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ENFORCEMENT DECREE OF THE STATE PROPERTY ACT

Wholly Amended by Presidential Decree No. 21641, Jul. 27, 2009

Amended by Presidential Decree No. 21765, Oct. 1, 2009

Presidential Decree No. 22151, May 4, 2010

Presidential Decree No. 22221, jun. 28, 2010

Presidential Decree No. 22493, Nov. 15, 2010

Presidential Decree No. 23356, Dec. 8, 2011

Presidential Decree No. 23392, Dec. 28, 2011

Presidential Decree No. 23529, Jan. 25, 2012

Presidential Decree No. 23535, Jan. 25, 2012

Presidential Decree No. 23718, Apr. 10, 2012

Presidential Decree No. 23793, May 22, 2012

Presidential Decree No. 23855, jun. 19, 2012

Presidential Decree No. 24441, Mar. 23, 2013

Presidential Decree No. 24495, Apr. 5, 2013

Presidential Decree No. 25031, Dec. 30, 2013

Presidential Decree No. 25067, Jan. 7, 2014

Presidential Decree No. 25279, Mar. 24, 2014

Presidential Decree No. 25456, Jul. 14, 2014

Presidential Decree No. 25483, Jul. 16, 2014

Presidential Decree No. 25751, Nov. 19, 2014

Presidential Decree No. 25945, Dec. 30, 2014

Presidential Decree No. 26248, May 26, 2015

Presidential Decree No. 26302, jun. 1, 2015

Presidential Decree No. 26369, jun. 30, 2015

Presidential Decree No. 26517, Sep. 11, 2015

Presidential Decree No. 26609, Oct. 29, 2015

Presidential Decree No. 26754, Dec. 22, 2015

Presidential Decree No. 26763, Dec. 28, 2015

Presidential Decree No. 27128, May 10, 2016

Presidential Decree No. 27299, jun. 30, 2016

Presidential Decree No. 27444, Aug. 11, 2016

Presidential Decree No. 27471, Aug. 31, 2016

Presidential Decree No. 27472, Aug. 31, 2016

Presidential Decree No. 27473, Aug. 31, 2016

Presidential Decree No. 27926, Mar. 2, 2017

Presidential Decree No. 28211, Jul. 26, 2017

Presidential Decree No. 28628, Feb. 9, 2018

CHAPTER I GENERAL PROVISIONS
 Article 1 (Purpose)
The purpose of this Decree is to prescribe matters delegated by the State Property Act and those necessary for the enforcement thereof.
 Article 2 (Scope of Government-Invested Corporations)
"Any corporation prescribed by Presidential Decree" in subparagraph 6 of Article 2 of the State Property Act (hereinafter referred to as the "Act") means any corporation set forth in attached Table 1.
 Article 3 (Scope of State Property)
"Machinery and appliances prescribed by Presidential Decree" in Article 5 (1) 3 of the Act means tram cars, such as locomotives, electric cars, passenger coaches, freight cars, and diesel rail cars.
 Article 4 (Classification of State Property)
(1) "Period prescribed by Presidential Decree" in Article 6 (2) 1 through 3 of the Act means five years from the date the State or a government enterprise provided for in Article 2 of the Government Enterprise Budget Act determines to use any State property as administrative property.
(2) "Cases prescribed by Presidential Decree" in Article 6 (2) 1 of the Act means cases of using or intending to use state property for any of the following purposes: <Newly Inserted by Presidential Decree No. 24495, Apr. 5, 2013>
1. Presidential residence;
2. An official residence to be used by a prime minister or by the head of an independent institution or of a central governmental agency under Article 6 (1) and (2) of the National Finance Act;
3. A facility provided for residential purposes, among the national defense and military facilities under subparagraph 1 of Article 2 of the Act on National Defense and Military Installations Projects;
4. A residential facility for a person transferred to a place of work other than his/her original place of work, or for the person who works on a circuit of areas due to personnel order;
5. A residential facility for the person on emergency duty, which is built within the relevant emergency work place or within a place adjacent thereto;
6. Other residential facilities deemed relevant to a person’s work duty, in light of their location, usage, etc.
(3) "Cases prescribed by Presidential Decree" in Article 6 (2) 3 of the Act means cases where using or intending to use a property for the purposes falling under paragraph (2) 4 through 6. <Newly Inserted by Presidential Decree No. 24495, Apr. 5, 2013>
(4) "Property the State preserves for other necessities" in Article 6 (2) 4 of the Act means any property determined by the office of general administration to require preservation thereof by the State. <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 24495, Apr. 5, 2013>
(5) The office of general administration shall determine whether to use or preserve administrative property provided for in Article 6 (2) of the Act, taking into consideration the opinions of the heads of the central government agencies referred to in Article 6 of the National Finance Act (hereinafter referred to as "head of a central government agency"). <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 23855, Jun. 19, 2012; Presidential Decree No. 24495, Apr. 5, 2013>
(6) Among the State properties under Article 6 (2) 1 and 3 and Article 6 (3) of the Act, the office of general administration may determine the method of managing or disposing of the State property being used or deemed necessary to be used by public officers or the employees of government enterprises for residential purposes. <Newly Inserted by Presidential Decree No. 25031, Dec. 30, 2013>
 Article 4-2 (Application for Using Administrative Property)
When the head of a central government agency intends to obtain approval for using administrative property pursuant to Article 8 (4) of the Act, he/she shall submit a written application stating the details under each of the following subparagraphs to the office of general administration:
1. Indication of property;
2. Purpose of use;
3. Plan for use;
4. Other matters deemed necessary by the office of general administration.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
 Article 4-3 (Delegation of Administration and Disposal of Administrative Property)
(1) Pursuant to Article 8 (5) of the Act, the office of general administration shall delegate the following affairs to the heads of central government agencies: <Amended by Presidential Decree No. 23529, Jan. 25, 2012>
1. Affairs concerning the acquisition of property through the contribution acceptance provided for in Article 13 of the Act;
2. Affairs concerning acquisition following the purchase, etc. of administrative property (excluding property for public use defined in Article 5 (1) 1 of the Act);
3. Affairs concerning the acquisition of national defense and military installations defined in subparagraph 1 of Article 2 of the Act on National Defense and Military Installations Projects;
4. Affairs concerning the administration (excluding affairs related to acquiring) of administrative property;
5. Affairs concerning the disposal of disused administrative property (excluding the property provided for in Article 5 (1) 1 of the Act);
6. Other affairs designated by the office of general administration as deemed necessary to efficiently administer or dispose of administrative property.
(2) The use of administrative property acquired by the head of a central government agency under paragraph (1) 1 through 3 shall be deemed approved under Article 8 (4) of the Act.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
 Article 5 (Comprehensive Plan for State Property)
"General plan regarding administration/disposal of State property as prescribed by Presidential Decree" in Article 9 (4) 2 of the Act means any of the following plans:
1. Plan on the acquisition of State property;
2. Plan on the disposal of State property;
3. Plan on the use of administrative property in accordance with Article 8 (4) of the Act;
4. Plan on the development of general property in accordance with Article 57 of the Act;
5. Other plans on the administration of State property, such as the plan on permission for use, loan, etc.
[This Article Wholly Amended by Presidential Decree No. 22815, Apr. 1, 2011]
 Article 6 (Creation of Private Rights)
"Cases prescribed by Presidential Decree" in the proviso to Article 11 (2) of the Act means cases that fall under any of the following subparagraphs: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where a private right has been created to general property in accordance with any other Act or any final and conclusive judgment (including judicial reconciliation and others having the same legal effect as that of the final and conclusive judgment);
2. Where the head of a central government agency, etc. deems it necessary to establish a private right to increase the utility value of the relevant general property without impeding the use and utilization thereof.
 Article 7 (Acquisition of Ownerless Real Estate)
(1) Matters to be publicly announced by the office of general administration or the head of a central government agency pursuant to Article 12 (2) of the Act are as follows: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. An indication of the relevant real estate;
2. The purport that the relevant real estate shall be acquired as State property unless a person files a report on the lawful right to the real estate within six months after the public announcement.
(2) The public announcement referred to in paragraph (1) shall be issued in the Official Gazette and daily newspapers, and posted on the website of the Regional Public Procurement Service having jurisdiction over the location of the relevant real estate for at least 14 days. <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 23855, Jun. 19, 2012>
(3) "Any special ground prescribed by Presidential Decree" in the proviso to Article 12 (4) of the Act means any of the following grounds:
1. Where the relevant State property becomes necessary for public works projects under the Act on Acquisition of and Compensation for Land, etc. for Public Works Projects;
2. Where the relevant State property are to be sold due to extenuating circumstances, as determined by the guidelines referred to in Article 9 (4) 3 of the Act.
 Article 8 (Contribution Acceptance)
(1) The office of general administration or the head of a central government agency shall, in order to receive donation under Article 13 (1) of the Act, receive a written document of donation which specifies the following matters. In such cases, the office of general administration or the head of the central government agency shall, if necessary, confirm the certified copy of register, building register, land cadastre, forest land register, land registration map, and forest land map in relation to the relevant property through the joint use of administrative information under Article 36 (1) of the Electronic Government Act: <Amended by Presidential Decree No. 22151, May 4, 2010; Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 26302, Jun. 1, 2015>
1. Indication of property to be donated;
2. Name and address of the donator;
3. Purpose of the donation;
4. Price of property to be donated;
5. Documents proving ownership;
6. Entries in the joint signature register of co-owned land, site register, and coordinates of boundary points register under subparagraph 19 of Article 2 of the Act on the Establishment, Management, etc. of Spatial Data;
7. Building placement map and other necessary drawings, in relation to the property to be donated.
(2) In cases of donation by a representative, documents proving the position as the representative and a detailed statement specifying the names, addresses, and donated property of the respective donators shall accompany the written document of donation referred to in paragraph (1).
(3) "If it is impractical for the State to administer the property" or "if the State does not require it" in the main sentence of Article 13 (2) of the Act means any of the following subparagraphs: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. If it is impractical for the head of a central government agency to directly use the property in spite of expiration of the period for which the gratuitous use of the property is permitted pursuant to Article 13 (2) 1 of the Act;
2. If the property costs too much in maintenance and repairs, compared with the property value;
3. If the property is expected to bring no profit to the State.
(4) Where buildings or other permanent structures are constructed on condition that such buildings or structures be donated, the office of general administration or the head of a central government agency shall conclude a contract on such donation, etc. or collect a verification of performance thereof before granting permission for use thereof. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
 Article 9 (Registration, Record, etc.)
(1) The office of general administration or the head of a central government agency shall, when it acquires any State property, promptly register or record such property, enter the change of the holder thereof, or take other measures necessary for the preservation of relevant rights pursuant to Article 14 (1) of the Act, within sixty days from the date when the said property falls under its jurisdiction. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) In taking necessary measures for the preservation of rights pursuant to paragraph (1), the office of general administration or the head of a central government agency shall keep any of the following documents which evidences that it has competent authority over the relevant property: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. If agreement is reached as a result of consultation under Article 16 (1) of the Act, a written agreement;
2. If the office of general administration has determined under Article 16 (2) of the Act, a written determination;
3. If the office of general administration has designated the head of a central government agency under Article 24 of the Act, a written designation.
(3) "Corporation prescribed by Presidential Decree" in the proviso to Article 14 (2) of the Act means the Korea Securities Depository established pursuant to Article 294 of the Financial Investment Services and Capital Markets Act (hereinafter referred to as the "Korea Securities Depository").
 Article 10 (Keeping and Handling Securities)
(1) "Corporation designated by Presidential Decree" in Article 15 (1) of the Act means any corporation that falls under any of the following subparagraphs: <Amended by Presidential Decree No. 22493, Nov. 15, 2010>
1. A bank pursuant to Article 2 (1) 2 of the Banking Act (excluding any institution deemed a bank pursuant to Article 5 of the same Act and any foreign bank);
2. The Korea Securities Depository.
(2) Necessary matters regarding the keeping, handling, etc. of securities pursuant to Article 4 (1) of the Financial Investment Services and Capital Markets Act (hereinafter referred to as "securities") shall be prescribed by Ordinance of the Ministry of Strategy and Finance.
(3) If any corporation financed by the Government newly issues equity securities pursuant to Article 4 (4) of the Financial Investment Services and Capital Markets Act (hereinafter referred to as "equity securities"), the office of general administration shall subscribe for them by determining the amount, method, date, and place of payment.
 Article 11 (Administrative Conversion)
In cases of administrative conversion under Article 16 of the Act, the office of general administration or the head of a central government agency which transfers the jurisdiction over the relevant property shall transfer both the documents related to the decision for the administrative conversion and the records of the relevant property to the office of general administration or the head of the central government agency which takes over the said jurisdiction. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
 Article 12 (Compensatory Administrative Conversion, etc.)
(1) Where the administrative conversion of any State property is made with compensation pursuant to the main sentence of Article 17 of the Act, the price of the relevant property shall be determined in accordance with each of the following subparagraphs: <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 27299, Jun. 30, 2016; Presidential Decree No. 27471, Aug. 31, 2016>
1. For securities: An amount calculated by applying mutatis mutandis Articles 43 and 44;
2. For State property, other than securities: An amount appraised by an appraisal business operator among appraisal business operators (hereinafter referred to "appraisal business operator") under the Act on Appraisal and Certified Appraisers.
(2) Where the administrative conversion of any State property is made without compensation under the proviso to Article 17 of the Act, the price of the relevant property shall be the price entered in the State property register (hereinafter referred to as "registered price"). <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) Where the use of State property is permitted under Article 17 of the Act, the provisions of Article 29 or Article 67-8 shall apply mutatis mutandis with respect to the determination of the usage fees. <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 24495, Apr. 5, 2013>
 Article 13 (Measures to Performance Guarantee Reinstatement)
(1) Any person who intends to construct permanent facilities pursuant to the proviso to Article 18 (1) of the Act shall submit to the head of a central government agency, etc. a plan for constructing and reinstating those permanent facilities. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) The head of a central government agency, etc. shall direct a person constructing permanent facilities pursuant to Article 18 (1) 3 of the Act to deposit an amount equivalent to the expenses and costs to be incurred in reinstating the relevant property (hereafter referred to as "performance guarantee" in this Article) before commencing construction works on the permanent facilities. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) A performance guarantee shall be in the form of cash or any letter of guarantee, etc. that falls under any of the following subparagraphs: <Amended by Presidential Decree No. 22493, Nov. 15, 2010>
1. A payment guarantee issued by a financial institution under Article 46 (4) of the Enforcement Decree of the National Finance Act or by a foreign bank under the Banking Act;
2. A guaranty insurance policy issued by an insurance company permitted pursuant to the Insurance Business Act.
(4) If a person who has deposited a performance guarantee fails to reinstate the relevant State property in spite of the occurrence of the cause therefor, the head of a central government agency, etc. may reinstate the said property using the performance guarantee deposited. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(5) The head of a central government agency, etc. shall return the remainder of a performance guarantee, if any, less the cost of reinstatement. In such cases, if interest on a performance guarantee deposited in cash accrues, the interest shall be returned as well. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(6) Notwithstanding the provisions of paragraph (4), if any permanent facilities or the part thereof is expected to serve to enhance the utility value of the relevant State property at the time a cause for its reinstatement occurs, the head of a central government agency, etc. may acquire the permanent facilities or the part thereof without compensation, instead of the reinstatement of such property. In such cases, the performance guarantee shall be returned in whole or in part pursuant to paragraph (5). <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
 Article 13-2 (Construction of Permanent Facilities)
"Where prescribed by Presidential Decree" in Article 18 (1) 2-2 of the Act means the cases falling under any of the following subparagraphs:
1. Where 1/2 or more of proceeds from sale of the property falling under Article 55 (2) 1 or 2 is paid;
2. Where a privately owned building on the land falling under Article 55 (2) 3 is destroyed due to natural or other disasters;
3. Where 1/5 or more of proceeds from sale of the property falling under Article 55 (3) 3-2 is paid;
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
CHAPTER II OFFICE OF GENERAL ADMINISTRATION
 Article 14 (Reporting on Unused Administrative Property)
(1) "Unused administrative property prescribed by Presidential Decree" in Article 21 (2) of the Act means any administrative property falling under Article 5 (1) 1 of the Act that is not used, or need not be used, as administrative property under any subparagraph of Article 6 (2) of the Act.
(2) The status of unused administrative property that shall be reported by the head of a central government agency to the office of general administration pursuant to Article 21 (2) of the Act shall be as follows: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. The overall status and detailed description of unused administrative property as of the end of the previous year;
2. The cause that gave rise to the non-use of administrative property;
3. The status of administration in the previous year, and a plan for utilization hereafter;
4. Other matters recognized by the office of general administration as necessary for ascertaining the status of unused administrative property.
 Article 15 (Audit, etc.)
(1) The office of general administration may conduct an audit referred to in Article 21 (3) of the Act, with the support of the Public Procurement Service.
(2) When the office of general administration has found anything to be unlawful or unjust as a result of the audit under paragraph (1), it may take necessary measures against the head of the relevant central government agency, such as a request for correction thereof. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) The head of a central government agency, etc. who is asked to take certain measures pursuant to paragraph (2) shall notify the office of general administration and the Board of Audit and Inspection of the results of the implementation thereof. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
