CHAPTER I GENERAL PROVISIONS
| (1) | The purpose of this Act is to contribute to the sound development of national economy by establishing the Bank of Korea and seeking price stabilization through the establishment and execution of effective monetary and credit policies. <Amended by Act No. 11051, Sep. 16, 2011> |
| (2) | The Bank of Korea shall pay attention to financial stability in carrying out its monetary and credit policies. <Newly Inserted by Act No. 11051, Sep. 16, 2011> |
| Article 2 (Legal Personality) |
The Bank of Korea shall be a special legal person without capital.
| Article 3 (Neutrality of Bank of Korea) |
The monetary and credit policies of the Bank of Korea shall be established neutrally and executed independently, and the autonomy of the Bank of Korea shall be respected.
| Article 4 (Harmony with Government Policies) |
| (1) | The monetary and credit policies of the Bank of Korea shall be in harmony with the government's economic policy to the extent of not impeding the price stabilization. |
| (2) | The Bank of Korea shall value the market mechanism in carrying out the monetary and credit policies. |
| Article 5 (Publicness and Transparency of Bank of Korea) |
The Bank of Korea shall make efforts to secure the publicness and transparency in the execution of its business and the operation of its machinery.
| Article 6 (Establishment of Operational Direction of Monetary and Credit Policies) |
| (1) | The Bank of Korea shall, in consultations with the Government, set the price stabilization target. <Amended by Act No. 6971, Sep. 3, 2003> |
| (2) | The Bank of Korea shall annually establish and publish the operational direction of monetary and credit policies. <Newly Inserted by Act No. 6971, Sep. 3, 2003> |
| (3) | The Bank of Korea shall do its best to achieve the price stabilization referred to in paragraph (1). |
The Bank of Korea shall have its main office in the Seoul Special Metropolitan City and may, if necessary, have its branch offices and agencies for the execution of its business as prescribed by the Articles of Incorporation.
| Article 8 (Articles of Incorporation) |
| (1) | The following matters shall be entered in the Articles of Incorporation of the Bank of Korea: |
| 3. | Matters on offices, branch offices and agencies; |
| 4. | Matters on executives and the staff; |
| 5. | Matters on the business and its execution; |
| 6. | Matters on budget and accounting; |
| 7. | Methods of public announcement and publication; |
| 8. | Other matters prescribed by Presidential Decree. |
| (2) | The Bank of Korea may amend the Articles of Incorporation through the deliberation and resolution of the Monetary Policy Committee referred to in Article 12. |
| (1) | The Bank of Korea shall register as prescribed by Presidential Decree. |
| (2) | The Bank of Korea shall come into existence upon its registration at the seat of the main office. |
| (3) | The Bank of Korea shall not set against a third party with respect to matters to be registered unless they are registered. |
| Article 10 (Ban on Use of Similar Names) |
No person other than the Bank of Korea shall use the word "Bank of Korea" or any other similar name.
| Article 11 (Scope of Financial Institutions) |
| (2) | Any credit business sector of the National Federation of Fisheries Cooperatives shall be deemed as financial institutions. <Amended by Act No. 6256, Jan. 28, 2000; Act No. 10522, Mar. 31, 2011> |
| (3) | Insurers and companies engaged exclusively in mutual savings bank business or trust business shall not be deemed as financial institutions. <Amended by Act No. 6429, Mar. 28, 2001; Act No. 6971, Sep. 3, 2003> |
CHAPTER II MONETARY POLICY COMMITTEE
SECTION 1 Composition of Monetary Policy Committee
| Article 12 (Establishment) |
The Monetary Policy Committee as a policy-making body shall be established at the Bank of Korea.
| (1) | The Monetary Policy Committee shall be composed of the following 7 persons: <Amended by Act No. 6971, Sep. 3, 2003; Act Nos. 8852 & 8863, Feb. 29, 2008> |
| 1. | Governor of the Bank of Korea; |
| 2. | Vice Governor of the Bank of Korea; |
| 3. | One member recommended by the Minister of Strategy and Finance; |
| 4. | One member recommended by the Governor of the Bank of Korea; |
| 5. | One member recommended by the Chairman of the Financial Services Commission; |
| 6. | One member recommended by the Chairman of the Korea Chamber of Commerce and Industry; |
| 7. | One member recommended by the Chairman of the Korea Federation of Banks, an incorporated association. |
| (2) | The Governor of the Bank of Korea (hereinafter referred to as the "Governor") shall concurrently hold the office of the Chairman of the Monetary Policy Committee (hereinafter referred to as the "Chairman"). <Amended by Act No. 11051, Sep. 16, 2011> |
| (3) | The members listed in paragraph (1) 3 through 7 shall be persons much experienced or distinguishedly learned in finance, economy or industry, and shall be appointed by the President upon the recommendation of the recommenders as prescribed by Presidential Decree. <Amended by Act No. 6971, Sep. 3, 2003> |
| (4) | The members of the Monetary Policy Committee (hereinafter referred to as "members") shall be standing members. |
