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KOREA-AFRICA FOUNDATION ACT

Act No. 14960, Oct. 31, 2017

 Article 1 (Purpose)
The purpose of this Act is to contribute to conducting long-term and comprehensive researches and analysis of African countries and promoting partnership with African countries in political, economic, cultural, academic and other various areas, by establishing the Korea-Africa Foundation.
 Article 2 (Definition)
The term “African countries” used in this Act means countries located in the continent of Africa and recognized by the Government of the Republic of Korea.
 Article 3 (Legal Personality)
The Korea-Africa Foundation (hereinafter referred to as the “Foundation”) shall be a juristic person.
 Article 4 (Incorporation)
(1) The Foundation shall be duly formed by completing registration for its incorporation with the registry at the seat of its principal office.
(2) Matters to be included in the registration for incorporation under paragraph (1) shall be as follows:
1. Objectives;
2. Title;
3. Principal office;
4. Names and addresses of executive officers;
5. Methods of making public announcement.
 Article 5 (Establishment, etc. of Office)
(1) The seat of the principal office of the Foundation shall be determined by the articles of incorporation.
(2) The Foundation may, if necessary, establish branches in and outside the Republic of Korea after obtaining approval from the Minister of Foreign Affairs.
 Article 6 (Articles of Incorporation)
(1) The articles of incorporation of the Foundation shall include the following matters:
1. Objectives;
2. Title;
3. Matters concerning the principal office and branches;
4. Matters concerning business;
5. Matters concerning property and accounting;
6. Matters concerning executive officers and employees;
7. Matters concerning the board of directors;
8. Matters concerning the amendment to the articles of incorporation;
9. Matters concerning public announcement;
10. Matters concerning the enactment, amendment, and repeal of bylaws.
(2) If the Foundation intends to amend its articles of incorporation, it shall obtain authorization from the Minister of Foreign Affairs in advance.
 Article 7 (Business)
The Foundation shall conduct the following business to accomplish the purpose specified in Article 1:
1. Identification of trends in Africa by country and by region, and research and study on such trends;
2. Education and publicity for increasing mutual understanding with African countries;
3. Support for businesses’ and non-profit organizations’ exchanges and cooperation with African countries;
4. Business which the Government entrusts to the Foundation to achieve the purpose of this Act;
5. Other business necessary to accomplish the purpose referred to in Article 1.
 Article 8 (Executive Officers)
(1) The Foundation shall have not more than five directors, including one chairperson, and one auditor.
(2) Executive officers, other than the chairperson and the full-time directors prescribed by the articles of incorporation, shall work part-time.
(3) The chairperson shall be appointed by the President of the Republic of Korea, on the recommendation of the Minister of Foreign Affairs.
(4) Directors, except for ex officio directors prescribed by Presidential Decree, shall be appointed by the Minister of Foreign Affairs, on the recommendation of the chairperson. In such cases, at least one person who is knowledgeable and experienced in the affairs regarding exchange and cooperation with African countries shall be included from among those in civic groups, academia, etc.
(5) The auditor shall be appointed by the Minister of Foreign Affairs.
(6) The term of office of the chairperson and directors shall be three years and that of the auditor shall be two years. The chairperson, directors, and the auditor may be consecutively reappointed only once.
 Article 9 (Grounds for Disqualification of Executive Officers)
None of the following persons shall be an executive officer of the Foundation:
1. A person who is not a national of the Republic of Korea;
2. A minor;
3. A person under adult guardianship or a person under limited guardianship;
4. A person who was declared bankrupt and has not yet been reinstated;
5. A person who was sentenced to imprisonment without labor or heavier punishment, for whom three years have not elapsed since the execution of such sentence was completed or the exemption from such sentence was made definite;
6. A person whose qualification has been forfeited or suspended by the decision of a court or by any other Act.
 Article 10 (Duties of Executive Officers)
(1) The chairperson shall represent the Foundation; exercise overall control over the affairs of the Foundation; and direct and supervise employees belonging thereto.
(2) Full-time directors shall delegate the duties of the Foundation among themselves as prescribed by the articles of incorporation, and, when the chairperson is unable to perform his/her duties due to any unavoidable reason, a full-time director prescribed by the articles of incorporation shall act for the chairperson.
(3) The auditor shall inspect the affairs and accounts of the Foundation.
 Article 11 (Restriction on Holding of Concurrent Positions by Executive Officers and Employees)
Executive officers (excluding part-time directors and the auditor; hereafter the same shall apply in this Article) and employees of the Foundation shall not engage in any profit-making business other than their duties; and executive officers and employees shall not hold at least two positions concurrently without permission of the Minister of Foreign Affairs and the chairperson, respectively.
 Article 12 (Board of Directors)
(1) The Foundation shall have the board of directors to deliberate and decide on significant matters concerning its business.
(2) The board of directors shall be comprised of directors, including the chairperson.
