the application of the penal provisions to acts committed before this Act enters into force, the previous provisions shall apply.
ADDENDA <Act No. 5901, Feb. 8, 1999>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation: Provided, That the amended provisions of subparagraph 6 of Article 2 shall enter into force on April 1, 1999.
Article 2 (Transitional Measures on Registration of Overseas Construction Business)
A person who has made a registration of the overseas construction business under the former provisions of Article 6 as at the time this Act enters into force shall be deemed to have made a notification of the overseas construction business under the amended provisions of Article 6.
Article 3 (Transitional Measures on Fund)
The International Contractors Association of Korea established under the former provisions of Article 23 as at the time this Act enters into force shall comprehensively assume and succeed the rights and duties of the Minister of Construction and Transportation with regard to the property (including claims and liabilities) belonging to the Overseas Construction Promotion Fund under the former provisions of Article 19 as at the time this Act enters into force.
Article 4 (Transitional Measures on Administrative Dispositions)
With regard to the administrative dispositions for offenses committed before this Act enters into force, the amended provisions shall apply: Provided, That for the dispositions already made, the former provisions shall apply.
Article 5 (Transitional Measures on Penalty Provisions and Administrative Fines)
The former provisions shall apply to penalty provisions or administrative fines for offences committed before this Act enters into force.
Article 6 Omitted.
ADDENDA <Act No. 8466, May 17, 2007>
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. 8852, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 7 Omitted.
ADDENDUM <Act No. 9059, Mar. 28, 2008>
This Act shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 9545, Mar. 25, 2009>
This Act shall enter into force three months after the date of its promulgation.
ADDENDA <Act No. 9770, Jun. 9, 2009>
Article 1 (Enforcement Date)
This Act shall enter into force on July 1, 2010. (Proviso Omitted.)
Articles 2 through 7 Omitted.
ADDENDUM <Act No. 9856, Dec. 29, 2009>
This Act shall enter into force on the date of its promulgation: Provided, That the amended provisions in Article 6 (2) 7 shall enter into force on July 1, 2010.
ADDENDUM <Act No. 10135, Mar. 17, 2010>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 10250, Apr. 12, 2010>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
Articles 2 through 9 Omitted.
ADDENDA <Act No. 11023, Aug. 4, 2011>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 (Transitional Measures concerning Cited Provisions)
(1) "Report on opening a certified architect office" in the amended provisions of Article 6 (2) 5 shall be construed as "report on a certified architect's business" until May 30, 2012.
(2) "The Environmental Technology and Industry Support Act" and "specialized environmental construction business" in the amended provisions of Article 6 (2) 7 shall be construed as "the Development of and Support for Environmental Technology Act" and "pollution control facilities business," respectively, until October 28, 2011.
ADDENDUM <Act No. 11198, Jan. 17, 2012>
This Act shall enter into force six months after the date of its promulgation.
ADDENDA <Act No. 11690, Mar. 23, 2013>
Article 1 (Enforcement Date)
(1) This Act shall enter into force on the date of its promulgation.
(2) Omitted.
Articles 2 through 7 Omitted.
ADDENDUM <Act No. 12082, Aug. 13, 2013>
This Act shall enter into force six months after the date of its promulgation.
ADDENDUM <Act No. 12996, Jan. 6, 2015>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 13494, Aug. 11, 2015>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation: Provided, That the amended provisions of Articles 2, 18-3, and 41 shall enter into force one year after the date of its promulgation.
Article 2 (Transitional Measures)
A collective investment scheme created or established for investing in overseas construction before this Act enters into force and approved by the Minister of Land, Infrastructure and Transport shall be deemed a collective investment scheme for overseas construction established under the amended provisions of Article 19.
ADDENDA <Act No. 14956, Oct. 24, 2017>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
Article 2 (Transitional Measures upon Establishment of KIND)
(1) All competent duties, rights, obligations, and property of the International Urban Development Cooperation Center shall be succeeded by a universal title by KIND simultaneously with the establishment of KIND.
(2) The value of property to be succeeded to KIND pursuant to paragraph (1) shall be the book value as on the date before the date of succession.
(3) The name of the International Urban Development Cooperation Center registered in the register or other official books shall be deemed the name of KIND.
(4) Any act conducted by or against the International Urban Development Cooperation Center prior to the establishment of KIND shall be deemed an act conducted by or against KIND.