| (1) | The Chairman shall represent the Monetary Policy Committee, and preside over the meetings of the Monetary Policy Committee and exercise general control over its affairs. |
| (2) | Where the Chairman is unable to discharge his duties due to any inevitable cause, a member in advance designated by the Monetary Policy Committee shall act as Chairman on his behalf. |
| Article 15 (Terms of Members) |
The terms of the members listed in Article 13 (1) 3 through 7 shall be four years, and they may be reappointed. <Amended by Act No. 6971, Sep. 3, 2003>
| Article 16 (Terms of Alternate Members) |
Where any vacancy arises in the members referred to in Article 13 (1) 3 through 7, it shall be filled by a new appointment, and any newly appointed member shall hold office for the remainder of the predecessor. <Amended by Act No. 6971, Sep. 3, 2003>
| Article 17 (Disqualifications for Members) |
No person who falls under any of the following subparagraphs shall be a member:
| 1. | A person who is not a national of the Republic of Korea; |
| Article 19 (Ban on Political Activities) |
| Article 20 (Ban on Holding Concurrent Office) |
Members shall not hold any of the following positions or be engaged in any business on a commercial basis during his term of office:
| 1. | Any position as a National Assemblyman or local councillor; |
| 2. | Any position as a state public official or a local public official; |
| 3. | Other positions in which remuneration is paid. |
SECTION 2 Operation of Monetary Policy Committee
| (1) | Any meeting of the Monetary Policy Committee shall be convened by the Chairman when the chairman deems it necessary or when at least two members request. |
| (2) | Except as otherwise provided for in this Act, decisions of the meetings of the Monetary Policy Committee shall be taken with the attendance of not less than 5 members and by affirmative votes of a majority of members present. |
| (3) | Any member may propose a bill by affirmative votes of two persons or more: Provided, That the Chairman may propose a bill by himself. |
| Article 22 (Attendance and Voice, etc.) |
| (1) | The assistant vice governors of the Bank of Korea are entitled to attend and speak at the meetings of the Monetary Policy Committee. <Amended by Act No. 6971, Sep. 3, 2003> |
| (2) | The Monetary Policy Committee may have relevant experts, etc. attend the meetings and seek opinions from them as necessary. |
| Article 23 (Exclusion of Members) |
Any member shall be excluded from deliberating and deciding on matters falling under any of the following subparagraphs:
| 1. | Any matter in which he himself has direct interests; |
| 2. | Any matter in which his spouse, relative by blood within the fourth degree or relative by marriage within the second degree has direct interests. |
| Article 24 (Preparation, etc. of Formal Record of Decisions) |
| (1) | Where the Monetary Policy Committee makes a decision, it shall prepare a formal record of decisions and have the members involved in the decision enter their names therein, sign the formal record of resolutions or affix their seals thereto. |
| (2) | The Monetary Policy Committee shall produce the minutes of each meeting, and publish them, as determined by the Monetary Policy Committee. |
| (3) | Notwithstanding paragraph (2), the Monetary Policy Committee shall submit either of the following in confidence upon request of the relevant standing committee of the National Assembly: Provided, That in the case of the minutes referred to in subparagrpah 2, only after four years have elapsed since the date of the relevant Monetary Policy Committee meeting will they be so submitted: <Newly Inserted by Act No. 11051, Sep. 16, 2011> |
| 1. | Formal record of decisions of the Monetary Policy Committee; |
| 2. | The Monetary Policy Committee minutes in their entirety redacted to preserve anonymity. |
| Article 25 (Damage Liability) |
| (1) | Where the Monetary Policy Committee causes damage to the Bank of Korea due to any intention or grave negligence, all the members present at the relevant meeting shall be jointly liable to the Bank of Korea: Provided, That this shall not apply to any member who has clearly expressed his dissenting opinion at the meeting. |
| (2) | For a lawsuit for damages referred to in paragraph (1), the auditor shall represent the Bank of Korea. |
| Article 26 (Emergency Measures) |
| (1) | Where it is pressed for time to convene the Monetary Policy Committee as necessary to take emergency measures on the monetary and credit policies due to any troubles both at home and abroad, disaster or act of God or grave financial and economic crisis, the Governor may take necessary measures within the Monetary Policy Committee's authority. |
| (2) | Where the Governor takes measures pursuant to paragraph (1), he shall promptly convene a meeting of the Monetary Policy Committee and report the contents to it. |
| (3) | The Monetary Policy Committee may confirm, modify or suspend the measures referred to in paragraph (1). |
| Article 27 (Operation of Meetings) |
Matters necessary for the operation of meetings of the Monetary Policy Committee shall be determined by Presidential Decree.