 Article 16 (Delegation and Entrustment of General Administrative Duties)
(1) Pursuant to Article 25 of the Act, the office of general administration shall delegate the following duties to the Administrator of the Public Procurement Service: <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 23392, Dec. 28, 2011; Presidential Decree No. 23718, Apr. 10, 2012; Presidential Decree No. 23855, Jun. 19, 2012; Presidential Decree No. 27926, Mar. 2, 2017>
1. Duties concerning the examination, etc. of the status of State property to support general administrative affairs under Article 21 (1) and (2) of the Act (excluding the duties referred to in paragraph (2) 1);
2. Duties concerning the confirmation and checkups of the status of management of State property to support auditing or other necessary measures pursuant to Article 21 (3) of the Act;
3. Duties concerning the designation of the head of a central government agency pursuant to Article 24 of the Act;
4. Deleted; <by Presidential Decree No. 27926, Mar. 2, 2017>
5. Duties concerning the fact-finding inspection of concealed State property or ownerless real estate (hereinafter referred to as "concealed property, etc.") and restitution and reversion thereof to the State;
6. Duties concerning the acquisition of land reserved to meet the future administrative demand;
7. Duties concerning the consultation on gratuitous reversion of general property controlled by the office of general administration pursuant to the National Land Planning and Utilization Act and other Acts;
8. Duties concerning the examination of land and buildings necessary to construct a new government office, official residence, etc.
(2) Pursuant to Article 25 of the Act, the office of general administration shall entrust the following duties to Korea Asset Management Corporation established under the Act on the Efficient Disposal of Non-Performing Assets, etc. of Financial Companies and the Establishment of Korea Asset Management Corporation (hereinafter referred to as "Korea Asset Management Corporation"). In such cases, expenses for entrusting and other necessary matters shall be determined by Ordinance of the Ministry of Strategy and Finance: <Newly Inserted by Presidential Decree No. 27926, Mar. 2, 2017>
1. Duties concerning total inspection of the status of State property to support general administrative duties referred to in Article 21 (1) and (2) of the Act, which are aviation inspection duties or duties incidental thereto;
2. Duties concerning consultation about urban or Gun management plans for general property under the jurisdiction of the office of general administration referred to in Article 73-2 (1) of the Act.
(3) Where the Administrator of the Public Procurement Service or Korea Asset Management Corporation requests the Special Metropolitan City Mayor, a Metropolitan City Mayor, a Special Self-Governing City Mayor, a Do Governor, or the Special Self-Governing Province Governor (hereinafter referred to as "Mayor/Do Governor") or the head of a central government agency, etc. to provide cooperation in order to perform the duties delegated or entrusted pursuant to paragraph (1) or (2), the Mayor/Do Governor or the head of the central government agency, etc. shall comply with such request. <Amended by Presidential Decree No. 23855, Jun. 19, 2012; Presidential Decree No. 27926, Mar. 2, 2017>
(4) In order to perform the duties provided for in paragraph (1) 1 and 2, the Administrator of the Public Procurement Service shall prepare a plan for examining the status of State property and a plan for confirming and checking the status of management of State property, report to the office of general administration, and give notice thereof to the head of the relevant central government agency, etc. by the last day of February each year. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(5) The Administrator of the Public Procurement Service shall submit, to the office of general administration, a report on the findings of the examination conducted under paragraph (1) 1, confirmation and checkups conducted under paragraph (1) 2, and matters, etc. necessary for administering State property. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
 Article 17 (Organization and Operation of Committee for Examination on State Property Policies)
(1) The Committee for Examination on State Property Policies under Article 26 (1) of the Act (hereinafter referred to as the "Committee") shall be comprised of the following members: <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 24441, Mar. 23, 2013; Presidential Decree No. 25751, Nov. 19, 2014; Presidential Decree No. 28211, Jul. 26, 2017>
1. The Minister of Strategy and Finance;
2. One person, the Vice Minister of Strategy and Finance, who is designated by the Minister of Strategy and Finance;
3. The Vice Minister of Education;
4. The Vice Minister of National Defense;
5. The Vice Minister of the Interior and Safety;
5-2. The Vice Minister of Agriculture, Food and Rural Affairs;
5-3. One Vice Minister of Land, Infrastructure and Transport, who is designated by the Minister of Land, Infrastructure and Transport;
5-4. The Administrator of the Supply Administration;
5-5. The Minister of the Korea Forest Service;
6. Not more than 11 civilian members commissioned by the Minister of Strategy and Finance from among those who have profound learning and experience in a State property-related field and fall under any of the following items:
(a) A person who has served for at least ten years as an associate professor or in an equivalent position at a college or university or an accredited research institute;
(b) A person who has served for at least ten years as an attorney-at-law in the areas of litigation and other legal services;
(c) A person who has served for at least ten years as a certified public accountant in the areas of audit and accounting;
(d) A person who has served for at least ten years as a certified public appraiser in the areas of appraisal and assessment;
(e) A person who is recognized to have a career equivalent to any of items (a) through (d) above in the areas of real estate, securities, or other related services.
(2) The term of office of any member referred to in paragraph (1) 6 shall be one year.
(3) The Minister of Strategy and Finance may decommission any member described in paragraph (1) 6 if he/she falls under either of the following subparagraphs:
1. When he/she becomes unable to perform his/her duties due to any mental disorder;
2. When he/she is deemed unfit to serve as a member on the grounds of neglect of duty, injury to dignity or such.
(4) The chairperson of the Committee shall call meetings thereof and exercise general control over the affairs thereof.
(5) If deemed necessary for deliberation, the Committee may ask the heads and staff members of relevant institutions or related experts to attend its meetings and provide their opinions.
(6) Other than those provided for in paragraphs (1) through (5), necessary matters concerning the operation, etc. of the Committee shall be determined by the chairperson of the Committee through its resolution.
 Article 18 (Subcommittees)
(1) Subcommittees for real estate, for securities, and for contribution to concession shall be established in the Committee under the former part of Article 26 (4) of the Act. <Amended by Presidential Decree No. 27926, Mar. 2, 2017>
(2) Matters to be deliberated by the subcommittees (hereinafter referred to as "subcommittee") under paragraph (1) shall be classified pursuant to each of the following subparagraphs: <Amended by Presidential Decree No. 27926, Mar. 2, 2017>
1. Subcommittee for real estate:
(a) Matters on selling off, among the criteria for disposal under Article 9 (4) 3 of the Act;
(c) Other matters that the office of general administration deems necessary to be deliberated by the subcommittee for real estate in connection with the affairs of administration and disposal of the State property (excluding securities);
2. Subcommittee for securities:
(b) Matters on determination of estimated sales price of securities;
(c) Matters on determination of reduction rates in the estimated sales price of securities in accordance with Article 42 (3);
(d) Other matters that the office of general administration deems necessary to be deliberated by the subcommittee for securities in connection with the affairs of administration and disposal of securities;
3. Subcommittee for contribution to concession:
(a) Matters on concession referred to in Article 55 (1) 3 of the Act (hereinafter in this subparagraph, referred to as "contribution to concession");
(b) Other matters that the office of general administration deems necessary to be deliberated by the subcommittee for contribution to concession, in connection with the determination and management of contribution to concession.
(3) Each of the subcommittees shall be comprised of the committee members classified under each of the following subparagraphs including one chairperson, and a Vice Minister of Strategy and Finance designated by the Minister of Strategy and Finance shall serve as the chairperson of each subcommittee: <Amended by Presidential Decree No. 23221, Oct. 14, 2011; Presidential Decree No. 27926, Mar. 2, 2017>
1. Subcommittee for real estate: Not more than six members commissioned by the Minister of Strategy and Finance from among those committee members falling under Article 17 (1) 2, 5, 5-4, 5-5, and 6;
2. Subcommittee for securities: Not more than five members commissioned by the Minister of Strategy and Finance from among those committee members falling under Article 17 (1) 2, 5, 5-4, and 6;
3. Subcommittee for contribution to concession: Not more than five members commissioned by the Minister of Strategy and Finance from among those committee members falling under Article 17 (1) 2, 4, 5, 5-3, 5-4, and 6.
(4) With respect to the operation, etc. of the subcommittees, Article 17 (4) through (6) shall apply mutatis mutandis. In such cases, the "Committee" shall be deemed "subcommittee".
[This Article Wholly Amended by Presidential Decree No. 22815, Apr. 1, 2011]
CHAPTER II-II STATE PROPERTY ADMINISTRATION FUND
 Article 18-2 (Entrustment of Administration and Management of State Property Administration Fund)
(1) In accordance with Article 26-6 (2) of the Act, the office of general administration shall entrust the following affairs to Korea Asset Management Corporation: <Amended by Presidential Decree No. 25279, Mar. 24, 2014; Presidential Decree No. 27926, Mar. 2, 2017>
1. Accounting affairs on administration and management of the State Property Administration Fund established under Article 26-2 of the Act (hereinafter referred to as "State Property Administration Fund" in this Chapter);
2. Affairs concerning the preparation of the report on final accounts of the State Property Administration Fund;
3. Affairs concerning the project to be developed as a source of revenue for the State Property Administration Fund, pursuant to Article 57 (1) of the Act;
4. Affairs concerning the management of surplus cash of the State Property Administration Fund;
5. Other affairs that the office of general administration deems necessary in connection with administration and management of the State Property Administration Fund.
(2) The expenses to be incurred for the affairs entrusted to the Korea Assets Management Corporation pursuant to paragraph (1) shall be borne by the State Property Administration Fund.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
 Article 18-3 (Separate Accounting of State Property Administration Fund)
The Korea Assets Management Corporation shall separately account for the State Property Administration Fund, apart from other accounts of the Korea Assets Management Corporation.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
CHAPTER III ADMINISTRATIVE PROPERTY
 Article 19 (Exchange and Concession of Administrative Property)
(1) Article 57 shall apply mutatis mutandis to the exchange pursuant to Article 27 (1) 1 of the Act, and Article 59 to the concession pursuant to Article 27 (1) 2 of the Act. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) "Administrative property prescribed by Presidential Decree" in Article 27 (1) 2 of the Act means the property falling under any subparagraph under Article 58 (1). <Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011>
 Article 20 (Delegation of Administrative Duties)
(1) If the head of a central government agency delegates its administrative duties concerning administrative property to its public officials, or divides such duties among its public officials, pursuant to Article 28 (1) and (2) of the Act, it shall notify such fact to the Board of Audit and Inspection. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) If the head of a central government agency intends to delegate its administrative duties concerning administrative property to the public officials belonging to other offices of administration under Article 28 (3) of the Act, it shall, before delegation, hear the opinions of such other offices of administration as to public officials who will take charge of the duties to be delegated and their positions and the scope of the duties to be delegated, and shall notify the fact of delegation to the Board of Audit and Inspection. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) If the head of a central government agency intends to delegate its administrative duties concerning administrative property to the head of a local government or public officials thereof under Article 28 (4) of the Act, it shall, before delegation, hear the opinion of the head of a central government agency supervising the relevant local government as to public officials who will take charge of the duties to be delegated and their positions and the scope of the duties to be delegated, and shall notify the fact of delegation to the Board of Audit and Inspection. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
 Article 21 (Qualifications of Persons to Be Entrusted with Administration)
In entrusting the administration of administrative property (hereinafter referred to as "entrustment of administration") under Article 29 of the Act, if special skill and capacity are required for the administration of the relevant property in terms of the scale, purposes of use, etc. thereof, the administration shall be entrusted to a person who has such skill and capacity or any other person who is suitable for administration of such property.
 Article 22 (Period of Entrustment of Administration, etc.)
(1) The period of entrustment of administration shall not exceed five years, but the entrustment of administration may be renewed by up to five years, except in cases falling under any of the following subparagraphs:
1. Where the property subject to the entrustment of administration needs to be used directly by the State or a local government for official or public purpose;
2. Where a person who is entrusted with administration pursuant to Article 29 of the Act (hereinafter referred to as "administrative trustee") fails to meet the qualifications to be entrusted with administration under Article 21;
3. Where an administrative trustee violates the terms and conditions of the entrustment of administration;
4. Where the entrustment of administration is no longer needed.
(2) If an administrative trustee intends to make use of or profit from a portion of the entrusted property, or to allow another person to make use of or profit from it, pursuant to Article 29 (2) of the Act, it shall be done within the period of entrustment of administration.
 Article 23 (Administration of Property Subject to Entrustment of Administration)
(1) An administrative trustee shall administer the entrusted property in consistency with the public purposes with due care as a good manager, and if the entrusted property is damaged, he/she shall report it to the head of a central government agency without delay. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) If an administrative trustee intends to make large-scaled repairs by which the original form of the entrusted property would be changed, he/she shall obtain approval from the head of a central government agency: Provided, That if it is urgently required, he/she may take necessary minimum measures and then report the details thereof immediately to the head of a central government agency. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
 Article 24 (Fee, etc. for Use of Property Subject to Entrustment of Administration)
(1) Usage fees collected from a person who makes use of or benefits from the property entrusted pursuant to Article 29 of the Act shall be determined by the head of a central government agency on the basis of an amount calculated by the rate of fees for use and the method of calculation as provided for in Articles 29 and 67-8, in consideration of the expected benefit from the property. <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 24495, Apr. 5, 2013>
(2) If the total expenditure paid to an administrative trustee exceeds the total income received from the administrative trustee on an annual basis, the head of a central government agency shall pay the difference to the administrative trustee, and if the total income exceeds the total expenditure, it shall cause the administrative trustee to pay the difference to the National Treasury. In such cases, the scope of the expenditure and income shall be determined by Ordinance of the Ministry of Strategy and Finance. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
 Article 25 (Report, etc. of Administration Status)
(1) An administrative trustee shall provide an annual report on the administration status of the entrusted property to the head of a central government agency by January 31 of the following year. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) If necessary, the head of a central government agency may ascertain and examine the administration status of property subject to the entrustment of administration or have the relevant administrative trustee report thereon. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
 Article 26 (Sublease of Donated Property)
(1) When any person who has obtained permission for using administrative property in accordance with the proviso to Article 30 (2) of the Act intends to allow another person to make use of and profit from that property, he/she shall submit to the head of a central government agency an application for approval in which matters falling under each of the following subparagraphs are entered: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Indication of the property to be subleased;
2. Purpose of use of, ways to benefit from, and period of making use of and profit from, the property to be subleased;
3. Name and address of the sublessee.
(2) The period for which a sublessee can make use of and profit from the relevant administrative property pursuant to the proviso to Article 30 (2) of the Act shall not exceed the remainder of the period for which the sublessor is permitted to use that property.
 Article 27 (Methods of Permission for Use)
(1) If one or more effective bids are made in competitive bidding under Article 31 (1) of the Act, a successful bidder shall be a person who has submitted the highest bidding price.
(2) If administrative property falls under any of the following subparagraphs, the person to be granted permission for use thereof may be determined by means of a restricted or designated tender pursuant to the proviso to Article 31 (1) of the Act: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where it is necessary to conduct bidding by designating the owners of land adjacent to the relevant property in view of the purpose of use, etc. of that property;
1-2. Where an application for the permission for use pursuant to paragraph (3) has occurred at the same time;
2. Other cases where it is necessary to restrict or designate those eligible to be granted permission for use in view of the location, form, purpose of use, etc. of the relevant property or the purpose, nature, etc. of the relevant contract.
(3) If administrative property falls under any of the following, the person to be granted permission for use thereof may be determined by means of a private contract pursuant to the proviso to Article 31 (1) of the Act:
1. Where the permission is rendered to use that property for a residential purpose;
2. Where the permission is rendered for an actual cultivator to use that property for farming purposes;
3. Where it is necessary that the acts of use and benefit are kept secret for reason of diplomacy or national defense;
4. Where the permission is rendered to use that property for the purpose of disaster restoration or relief as any natural disaster or other inevitable cause has occurred;
5. Where the permission is rendered for a person subject to exemption from usage fees under Article 34 (1) of the Act or any other Act to use that property;
6. Where the permission is rendered for a person owning property jointly with the State to use the portion of property corresponding to the State's share;
7. Where bidding is unsuccessful twice;
8. Other cases where it is deemed impractical to put out the property for competitive bidding in view of the location, form, purpose of use, etc. of the property or the purpose, nature, etc. of the relevant contract.