(3) The chairperson shall convene and preside over meetings of the board of directors.
(4) The auditor may attend a meeting of the board of directors and state his/her opinion.
 Article 13 (Appointment and Dismissal of Employees)
Employees of the Foundation shall be appointed and dismissed by the chairperson, as prescribed by the articles of incorporation.
 Article 14 (Dispatch of Public Officials)
(1) The Foundation may, via the Minister of Foreign Affairs, request a State agency to dispatch public officials to the Foundation when especially necessary for achieving its objectives.
(2) The head of the agency in receipt of the request for dispatch under paragraph (1) may dispatch public officials under his/her control to the Foundation.
 Article 15 (Financial Resources)
The Foundation shall be operated with the following financial resources:
1. Contributions from the Government pursuant to Article 16;
2. Other revenues.
 Article 16 (Contributions, etc.)
(1) The Government may grant contributions to the Foundation within budgetary limits to cover the expenses incurred in operating the Foundation.
(2) Matters necessary for the granting, use, etc. of contributions under paragraph (1) shall be prescribed by Presidential Decree.
 Article 17 (Business Year)
The business year of the Foundation shall coincide with the fiscal year of the Government.
 Article 18 (Approval of Business Plan and Budget Bill)
The Foundation shall prepare a business plan and a budget bill for each business year as prescribed by Presidential Decree; and shall obtain approval thereof from the Minister of Foreign Affairs. The same shall also apply where the Foundation intends to modify such business plan and budget bill.
 Article 19 (Submission of Settlement of Accounts)
The Foundation shall prepare a written settlement of accounts concerning revenue and expenditure for each business year; and shall submit it to the Minister of Foreign Affairs by no later than the end of February in the following business year.
 Article 20 (Guidance, Supervision, etc. for Foundation)
(1) The Minister of Foreign Affairs shall guide and supervise the Foundation.
(2) The Minister of Foreign Affairs may require the Foundation to report on necessary matters concerning its business, accounting and property; or may authorize public officials under his/her control to inspect the books of account, documents or other articles of the Foundation.
(3) The Minister of Foreign Affairs may take necessary measures, such as corrective orders, if deemed necessary as a result of the report or inspection under paragraph (2).
(4) Public officials who conduct an inspection pursuant to paragraph (2) shall carry a certificate indicating their authority and produce it to interested parties.
 Article 21 (Duty of Confidentiality)
A person who is or was an executive officer or employee of the Foundation shall not divulge any confidential information learned while conducting his/her duties.
 Article 22 (Prohibition of Use of Similar Title)
No person, other than the Foundation under this Act, shall use the title “Korea-Africa Foundation” or any other title similar thereto.
 Article 23 (Application Mutatis Mutandis of the Civil Act)
Except as otherwise prescribed by this Act, the provisions of the Civil Act concerning incorporated foundations shall apply mutatis mutandis to the Foundation.
 Article 24 (Persons Deemed to be Public Officials for Purposes of Penalty Provisions)
Executive officers and employees of the Foundation shall be deemed public officials for the purposes of Articles 129 through 132 of the Criminal Act.
 Article 25 (Penalty Provisions)
A person who divulges any confidential information learned while conducting his/her duties, in violation of Article 21, shall be punished by imprisonment with labor for not more than 2 years or by a fine not exceeding 20 million won.
 Article 26 (Administrative Fines)
(1) A person who uses the title “Korea-Africa Foundation” or any other title similar thereto in violation of Article 22 shall be subject to an administrative fine not exceeding two million won.
(2) An administrative fine under paragraph (1) shall be imposed and collected by the Minister of Foreign Affairs, as prescribed by Presidential Decree.
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 (Preparations for Incorporation of Foundation)
(1) The Minister of Foreign Affairs shall appoint not more than 5incorporators within 30 days after this Act enters into force; and shall require them to take charge of the affairs concerning the incorporation of the Foundation.
(2) The incorporators shall prepare the articles of incorporation of the Foundation and obtain authorization from the Minister of Foreign Affairs.
(3) Upon obtaining the authorization under paragraph (2), the incorporators shall complete registration for the incorporation of the Foundation without delay, and then transfer official duties to the chairperson. The incorporators shall be deemed dismissed upon completion of the transfer of official duties.
(4) Expenses necessary for the incorporation of the Foundation shall be borne by the State.
Article 3 (Applicability to Persons under Adult Guardianship, etc.)
The scope of persons under adult guardianship or persons under limited guardianship referred to in subparagraph 3 of Article 9 shall be deemed to include persons for whom the declaration of incompetency or quasi-incompetency remains effective pursuant to Article 2 of the Addenda to the Civil Act (Act No. 10429).
Article 4 (Transitional Measures concerning Approval of Business Plan, etc.)
Notwithstanding the provisions of Article 18, the Foundation shall prepare a business plan and a budget bill for the first business year without delay after its incorporation, and then obtain approval thereof from the Minister of Foreign Affairs.