SECTION 3 Powers of Monetary Policy Committee
| Article 28 (Decision on Monetary and Credit Policies) |
The Monetary Policy Committee shall deliberate and decide on matters involving the following on monetary and credit policies: <Amended by Act No. 6971, Sep. 3, 2003; Act No. 11051, Sep. 16, 2011>
| 1. | Basic matters on the issue of the Bank of Korea notes; |
| 2. | Reserve requirement ratio for financial institutions and the period and method of holding minimum reserve requirements; |
| 3. | Rediscount rate for the financial institutions by the Bank of Korea, other standards for credit business and interest rate; |
| 4. | Basic matters on emergency credit extended to financial institutions by the Bank of Korea; |
| 5. | Designation of financial institutions which can be denied credit by the Bank of Korea; |
| 6. | Basic matters on the sale, purchase, borrowing, and lending of the Bank of Korea's national bonds or government-guaranteed bonds in the open markets; |
| 7. | Basic matters on the issue, selling, repurchase or redemption, etc. of the Bank of Korea's currency stabilization bonds; |
| 8. | Basic matters on the establishment and operation of the Bank of Korea's currency stabilization accounts; |
| 9. | When severe impediments to obtaining funds from financial institutions occur or when there is a strong likelihood of their occurrence, basic matters concerning extension of credit to for-profit enterprises other than financial institutions; |
| 10. | Basic matters on the operation and management of payment and settlement systems under Article 81; |
| 11. | Request for submission of materials to financial institutions and the institutions operating payment and settlement systems: Provided, That the foregoing shall be limited to as necessary to establish monetary and credit policies and to facilitate the smooth operation of payment and settlement systems; |
| 11-2. | Matters regarding support to settle temporary shortages under Article 81-2; |
| 11-3. | Request for submission of materials to financial institutions, etc. referred to in Article 87: Provided, That the foregoing shall be limited to necessary cases in order to formulate monetary and credit policies; |
| 12. | Request for inspection and joint inspection of financial institutions to the Financial Supervisory Service: Provided, That the foregoing shall be limited necessary cases in order to formulate monetary and credit policies; |
| 13. | Highest rate of interests on various kinds of deposits or other payments by financial institutions; |
| 14. | Highest rate of interests on credit business such as various kinds of loans or other charges by financial institutions; |
| 15. | Restrictions on the longest time limit of loans extended by financial institutions and kinds of securities; |
| 16. | Restrictions on the ceiling or sector ceiling on loans and investments by financial institutions within a fixed period in urgent need of national economy such as hyperinflation; |
| 17. | Prior approval on loan by financial institutions in urgent need of national economy such as hyperinflation; |
| 18. | Other matters provided for as the powers of the Monetary Policy Committee under this Act or other Acts. |
| Article 29 (Decisions on Operation of Bank of Korea) |
The Monetary Policy Committee shall deliberate on and decide the following matters with respect to the operation of the Bank of Korea:
| 1. | Matters on the amendment of the Articles of Incorporation of the Bank of Korea; |
| 2. | Matters on the organization and machinery of the Bank of Korea; |
| 3. | Matters on the budget and settlement of accounts of the Bank of Korea; |
| 4. | Matters on the remuneration base of the staff belonging to the Bank of Korea; |
| 5. | Other matters provided for as the powers of the Monetary Policy Committee under this Act or the Articles of Incorporation in connection with the operation of the Bank of Korea. |
| Article 30 (Establishment of Regulations) |
The Monetary Policy Committee may establish regulations as necessary to discharge its duties.
CHAPTER III EXECUTIVE ORGANS AND AUDITOR
SECTION 1 Executive Organs
The Bank of Korea shall have one Governor, one Vice-Governor and five or less assistant vice governors.
| (1) | The Governor shall be appointed by the President after undergoing deliberation by the State Council and a confirmation hearing at the National Assembly. <Amended by Act No. 11051, Sep. 16, 2011; Act No. 11380, Mar. 21, 2012> |
| (2) | The term of the Governor shall be four years, and may be reappointed only once. |
| Article 34 (Powers and Obligations of Governor) |
| (1) | The Governor shall represent the Bank of Korea and exercise general control over its business. <Newly Inserted by Act No. 11051, Sep. 16, 2011> |
| (2) | The Governor shall carry out policies formulated by the Monetary Policy Committee, and exercise other powers granted under this Act and the Articles of Incorporation. <Amended by Act No. 11051, Sep. 16, 2011> |
| (3) | The Governor shall frequently give notice of matters which the Monetary Policy Committee shall pay attention to, and is obliged to provide materials and opinions necessary for deliberation and decision by the Monetary Policy Committee. <Amended by Act No. 11051, Sep. 16, 2011> |
| Article 35 (Appointment of Representatives) |
| (1) | The Governor may appoint representatives who are entitled to all judicial or extrajudicial acts with respect to the affairs of the Bank of Korea from among its Vice-Governor, assistant vice governors or staff. |
| (2) | The scope of the staff who are eligible for legal representatives pursuant to paragraph (1) shall be determined by Presidential Decree. |
| Article 36 (Vice-Governor) |
| (1) | The Vice-Governor shall be appointed by the President upon recommendation of the Governor. |
| (2) | The term of the Vice-Governor shall be three years, and he may be reappointed only once. |
[This Article Wholly Amended by Act No. 6971, Sep. 3, 2003]
| Article 36-2 (Assistant Vice Governors) |
| (1) | The assistant vice governors shall be appointed by the Governor. |
| (2) | The terms of the assistant vice governors shall be three years, respectively, and they may be reappointed only once. |
[This Article Newly Inserted by Act No. 6971, Sep. 3, 2003]
| Article 37 (Functions of Vice-Governor) |
The Vice-Governor shall assist the Governor, and assistant vice governors shall assist the Governor and the Vice-Governor, each taking partial charge of the affairs as prescribed by the Articles of Incorporation.
| Article 38 (Dismissal of Assistant Vice Governor) |
The Governor may dismiss an assistant vice governor if he falls under any of the following subparagraphs: <Amended by Act No. 6971, Sep. 3, 2003>
| 1. | Where he is declared bankrupt; |
| 2. | Where he is sentenced to any punishment not lighter than imprisonment without prison labor or any punishment not lighter than fine under this Act or other finance-related Acts and subordinate statutes (including foreign finance-related Acts and subordinate statutes); |
| 3. | Where he is unable to discharge his duties due to mental disorder and physical disability; |
| 4. | Where he violates this Act, an order under this Act or the Articles of Incorporation. |
| Article 39 (Appointment and Dismissal of Staff) |
The staff of the Bank of Korea shall be appointed and dismissed by the Governor.