(4) A bid announcement shall clarify the matters necessary to put up administrative property for competitive bidding, such as the scheduled amount of usage fees for that property, and the details of the announcement shall be notified to applicants for permission for use thereof.
(5) With respect to the administrative property for which a successful bidder cannot be found until two rounds of general competitive bidding, the head of a central government agency may adjust the scheduled amount of usage fees therefor so as to reduce the amount by 10/100 each time from the third bidding, with the lowest limit of 20/100 of the first scheduled usage fees. <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 24495, Apr. 5, 2013>
 Article 28 (Register of Permission for Use)
(1) The head of a central government agency shall prepare a register of permission for use of the administrative property under its jurisdiction and shall enter matters falling under each of the following subparagraphs in such register: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Indication of property;
2. Purpose of use;
3. Name and address of each person granted permission for use;
4. Conditions of permission;
5. Period for which use is permitted;
6. Usage fees;
7. Date of permission;
8. When any person granted permission for use of any donated property allows another person to use and benefit from such property after obtaining approval from the head of a central government agency in accordance with the proviso to Article 30 (2) of the Act, the matters relating thereto.
(2) A register of permission for use under paragraph (1) shall be prepared and managed in a way by which electronic processing is possible unless there is a special reason to the contrary.
 Article 29 (Methods of Calculating Usage Fee Rate and Fees)
(1) Annual usage fees provided for in Article 32 (1) of the Act shall be computed by multiplying the value of the relevant property by a rate of at least 50/1000, on a monthly or daily basis: Provided, That where property is used for any of the following purposes, such fees shall be computed by multiplying the value of the relevant property by the relevant applicable rate: <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 24495, Apr. 5, 2013; Presidential Decree No. 26248, May 26, 2015>
1. For the purpose of farming: at least 10/1000;
2. For residential purposes: at least 20/1000 (at least 10/1000 if used for residential purposes by any recipient of assistance defined in subparagraph 2 of Article 2 of the National Basic Living Security Act);
3. For administrative purposes: at least 25/1000;
3-2. For use by a local government to implement its administrative purposes: at least 25/1000;
4. For promoting public officials’ welfare: at least 40/1000;
5. For the purpose of direct use for any social welfare project defined in subparagraph 1 of Article 2 of the Social Welfare Services Act, or for direct use for the essential business of any religious group referred to in Article 5 (1) 1 and 2 of the Enforcement Decree of the Act on the Registration of Real Estate under Actual Titleholder's Name: at least 25/1000;
6. For the purpose of direct use for any type of business managed by a small or micro enterprise defined in Article 2 of the Act on the Protection of and Support for Micro Enterprises (excluding any type of business defined in Article 4 of the Enforcement Decree of the Support for Small and Medium Enterprise Establishment Act): at least 30/1000.
(2) In computing usage fees under paragraph (1), the value of the relevant property shall be calculated by the following methods. In such cases, the value of property referred to in subparagraphs 1 and 2 and the main sentence of subparagraph 3 shall be determined annually during the permitted period of use, and the value of property referred to in the proviso to subparagraph 3 shall be applicable only for up to three years after the date of appraisal and assessment thereof: <Amended by Presidential Decree No. 23855, Jun. 19, 2012; Amended by Presidential Decree No. 25031, Dec. 30, 2013; Presidential Decree No. 27299, Jun. 30, 2016; Presidential Decree No. 27471, Aug. 31, 2016>
1. For land: To apply the officially assessed individual land price (referring to the officially assessed price of the relevant land under Article 10 of the Act on the Public Announcement of Real Estate Values, and if such price is unavailable, the amount calculated based on the officially assessed land price under Article 8 of the same Act; hereinafter the same shall apply) as at the time of determining the value of the relevant property to calculate usage fees;
2. For housing: To apply the price of housing as at the time of determining the value of the relevant property to calculate usage fees, as classified below:
(a) A detached house: The individual housing price of the relevant house publicly announced under Article 17 of the Act on the Public Announcement of Real Estate Values;
(b) Multi-family housing: The collective housing price of the relevant housing publicly announced under Article 18 of the Act on the Public Announcement of Real Estate Values;
(c) Housing for which no individual housing price or multi-family housing price is publicly notified: The standard market price determined under the proviso to Article 4 (1) of the Local Tax Act;
3. Other property: To apply the standard market price determined under Article 4 (2) of the Local Tax Act: Provided, That the price assessed by an appraisal business operator shall be applied if no standard market price is available.
(3) The amount of usage fees to be collected when granting permission for farming purposes may be calculated under paragraph (1) 1, or an amount equivalent to 1/10 of the total agricultural revenue per unit area of an agricultural household of the relevant City/Do recently published (statistics of Gyeonggi-do shall apply to Seoul Special Metropolitan City and Incheon Metropolitan City; those of Chungcheongnam-do to Daejeon Metropolitan City and Sejong Special Self-Governing City; those of Jeollanam-do to Gwangju Metropolitan City; those of Gyeongsangbug-do to Daegu Metropolitan City; and those of Gyeongsangnam-do to Busan Metropolitan City and Ulsan Metropolitan City, respectively), whichever is smaller. <Amended by Presidential Decree No. 23855, Jun. 19, 2012>
(4) Usage fees calculated under paragraph (1) shall be disclosed to the public, and a bid offered below the usage fees disclosed shall be null and void.
(5) Where granting permission for use by means of competitive bidding, the usage fees for the first year shall be determined at the highest bidding price, and those for the periods from the second year and thereafter (limited to the period during which the permission for use is valid without being renewed) shall be calculated using the following formula:
[(Usage fees for the first year determined by bidding) × (the price of property in the relevant year, calculated under paragraph (2)) ÷ (the price of property at the time of bidding)]
(6) Where granting permission for the use of preservation property, if specific management expenses are incurred in maintaining and preserving the relevant preservation property, the usage fees may be collected after deducting management expenses.
(7) In cases falling under paragraph (6), if the relevant preservation property is damaged, the amount deducted as management expenses shall be additionally collected.
(8) The scope of management expenses referred to in paragraph (6) shall be determined by Ordinance of the Ministry of Strategy and Finance.
 Article 30 (Timing of Payment of Usage Fees, etc.)
(1) Usage fees provided for in Articles 32 (1) and 65-9 (1) of the Act shall be paid in advance. <Amended by Presidential Decree No. 24495, Apr. 5, 2013>
(2) The deadline for payment of usage fees provided for in paragraph (1) shall be within 60 days from the date on which the permission for use is granted, but shall be prior to undertaking any use or benefit: Provided, That if it is deemed that it is difficult to pay the usage fees by the deadline for any inevitable reason, the head of a central government agency may determine a separate deadline for such payment. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) "Less than the amount prescribed by Presidential Decree" in the proviso to Article 32 (1) of the Act means less than 200,000 won. <Newly Inserted by Presidential Decree No. 27926, Mar. 2, 2017>
(4) Where usage fees are to be paid in installments under the former part of Article 32 (2) of the Act, the payment may be allowed to be made in six or fewer installments per year only if the usage fees exceed one million won. In such cases, the interest calculated by applying the interest rate announced by the office of general administration taking into account the average deposit interest rate for a time deposit with one year maturity in a commercial bank (hereinafter referred to as "announced interest rate") shall be levied on the remaining amount. <Amended by Presidential Decree No. 24495, Apr. 5, 2013; Presidential Decree No. 27926, Mar. 2017>
(5) "Above than the amount prescribed by Presidential Decree" in the latter part of Article 32 (2) of the Act means 10 million won or more, and "limit of the amount prescribed by Presidential Decree" means the limit of the amount equivalent to 50/100 of annual usage fees. <Amended by Presidential Decree No. 27926, Mar. 2, 2017>
 Article 31 (Adjustment of Usage Fees)
"Cases prescribed by Presidential Decree" in Article 33 (1) of the Act means where the usage fees for the relevant year are increased, compared with those of the previous year, as provided for in either of the following subparagraphs, and in such cases, the usage fees for the relevant year shall be adjusted in accordance with the following calculation methods: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. If the usage fees subject to either of Article 29 (1) 1 and 2 are increased by at least 5 percent (including cases where the permission for use is renewed), an amount increased by 5 percent compared with the previous year;
2. If the usage fees not subject to Article 29 (1) 1 and 2 are increased by at least 9 percent (excluding cases in the first year in which the permission for use is renewed), an amount increased by 9 percent compared with the previous year.
 Article 32 (Exemption from Usage Fees)
(1) Exemption from usage fees as provided for in Article 34 (1) 1 of the Act may be made until the total amount of the usage fees reaches the price of the property donated, but no period from exemption shall exceed 20 years.
(2) Notwithstanding paragraph (1), the period of exemption from usage fee of the property in Article 5 (1) 6 of the Act (hereinafter referred to as "intellectual property") shall be 20 years. <Newly Inserted by Presidential Decree No. 24495, Apr. 5, 2013>
(3) Where any building or other establishment is donated, the usage fees for the building or establishment site shall be added to the total amount of usage fees under paragraph (1). <Amended by Presidential Decree No. 24495, Apr. 5, 2013>
(4) The price of any donated property referred to in paragraph (1), the price of the property that forms the basis for calculation of the usage fees, and the price of the site that forms the basis for calculation of the usage fees to be added to the total amount of usage fees under paragraph (3), shall be calculated by applying Article 29 (2) mutatis mutandis, on the basis of the timing of an original permission for use. <Amended by Presidential Decree No. 24495, Apr. 5, 2013>
(5) Where a local government seeks exemption from the usage fees in accordance with Article 34 (1) 2 of the Act, it shall submit the plan for acquisition of the property to the head of a central government agency. <Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 24495, Apr. 5, 2013>
(6) Where the head of a central government agency, in receipt of the acquisition plan submitted in accordance with paragraph (5), intends to exempt the usage fees, the period of permission for use shall not exceed one year. <Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 24495, Apr. 5, 2013>
 Article 33 (Scope of Public Organizations)
"Public organization defined by Presidential Decree" in Article 34 (1) 3 of the Act means any legal entity that falls under any of the following subparagraphs:
1. A legal entity, the capital of which is composed entirely of investments from the Government pursuant to statutes;
2. A legal entity, the fundamental property of which is composed entirely of contributions from the Government pursuant to statutes.
 Article 34 (Renewal of Permission for Use, etc.)
(1) "Cases prescribed by Presidential Decree" in the main sentence of Article 35 (2) of the Act means cases that fall under any of the following subparagraphs: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where the use of administrative property is beyond the scope of use permitted under Article 30 (1) of the Act;
2. Where the relevant person falls under any subparagraph of Article 36 (1) of the Act;
3. Where the property subject to permission for use needs to be used directly by the State or a local government for official or public purpose;
4. Where any condition of permission for use is violated;
5. Where it is deemed necessary for the head of a central government agency to administer and dispose of the relevant property by any means, other than permission for use.
(2) If permission for use is renewed pursuant to Article 35 (2) of the Act, the annual usage fees for the renewed period of permission for use shall be the larger amount from among the amount falling under the following subparagraphs: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. The usage fees calculated pursuant to Article 29;
2. The usage fees calculated pursuant to the following formula:
[(Annual usage fees in a year immediately preceding the year in which the renewal is made) × (the price of property in the relevant year calculated in accordance with Article 29 (2)) ÷ (the price of property in a year immediately preceding the year in which the renewal is made)].
 Article 35 (Compensation for Loss Resulting from Withdrawal of Permission for Use)
The amount of compensation under Article 36 (3) of the Act shall be as follows:
1. Facility costs for the remainder of the permission period or costs required to move facilities (including transplanting trees; hereafter the same shall apply in this Article) based on standards as at the time of withdrawing the permission for use;
2. Where facilities are moved elsewhere or new facilities are installed due to the withdrawal of the permission for use, the appraised amount of a loss resulting from the impossibility of doing business for that period.
 Article 36 (Additional Dues)
(1) Additional dues provided for in Article 39 of the Act shall be decided when the permission for use is granted.
(2) Additional dues under paragraph (1) shall be collected by the head of a central government agency or by a person to whom the relevant authority is delegated under Article 28 of the Act. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) Where additional dues under paragraph (1) are collected, the amount, period for payment, place for payment, and basis for calculation of such additional dues shall be notified in writing.
(4) The period for payment under paragraph (3) shall be within sixty days from the date of notification.
 Article 37 (Abolition of Use)
(1) If administrative property falls under any of the following subparagraphs, the head of a central government agency shall immediately discontinue its use in accordance with Article 40 (1) of the Act: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where it is no longer used for an administrative purpose;
2. Where it is not used as administrative property until five years pass from the date on which it is determined to be used as administrative property;
3. Where it is necessary for development under Article 57 of the Act.
(2) The head of a central government agency shall remove or scrap buildings, establishments, machinery, or tools, which are administrative property subject to removing or scraping, immediately after the use thereof is discontinued, and transfer them to the office of general administration. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
CHAPTER IV GENERAL PROPERTY
SECTION 1 Common Provisions
 Article 38 (Agency of Administration and Disposal)
(1) The office of general administration may entrust its work concerning disposal of securities to the head of a central government agency or to any of the following persons:
1. A corporation that issued such securities;
2. A bank under Article 2 (1) 2 of the Banking Act (including any institution deemed a bank under Article 5 of the same Act);
3. An investment trader, an investment broker, or a collective investment business operator under the Financial Investment Services and Capital Markets Act;
4. The Deposit Insurance Corporation established under the Depositor Protection Act;
5. The Industrial Bank of Korea established under the Industrial Bank of Korea Act;
6. The Korea Development Bank established under the Korea Development Bank Act;
7. The Export-Import Bank of Korea established under the Export-Import Bank of Korea Act;
8. The Bank of Korea established under the Bank of Korea Act;
9. Deleted. <by Presidential Decree No. 25945, Dec. 30, 2014>
(2) Deleted. <by Presidential Decree No. 24495, Apr. 5, 2013>
(3) In accordance with Article 42 (1) of the Act, the office of general administration shall entrust the administrative and disposal-related affairs (including the affairs of litigation related to the administration and disposal; hereafter the same shall apply in this Article) of the following general property and the affairs on litigation related to disposal of the general property managed by the concerned office of general administration (excluding the affairs on litigation under subparagraph 2 of paragraph (4)) which were already disposed of to the Korea Asset Management Corporation: <Amended by Presidential Decree No. 24495, Apr. 5, 2013; Presidential Decree No. 27128, May 10, 2016>
1. General property acquired from in-kind payment of a national tax;
2. The property transferred to the office of general administration, after disuse of the property pursuant to the main sentence of Article 40 (2) of the Act;
3. Deleted; <by Presidential Decree No. 27128, May 10, 2016>
4. The securities acquired as a result of the investment pursuant to the forepart of Article 59-2 (2) of the Act;
5. The securities designated by the office of general administration to be managed in the method of loan pursuant to Article 47;
6. The property donated in kind to the State due upon completion of liquidation of a dissolved corporation provided for in Article 79;
7. Other property designated by the office of general administration for the purpose of efficient administration and disposal of general property.
(4) The office of general administration and the head of a central government agency shall entrust the following affairs pursuant to Article 42 (1) or (3) to the Korea Asset Management Corporation and the Korea Land and Housing Corporation under the Korea Land and Housing Corporation Act: <Newly Inserted by Presidential Decree No. 27128, May 10, 2016>
1. Affairs related to the management and disposition of general property to be developed under Article 59 of the Act;
2. Affairs on litigation related to the disposition of the general property falling under the jurisdiction of the office of general administration and the head of a central government agency which were already disposed of as the general property pursuant to Subparagraph 1.
(5) Where property is entrusted pursuant to paragraphs (1), (3), and (4), the entrusted entity shall indicate the provision on which the entrustment is based, and the entity shall administer or dispose of the property in the name of the entrusted entity. <Amended by Presidential Decree No. 24495, Apr. 5, 2013; Presidential Decree No. 27128, May 10, 2016>
(6) Where the affairs concerning administration and disposition of general property are entrusted in accordance with paragraph (3) and (4), the detailed contents and procedures thereof such as entrustment fee shall be determined by Ordinance of the Ministry of Strategy and Finance. <Amended by Presidential Decree No. 27128, May 10, 2016>
[This Article Wholly Amended by Presidential Decree No. 22815, Apr. 1, 2011]
 Article 39 (Reversion of Rent, etc.)
(1) "Property prescribed by Presidential Decree" in Article 42 (6) of the Act means property falling under any of the following subparagraphs:
1. Real estate and appurtenances thereto;
2. Securities.
(2) Deleted. <by Presidential Decree No. 24495, Apr. 5, 2013>
(3) In cases under paragraph (1) 2, the scope of the proceeds from sale to revert to any entity that falls under any subparagraph of Article 38 (1) shall be within necessary expenses involved in the course of sale. In such cases, the office of general administration may make an additional reversion of agency fees within the limits of 10/100 of the necessary expenses after consultation with the entrusted entity. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(4) and (5) Deleted. <by Presidential Decree No. 24495, Apr. 5, 2013>
 Article 40 (Methods of Disposal)
(1) If at least one effective bids are made in competitive bidding conducted under Article 43 (1) of the Act, the successful bidder shall be the person who has submitted the highest bidding price.
(2) General property may be disposed of by means of a restricted or designated tender pursuant to the proviso to Article 43 (1) of the Act, in any of the following cases: <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 23855, Jun. 19, 2012>
