INTER-KOREAN COOPERATION FUND ACT
Act No. 4240, Aug. 1, 1990
Amended by Act No. 4268, Dec. 27, 1990
Act No. 4675, Dec. 31, 1993
Act No. 5170, Dec. 12, 1996
Act No. 5454, Dec. 13, 1997
Act No. 5982, May 24, 1999
Act No. 6075, Dec. 31, 1999
Act No. 6836, Dec. 30, 2002
Act No. 8135, Dec. 30, 2006
Act No. 8852, Feb. 29, 2008
Act No. 9774, May 28, 2009
Act No. 10187, Mar. 26, 2010
Act No. 10303, May 17, 2010
The purpose of this Act is to establish the Inter-Korean Cooperation Fund to support the mutual exchange and cooperation between South and North Korea under the Inter-Korean Exchange and Cooperation Act, and to provide for matters necessary for the operation and management of the Fund.
[This Article Wholly Amended by Act No. 9774, May, 28, 2009]
For the purposes of this Act, the definitions of terms shall be as follows:
<Amended by Act No. 10303, May 17, 2010>
| 2. | "Financial institution" means a bank under the Banking Act and any other Acts. |
[This Article Wholly Amended by Act No. 9774, May, 28, 2009]
| Article 3 (Establishment of Fund) |
In order to secure and supply funds necessary for attaining the purposes of this Act, the Government shall establish the Inter-Korean Cooperation Fund (hereinafter referred to as the "Fund").
[This Article Wholly Amended by Act No. 9774, May, 28, 2009]
| Article 4 (Financial Resources of Fund) |
The Fund shall consist of the following financial resources:
| 1. | Contributions by the Government and entities other than the Government; |
| 2. | Long-term borrowings under Article 5; |
| 4. | Revenues accruing from the operation of the Fund; |
| 5. | Other revenues prescribed by Presidential Decree. |
[This Article Wholly Amended by Act No. 9774, May, 28, 2009]
| Article 5 (Long-Term Borrowings) |
| (1) | The Minister of Unification may, if required to raise the financial resources of the Fund, get a long-term loan from other Funds, financial institutions, etc., at the expense of the Fund. |
| (2) | The Minister of Unification shall, when he/she borrows funds under paragraph (1), consult in advance with the Minister of Strategy and Finance and the heads of the central administrative agencies concerned. |
[This Article Wholly Amended by Act No. 9774, May, 28, 2009]
| Article 6
Deleted. <by Act No. 4675, Dec. 31, 1993>
|
| Article 7 (Operation and Management of Fund) |
| (1) | The Fund shall be operated and managed by the Minister of Unification. |
| (2) | The Minister of Unification may entrust any financial institution with administrative affairs concerning the operation and management of the Fund, as prescribed by Presidential Decree. |
| (3) | When the Minister of Unification establishes an operation plan of the Fund, he/she shall consult in advance with the Minister of Strategy and Finance and the heads of the central administrative agencies concerned about important matters related to economic and financial policies. |
| 1. | Basic policies on the operation and management of the Fund; |
| 2. | Operation plans of the Fund; |
| 3. | Report on the settlement of accounts; |
| 4. | Other matters deemed necessary by the Minister of Unification. |
[This Article Wholly Amended by Act No. 9774, May, 28, 2009]
The Fund shall be used for any of the following purposes:
<Amended by Act No. 10187, Mar 26, 2010>
| 1. | Subsidization of all or some of the expenses incurred in traveling between South and North Korea by South and North Korean residents; |
| 2. | Subsidization of all or some of the funds needed for cooperation projects in the fields of culture, art and science, and sports; |
| 3. | Provision of guarantee, financing, and other necessary support for the purpose of facilitating cooperation projects in the field of trade or economy; |
| 4. | Insurance to cover losses incurred due to any factor other than managerial one prescribed by Presidential Decree while promoting cooperation projects in the field of trade or economy; |
| 5. | Subsidization of funds and compensation for losses incurred by financial institutions which offer convenience for settlement of bills, such as money exchange, or lend funds, and acceptance of any non-designated currency prescribed by Presidential Decree from financial institutions, for the purpose of facilitating inter-Korean exchange and cooperation; |
| 6. | Financing and subsidization of the funds necessary for inter-Korean exchange and cooperation which contributes to the restoration of the reliability among the Korean people and the national community, and support of any project to promote inter-Korean exchange and cooperation; |
| 8. | Disbursement of expenses incurred in creating, operating and managing the Fund. |
[This Article Wholly Amended by Act No. 9774, May, 28, 2009]
| Article 9 (Accounting Agency of Fund) |