| Article 40 (Obligations of Executive Organs) |
| (1) | The Governor, Vice-Governor, assistant vice governors and the staff shall execute in good faith the monetary and credit policies established by the Monetary Policy Committee. |
| (2) | The Monetary Policy Committee may request the Governor to correct or discipline as necessary for the discharge of the duties of the Governor, Vice Governor, assistant vice governors, and the staff. |
| Article 41 (Restriction on Holding Concurrent Office) |
The Governor, Vice-Governor, assistant vice governors and the staff shall not be engaged in any business on a commercial basis other than their duties, and shall not hold other duties concurrently unless approved by the appointer concerned.
| Article 42 (Duty of Integrity and Confidentiality) |
| (1) | The Governor, Vice-Governor, assistant vice governors and the staff shall not extort credit or receive money and other valuables or other benefits from any financial institution or any officer and employee of the institution. |
| (2) | The Governor, the Vice-Governor, assistant vice governors and the staff or any person who was in such position shall not reveal any information learned with respect to their duties to others or use it for non-official purposes. |
| (1) | The Bank of Korea shall have an auditor. |
| (2) | The Auditor shall be appointed by the President on the recommendation of the Minister of Strategy and Finance. <Amended by Act No. 6971, Sep. 3, 2003; Act No. 8852, Feb. 29, 2008> |
| Article 44 (Term of Office) |
The term of office of the auditor shall be three years, and he may be reappointed only once.
| (1) | The auditor shall audit ordinarily the affairs of the Bank of Korea, and shall report the results to the Monetary Policy Committee at any time. |
| (2) | The auditor shall prepare and submit an annual comprehensive audit reports to the Government and the Monetary Policy Committee. |
| (3) | The Governor shall consult with the auditor about the appointment and dismissal of the staff necessary for the discharge of auditor's duties: Provided, That this shall not apply to subordinate staff as prescribed by the Articles of Incorporation. |
| Article 46 (Restriction on Holding Concurrent Office) |
The provisions of Articles 38, 41 and 42 shall apply mutatis mutandis to the dismissal, restriction on holding concurrent office, and the duties of integrity and confidentiality of the Auditor.
CHAPTER IV OPERATIONS OF BANK OF KOREA
SECTION 1 Issue of Bank of Korea Notes
| Article 47 (Issue of Currency) |
The Bank of Korea shall have the exclusive right to issue currency within the territory of the Republic of Korea.
| Article 47-2 (Unit of Currency) |
| (1) | The monetary unit of the Republic of Korea shall be won. |
| (2) | Won shall be a unit of calculation and a single won shall be divided into 100 jeon. |
| (3) | Won shall be marked as WON in English. |
| (4) | Jeon shall be marked as JEON in English. |
[This Article Newly Inserted by Act No. 11380, Mar. 21, 2012]
| Article 48 (Circulation of Bank of Korea Notes) |
Bank of Korea notes issued by the Bank of Korea shall as legal tender pass current freely for all transactions.
| Article 49 (Denominations of Bank of Korea Notes) |
The Bank of Korea may, upon approval of the Government, issue Bank of Korea notes of any size, pattern and denomination as determined by the Monetary Policy Committee.
| Article 49-2 (Centralized Management of Counterfeit or Altered Bank of Korea Notes) |
| (1) | After the investigation or trial on counterfeit or altered notes is completed, the Bank of Korea may centralize the management of the relevant counterfeit or altered notes. |
| (2) | Matters necessary for the centralized management of the forged or altered notes referred to in paragraph (1) shall be determined by the Bank of Korea after consultation with the relevant agencies. |
[This Article Newly Inserted by Act No. 11051, Sep. 16, 2011]
| Article 50 (Bank of Korea Notes Held by Bank of Korea) |
Bank of Korea notes held by the Bank of Korea shall not be the assets or liabilities of the Bank of Korea.
| Article 51 (Collection of Claims by Bank of Korea) |
| (1) | The Bank of Korea shall collect claims and receive deposits in Bank of Korea notes: Provided, That deposit transactions shall be limited to those who are entitled to make a deposit in the Bank of Korea. |
| (2) | The Bank of Korea shall refund a deposit immediately on the request of a depositor: Provided, That if an agreement is made on the date of refund, the deposit shall be refunded after it comes due. |
| Article 52 (Exchange of Bank of Korea Notes) |
| (1) | The Bank of Korea shall meet a demand for exchange between denominations as far as circumstances in Bank of Korea notes permit. |
| (2) | The Bank of Korea shall exchange any Bank of Korea note unsuitable for circulation due to damage, contamination or any other cause with a new note. |
| Article 53 (Mintage of Coins) |
| (1) | The Bank of Korea may mint coins. |
| (2) | The provisions of Articles 48 through 52 shall apply mutatis mutandis to coins referred to in paragraph (1). |
| Article 53-2 (Prohibition of Damage to Coins) |
No person shall damage coins by melting, pulverizing or compressing them or by any other means without permission by the Bank of Korea, in order to use coins for other purposes for any profit-making activity.