1. Where it is necessary to conduct bidding by designating the owners of land adjacent to the relevant property in view of the use, etc. of that property;
2. In conducting bidding for farmland, where it is necessary to designate farmers recognized as actual tillers by the Special Self-Governing City Mayor, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu (referring to an autonomous Gu; hereinafter the same shall apply), or to limit those eligible to participate in the bidding to such farmers;
3. Where property is sold upon specifying its use under Article 49 of the Act;
4. Where applications for a private contract referred to in paragraph (3) compete mutually.
(3) General property may be disposed of by means of a private contract pursuant to the proviso to Article 43 (1) of the Act, in any of the following cases. In such cases, the disposal price shall not be less than the estimated price: <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 23356, Dec. 8, 2011; Presidential Decree No. 23392, Dec. 28, 2011; Presidential Decree No. 23535, Jan. 25, 2012; Presidential Decree No. 24441, Mar. 23, 2013; Presidential Decree No. 24495, Apr. 5, 2013; Amended by Presidential Decree No. 25031, Dec. 30, 2013; Presidential Decree No. 25067, Jan. 7, 2014; Presidential Decree No. 26754, Dec. 22, 2015; Presidential Decree No. 27444, Aug. 11, 2016>
1. Where it is necessary to dispose of general property confidentially for diplomatic or national defense reasons;
2. Where property is disposed of for the purpose of disaster recovery or relief in any natural disaster or extenuating circumstances;
3. Where property is sold to a person entitled to get concession or take out interest-free loan thereof;
4. Where property is disposed of to the relevant government in order for the local government to directly use it for official or public purposes;
5. Where property is disposed of to a public institution designated under Article 4 of the Act on the Management of Public Institutions (hereinafter referred to as "public institution") for the public institution to directly use it for office work or business;
6. Where property is disposed of to meet the need to implement settlement projects to disperse population;
7. Where the sale of property is pre-contracted on condition that a project of exploitation, filling, reclamation or afforestation of such property be completed pursuant to Article 45 (1) of the Act, by the deadline designated under paragraph (3) of the same Article, and the completed portion is subsequently sold to the counterparty to the precontract;
8. Where State property to be developed is sold to a special-purpose company for development of State-owned land established under the former part of Article 59-2 (2) of the Act (hereinafter referred to as "special-purpose company for development of State-owned land");
9. Where any concealed State property is sold to any person who has returned the property to the State pursuant to Article 78 of the Act;
10. Where the property falling under Article 3 of the Addenda to the amended State Property Act (Act No. 3482) is sold to an initial purchaser of the property from the State (including an heir or a successor of the purchaser);
11. Where State-owned land within a relocation complex that the State has developed or plans to develop for relocation purposes to implement various projects, is sold to the relocating residents;
12. Where State property is sold to any third nation that needs to use the State property as offices of its embassy or consulate or other diplomatic facilities equivalent thereto;
13. Where the State property co-owned by the State and a non-State entity is sold to the entity that co-owns the share of such property;
14. Where any of the following State-owned land lacking usefulness as State property and is occupied by or used for the building owned by a non-Sate entity, is sold to the owner of the building and the space of the sold land does not exceed twice the floor space of the building:
(a) The State-owned land that has been occupied by a building owned by a non-State entity on or before December 31, 2012;
(b) The State-owned land where the land and a building on such land had been owned by the same person, and the ownership of which is transferred to the State upon a court ruling, etc.;
15. Where property occupied or used directly by a religious group for religious purposes, on or before December 31, 2012, is sold to the property’s occupant or user;
16. Where a State-owned building or structure built on private land is sold to the private land owner considering the location, size, shape, use, etc. of the building or structure;
17. Where State-owned land not sufficient to be used alone, considering its location, size, shape, purpose of use, etc., is sold to the owner of private land which borders the State-owned land;
18. Where any support project, etc. performed under any Act falls under any of the following:
(a) Where State-owned land, in which Hansen’s disease sufferers referred to in subparagraph 4 (c) of Article 2 of the Infectious Disease Control and Prevention Act have settled in a group on or before December 31, 1986, is sold to the settlers;
(b) Where State-owned land, which is included in the land to which a public institution is relocating pursuant to Article 18 of the Special Act on Balanced National Development, is sold to the public institution;
(c) Where a person recommended by any public-service corporation permitted by the competent authority to incorporate (referring to the Minister of Education in the case of a student dormitory, the Minister of Employment and Labor in the case of a factory dormitory; hereafter the same shall apply in this item) pursuant to Article 4 (1) of the Act on the Establishment and Operation of Public Interest Corporations or by any corporation having at least 50 regular employees or by the competent authority, sells the property on the land for the dormitory to be built for the university students or factory workers to the purchaser recommended by such corporation, by such business entity or such competent authority;
(d) Where property necessary for implementing a development project pursuant to Article 55 of the Tourism Promotion Act is sold to the relevant project implementer;
(e) Where State-owned land which will not be used, as a disused facility site belonging to the railroad account provided for in Article 5 of the Act on Special Accounts for Traffic Facilities, the traffic system administration account provided for in Article 5-2 of the same Act or the harbor account provided for in Article 7 of the same Act (including the land under the jurisdiction of the Ministry of Land, Infrastructure and Transport or the Ministry of Oceans and Fisheries among the property referred to in Article 40 (2) 3 of the Act), is sold to any of the following persons:
(i) An actual tiller who has continuously cultivated actual farmland on or before December 31, 1987 within 1,000 square meters in an urban area or within 3,000 square meters in an Eup/Myeon area located in an urban-rural complex city (hereinafter referred to as "Eup/Myeon area");
(ii) An owner of land (including his/her successor) as at the time the State owns such land for railroad, public transportation or harbor facilities but such land is no longer or becomes disused for such purposes;
(f) Where State-owned land included in the site for distribution facilities of agricultural and fishery products under the Act on Distribution and Price Stabilization of Agricultural and Fishery Products is sold to agricultural cooperatives, fisheries cooperatives or the Federations thereof or to the Korea Agro-Fisheries and Food Trade Corporation (including a corporation incorporated through joint investment by a local government with agricultural cooperatives, fisheries cooperatives or the Federations thereof, or with the Korea Agro-Fisheries and Food Trade Corporation) of less than 50 percent of the total site space for the distribution facilities (2,000 square meters where 50 percent of the total site space is less than 2,000 square meters);
(g) Where State-owned land, which is located in an area designated as a local specialty production complex pursuant to Article 50 (1) of the Framework Act on Agriculture, Rural Community and Food Industry or Article 39 (1) of the Framework Act on Fisheries and Fishing Villages Development or designated and publicly announced as a rural tourism and resort complex pursuant to Article 82 of the Rearrangement of Agricultural and Fishing Villages Act, is sold to the relevant project implementer, of less than 50 percent of the total site space for the relevant project;
(h) Where a parcel of the farmland provided for in the Farmland Act is sold to the person who has cultivated State-owned land for at least five consecutive years after obtaining loans (including permission for use) of the State-owned land;
(i) Where State-owned land to be included with a private road to be built pursuant to Article 4 of the Private Road Act, is sold to a person who builds such private road;
(j) Where State-owned land located in an industrial complex defined in Article 2 of the Industrial Sites and Development Act or a neighboring residential area is sold to a person who intends to open a workplace day care center under Article 14 of the Infant Care Act and is recommended by the Minister of Health and Welfare, with a limit of 1,400 square meters;
(k) Where State-owned land located in a factory site in the scale requiring approval for its establishment pursuant to Article 13 of the Industrial Cluster Development and Factory Establishment Act is sold to a person approved to establish, etc. a factory (only where the space of the State-owned land is less than 50 percent of the total factory site (no limit on the percentage of inclusion of State-owned land shall apply to any person whose business plan is approved under Article 33 of the Support for Small and Medium Enterprise Establishment Act.));
(l) Where State-owned land, which is to be sold pursuant to Article 15, 19 or 30 of the Housing Act, is sold to the relevant project entity (only in cases where the space of the State-owned land to be sold is less than 50 percent of the total space for the construction of the relevant residential houses (A limit of the percentage of inclusion of the State-owned land, shall not apply to re-building on the State-owned land occupied by collecting housing referred to in Article 3 of the Enforcement Decree of the Housing Act.));
(m) Where property being used as a site for a school defined in any subparagraph of Article 2 of the Elementary and Secondary Education Act, or property being used as a site for a university defined in any subparagraph of Article 2 of the Higher Education Act or property located in the site for the dormitory intended to be built by such university's educational foundation is sold to the aforementioned school, university, or educational foundation;
(n) Where property to be disposed of for a specific project purpose or which shall be sold to a specific person pursuant to other Acts, is sold to the implementer of the relevant project or to the person designated by such Acts;
19. Where equity securities of the relevant corporation are sold to the investors, such as stockholders of a government-invested corporation;
20. Where equity securities of the relevant corporation are sold to the investors, such as stockholders of a special-purpose company for development of State-owned land;
21. Where securities are sold, or the sale of securities is entrusted or delegated, to any of the following persons:
(a) An investment trader, an investment broker, or a collective investment business operator provided for in the Financial Investment Services and Capital Markets Act;
(b) A bank defined in Article 2 (1) 2 of the Banking Act (including any institution deemed a bank under Article 5 of the same Act);
(c) An insurance company provided for in the Insurance Business Act;
22. Where equity securities are sold to a corporation that manages and operates any Fund established by the relevant Act;
23. Where equity securities of a government-invested corporation are sold to a corporation, association, or organization publicly announced by the Minister of Strategy and Finance as related to business of the government-invested corporation, to enhance the management efficiency of the government-invested corporation;
24. Where equity securities of a government-invested corporation are sold to persons affiliated with an employee stock ownership association (hereinafter referred to as "member of an employee stock ownership association" in this Article) defined in subparagraph 4 of Article 2 of the Framework Act on Labor Welfare;
25. Where bidding has been unsuccessful on more than two occasions, or where a contract may be concluded at a price substantially advantageous to the State;
26. Where offering competitive bidding is impractical because of the characteristics of intellectual property which requires a particular person’s technology or equipment in order to implement thereof (referring to the implementation in subparagraph 3 of Article 2 of the Patent Act, subparagraph 3 of Article 2 of the Utility Model Act, subparagraph 7 of Article 2 of the Design Protection Act);
27. Where it is impractical to expose the relevant property to competition in terms of the location, type, use, etc. of such property, or the purpose, character, etc. of the relevant contract.
(4) Where property is sold by private contract pursuant to paragraph (3) 15 and paragraph (3) 18 (c), (f), (g), (i), and (j), if the purchaser fails to use such property for the agreed purposes within two years from the date of the sale, or disuses such property within ten years from the date of the sale, a special agreement shall be registered providing that the sale contract be rescinded pursuant to subparagraph 3 of Article 52 of the Act. <Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011>
(5) Where equity securities are sold to members of an employee stock ownership association by private contract pursuant to paragraph (3) 24, the sum total of the equity securities already owned by the members of the employee stock ownership association and the equity securities to be acquired by such members by private contract shall not exceed 20 percent of the total number of equity securities issued by the relevant government-invested corporation. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(6) Each piece of property deemed impractical to be privately contracted due to an informal or court dispute, or for other reasons, shall be disposed of by competitive bidding, notwithstanding paragraph (3). <Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011>
 Article 41 (Methods of Selling Securities)
"Means prescribed by Presidential Decree" in the proviso to Article 43 (1) of the Act means any of the following subparagraphs:
2. Sale of securities traded on the securities exchange under Article 9 (13) of the Financial Investment Services and Capital Markets Act (hereinafter referred to as "securities exchange");
3. Subscription to a public tender offer under Article 133 of the Financial Investment Services and Capital Markets Act;
4. Exercise of appraisal rights under the Commercial Act;
5. Sale of securities under other Acts and subordinate statutes.
 Article 42 (Estimated Price of Property Subject to Disposal)
(1) In disposing of general property except for securities, the estimated price thereof shall be determined based upon market price. In such cases, the methods of determining the estimated price are as follows: <Amended by Presidential Decree No. 27299, Jun. 30, 2016>
1. Where the registered price is at least thirty million won (excluding cases falling under subparagraph 2): The price calculated by averaging the values appraised by two appraisal business operators;.
2. Where the registered price is less than thirty million won or the general property is disposed of to a local government or public institution: The value appraised by one appraisal business operator.
(2) The value appraised by an appraisal business operator referred to in paragraph (1) shall not apply after one year passes from the date of appraisal. <Amended by Presidential Decree No. 27299, Jun. 30, 2016>
(3) If a piece of general property for which no successful bidder can be found until two rounds of general competitive bidding, the head of the relevant central government agency, etc. may reduce the estimated price by 10 percent each round from the third bidding, with 50 percent as the lowest limit of the first estimated selling price. <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 24495, Apr. 5, 2013>
1. and 2. Deleted. <by Presidential Decree No. 22815, Apr. 1>
(4) No securities acquired under Article 38 (3) 1 shall be sold to any person who has paid national taxes in kind at a price less than the paid amount: Provided, That it shall not apply to the sale thereof by means provided for in subparagraph 2 of Article 41. <Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011>
(5) Where a piece of general property is sold to a person who has exploited, filled, reclaimed, or afforested the general property under Article 45 of the Act or occupied and improved such general property on other justifiable grounds, a price calculated by deducting an amount equivalent to improvement expenses from the price of the property as at the time of sale reflecting such improvement shall be proceeds from sale: Provided, That if the original value of the property in an unimproved condition as at the date of appraisal for sale, exceeds the amount after deducting the improvement expenses, the proceeds from sale shall be determined at a price higher than the original value. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(6) Paragraph (4) shall apply mutatis mutandis where a piece of general property exploited, filled, reclaimed, or afforested under Article 45 of the Act, or occupied and improved on other justifiable grounds, is sold to the project implementer of any public works under the Act on Acquisition of and Compensation for Land, etc. for Public Works Projects and where the relevant project implementer has paid an amount equivalent to the improvement expenses to the occupant or improver of the property. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(7) The scope of improvement expenses referred to in paragraphs (5) and (6) shall be determined by Ordinance of the Ministry of Strategy and Finance. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(8) In cases of concession referred to in Articles 55 (1) 1 or 4 of the Act, the registered price of property shall be the price of the property, notwithstanding paragraph (1). <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 23392, Dec. 28, 2011>
(9) Where general property necessary for public works under the Act on Acquisition of and Compensation for Land, etc. for Public Works Projects, is disposed of to the project implementer of the public works, the amount of compensation calculated under the same Act may be the disposal price of the general property, notwithstanding paragraph (1). <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(10) Where any of the following State-owned land is disposed of by competitive bidding under Article 43 (1) of the Act, the officially assessed individual land price of the relevant State-owned land may be used as the estimated price: <Newly Inserted by Presidential Decree No. 25031, Dec. 30, 2013>
1. A State-owned land (excluding the State-owned land located in the Special Metropolitan City and a Metropolitan City) not exceeding 100 square meters, which consists of adjacent parcels of lands (referring to a parcel of bordering lands which are the general property (excluding the lands co-owned by State and a person other than State); hereinafter the same shall apply);
2. State-owned land consisting of a series of lands, the registered price of which does not exceed 10 million won.
 Article 42-2 (Estimated Prices Concerning Disposal of Intellectual Property)
(1) Notwithstanding Article 42 (1), the estimated price of disposing of intellectual property shall be the amount determined in accordance with either of the following methods: <Amended by Presidential Decree No. 27299, Jun. 30, 2016>
1. The total estimated amount of loyalty or rent during the term of the relevant intellectual property;
2. The amount appraised by an appraisal business operator (limited to where no estimated amount can be determined in accordance with subparagraph 1).
(2) No amount appraised by an appraisal business operator pursuant to paragraph (1) 2 shall be applicable after one year from the date of the appraisal. <Amended by Presidential Decree No. 27299, Jun. 30, 2016>
(3) Where it is impractical to determine the estimate price through the method under paragraph (1), it shall be determined in accordance with the actual sales price of similar intellectual property; and if there is no real sales price of similar intellectual property, the estimate price may be determined by mutatis mutandis application of Article 11 (3) of the Regulations on Disposal and Management of Public Officials' In-Service Inventions and Remuneration, Etc. or Article 17 of the Enforcement Decree of Seed Industry Act.
[This Article Newly Inserted by Presidential Decree No. 24495, Apr. 5, 2013]
 Article 43 (Estimated Prices of Listed Securities)
(1) In cases of disposal of stocks issued by a listed corporation, their estimated prices shall not be less than those listed in any of the following subparagraphs:
1. The prices calculated by taking a weighted arithmetical average of the final market prices in the securities exchange for the last thirty days of transactions within one year before the reference date of appraisal; and if the number of days recorded with results of transactions is under thirty, the prices computed in consideration of the prices calculated by taking a weighted arithmetical average of the final market prices in the securities exchange for the days transacted and the prices calculated by the method under Article 44 (1): Provided, That if the stocks are disposed of by means of competitive bidding or public sale under Article 9 (9) of the Financial Investment Services and Capital Markets Act, the prices thereof may be computed in consideration of the prices calculated by taking a weighted arithmetical average of the final market prices in the securities exchange for the last thirty days of transactions (if the number of days recorded with results of transactions is less than thirty, the days transacted) within one year before the reference date of appraisal and the prices calculated by the method under Article 44 (1);
2. In cases of subscription to a public tender offer under subparagraph 3 of Article 41, the prices therein;
3. In cases of exercise of appraisal rights under subparagraph 4 of Article 41, the prices calculated under Article 165-5 of the Financial Investment Services and Capital Markets Act;
4. The selling prices of securities under subparagraph 5 of Article 41, if those prices are specified.
(2) In cases of listed securities, other than those provided for in paragraph (1), their estimated prices shall not be less than the prices calculated in consideration of the market prices, earning rates, etc. of those securities transacted in the securities exchange within one year before the reference date of appraisal.
(3) Notwithstanding the provisions of paragraphs (1) and (2), where listed securities are sold in the securities exchange or in a market the price determination of which is deemed fair and notified as such by the Minister of Strategy and Finance, the prices formed in that securities exchange or market shall be applicable without estimated prices.
 Article 44 (Estimated Prices of Unlisted Securities)
(1) In cases of disposal of equity securities issued by any unlisted corporation, their estimated prices shall not be less than the prices calculated in consideration of the asset value, profit value, and relative value of the unlisted corporation computed by the calculation methods determined by Ordinance of the Ministry of Strategy and Finance: Provided, That the Ordinance of the Ministry of Strategy and Finance may provide that the profit value or relative value can be disregarded.
(2) Notwithstanding the provisions of paragraph (1), in cases of equity securities acquired by the national tax payment in kind, their estimated prices may be calculated in consideration of the receiving value of the property for payment in kind or the current prices formed in a market, other than the securities exchange.
(3) With respect to investment made with equity securities issued by any unlisted corporation, their prices shall be determined by the Minister of Strategy and Finance based on the financial status and profitability of the corporation that has issued such securities.
(4) The estimated prices of unlisted securities, other than those provided for in paragraph (1), shall not be less than the prices calculated in consideration of the expected profit or estimated earning rate calculated by the method prescribed by Ordinance of the Ministry of Strategy and Finance.
 Article 45 (Disclosure of Estimated Prices)
The estimated prices referred to in Articles 42, 42-2, 43, and 44 shall be open to the public: Provided, That in cases of disposal of equity securities, their estimated prices can be closed. <Amended by Presidential Decree No. 24495, Apr. 5, 2013>
 Article 46 (Appraisal Bodies of Securities)
In calculating disposal prices of securities, the office of general administration or the head of a central government agency, etc. may, if necessary, entrust appraisal bodies as follows with the appraisal thereof and consider the results thereof: <Amended by Presidential Decree No. 21765, Oct. 1, 2009; Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 26517, Sep. 11, 2015; Presidential Decree No. 27299, Jun. 30, 2016>
1. Appraisal business operators;
2. Credit appraisal companies under the Financial Investment Services and Capital Markets Act;
3. Accounting corporations under the Certified Public Accountant Act.
 Article 47 (Management of Securities)
Securities may be managed by means of loan pursuant to the Financial Investment Services and Capital Markets Act.
 Article 48 (Pre-Contract for Exploitation, Afforestation, etc.)
(1) The period for pre-contracting provided for in Article 45 (1) of the Act shall be prescribed within ten years from the date of the contract: Provided, That if a natural disaster or other unavoidable cause occurs, the head of a central government agency may extend the period for the pre-contracting within five years, in consultation with the office of general administration. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) Any person who has made a pre-contract under Article 45 (1) of the Act shall launch the relevant project within one year from the date of the contract.
 Article 49 (Concession by Pre-Contract)
(1) The equivalent value of the general property conceded under Article 45 (4) of the Act shall not exceed the amount invested in the relevant project.
(2) The equivalent value of the general property referred to in paragraph (1) shall be based on the price at the time of completion of the relevant project, if the project is fully completed, and based on the price at the time of rescission or termination of the pre-contract, if a portion of the project is completed.
SECTION 2 Loans
 Article 50 (Loans)
(1) "Cases prescribed by Presidential Decree" in the main sentence of Article 46 (2) of the Act means any of the following cases: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where loaned property is required by the State or the relevant local government for the purpose of use referred to in any subparagraph of Article 6 (2) of the Act;
2. Where the relevant person falls under any subparagraph of Article 36 (1) of the Act;
3. Where a term or condition of the loan contract is violated.
(2) Where a person to whom the affairs on administration and disposal of general property are delegated or entrusted pursuant to Article 42 (1) of the Act intends to exempt rent, he/she shall obtain a prior approval from the office of general administration. <Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011>
 Article 51 (Provisions Applicable Mutatis Mutandis)
The provisions of Articles 27, 28, 29 (1) through (5), 30, 31, 32 (5) and (6), 33, 34 (2), and 35 shall apply mutatis mutandis to the methods, etc. of making loan contracts as provided for in Article 46 of the Act. In such cases, "administrative property" shall be construed as "general property"; "permission for use" as "loan contract"; "register of permits for use" as "loan contract register"; and "usage fees" as "rent." <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 24495, Apr. 5, 2013>
 Article 51-2 (Calculation of Loan Deposit)
The loan deposit pursuant to Article 47 (2) of the Act shall be calculated in accordance with the following calculation formula:
Loan deposit = Amount to be converted into loan deposit from annual loan charges/Publicly announced interest rate
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
 Article 51-3 (Reduction of or Exemption from Rent)
Where the head of a central government agency intends to grant a reduction of, or exemption from, a rent pursuant to Article 47-2 of the Act, he/she may do so within the limit of an amount which would be calculated as usage fees, pursuant to Article 29, for the relevant private property reciprocally possessed under the same Article of the Act if such property is construed as administrative property.
[This Article Newly Inserted by Presidential Decree No. 27926, Mar. 2, 2017]
SECTION 3 Sale
 Article 52 (Sale)
(1) A property deemed and designated by the office of general administration or the head of a central government agency as necessary to be administered by State pursuant to Article 48 (1) 4 of the Act shall be the property falling under any of the following subparagraphs:
1. A property that needs to be developed pursuant to Article 57 of the Act;
2. A property that needs to be reserved to meet the administrative demand in the future;
3. A property, the disposal of which needs to be restricted since a de facto or in-court dispute is on-going or foreseeable.
(2) "General property prescribed by Presidential Decree" in Article 48 (2) of the Act means the property falling under any of the following subparagraphs: <Amended by Presidential Decree No. 25031, Dec. 30, 2013>
1. A land or a building, the usage of which is abolished after having been used as a public property;
2. A property which consists of a series of lands exceeding 3,000 square meters.
(3) Where a person delegated or entrusted with an affairs on administration and disposal of a general property pursuant to Article 42 (1) of the Act intends to sell off the general property through a private contract without public bidding because the relevant general property falls under Article 40 (3) 3 through 5, 12, and 18 (i), he/she shall obtain a prior approval from the office of general administration.
(4) Where the head of a central government agency, etc. intends to sell off the State-owned land falling under any of the following subparagraphs, he/she shall first consult with the Minister of Land, Infrastructure and Transport to decide whether or not the State-owned land is necessary for the use of long-term public rental housing (referring to the rental housing with at least ten years of obligatory rental period, and as a constructed public rental housing pursuant to subparagraph 1-2 under Article 2 of the Special Act on Public Housing): <Amended by Presidential Decree No. 24441, Mar. 23, 2013; Presidential Decree No. 25483, Jul. 16, 2014; Presidential Decree No. 26763, Dec. 28, 2015>
1. Site for a military camp, a prison or a school, the use of which is abolished;
2. A series of lands exceeding 10,000 square meters.
[This Article Wholly Amended by Presidential Decree No. 22815, Apr. 1, 2011]
 Article 53 (Sale by Specifying Uses)
(1) Where general property is sold with the use thereof specified in accordance with Article 49 of the Act, it shall be put to the specified use for at least ten years from the date of sale.
(2) Where it is deemed necessary in relation to the property sold for a specified use, the office of general administration may request the purchaser to report or to submit materials on the management status of such property, and may direct public officials under its control to audit the status of management or take other necessary measures.
(3) Where general property is sold with the use thereof specified in accordance with Article 49 of the Act, a special agreement shall be registered providing that the relevant sales contract shall be rescinded if any cause provided for in subparagraph 3 of Article 52 of the Act occurs.
 Article 54 (Period for Payment of Proceeds from Sale)
(1) The proceeds from sale under Article 50 of the Act shall be paid in full by a deadline, as prescribed by the head of a central government agency, etc., which does not exceed 60 days from the date on which the relevant contract is concluded: Provided, That the same shall not apply in cases falling under any provisions of Article 55 (1) through (4). <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) "As permitted by Presidential Decree" in the proviso to Article 50 (1) of the Act means any of the following subparagraphs:
1. When an accident not attributable to a purchaser occurs due to any natural calamity or other disaster referred to in subparagraph 1 of Article 3 of the Framework Act on the Management of Disasters and Safety;
2. When the date of delivery of property and the period for payment of proceeds from sale are prescribed separately at the time of concluding a contract for sale of the property, for the purpose of meeting the need for the State to occupy and use that property continuously for a certain period.
 Article 55 (Payment in Installments of Sales Proceeds)
(1) Sales proceeds may be paid in installments over up to three years pursuant to Article 50 (2) of the Act, if the proceeds from sale exceed ten million won.
(2) In any of the following cases, proceeds from sale may be paid in installments over up to five years pursuant to Article 50 (2) of the Act: <Amended by Presidential Decree No. 22221, Jun. 28, 2010; Presidential Decree No. 23392, Dec. 28, 2011; Presidential Decree No. 25031, Dec. 30, 2013; Presidential Decree No. 28628, Feb. 9, 2018>
1. Where property to be used directly by a local government for official or public purposes is sold to the local government;
2. Where property to be used directly by a public organization provided for in Article 33 for non-profit public projects is sold to the public organization;
3. Where the land occupied and used as the site of a private building on or before December 31, 2012, or the land occupied and used as the site of a building for which authorization for completion is granted under the former Act on Special Measures for Rearrangement of Specific Buildings (referring to the Act enacted by Act No. 3533, 6253, 7698, and 11930), is sold to the occupant or user of such land;
4. Where the land occupied and used as the site of a private building meeting the standards determined by the Mayor/Do Governor for the implementation of a redevelopment project pursuant to the Act on the Improvement of Urban Areas and Residential Environments, in a rearrangement zone designated for the redevelopment project under subparagraph 2 (b) of Article 2 of the same Act, is sold by the occupiers and users of such land as at the time of granting authorization of a plan for implementing the redevelopment project, to the person who succeeds to the rights and duties under Article 129 of the same Act (including where such land constitutes the land on which the rearrangement basis facilities defined in subparagraph 4 of Article 2 of the same Act are to be installed and so any other State land in the rearrangement zone is sold by the person who occupies and uses the land to the person who succeeds to the rights and duties under Article 129 of the same Act);
5. Where the land located in a market rearrangement project implementation district provided for in Article 31 of the Special Act on the Development of Traditional Markets and Shopping Districts and occupied and used as the site of a private building, is sold to the occupiers and users of such land;
6. Where the land necessary to develop, establish, or operate facilities for collective location of venture businesses under Article 19 (1) of the Act on Special Measures for the Promotion of Venture Businesses is sold to an establisher or operator of the facilities for collective location of venture businesses;
7. Where the land necessary to develop a technopark under Article 10 (1) of the Act on Special Cases concerning Support for Technoparks is sold to the relevant project implementer;
8. Where the State continues to occupy and use the property subject to sale for a given period.
(3) In any of the following cases, proceeds from sale may be paid in installments over up to ten years pursuant to Article 50 (2) of the Act: <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 23392, Dec. 28, 2011; Presidential Decree No. 24495, Apr. 5, 2013; Presidential Decree No. 25031, Dec. 30, 2013>
1. Where a parcel of State-owned land, as the farmland provided for in the Farmland Act, is sold to an actual tiller;
2. Where the land located in an urban development zone designated under Article 3 of the Urban Development Act and necessary for an urban development project, is sold to the urban development project implementer (limited to a corporation that relocates to an area other than the Seoul Metropolitan Area prescribed in Article 11 (1) 7 of the same Act);
3. Where property to be used by a local government to develop an industrial complex designated under the Industrial Sites and Development Act is sold to the local government;
3-2. Where State property to be developed is sold to a special purpose company for development of State-owned land;
4. Where State-owned land, among physical training facilities under the Installation and Utilization of Sports Facilities Act, occupied for outdoor sports facilities such as golf course, ski resort, etc., is sold to the relevant occupant.
(4) In any of the following cases, sales proceeds may be paid in installments over up to twenty years pursuant to Article 50 (2) of the Act: <Amended by Presidential Decree No. 28628, Feb. 9, 2018>
1. Where the land occupied and used as the site of a private building pursuant to paragraph (2) 4 in a rearrangement zone designated for the implementation of a redevelopment project defined in subparagraph 2 (b) of Article 2 of the Act on the Maintenance and Improvement of Urban Areas and Dwelling Conditions for Residents is sold to the person who occupies and uses such land as at the time authorization to implement the redevelopment project is granted (including where such land constitutes the land on which the rearrangement basis facilities defined in subparagraph 4 of Article 2 of the same Act are planned to be installed and so any other State-owned land in the rearrangement zone is sold to the person occupying and using such land);
2. Where approval of the President is granted after deliberation by the State Council, in any of the following cases:
(a) Where the sale of general property is deemed necessary for a settlement project to disperse population;
(b) Where it is deemed inevitable to sell general property due to any natural disaster or other disaster referred to in subparagraph 1 of Article 3 of the Framework Act on the Management of Disasters and Safety.
(5) "Interest as prescribed by Presidential Decree" in Article 50 (2) of the Act means the interest calculated by applying the publicly notified interest rate to the remainder of the sales proceeds referred to in paragraphs (1) through (4).
(6) Where proceeds from sale are paid in installments over up to five years pursuant to paragraph (2) 8, interest calculated under paragraph (5) shall be collected from the time the purchaser acquires, or begins to occupy or use, the sold property.
 Article 56 (Transfer, etc. of Ownership)
"If it is prescribed by Presidential Decree" in the forepart of Article 51 (2) of the Act means where the sales proceeds are paid in installments pursuant to Article 55 (2) 1, 2, and 4 through 7, (3) 3 and (4) 1.
SECTION 4 Exchange
 Article 57 (Exchange)
(1) An exchange referred to in Article 54 (1) of the Act shall be made between similar types of property, except in any of the following cases: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where general property is exchanged for public property;
2. Where a dilapidated existing official residence is exchanged to acquire a new official residence.
(2) The exchange between similar types of property under paragraph (1) means any of the following cases: <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 24495, Apr. 5, 2013>
1. Where land is exchanged for another land;
2. Where a building is exchanged for other building;
3. Where a building (including a structure) exists on both, or either, land, if the principle property (referring to the property, the value of which is at least 1/2 of the entire property's value) mutually coincide;
4. Where a movable asset is exchanged for another movable asset.
(3) The head of a central government agency, etc. shall not exchange general property if the general property falls under any of the following cases: Provided, That the same shall not apply where any general property specified in subparagraph 3 or 4 falls under any subparagraph of paragraph (4): <Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 23392, Dec. 28, 2011; Presidential Decree No. 27926, Mar. 2, 2017>
1. Where disposal of the general property is restricted by the National Land Planning and Utilization Act or other Acts;
2. Where it is necessary to preserve and administer the general property that can be utilized in the future for public facilities, such as a road, harbor, or airport;
3. Where it is intended to exchange the property to be acquired through exchange without a detailed plan for use thereof;
4. Where the value of property is less than 3/4 of the value of the other property (referring to 1/2 in the case of an exchange provided for in Article 54 (1) 2 of the Act): Provided, That this shall not apply where the property to be exchanged is co-owned property;
5. Where the usefulness of State property remaining after exchange decreases substantially;
6. Where it is intended to have the counterparty to the exchange construct a new building and to acquire such building by exchange;
7. Where the general property is otherwise subject to restriction on exchange in accordance with the guidelines for disposition referred to in Article 9 (4) 3 of the Act.
(4) "Extenuating circumstances prescribed by Presidential Decree, such as where it is impracticable for the owner of the relevant property to enter and exit by the private land only" in Article 54 (1) 4 of the Act means any of the following circumstances: <Newly Inserted by Presidential Decree No. 27926, Mar. 2, 2017>
1. Where it is impracticable for the owner of the relevant private property to enter and exit by the private land only;
2. Where the usefulness of the relevant private property significantly decreases due to possession thereof by the State;