| (1) | The Minister of Unification shall appoint the Fund revenue collection officer, the Fund financial officer, the Fund disbursing officer, and the Fund accounting official, from among public officials under his/her control to carry out administrative affairs concerning the revenue and expenditure of the Fund. |
| (2) | If the Minister of Unification entrusts a bank with administrative affairs concerning the operation and management under Article 7 (2), he/she may appoint a director in charge of the Fund revenue and a director in charge of the activities incurring the Fund expenditure, from among directors of the entrusted bank, and a Fund disbursing employee and a Fund accounting employee, from among employees of the entrusted bank, respectively. In such cases, the director in charge of the Fund revenue, the director in charge of the activities incurring the Fund expenditure, the Fund disbursing employee and the Fund accounting employee shall carry out the duties of the Fund revenue collection officer, the Fund financial officer, the Fund disbursing officer and the Fund accounting official, respectively. |
[This Article Wholly Amended by Act No. 9774, May, 28, 2009]
| Article 10 (Temporary Loans) |
| (1) | If required for the operation of the Fund, the Minister of Unification may get a temporary loan from the Bank of Korea or other financial institutions at the expense of the Fund. |
| (2) | The temporary loan referred to in paragraph (1) shall be redeemed during the fiscal year in which such temporary loan is taken out. |
[This Article Wholly Amended by Act No. 9774, May, 28, 2009]
| Article 11 (Reporting and Redemption) |
| (1) | A person who intends to use the Fund and a person who has used the Fund shall report the plan for and the result of using the Fund, respectively, to the Minister of Unification, as prescribed by Presidential Decree. |
| (2) | If a person using the Fund uses it for purposes other than that for which the Fund is to be disbursed, the Minister of Unification may redeem all of the disbursed Fund. |
| (3) | The redemption of the Fund under paragraph (2) shall be made according to the practices of disposition on default of national taxes. |
[This Article Wholly Amended by Act No. 9774, May, 28, 2009]
| Article 12 (Management of Surplus Money) |
The Minister of Unification may manage surplus money of the Fund, if any, in any of the following manner:
| 1. | Purchase of state and public bonds; |
| 3. | Short-term deposit in financial institutions; |
| 4. | Other methods prescribed by Presidential Decree. |
[This Article Wholly Amended by Act No. 9774, May, 28, 2009]
| Article 13 (Settlement of Profits and Deficits) |
| (1) | If any profits accrue from the settlement of Fund accounts, such profits shall be reserved in full. |
| (2) | If any deficits are incurred from the settlement of Fund accounts, such deficits shall be covered with the reserve funds under paragraph (1), and the Government may cover such deficits within its budgetary limits, if the reserve funds are insufficient to cover such deficits. |
[This Article Wholly Amended by Act No. 9774, May, 28, 2009]
| Article 14 (Supervision and Order) |
Where the Minister of Unification entrusts administrative affairs concerning the operation and management of the Fund under Article 7 (2), he/she shall supervise such entrusted affairs and issue any orders necessary therefor.
[This Article Wholly Amended by Act No. 9774, May, 28, 2009]
ADDENDUM
This Act shall enter into force sixty days after the date of its promulgation.
ADDENDA <Act No. 4268, Dec. 27, 1990>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 10
Omitted.
ADDENDA <Act No. 4675, Dec. 31, 1993>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 1994.
Articles 2 through 8
Omitted.
ADDENDA <Act No. 5170, Dec. 12, 1996>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 1997.
Articles 2 through 6
Omitted.
ADDENDUM <Act No. 5454, Dec. 13, 1997>
This Act shall enter into force on January 1, 1998. (Proviso Omitted.)
ADDENDA <Act No. 5982, May 24, 1999>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 6
Omitted.
ADDENDA <Act No. 6075, Dec. 31, 1999>
Article 1 (Enforcement Date)
This Act shall enter into force on April 1, 2000.
Articles 2 through 4
Omitted.
ADDENDA <Act No. 6836, Dec. 30, 2002>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2003.
Articles 2 through 7
Omitted.
ADDENDA <Act No. 8135, Dec. 30, 2006>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2007.
Articles 2 through 9
Omitted.
ADDENDA <Act No. 8852, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 7 Omitted.
ADDENDUM <Act No. 9744, May 28, 2009>
This Act shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 10187, Mar. 26, 2010>
This Act shall enter into force six months after the date of its promulgation.
ADDENDA <Act No. 10303, May 17, 2010>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 10 Omitted.