[This Article Newly Inserted by Act No. 11051, Sep. 16, 2011]
| Article 53-3 (Issuance of Commemorative Notes) |
The Bank of Korea may issue commemorative notes or coins in order to commemorate figures whose achievements need to be honored widely, incidents or events which are meaningful both domestically and abroad, cultural properties, etc.
[This Article Newly Inserted by Act No. 11380, Mar. 21, 2012]
SECTION 2 Deposits and Reserve Requirements of Financial Institutions
| Article 55 (Deposit, etc. of Reserve Requirements) |
| (1) | Any financial institution shall hold as reserve requirements an amount larger than that equivalent to reserve requirement ratio referred to in Article 56 in proportion to deposit liabilities and other liabilities determined by Presidential Decree (hereinafter referred to as "liabilities subject to accumulation of reserve requirements"). |
| (2) | Interest on reserve requirements referred to in paragraph (1) may be paid as determined by the Monetary Policy Committee. |
[This Article Wholly Amended by Act No. 11051, Sep. 16, 2011]
| Article 56 (Determination of Reserve Requirement Ratio) |
| (1) | The Monetary Policy Committee shall determine the minimum ratio of reserve requirements (hereinafter referred to as "reserve requirement ratio") that each financial institution must hold as reserves and may change them as necessary. <Amended by Act No. 11051, Sep. 16, 2011> |
| (2) | Except as otherwise provided for in Article 57, the reserve requirement ratio shall be not more than 50/100 and shall indiscriminately apply to all financial institutions. <Amended by Act No. 11051, Sep. 16, 2011> |
| Article 57 (Marginal Reserve Requirements) |
If deemed necessary during periods of galloping inflation, the Monetary Policy Committee may request financial institutions to additionally hold the full amount in excess of the amount equivalent to the reserve requirement ratio as minimum reserve requirements to any increase exceeding the amount of liabilities subject to accumulation of reserve requirements as of the date designated by the Monetary Policy Committee. <Amended by Act No. 11051, Sep. 16, 2011>
| Article 58 (Reserve Requirement Ratio of Liabilities Subject to Accumulation of Reserve Requirements by Type and Size) |
The Monetary Policy Committee may, if deemed necessary, determine the reserves requirement ratio differently for each type and size of liabilities subject to accumulation of reserve requirements, within the scope referred to in Articles 55 and 57. <Amended by Act No. 11051, Sep. 16, 2011>
| Article 59 (Calculation of Minimum Reserve Requirements) |
| (1) | The minimum reserve requirements that each financial institution must hold shall be calculated on a monthly basis as determined by the Monetary Policy Committee. <Amended by Act No. 11051, Sep. 16, 2011> |
| (2) | The minimum reserve requirements of each financial institution shall be calculated by aggregating them in its head office, branches, and sub-branches within the Republic of Korea. <Amended by Act No. 11051, Sep. 16, 2011> |
| Article 60 (Imposition, etc. of Fines for Negligence) |
| (1) | Where reserve requirements held by any financial institution during the holding period of minimum reserve requirements determined by the Monetary Policy Committee pursuant to subparagraph 2 of Article 28 fall short of minimum reserve requirements calculated pursuant to Article 59, the financial institution shall pay to the Bank of Korea a fine for negligence equivalent to 1/50 of the average shortfall during the relevant holding period of minimum reserve requirements. <Amended by Act No. 11051, Sep. 16, 2011> |
| (2) | Where the minimum reserves continue to fall short of the minimum reserve requirements for the three consecutive periods for holding the minimum reserves, the Monetary Policy Committee may prohibit the relevant financial institution from extending new loans and investments or paying dividends to stockholders until it holds the minimum reserves for at least one holding period of the minimum reserves. <Amended by Act No. 11051, Sep. 16, 2011> |
| Article 61 (Raise in Reserve Requirements Ratio) |
Where the Monetary Policy Committee raises the reserve requirement ratio, it shall do so in a gradual manner, and give prior notice thereof to all financial institutions. <Amended by Act No. 11051, Sep. 16, 2011>
| Article 62 (Use of Reserve Requirements) |
Reserve requirements held in the Bank of Korea may be used for settlement purposes by the Bank of Korea or other financial institutions as determined by the Monetary Policy Committee. <Amended by Act No. 11051, Sep. 16, 2011>
| Article 63 (Reserve Requirement Assets System) |
The Monetary Policy Committee may, if deemed necessary, request financial institutions to hold reserve assets for payment aside from reserve requirements as prescribed by Presidential Decree. <Amended by Act No. 11051, Sep. 16, 2011>
SECTION 3 Loans to Financial Institutions
| Article 64 (Credit Business for Financial Institutions) |
| (1) | The Bank of Korea may engage in the following credit business for financial institutions as determined by the Monetary Policy Committee: <Amended by Act No. 11051, Sep. 16, 2011> |
| 1. | Rediscount, discount and selling and buying of promissory notes, bills of exchange and other credit instruments received by financial institutions: Provided, That they shall be limited to instruments which become due within a year from the date on which the Bank of Korea acquires; |