3. Where the possibility of utilizing the relevant land, which is general property occupied and used by a building possessed by the owner of private property from before March 2, 2016, as administrative property in the future is significantly low.
(5) The head of a central government agency, etc. who intends to exchange general property shall specify the purpose of exchange, the counterpart to the exchange, the value of property to be exchanged, the method of calculating the exchange price, etc., as prescribed by Ordinance of the Ministry of Strategy and Finance. <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 27926, Mar. 2, 2017>
(6) General property may be exchanged for public property based on the officially assessed individual land price, by mutual agreement between the head of a central government agency, etc. and the relevant local government or a price assessed by at least one appraisal business operator, notwithstanding Article 42 (1). <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 27299, Jun. 30, 2016; Presidential Decree No. 27926, Mar. 2, 2017>
(7) Where the head of a central government agency, etc. intends to exchange a movable asset for another movable asset, he/she shall preconsult the office of general administration. <Newly Inserted by Presidential Decree No. 24495, Apr. 5, 2013; Presidential Decree No. 27926, Mar. 2, 2017>
(8) Where a person delegated or entrusted with affairs concerning the administration and disposal of general property pursuant to Article 42 (1) of the Act intends to exchange the general property, he/she shall obtain prior approval from the office of general administration. <Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 24495, Apr. 5, 2013; Presidential Decree No. 27926, Mar. 2, 2017>
SECTION 5 Concession
 Article 58 (Concession)
(1) "General property prescribed by Presidential Decree" in Article 55 (1) 1 of the Act means any of the following property: <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 23718, Apr. 10, 2012; Presidential Decree No. 25456, Jul. 14, 2014>
1. General property, previously used by the State for its affairs, continues to be used by a local government, to which the relevant affairs are conceded, to conduct such affair;
2. General property being used by a local government for the site of its office. In such cases it shall be limited to the general property, the site of which was previously controlled by the Ministry of Home Affairs and was not conceded to the local government during the years between 1961 and 1965 although qualified for the concession, being continuously used for the site of the local government office;
3. General property under the jurisdiction of the office of general administration which is included in the project site for establishing road facilities (referring to the urban planning facilities pursuant to the urban/Gun management plan determined before 1992) implemented by the head of a local government (excluding the Special Metropolitan City, Metropolitan City, Gyeonggi-do and the local governments under their jurisdictions) pursuant to Article 86 of the National Land Planning and Utilization Act;
4. General property under the jurisdiction of the office of general administration which is included in roads provided for in Articles 14 through 18 of the Road Act (limited to such roads included in such roads before December 31, 2004);
5. General property necessary to promote commemoration projects provided for in Article 5 of the Special Act on the May 18 Democratization Movement, Etc.
(2) "Public organization prescribed by Presidential Decree" in Article 55 (1) 2 of the Act means any corporation provided for in Article 33.
(3) "Administrative property prescribed by Presidential Decree" in Article 55 (1) 3 of the Act means any of the following property: <Newly Inserted by Presidential Decree No. 24495, Apr. 5, 2013>
1. Administrative property to be included in the public business district accredited pursuant to Article 20 of the Act on Acquisition of and Compensation for Land, etc. for Public Works Projects;
2. Administrative property, the use of which shall inevitably be discontinued to relocate, etc. military facilities or to perform other large-scaled state projects.
(4) Matters necessary for the base point, etc. for evaluating the property falling into disuse under Article 55 (1) 3 of the Act shall be prescribed by the Minister of Strategy and Finance. <Newly Inserted by Presidential Decree No. 27926, Mar. 2, 2017>
(5) "Property prescribed by Presidential Decree" in Article 55 (1) 4 of the Act means any of the following property: <Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 24495, Apr. 5, 2013; Presidential Decree No. 27926, Mar. 2, 2017>
1. A State-owned building (including appurtenant facilities) located on land owned by a non-State entity. In such cases, the transferee, the counterparty, shall be limited to the owner of land on which the State-owned building is located;
2. General property determined to be conceded with approval of the President after deliberation of the State Council, in order to smoothly fulfill the State's administrative purposes.
(6) When the head of a central government agency, etc. consults with the office of general administration pursuant to the main body of Article 55 (3) of the Act, it shall specify the objective and conditions of concession and the value of property to be conceded and itemize expenses borne by the transferee. <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 24495, Apr. 5, 2013; Presidential Decree No. 27926, Mar. 2, 2017>
(7) Where a person delegated or entrusted with affairs concerning the administration and disposal of general property pursuant to Article 42 (1) of the Act intends to concede the general property, he/she shall obtain prior approval from the office of general administration. <Newly Inserted by Presidential Decree No. 23392, Dec. 28, 2011; Presidential Decree No. 24495, Apr. 5, 2013; Presidential Decree No. 27926, Mar. 2, 2017>
 Article 59 (Registration of Special Agreement at Time of Concession)
In cases of concession under Article 55 (1) 1 of the Act, a special agreement shall be registered providing that the relevant concession contract shall be rescinded if any cause provided for in Article 55 (2) of the Act occurs.
SECTION 6 Development
 Article 60 (Development)
The development activities under Articles 57 of the Act may be conducted by means of parceling-out type, loan type, and mixed type (referring to a combination of parceling-out type and loan type). <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
 Article 61 (Trust Contract)
(1) If the head of a central government agency, etc. seeks to make a trust development under Article 58 of the Act, it shall conclude a trust contract, as prescribed by Ordinance of the Ministry of Strategy and Finance. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) The head of a central government agency, etc. shall make clear the terms of a trust contract provided for in paragraph (1) prior to the conclusion of the trust contract, and then consult with, or obtain approval from, the office of general administration pursuant to Article 58 (2) or (3) of the Act. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) "Important matters prescribed by Presidential Decree" in the latter part of Article 58 (2) of the Act and "important matters prescribed by Presidential Decree" in the latter part of paragraph (3) of the same Article mean the matters falling under any of the following subparagraphs:
1. Selection of trust operators;
2. Period for trust;
3. Trust fees;
4. Limits on the borrowing of funds;
5. Use of facilities;
6. Kinds of development.
 Article 62 (Method of Devolving Profits from Trust Development to State, etc.)
(1) A trust operator who is trusted with general property shall finish calculations on the trust business during the trust period, based on the last day of each year, and pay the profits therefrom to the head of a central government agency, etc. by the last day of February of the following year. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) Upon expiration of a trust period or cancellation of a trust contract, a trust operator shall finish the last calculations on the relevant trust business and obtain approval therefor from the head of a central government agency, etc., and then transfer the trust property to the State by any of the following methods: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. In cases of land and its fixtures, the trust registration shall be cancelled and registration for the transfer of the ownership shall be made in the name of the State: Provided, That fixtures difficult to be registered shall be transferred as they are;
2. Other property resulting from the trust shall be paid in terms of money to the head of the relevant central government agency, etc.
 Article 63 (Business Plan for Entrusted Devolvement)
(1) Where a person entrusted with the business of administration and disposal of general property pursuant to Article 42 (1) and (3) of the Act (hereinafter referred to as "trustee") intends to obtain approval pursuant to Article 59 (2) of the Act, he/she shall establish a business plan for entrusted development including the entrustment period, entrustment fees, limits on the borrowing of funds, use of facilities, etc. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) When intending to hold a consultation under Article 59 (3) of the Act, the head of a central government agency shall submit a business plan for entrusted development referred to in paragraph (1) to the office of general administration. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) "Important matters prescribed by Presidential Decree" in the latter part of Article 59 (2) of the Act and "important matters prescribed by Presidential Decree" in the latter part of paragraph (3) of the same Article mean the matters falling under any of the following subparagraphs:
1. Period for entrustment;
2. Entrustment fees;
3. Limits on the borrowing of funds;
4. Use of facilities;
5. Kinds of development.
 Article 64 (Method of Devolving Profits from Entrustment Development to State, etc.)
(1) The ownership of the property developed by a trustee pursuant to Article 59 of the Act shall revert to the State.
(2) A trustee shall finish calculations on the entrustment business during the entrustment period, based on the last day of each year, and pay the profits therefrom to the office of general administration or the head of a central government agency. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
 Article 64-2 (Private Business Entities)
"Private business entities prescribed by Presidential Decree" in the main sentence of Article 59-2 (1) of the Act means the corporation (including foreign corporations) other than the person falling under any of the following subparagraphs:
1. State, a local government, or a public institution;
2. A public corporation or a foundation established pursuant to a special Act.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
 Article 64-3 (Asset Management Company)
"Asset management company prescribed by Presidential Decree" in the forepart of Article 59-2 (2) of the Act means the corporation falling under any items of Article 86-2 (5) 2 of the Enforcement Decree of the Corporate Tax Act.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
 Article 64-4 (Person Having Special Relationship)
"Persons prescribed by Presidential Decree as related" in the main sentence of Article 59-2 (3) of the Act means any of the following persons:
1. A corporation, over 30/100 of share ownership of which is owned by the person falling under any of the subparagraphs of Article 59-2 (3) of the Act;
2. A corporation that the person falling under any of the subparagraphs of Article 59-2 (3) of the Act participates in management of the corporation as its largest shareholder.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
 Article 64-5 (Master Plan on Development through Participation of Private Sector)
"Cases where intending to change important matters prescribed by Presidential Decree, on the master plan on development through participation of private sector such as criteria and method of selecting negotiation partners" in Article 59-3 (4) of the Act means the cases falling under any of the following subparagraphs:
1. Where intending to change the use of facility with respect to the portion of property for official use;
2. Where, in a development project, intending to change at least 10/100 of the project's estimated investment amount or facility scale;
3. Where intending to change the matters on criteria and method of selecting negotiation partners;
4. Other cases where intending to change the important matters deemed, by the office of general administration, necessary to obtain deliberation of the Committee and the subcommittees in order to smoothly promote the development project through participation of private sector.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
 Article 64-6 (Letter of Proposal for Business Plan on Development through Participation of Private Sector)
"Matters prescribed by Presidential Decree" in Article 59-3 (6) of the Act means any of the following matters:
1. Matters on a business plan;
2. Matters on examination of feasibility of a business plan;
3. Matters on share ownership, business structure, and detailed operations of the special purpose company for development of State-owned land;
4. Matters on purchase price of the State-owned land to be developed;
5. Matters on details of the total business budget and on the financing plan;
6. Matters on criteria for distribution of revenue;
7. Matters on plans for sale in lots, selling off and renting;
8. Matters on roles and responsibilities among business participants;
9. Other matters deemed necessary by the office of general administration.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
 Article 64-7 (Staffing and Operation of the Evaluation Group for Development through Participation of Private Sector)
(1) In order to perform the evaluation affair pursuant to Article 59-3 (7) of the Act, the office of general administration shall organize the evaluation group for development through participation of private sector staffed with any of the following persons (hereinafter referred to as "evaluation group"): <Amended by Presidential Decree No. 24441, Mar. 23, 2013>
1. A person designated by the head of the institution to which the person belongs from among the public officials belonging to the Senior Executive Service of the Ministry of Strategy and Finance, the Ministry of Land, Infrastructure and Transport, and the Public Procurement Service;
2. A person commissioned by the Minister of Strategy and Finance, from among the persons falling under any of the following items:
(a) A person in the office of an assistant professor or higher position in the area of development project and its relevant areas;
(b) A doctorial degree holder having professional knowledge on development project who belongs to the government-contributed research institute established pursuant to the Act on the Establishment, Operation and Fostering of Government-Funded Research Institutes, Etc.;
(c) A certified architect, public accountant, or attorney at law, etc. having at least five years of practice who has professional knowledge and experience on development project.
(2) Members of the evaluation group shall be at least 10 and not more than 30 persons.
(3) Matters necessary for staffing and operation of the evaluation group, other than those provided for under paragraphs (1) and (2), shall be determined by the office of general administration after deliberation of the Committee.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
SECTION 7 Contributions In Kind
 Article 65 (Base Date of Appraisal of Contributions in Kind)
In calculating the amount of contribution pursuant to Article 62 of the Act, the base date of appraisal of property shall be determined by the Minister of Strategy and Finance.
 Article 66 (Acquisition of Equity Securities following Contributions in Kind)
"Any case prescribed by Presidential Decree" in the proviso to Article 64 of the Act means any of the following cases:
1. Where the Government makes contributions in kind to any enterprise, the capital of which is composed entirely of investments from the Government;
2. Where the Government makes contributions in kind on condition that the said contributions exchange for the equity securities acquired in return for the contributions so as to ensure the reinstatement of those contributions;
3. Where contributions in kind are made to a financial institution ordered by the Financial Services Commission to reduce its capital pursuant to Article 12 of the Act on the Structural Improvement of the Financial Industry, upon request by the Financial Services Commission.
 Article 67 (Reinstatement of Property Contributed in Kind)
(1) Where contributions in kind are reinstated pursuant to subparagraph 2 of Article 66, the contributions in kind and the equity securities acquired in return for such contributions shall be exchanged on the same conditions as those at the time of making those contributions, irrespective of the market prices thereof at the time of such reinstatement.
(2) The timing of reinstatement under paragraph (1) and other necessary matters shall be determined on the basis of an agreement made between the office of general administration and each corporation.
SECTION 8 Dividend Paid to Government
 Article 67-2 (Scope of Companies Paying Dividends to Government)
"Companies prescribed by Presidential Decree" in Article 65-2 of the Act means the companies defined in annexed Table 2.
[This Article Newly Inserted by Presidential Decree No. 23221, Oct. 14, 2011]
 Article 67-3 (Criteria for Determination of Dividend)
"Criteria for determining dividends prescribed by Presidential Decree" in subparagraph 6 of Article 65-3 of the Act means each of the following matters:
1. Whether or not the Government provides financial support, together with the scale thereof, for the companies paying dividends to the Government in accordance with Article 65-2 of the Act (hereinafter referred to as "companies paying dividends to the Government");
2. Degree of publicness of the companies paying dividends to the Government;
3. Other matters the office of general administration deems necessary to pay the dividend to the Government, pursuant to Article 65-2 of the Act, appropriate.
[This Article Newly Inserted by Presidential Decree No. 23221, Oct. 14, 2011]
 Article 67-4 (Submission of Data of Estimated Government's Dividend Revenue)
Pursuant to Article 65-4 (1) of the Act, the companies paying dividends to the Government shall submit each year the data under the following subparagraphs 1 through 3 and 5 until each May 31, and the data under the following subparagraph 4 until each July 31 to the office of general administration or to the head of a central government agency:
1. Major business plans and estimated net profit for the term;
2. A plan for disposal of profits;
3. Status of paid in capital;
4. Performance of net profit for the first half of the relevant fiscal year, and annual estimated net profit for the term;
5. Other data the office of general administration deems necessary to estimate Government's dividend revenue.
[This Article Newly Inserted by Presidential Decree No. 23221, Oct. 14, 2011]
 Article 67-5 (Submission of the Data concerning Determination of Dividend for Government)
Pursuant to Article 65-5 (1) of the Act, the companies paying dividends to the Government shall submit until January 31 each year the data falling under each of the following subparagraphs to the office of general administration and to the head of a central government agency, respectively:
1. A plan for internal reservation and dividend of earned surplus;
2. Statements of financial position and profit and loss that are completed before financial auditing;
3. Status of paid in capital;
4. Other data the office of general administration deems necessary to determine Government's dividend revenue.
[This Article Newly Inserted by Presidential Decree No. 23221, Oct. 14, 2011]
CHAPTER IV-II SPECIAL EXCEPTIONS TO ADMINISTRATION OR DISPOSAL OF INTELLECTUAL PROPERTY
 Article 67-6 (Permission, etc., for Use, etc. of Intellectual Property)
(1) Where a person permitted to use or borrow (hereinafter referred to as "permission for use, etc.") intellectual property pursuant to Article 65-7 (1) of the Act allows any third person to use or benefit from the intellectual property, the period of use or benefit concerned shall not exceed the remaining period of the original permission for use, etc.
(2) Where a person who has obtained the permission for use, etc. of intellectual property pursuant to Article 65-7 (1) of the Act intends to allow any third person to make use of or profit from the intellectual property, he/she shall submit a written application for approval containing the following matters to the head of the relevant central government agency, etc.:
1. Indication of the intellectual property concerned;
2. Purpose of use, method of benefit, and period of making use of and benefit from the intellectual property concerned;
3. Details of consideration for use to be given to the person who has obtained the permission for use, etc. from the third person to make use of or profit from the same;
4. Other necessary matters.
(3) Where the head of a central government agency, etc. receives the application pursuant to paragraph (2), if the consideration for use under paragraph (2) 3 exceeds the royalties or rent of the intellectual property concerned, he/she need not approve the aforementioned application.