| 2. | Term loans within a year with the following instruments offered as security: |
| (a) | Credit instruments listed in subparagraph 1; |
| (b) | Negotiable instruments representing obligations of, or guaranteed by the Government; |
| (c) | Negotiable instruments representing obligations of the Bank of Korea; |
| (d) | Other instruments determined by the Monetary Policy Committee. |
| (2) | The credit instruments rediscounted, discounted, bought, or acquired as security pursuant to paragraph (1) shall be endorsed thereon by or accompanied by a deed of transfer by any financial institution which offers them. |
| Article 65 (Emergency Credit to Financial Institutions) |
| (1) | In any of the following cases, the Bank of Korea may extend emergency credit to any financial institution with the consent of at least four members. In such cases, assets which have been granted temporary eligibility may be adopted as security in addition to those referred to in Article 64 (1): <Amended by Act No. 11051, Sep. 16, 2011> |
| 1. | Where it extends emergency credit to any financial institution whose liquidity deteriorates due to imbalances between financing and use of funds, etc; |
| 2. | Where it extends temporary credit based on the recognition that severe impediments are likely to occur in discharging its duties due to the occurrence of a temporary deficiency in payment funds to financial institutions caused by disorder in computer data processing system or any other contingency. |
| (2) | With regard to any financial institution which has received credit extended pursuant to paragraph (1) 1, the Monetary Policy Committee may impose limitations on loans and investments to the financial institution until it redeems them. <Amended by Act No. 11051, Sep. 16, 2011> |
| (3) | The Bank of Korea may investigate and confirm the business and the status of property of the relevant financial institution if deemed necessary in connection with those referred to in paragraph (1). |
| (4) | Where the Monetary Policy Committee intends to decide on extension of such credit referred to in paragraph (1), it shall hear the opinion of the Government. <Newly Inserted by Act No. 11051, Sep. 16, 2011> |
SECTION 4 Selling and Buying of Bonds in Open Markets
| Article 68 (Open Market Operations) |
| (1) | The Bank of Korea may sell, buy, lend, and borrow the following bonds in open markets on its own account in order to carry out monetary and credit policies as determined by the Monetary Policy Committee: <Amended by Act No. 11051, Sep. 16, 2011> |
| 2. | Marketable securities which the Government guarantees the redemption of their principal and interests; |
| 3. | Other marketable securities determined by the Monetary Policy Committee. |
| (2) | Marketable securities listed in any subparagraph of paragraph (1) shall be limited to those which are freely negotiated and of which issue conditions are fully fulfilled. |
| Article 69 (Bank of Korea Currency Stabilization Bonds) |
| (1) | The Bank of Korea may issue Bank of Korea currency stabilization bonds (hereinafter referred to as "currency stabilization bonds") in open markets as prescribed by Acts and the Monetary Policy Committee. |
| (2) | The Bank of Korea may repurchase currency stabilization bonds or redeem by drawing them at par value prior to the date of maturity. |
| (3) | The matters on interest rates, date of maturity and redemption conditions of currency stabilization bonds shall be determined by the Monetary Policy Committee. |
| (4) | Redemptions by drawing referred to in paragraph (2) may be made only where the Monetary Policy Committee deems necessary. |
| (5) | The Bank of Korea shall collect and discard without delay currency stabilization bonds repurchased or redeemed: Provided, That this shall not apply in case it buys them on conditions of repurchase and sale. |
| (6) | The provisions of Article 50 shall apply mutatis mutandis to currency stabilization bonds held by the Bank of Korea: Provided, That this shall not apply in case it buys them on conditions of repurchase and sale. |
| Article 70 (Establishment of Bank of Korea Monetary Stabilization Account) |
| (1) | The Bank of Korea may establish the Bank of Korea monetary stabilization account and have financial institutions deposit currency stabilization bonds in the account as determined by the Monetary Policy Committee. |
| (2) | No money deposited in the Bank of Korea monetary stabilization account shall be construed as reserve requirements under the provisions of Section 2 of Chapter IV. <Amended by Act No. 11051, Sep. 16, 2011> |
SECTION 5 Business with Government and Government Agencies
| Article 71 (Deposit-Receiving Agency) |
The Bank of Korea shall handle government money as an agency receiving Republic of Korea government money, as prescribed by the National Treasury Management Act. <Amended by Act No. 6836, Dec. 30, 2002>
| Article 72 (Safe Deposit-Receiving Business) |
The Bank of Korea may accept bonds, documents or other valuables which belong to the Government, on safe deposit.
| Article 73 (Handling of State Affairs) |
The Bank of Korea may assist the State with collecting revenues and handle the issue, sale, redemption of state bonds or other affairs as prescribed by Acts and subordinate statutes.
The Bank of Korea may charge rates or commissions within the scope of actual costs for handling government's affairs.
| Article 75 (Credit for Government) |
| (1) | The Bank of Korea may extend overdrafts or another form of credit to the Government and accept government bonds directly from the Government. |
| (2) | The total amount of credit and directly accepted government bonds referred to in paragraph (1) shall not exceed the debt limit decided by the National Assembly putting all debts together borne by the Government to financial institutions and the general public. |
| (3) | Interest rates or other conditions on credit referred to in paragraph (1) shall be determined by the Monetary Policy Committee. |
| Article 76 (Direct Acceptance of Government-Guaranteed Claims) |
| (1) | The Bank of Korea may accept bonds directly which the Government guarantees their principal and interests. |
| (2) | Interest rates or other conditions on the accepted bonds referred to in paragraph (1) shall be determined by the Monetary Policy Committee. |
| Article 77 (Extending Loans to and Accepting Deposits from Government Agencies) |
| (1) | The Bank of Korea may accept deposits from, and extend loans to government agencies. |
| (2) | The term "government agencies" under paragraph (1) means legal persons discharging public projects or functions for the Government in producing, purchasing, selling or distributing, which are designated by the Government. |
| (3) | The loans referred to in paragraph (1) shall be extended only where the Government guarantees the redemption of their principal and interests. |
| (4) | The Monetary Policy Committee shall determine the Bank of Korea lending rates or other terms on government agencies. |
| Article 78 (Restriction on Credit to Government Agencies) |
The Bank of Korea shall make efforts to restrain credit to government agencies and to reduce the amount of credit in inflation.
SECTION 6 Operations for Private Individuals
| Article 79 (Transaction Restrictions with Private Individuals) |
Except as otherwise provided for in this Act, the Bank of Korea shall not do deposit or loan transactions with legal persons or individuals other than the Government, government agencies or financial institutions, or buy bonds representing the obligations of any legal person or individual other than the Government, government agencies or financial institutions: Provided, That the Bank of Korea may do deposit transactions with legal persons as are deemed necessary for the discharge of its business as determined by the Monetary Policy Committee.
| Article 80 (Credit to For-Profit Enterprises) |
| (1) | When severe impediments to obtaining funds from financial institutions occur or when there is a strong likelihood of their occurrence such as periods of severe monetary and credit contraction, the Bank of Korea may extend credit to for-profit enterprises, such as those engaged in financial business other than financial institutions, with the consent of at least four members, notwithstanding the provisions of Article 79. <Amended by Act No. 11051, Sep. 16, 2011> |
| (2) | With regard to credit referred to in paragraph (1), such terms and conditions determined by the Monetary Policy Committee shall be obeyed. |
| (3) | The provisions of Article 65 (3) and (4) shall apply mutatis mutandis to extension of credit under paragraph (1). <Amended by Act No. 11051, Sep. 16, 2011> |
SECTION 7 Payment and Settlement Business
| Article 81 (Payment and Settlement Business) |
| (1) | In order to promote the security and efficiency of payment and settlement systems, the Bank of Korea may determine necessary matters with respect to the payment and settlement systems operated by the Bank of Korea. |
| (2) | If necessary for the payment and settlement systems operated by any entity other than the Bank of Korea, the Bank of Korea may request the relevant operating entity or supervisory agency to improve the operating standards, etc. |
| (3) | In order to facilitate the smooth operation of the payment and settlement systems, the Bank of Korea may request any entity operating the payment and settlement systems referred to in paragraph (2) to furnish materials related to payment and settlement. In such cases, the entity shall, upon receipt of such request, comply therewith. <Amended by Act No. 11051, Sep. 16, 2011> |
| (4) | The Bank of Korea may request any institution involved in such payment and settlement systems under the provisions of paragraph (1) to submit necessary materials. |
[This Article Wholly Amended by Act No. 6971, Sep. 3, 2003]
| Article 81-2 (Support to Settle Temporary Shortages) |
The Bank of Korea may, as determined by the Monetary Policy Committee, provide any institution involved in the payment and settlement systems operated directly by the Bank of Korea with financial support to settle temporary shortages, should they appear temporarily short of intraday funds for settlement purposes.
[This Article Newly Inserted by Act No. 11051, Sep. 16, 2011]
| Article 82 (Foreign Exchange Business) |
The Bank of Korea may carry out the business falling under any of the following subparagraphs on authorization by the Minister of Strategy and Finance: <Amended by Act No. 6971, Sep. 3, 2003; Act No. 8852, Feb. 29, 2008>
| 1. | Foreign exchange business and foreign currency holdings; |
| 2. | Receiving deposits from foreign financial institutions, international financial organizations, foreign governments and their agencies or the United Nations agencies; |
| 3. | Selling and buying precious metals. |
| Article 82-2 (Operation Procedures for Foreign Currency-Denominated Assets) |
The Governor of the Bank of Korea shall hear the opinion of the Monetary Policy Committee in advance with regard to major plans related to the operation of foreign currency-denominated assets.
[This Article Newly Inserted by Act No. 11380, Mar. 21, 2012]
| Article 83 (Consultation on Exchange Rate Policy) |
The Bank of Korea shall carry out consultative functions on the Government exchange rate policy, foreign exchange banks' receiving and crediting foreign currencies, and policy on setting a ceiling on excess for purchase and sale of foreign currency.
| Article 84 (Exchange Transaction Agreement) |
The Bank of Korea may make exchange transaction agreements with financial institutions, as determined by the Monetary Policy Committee.
| Article 85 (Government Representatives in International Organizations) |
The Bank of Korea shall represent the Government in its business, negotiations and transactions with the International Monetary Fund or financial organizations in which the Republic of Korea has joined as members, under instructions from the Government.
| Article 86 (Collection and Compilation of Statistical Data) |
The Bank of Korea may collect and compile the statistical data on currency, banking business, finance, prices, wages, production, balance of international payments, and other economy in general necessary for the establishment of monetary and credit policies, carry out some research on the economy, and request any government agency, legal person or individual to submit data and information necessary therefor.