(4) Where a person permitted to use, etc. intends to transform, alter, or remake the copyright work under Article 65-7 (2) of the Act, he/she shall submit a written application for approval containing the following matters to the head of the relevant central government agency, etc.:
1. Indication of the intellectual property concerned;
2. Purposes and details of transformation, alteration, or remake of the copyright work;
3. Other necessary matters.
[This Article Newly Inserted by Presidential Decree No. 24495, Apr. 5, 2013]
 Article 67-7 (Method of Permission for Use, etc. of Intellectual Property)
Where the head of the relevant central government agency, etc. calls for general competitive bid for intellectual property pursuant to the latter part of Article 65-8 (4) of the Act, with respect to any property for which no successful bidder can be found until two rounds of general competitive bidding, the permission to use, etc. the said property may be granted by private contract pursuant to Article 65-8 (1) of the Act.
[This Article Newly Inserted by Presidential Decree No. 24495, Apr. 5, 2013]
 Article 67-8 (Standard for Calculating Royalties on Intellectual Property)
(1) The standard for calculating the royalties or rent (hereinafter referred to as "royalties, etc.") of intellectual property pursuant to Article 65-9 (1) of the Act shall be subject to each of the following classifications:
1. Intellectual properties under Article 5 (1) 6 (a) of the Act: Attached Table 2-2;
2. Intellectual property under Article 5 (1) 6 (b) of the Act: The standard determined by the office of general administration, following consultation with the Minister of Culture, Sports and Tourism, taking into account sales volume of the product industrializing intellectual property, the frequency of using an intellectual property, or other factors;
3. Intellectual properties under Article 5 (1) 6 (c) of the Act: Attached Table 2-3;
4. Intellectual properties under Article 5 (1) 6 (d) of the Act: The standard applicable to the intellectual property most similar to the intellectual property concerned, among the standards under subparagraphs 1 through 3.
(2) Notwithstanding paragraph (1), where the permission for use, etc. of a property is issued by general competitive bidding pursuant to the latter part of Article 65-8 (4) of the Act, the royalties, etc. shall be set at the highest bid price. In such cases, Article 29 (5) shall not apply.
(3) Where the permission for use, etc. is renewed pursuant to Article 65-11 (2) of the Act, the royalties, etc. incurred during the term of the renewed permission for use, etc. shall be subject to paragraphs (2) and (3), notwithstanding Article 34 (2): Provided, That the royalties, etc. in the case of newing the permission for use, etc. pursuant to the proviso to Article 65-11 (2) of the Act shall be calculated in accordance with the following formula:
(Royalties, etc. immediately before renewal) X (Royalties, etc. for the renewed period calculated pursuant to paragraph (1)) / (Royalties, etc. for the period before renewal calculated pursuant to paragraph (1))
[This Article Newly Inserted by Presidential Decree No. 24495, Apr. 5, 2013]
 Article 67-9 (Exemption from or Reduction of Royalties, etc. of Intellectual Property)
(1) Where the head of a central government agency, etc. intends to reduce and exempt royalties, etc. pursuant to Article 65-10 of the Act, he/she shall specify, in the written permission for use or loan agreement, the method of use and the scope of conditions thereof.
(2) In cases under subparagraph 2 of Article 65-10 of the Act, the ratio of exemption from or reduction of the royalties, etc. shall be as follows:
1. Where the permission for use, etc. is made for a local government: Exemption;
2. Other cases: 50/100 of the loyalties, etc.
[This Article Newly Inserted by Presidential Decree No. 24495, Apr. 5, 2013]
 Article 67-10 (Term of Permission to Use, etc. Intellectual Property)
(1) Pursuant to Article 65-11 (1) of the Act, the term of the renewed permission to use, etc. intellectual property (excluding any rights to trademarks) shall be up to three years.
(2) Notwithstanding paragraph (1), in any of the following cases, the term of the permission to use, etc. may be extended for the term as classified as follows. In such cases, no aggregate term of initial and extended permission to use, etc. shall exceed five years:
1. Where it takes at least one year to prepare implementation of the intellectual property concerned: period of such preparation;
2. Where the term of intellectual property concerned expires within four years from the date of executing the contract: the period remaining until the expiry of such term.
(3) The term of the permission to use, etc. a trademark right shall be up to five years.
[This Article Newly Inserted by Presidential Decree No. 24495, Apr. 5, 2013]
CHAPTER V ADMINISTRATIVE REGISTER AND REPORTING
 Article 68 (Administrative Register and Inspection)
(1) The register of State property provided for in Article 66 (1) of the Act shall be prepared using a form prescribed by the office of general administration according to the classifications and kinds of State property. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) Where the business of administration is delegated under Article 28 of the Act or the business of administration and disposal of general property is delegated or entrusted under Article 42 (1) and (2) of the Act, the person to whom the business is delegated or entrusted shall prepare and keep the register referred to in paragraph (1), and the head of a central government agency shall prepare and keep the general register with regard thereto. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) The office of general administration shall keep the general register by classifying State property as the property owned by the offices of administration, the property owned by those to whom the business of administration and disposal of general property is delegated or entrusted under Article 42 (1) of the Act, and the property owned by the office of general administration. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(4) The head of a central government agency, etc. shall select the property subject to an inspection of actual conditions by taking account of the peculiarity, status of utilization, etc. of State property, and perform an inspection of the relevant State property at least once a year. In such cases, the matters to be inspected shall be as follows: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Status of property and land registration;
2. Surrounding environment;
3. Present state of use;
4. Other necessary matters regarding the preservation, administration, etc. of property.
 Article 69 (Adjustment of Registry)
(1) Where any variation or change in State property occurs due to the acquisition, administrative conversion, or disposal of the State property or on other grounds, the head of a central government agency, etc. shall without delay record the details thereof on the registry and adjust the annexed drawings. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) Where the Special Self-Governing City Mayor, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu has adjusted the registry on land, forests and fields owned by the State, he/she shall without delay give notice of such adjustments to the head of a central government agency, etc. <Amended by Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 23855, Jun. 19, 2012>
 Article 70 (Reporting on Administration and Management of State Property)
The matters to be included in a report on the administration and management of State property pursuant to Article 69 (1) of the Act shall be as follows: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. The performance of enforcement and the result of evaluation of the comprehensive plan for State property;
2. Status of the increase and decrease, and holding of State property as at the end of the relevant year;
3. Other matters recognized by the head of a central government agency as important in relation to the duties of administration and disposal of State property.
CHAPTER VI SUPPLEMENTARY PROVISIONS
 Article 71 (Indemnities)
(1) An indemnity provided for in Article 72 of the Act shall be equivalent to 120/100 of the annual usage fees or rent (in cases of an intellectual property, referring to the royalties, etc. calculated pursuant to Article 67-8 (1)) calculated under Article 29 (1) through (3). In such cases, if the period for occupation exceeds one fiscal year, the indemnity shall be the aggregate of the indemnities calculated for the respective fiscal years. <Amended by Presidential Decree No. 24495, Apr. 5, 2013>
(2) The head of a central government agency, etc. may postpone the collection of an indemnity for a period not exceeding one year from the deadline for its initial payment, if the relevant unauthorized occupant falls under any of the following subparagraphs: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where any serious damage is caused to the relevant property by any disaster or loss;
2. Where the unauthorized occupant, or any of his/her cohabiting family members, requires long-term treatment due to any illness or serious injury;
3. Where the unauthorized occupant is a recipient of assistance under subparagraph 2 of Article 2 of the National Basic Living Security Act;
4. Other cases deemed equivalent to those falling under subparagraphs 1 and 2.
(3) If an indemnity referred to in paragraph (1) exceeds one million won, the head of a central government agency, etc. may allow the person liable to pay such to pay the indemnity in installments over a period not exceeding three years on condition that interest be added, calculated by applying the publicly notified interest rate to the remainder of the indemnity pursuant to Article 72 (2) of the Act. In such cases, the dates for payment, and amounts, of the indemnity to be paid in installments shall be notified together. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(4) Article 36 (3) and (4) shall apply mutatis mutandis to the collection of indemnities.
 Article 72 (Collection of Overdue Charges, etc.)
(1) If, with regard to State property, the usage fees, additional dues imposed for the negligence of administration, rent, proceeds from sale, exchange funds, and indemnities (excluding any interest accrued thereon where the payment of such indemnities is made in installments) are not paid by their respective due dates as provided for in Article 73 of the Act, the head of a central government agency, etc. shall notify the person liable for the payment thereof to pay them with overdue charges calculated by applying a percentage described in each of the following subparagraphs for a fixed period not exceeding 15 days. In such cases, if the amounts referred to in the forepart and the overdue charges are not paid within the notified period, notice of payment shall be made again within the limits of two occasions, but the deadline of payment under the final notice shall be within three months from the date of payment notice as referred to in the forepart, and thereafter notice of demand shall be made at least once per year: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where the period of arrears is less than one month: 12 percent per annum;
2. Where the period of arrears is at least one month but less than three months: 13 percent per annum;
3. Where the period of arrears is at least three months but less than six months: 14 percent per annum;
4. Where the period of arrears is at least six months: 15 percent per annum.
(2) If the notified amount is paid by the payment deadline notified under the forepart of paragraph (1), the overdue charges from the date of notice to the date of payment shall not be collected.
 Article 72-2 (Consultation of Urban/Gun Management Plan)
Where the head of a central government agency or the head of a local government intends to make a consultation pursuant to Article 73-2 (1) of the Act, he/she shall consult with any of the following persons:
1. In cases of general property controlled by the office of general administration: The office of general administration;
2. In cases of State property other than general property provided for in subparagraph 1: The head of a central government agency who controls the relevant State property.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
 Article 73 (Additional Dues for Overpayments or Erroneous Payment)
"Interest prescribed by Presidential Decree" in Article 75 of the Act means the interest calculated by applying the publicly notified interest rate.
 Article 74 (Disclosure of Information)
Pursuant to Article 76 (1) of the Act, the office of general administration shall disclose the following information so as to facilitate the understanding of citizens thereon:
1. Acquisition, disposal, and holdings of State property;
2. Status of State property, the use of which can be permitted or which can be loaned or sold;
3. Status of important policies, etc. relating to State property.
 Article 75 (Reporting on Concealed Property, etc.)
(1) Any concealed State property subject to the payment of monetary rewards or concession pursuant to Article 77 of the Act shall be the State property registered or recorded in the name of a non-State entity, in the certified transcript of the registry or in the public cadastre, and the registration or record of which is not perceived by the State.
(2) Any ownerless real estate subject to the payment of monetary rewards or concession pursuant to Article 77 of the Act shall be the property un-registered or un-recorded in the certified transcript of the registry or in the public cadastre, or the owner of which is unknown, and the registration or record of which is not perceived by the State: Provided, That property for public use shall be excluded.
(3) A report on any concealed property, etc. pursuant to Article 77 of the Act shall be submitted to the Administrator of the Public Procurement Service, as prescribed by Ordinance of the Ministry of Strategy and Finance. <Amended by Presidential Decree No. 23855, Jun. 19, 2012>
(4) The Administrator of the Public Procurement Service shall keep registers on disposal of concealed property, etc. in the form prescribed by Ordinance of the Ministry of Strategy and Finance, and record necessary matters therein. <Amended by Presidential Decree No. 23855, Jun. 19, 2012>
 Article 76 (Payment of Monetary Rewards)
(1) If any concealed property, etc. is found and reported by a person, other than a local government, and is determined to be reverted to the State, the person who reported the concealed property, etc. shall be paid monetary rewards in an amount not exceeding ten percent of the value of such property, etc. pursuant to Article 77 of the Act.
(2) Monetary rewards to be paid under paragraph (1) shall not exceed 30 million won, and the rate and upper limit of the monetary rewards for each kind of concealed property, etc. shall be determined by Ordinance of the Ministry of Strategy and Finance.
(3) Where a local government is rewarded under Article 77 (2) of the Act, the relevant property may be conceded as classified below: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where the concealed property is found and reported: To concede a value of property equivalent to 30 percent of the value of the property which the office of general administration designates and the local government reports;
2. Where any of the following ownerless real estate is found and reported: To concede a piece of property equivalent to 15 percent of the value of the property which the office of general administration designates and the local government reports:
(a) The property that has never been registered in a certified copy of the registry or in cadastral records, other than the property for public use (including disused roads and waterways);
(b) The property that has not undergone ownership-acquisition procedures because there is no interested persons in the land created by reclamation of public waters, etc.
(4) If at least two persons have reported any concealed property, etc., monetary rewards shall be paid to the person who has first reported it: Provided, That if the area reported is different, such monetary rewards may be paid to posterior reporters for the difference of the area only.
(5) In cases falling under paragraphs (1) and (3), the subparagraphs of Article 29 (2) shall apply mutatis mutandis to the determination of the value of the relevant property. <Amended by Presidential Decree No. 23855, Jun. 19, 2012>
 Article 77 (Special Cases concerning Voluntary Restitution of Concealed Property, etc.)
(1) Any concealed State property subject to sale as provided for in Article 78 of the Act shall be the State property which is registered or recorded in the name of any person, other than the State, in the certified transcript of the register or in the public cadastre.
(2) If any concealed State property is sold to a person who has returned such property to the State under Article 78 of the Act, the periods of installment payments of the proceeds from sale and the proceeds from sale for one payment in full, depending upon each cause for such return, shall be as shown in attached Table 3. <Amended by Presidential Decree No. 23221, Oct. 14, 2011>
(3) In cases of voluntary return as referred to in paragraph (2), the day of return shall be the day of receiving an application for registration for transfer of the ownership of the concealed property to be returned.
 Article 78 (Liability for Compensation)
If any offense falling under any of Article 79 (1) of the Act and Article 4 (3) and (4) of the Act on Liability of Accounting Personnel, Etc. is committed, the head of a central government agency shall notify the details thereof without delay to the office of general administration and the Board of Audit and Inspection. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
 Article 79 (Scope of Corporations Subject to Application of Special Cases concerning Liquidation)
(1) The corporations to which the application of the Commercial Act is restricted under Article 80 of the Act shall be the enterprises, the equity securities of which are reverted to the State by any Act or as a result of contribution acceptance, etc. and which are designated by the office of general administration (hereinafter referred to as "liquidated corporations").
(2) The office of general administration shall, upon designation of a liquidated corporation, publicly announce such fact without delay.
 Article 80 (Special Cases concerning Liquidation)
(1) The scope to which, for liquidated corporations, the application of the Commercial Act is restricted under Article 80 of the Act shall be as follows:
1. Appointment of a liquidator and auditor;
2. Approval of the inventory of property and balance sheet provided for in Article 533 of the Commercial Act;
3. Transfer and acquisition of business, reduction of capital amount, and amendments of articles of incorporation;
4. Approval of expenses of liquidation, settlement of accounts, and completion of liquidation;
5. Determination of distribution and method of distribution of remaining property;
6. Convocation of a general meeting of stockholders or members;
7. Appointment of a document keeper and determination of the method of keeping documents.
(2) The office of general administration shall determine the matters referred to in each subparagraph of paragraph (1) after hearing opinions of the relevant agencies and those who have profound learning and experience in the business of corporate liquidation.
(3) With respect to any provisions inconsistent with this Decree among those statutes (excluding Acts) concerning liquidation of liquidated corporations, this Decree shall prevail.
 Article 81 (Liquidation Procedures for Corporations Located in Areas North of Military Demarcation Line)
(1) Public announcement provided for in Article 81 (3) of the Act shall be made by publishing the following matters in the Official Gazette and daily newspapers with nationwide circulation:
1. Name of the relevant corporation and details of its property;
2. Purport that stockholders, creditors, or other rightful persons shall be excluded from proceeds of the liquidation, if they fail to report within six months from the public announcement.
(2) Where the State entrusts registration for ownership transfer on the real estate of a corporation, according to the latter part of Article 81 (2) of the Act or as a result of the distribution of the remaining property resulting from the completion of liquidation procedure, a written acceptance by the party who is obliged to register as provided for in Article 36 (1) of the Registration of Real Estate Act is not required to be accompanied under Article 81 (4) of the Act, and a written form determined by the office of general administration after hearing opinions of the relevant agencies and those who have profound learning and experience in the business of corporate liquidation shall replace a written instrument proving the ground for registration provided for in Article 40 (1) 2 of the Registration of Real Estate Act.
 Article 82 (Buying Insurance Policy)
(1) The head of a central government agency shall take out non-life insurance on buildings, in each of which the total floor area is at least 1,000 square meters, ships, airplanes and the appurtenances thereof, which are State property, and other important machinery and appliances among those provided for in Article 5 (1) 3 of the Act. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) If the use of the buildings, ships, airplanes, machinery, or appliances provided for in paragraph (1) is permitted or such property is loaned, whether it is paid for, the head of a central government agency may have the person so permitted or loaned take out non life insurance thereon, or pay the insurance premium borne by the said head of a central government agency, in advance. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
 Article 83 (Payment of Budgetary Incentives to Public Officials in Charge of Administration of State Property)
If public officials, who take charge of all or some affairs of State property administration delegated under Articles 28 and 42 of the Act, contribute to increasing revenues or to saving budget by improving institution or by other methods, the office of general administration and the head of a central government agency may pay incentive allowances out of the budget to such public officials pursuant to Article 49 of the National Finance Act. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
 Article 84 (Processing of Personally Identifiable Information)
The office of general administration or the head of a central government agency, etc. may process the data containing resident registration numbers under subparagraph 1 of Article 19 of the Enforcement Decree of the Personal Information Protection Act, if it is inevitable to perform the following affairs:
1. Affairs concerning filing objections following public announcements of ownerless real estate under Article 12 of the Act;
2. Affairs concerning contribution acceptance provided for in Article 13 of the Act;
3. Affairs concerning the construction of permanent facilities under Article 18 of the Act;
4. Affairs concerning permission for use or loan under Article 30 of the Act (including cases applied mutatis mutandis under Article 47 (1) of the Act);
5. Affairs concerning the sale, exchange or concession under Article 48, 54 or 55 of the Act;
6. Affairs concerning the inspection of actual status and access to land, etc. related thereto under Articles 66 and 67 of the Act;
7. Collection of indemnities, overdue charges, etc. under Articles 72 and 73 of the Act;
8. Removal of illegal facilities under Article 74 of the Act;
9. Return of additional dues for overpayments or erroneous payment under Article 75 of the Act;
10. Affairs concerning reporting on any concealed State property or ownerless real estate under Article 77 of the Act.
[This Article Newly Inserted by Presidential Decree No. 23392, Dec. 28, 2011]
ADDENDA
Article 1 (Enforcement Date)
This Decree shall enter into force on July 31, 2009: Provided, That the amended provisions of Article 74 shall take effect on January 1, 2010.
Article 2 (Repeal of Other Decree)
The Enforcement Decree of the Act on the Contribution In-Kind of State Property is hereby repealed.
Article 3 (Applicability to Methods of Permission for Use)
The amended provisions of Article 27 (2) and (5) shall apply to administrative property for which a bid announcement is made on or after the date this Decree enters into force (including cases where State property is put out to bidding, but the person to be granted permission for the use thereof is not determined, before this Decree enters into force, and then a bid announcement therefor is made again after this Decree enters into force).
Article 4 (Applicability to Alteration, etc. in Rates of Usage Fees)
The amended provisions of Article 29 (1) and (3) shall apply to administrative property, the use of which is permitted (including cases where the usage fees for the following year are imposed and notified during the period for which the use of administrative property is permitted) on or after the date this Decree enters into force.
Article 5 (Applicability to Adjustment of Usage Fees)
The amended provisions of Article 31 shall apply to administrative property for which the usage fees for the following year are imposed and notified on or after the date this Decree enters into force.
Article 6 (Applicability to Estimated Price of Property to be Disposed of)
The amended provisions of Article 42 (1) shall apply to general property, the estimated disposal price of which is determined on or after the date this Decree enters into force.
Article 7 (Applicability to Period of Payment, and Installment Payment, of Proceeds from Sale)
The amended provisions of Articles 54 (1) and 55 (1) shall apply to general property for which a sales contract is concluded on or after the date this Decree enters into force.
Article 8 (Special Cases concerning Delegation of Authority concerning Property Already Sold)
The office of general administration shall delegate to the Commissioner of the National Tax Service its authority on sale of the miscellaneous property determined to be sold by the Commissioner of the National Tax Service before the amended State Property Act, Act No. 2950 enters into force, notwithstanding the provisions of Article 38 of this Decree.
Article 9 (Special Cases concerning Installment Payment of Proceeds from Sale)
Where proceeds from sale are paid in installments pursuant to Article 55 (1), the remainder of the proceeds from sale shall be paid with interest at six percent per annum until the office of general office publishes its announced interest rate.
Article 10 (Transitional Measures concerning Enforcement of the Act on Land Survey, Waterway Survey and Cadastral Records)
"Subparagraph 19 of Article 2 of the Act on Land Survey, Waterway Survey and Cadastral Records" in the amended provisions of Article 8 (1) 6 shall be construed as "subparagraph 1 of Article 2 of the Cadastral Act" until December 9, 2009.
Article 11 (Transitional Measures concerning Announced Interest Rate, etc.)
Notwithstanding the amended provisions of Articles 30 (3), 55 (5), 71 (3) and 73, the previous provisions of Articles 27 (3), 44-2 (4), 56 (2) and 56-2 shall apply until the office of general administration publishes its announced interest rate.
Article 12 (Transitional Measures concerning Scope of Public Organizations)
With respect to legal entities designated as public organizations as at the time this Decree enters into force, the usage fees may be exempted pursuant to the previous provisions until the period permitted for use and benefit expires, notwithstanding the amended provisions of Article 33.
Article 13 (Transitional Measures concerning Enforcement of the Korea Land and Housing Corporation Act)
(1) "Korea Land and Housing Corporation established pursuant to the Korea Land and Housing Corporation Act" in the amended provisions of Article 38 (1) shall be construed as "Korea Land Corporation established pursuant to the Korea Land Corporation Act" until September 30, 2009.
(2) "Korea Land and Housing Corporation under the Korea Land and Housing Corporation Act" in the amended provisions of subparagraph 25 of annexed Table 1 shall be construed as "Korea National Housing Corporation under the Korea National Housing Corporation Act and Korea Land Corporation under the Korea Land Corporation Act" until September 30, 2009.
Article 14 Omitted.
Article 15 (Relationship to Other Statutes)
If the former Enforcement Decree of the State Property Act or the former Enforcement Decree of the Act on the Contribution In-Kind of State Property, or the provisions thereof, are cited in other Acts and subordinate statutes as at the time this Decree enters into force, and if any provisions corresponding thereto exist in this Decree, this Decree or the corresponding provisions hereof in lieu of the former provisions shall be deemed to be cited.
ADDENDA <Presidential Decree No. 21765, Oct. 1, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 22151, May 4, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 5, 2010.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 22221, Jun. 28, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2010.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 22493, Nov. 15, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 18, 2010.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 22516, Dec. 7, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on December 9, 2010.
Articles 2 through 8 Omitted.
ADDENDA <Presidential Decree No. 22815, Apr. 1, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on April 1, 2011.
Article 2 (Applicability to Public Announcement of Ownerless Real Estate)
The amended provisions of Article 7 (2) shall apply from the first public announcement to be made after this Decree enters into force.
Article 3 (Applicability to Lowering Usage Fee)
The amended provisions of Article 29 (1) 5 and 6 shall apply from the first case of granting permission for use or of imposing and notifying usage fees for the following year during the period for permission for use after this Decree enters into force.
Article 4 (Applicability to Exempting Local Government from Usage Fees or Rent)
The amended provisions of Articles 32 (4) and (5) and 51 shall apply from the first State property for which the permission for use to be granted or the loan contract to be concluded after this Decree enters into force.
Article 5 (Applicability to Degression of Estimate Price pursuant to General Competitive Bidding)
The amended provisions of Article 42 (3) shall apply from the first general property to be put up to the general competitive bidding after this Decree enters into force.
Article 6 (Applicability to Restriction on Disposal of Securities Paid as National Tax Payment in Kind)
The amended provisions of Article 42 (4) shall apply from the first security to be sold after this Decree enters into force.
Article 7 (Applicability to Preparation of State Property Administration and Management Report)
The amended provisions of subparagraphs 1 and 2-2 of Article 70 shall apply from the State property administration and management report to be prepared for the portion of 2012 fiscal year.
Article 8 (Special Cases concerning Calculation of Loan Deposit)
Notwithstanding the amended provisions of Article 51-2, the publicly announced interest rate shall be six percent until the office of general administration makes a public announcement.
Article 9 (Transitional Measures concerning Office Term of Members of the Committee for Examination on State Property Policies)
The term of office of the committee members commissioned in accordance with the former provisions of Articles 17 (1) 6 and 18 (2), at the time this Decree enters into force, shall be until one day before this Decree enters into force.
Article 10 Omitted.
ADDENDA <Presidential Decree No. 23221, Oct. 14, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on October 15, 2011.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 23356, Dec. 8, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on December 8, 2011. (Proviso Omitted.)
Article 2 Omitted.
ADDENDA <Presidential Decree No. 23392, Dec. 28, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of Article 40 (3) 14 (a), 15, 18 (h) and (k), Article 55 (2) 3 and (3) 1, and Article 58 (5) shall enter into force on January 1, 2012.
Article 2 (Transitional Measures concerning Exchange of General Property)
The former provisions shall apply to the general property included in the administration and disposal plan of State property prepared by the administrative agency, etc. under Article 9 of the former State Property Act (referring to the same Act before amended by Act No. 10485) and, thereby, the procedures for exchange is being taken as at the time this Act enters into force.
ADDENDA <Presidential Decree No. 23529, Jan. 25, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 26, 2012.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 23535, Jan. 25, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 26, 2012.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 23718, Apr. 10, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on April 15, 2012. (Proviso Omitted.)
Articles 2 through 15 Omitted.
ADDENDA <Presidential Decree No. 23793, May 22, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 23, 2012.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 23855, Jun. 19, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of Articles 16 (3) (limited to the part concerning a Special Self-Governing City), 29 (3), 40 (2) 2, and 69 (2) shall enter into force on July 1, 2012.
Article 2 (Applicability to Determination as to Property to Be Preserved)
The amended provisions of Article 4 (3) shall apply from the first property against which determination as to whether to preserve is made after this Decree enters into force.
Article 3 (Applicability to Procedures for Public Announcement of Ownerless Real Estate)
The amended provisions of Article 7 (2) shall apply from the first public announcement made after this Decree enters into force.
Article 4 (Applicability to Calculation Methods of Usage Fees)
The amended provisions of Article 29 (2) shall apply from the first grant of permission for use after this Decree enters into force.
Article 5 (Applicability to Procedures, etc. for Reporting Concealed Property, etc.)
The amended provisions of Article 75 (3) and (4) shall apply from the first report on any concealed property, etc. filed after this Decree enters into force.
Article 6 (Applicability to Payment of Monetary Rewards for Reporting Concealed Property)
The amended provisions of Article 76 (5) shall apply from the first report on any concealed property filed after this Decree enters into force: Provided, That it shall also apply where a local government is not yet paid a monetary reward after having reported on any concealed property before this Decree enters into force.
ADDENDA <Presidential Decree No. 24441, Mar. 23, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 24495, Apr. 5, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That the amended provision of Article 4 shall enter into force on December 19, 2013; and the amended provisions of Article 27 (5), front part of Article 30 (3), Article 40 (3) 18 (e) and (h), Article 42 (3) and Article 55 (3) 1 shall enter into force on the date of its promulgation.
Article 2 (Applicability to Management and Disposal, etc. of Intellectual Property)
(1) The amended provision of Articles 12 (3) and 24 (1) shall apply from the portion of intellectual property the administration of which is converted or entrusted after enforcement of this Decree.
(2) The amended provision of Article 32 (2) shall apply from the portion of intellectual property the use of which is permitted after enforcement of this Decree.
(3) The amended provisions of Articles 42-2 and 45 shall apply from the portion of intellectual property to be disposed after enforcement of this Decree.
Article 3 (Applicability to the Royalty Rate)
The amended provision of Article 29 (1) 3-2 shall apply from the portion of administrative property the use of which is permitted or the loan agreement for which is entered into (including the cases of renewing aforementioned permission of use or loan agreement) after enforcement of this Decree.
Article 4 (Applicability to the Instalment Payment of Royalty)
The installment payment of usage fee pursuant to the front portion of Article 30 (3) shall apply from the portion of administrative property the use of which is permitted or the loan agreement for which is entered into (including the cases of renewing aforementioned permission of use or loan agreement) after the enforcement of the amended provisions of the front portion of Article 30 (3) pursuant to the proviso to Article 1 of this Addenda.
Article 5 (Applicability to the Instalment Payment of Sales Price)
The installment payment of sales price pursuant to Article 55 (3) 1 shall apply from the portion of sales agreement to be entered into after enforcement of the amended provisions of Article 55 (3) 1 pursuant to the proviso to Article 1 of this Addenda.
Article 6 (Applicability to Indemnity)
The amended provisions in the former part of Article 71 (1) shall apply from the portion of the amount of indemnity to be imposed after enforcement of this Decree.
ADDENDA <Presidential Decree No. 25031, Dec. 30, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of Articles 40 (3) 14 (a), 40 (3) 15, 55 (2) 3 shall enter into force on January 17, 2014.
Article 2 (Applicability to the Method of Disposal of Small-Scaled State Property)
The amended provision of Article 42 (10) shall apply from the cases of making public announcement of bidding (including its re-announcement) after enforcement of this Decree.
Article 3 (Applicability to the Installment Payment of Sales Price)
(1) The amended provision of Article 55 (2) 3 shall apply from the case of entering into a sales agreement after the date of enforcement pursuant to the proviso to Article 1 of this Addenda.
(2) The amended provision of Article 55 (3) 1 and 4 shall apply from the case of entering into a sales agreement after enforcement of this Decree.
ADDENDA <Presidential Decree No. 25067, Jan. 7, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2014. <Proviso Omitted>
Articles 2 through 6 Omitted.
ADDENDA <Presidential Decree No. 25279, Mar. 24, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 25456, Jul. 14, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 15, 2014.
Articles 2 through 6 Omitted.
ADDENDA <Presidential Decree No. 25483, Jul. 16, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 25751, Nov. 19, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That, among the Presidential Decrees to be amended pursuant to Article 5 of Addenda, the amended portion of the Presidential Decrees promulgated before enforcement of this Decree and their enforcement dates are not yet arrived shall enter into force on the date of enforcement of each Presidential Decree concerned.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 25945, Dec. 30, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of registration of the merger pursuant to Article 4 (6) of Addenda to the Wholly Amended Korea Development Bank Act, Act No. 12663.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 26248, May 26, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 28, 2015.
Articles 2 through 7 Omitted.
ADDENDA <Presidential Decree No. 26302, Jun. 1, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on June 4, 2015.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 26369, Jun. 30, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2015.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 26517, Sep. 11, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 12, 2015. (Proviso Omitted.)
Articles 2 through 6 Omitted.
ADDENDUM <Presidential Decree No. 26609, Oct. 29, 2015>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 26754, Dec. 22, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on December 23, 2015.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 26763, Dec. 28, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on December 29, 2015.
Articles 2 through 10 Omitted.
ADDENDA <Presidential Decree No. 27128, May 10, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles (Transitional Measures concerning Agency in Charge of Administration and Disposition)
Notwithstanding the amended provisions of Article 38 (3) 3 and paragraph (4) of the same Article, the previous provisions shall apply to the affairs on litigation (including affairs related to litigation over disposal of general property, which is already disposed of, under the jurisdiction of the office of general administration or the head of a central government agency) related to the administration and disposition of the general property developed pursuant to Article 59 of the Act before the enforcement of this Decree.
ADDENDA <Presidential Decree No. 27299, Jun. 30, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2016. (Proviso Omitted.)
Articles 2 through 15 Omitted.
ADDENDA <Presidential Decree No. 27444, Aug. 11, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on August 12, 2016.
Articles 2 through 8 Omitted.
ADDENDA <Presidential Decree No. 27471, Aug. 31, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 1, 2016.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 27472, Aug. 31, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 1, 2016.
Articles 2 through 7 Omitted.
ADDENDA <Presidential Decree No. 27473, Aug. 31, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 1, 2016.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 27926, Mar. 2, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of Articles 30 (3), 51-3, and 57 (3) and (4) shall enter into force on March 3, 2017.
Article 2 (Transitional Measures concerning Consultation about Urban or Gun Management Plans)
Where the head of a central government agency or the head of a local government have consulted with the Administrator of the Public Procurement Service, on an urban or Gun management plan for any general property under the jurisdiction of the office of general administration pursuant to the former provisions of Article 16 (1) 4 before this Decree enters into force, he/she shall be deemed to have consulted thereon with Korea Asset Management Corporation under the amended provisions of Article 16-2 (2) 2.
ADDENDA <Presidential Decree No. 28211, Jul. 26, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That among the Presidential Decrees amended under Article 8 of the Addenda, amendments to a Presidential Decree, which was promulgated before this Decree enters into force but the date on which it enters into force has yet to arrive, shall enter into force on the enforcement date of the relevant Presidential Decree.
Articles 2 through 8 Omitted.
ADDENDA <Presidential Decree No. 28628, Feb. 9, 2018>
Article 1 (Enforcement Date)
This Decree shall enter into force on February 9, 2018
Articles 2 through 17 Omitted.