CHAPTER V REQUEST FOR INSPECTION OF FINANCIAL INSTITUTIONS
| Article 87 (Right to Request Materials) |
If deemed necessary by the Monetary Policy Committee to implement monetary and credit policies, the Bank of Korea may request any of the following persons to submit materials. In such cases, materials to be submitted under such request shall be confined to the least necessary scope, after due consideration of the work burden of a person who has been requested to submit materials. <Amended by Act No. 11051, Sep. 16, 2011>
| 1. | A financial institution referred to in Article 11; |
| 2. | Any person engaged in financial business, other than financial institutions, who has concluded a current deposit transaction agreement with the Bank of Korea; |
| Article 88 (Request for Inspection and Joint Examinations, etc.) |
| (1) | The Bank of Korea may request the Financial Supervisory Service established under the Act on the Establishment, etc. of Financial Services Commission (hereinafter referred to as "the Financial Supervisory Service") to inspect any financial institution by setting the specific scope as the Monetary Policy Committee deems necessary for the discharge of monetary and credit policies, and may request the staff belonging to the Bank of Korea to take part jointly in the inspection of a financial institution as necessary. In such cases, the Financial Supervisory Service shall without delay comply with such request, as prescribed by Presidential Decree. <Amended by Act No. 6971, Sep. 3, 2003; Act No. 8863, Feb. 29, 2008; Act No. 11051, Sep. 16, 2011> |
| (2) | The Bank of Korea may request the Financial Supervisory Service to send the inspection results referred to in paragraph (1) or to take necessary corrective measures against a financial institution depending on the inspection results. In such cases, the Financial Supervisory Service shall comply with such request. <Amended by Act No. 6971, Sep. 3, 2003> |
| (3) | Deleted. <by Act No. 6971, Sep. 3, 2003> |
| Article 89 (Right to Request Reconsideration) |
| (1) | Where the Monetary Policy Committee is dissatisfied with the supervisory measures directly related to monetary and credit policies which are taken by the Financial Services Commission, it may request the Commission to reconsider them. <Amended by Act No. 8863, Feb. 29, 2008> |
| (2) | Where a request for reconsideration referred to in paragraph (1) is made, the measures listed in paragraph (1) shall become definite if the Financial Services Commission takes the same decision as the previous one with the consent of two-thirds of all members. <Amended by Act No. 8863, Feb. 29, 2008> |
CHAPTER VI RELATIONS WITH GOVERNMENT
| Article 90 (Attendance at State Council) |
| (1) | The Governor may attend and speak at the State Council on the matters on finance and currency. |
| (2) | The Government may request the Governor to attend at the State Council. |
| Article 91 (Presence and Speaking) |
The Vice Minister of Strategy and Finance or the Vice Chairman of the Financial Services Commission may be present and speak at a meeting of the Monetary Policy Committee: Provided, That the Vice Chairman of the Financial Services Commission may be present and speak at the meeting to the extent necessary for the matters under the jurisdiction of the Financial Services Commission. <Amended by Act No. 6971, Sep. 3, 2003; Act No. 8863, Feb. 29, 2008>
| Article 92 (Request for Reconsideration) |
| (1) | Where any decision taken by the Monetary Policy Committee is judged to contradict the government economic policy, the Minister of Strategy and Finance may request the Board to reconsider it. <Amended by Act No. 6971, Sep. 3, 2003; Act No. 8863, Feb. 29, 2008> |
| (2) | Where a request for reconsideration referred to in paragraph (1) is made, the President shall take the last decision if the Monetary Policy Committee takes the same decision as the previous one with the consent of five or more members. |
| (3) | Where the Minister of Strategy and Finance makes a request referred to in paragraph (1), he shall publish it promptly as prescribed by Presidential Decree. <Amended by Act No. 6971, Sep. 3, 2003; Act No. 8863, Feb. 29, 2008> |
| Article 93 (Advice at Policy-Making) |
The Government shall seek advice from the Monetary Policy Committee in establishing important policies on finance and currency.
| Article 94 (Cooperation on Data) |
The Minister of Strategy and Finance, the Monetary Policy Committee and the Financial Services Commission may request data each other as necessary to establish policies. In this case, each shall comply with such request unless any special cause exists. <Amended by Act No. 6971, Sep. 3, 2003; Act Nos. 8852 & 8863, Feb. 29, 2008>
| Article 95 (Audit by Board of Audit and Inspection) |
The Bank of Korea shall be audited annually by the Board of Audit and Inspection.
| Article 96 (Reporting to National Assembly) |
| (1) | The Bank of Korea shall prepare an assessment report on progress in implementing monetary and credit policies and macro-financial stability conditions at least twice every year and submit it to the National Assembly. <Amended by Act No. 6971, Sep. 3, 2003; Act No. 11051, Sep. 16, 2011> |
| (2) | The Governor shall attend a meeting and answer questions, when the National Assembly or any of its committees requests him/her to attend the meeting in connection with the report submitted pursuant to paragraph (1). |
CHAPTER VII ACCOUNTING, ETC.
The fiscal year of the Bank of Korea shall correspond to that of the Government.
| Article 98 (Budgets and Settlement of Accounts) |
| (1) | Any budget of each fiscal year of the Bank of Korea shall be finalized through a decision of the Monetary Policy Committee. |
| (2) | The Bank of Korea shall obtain prior approval of the budget prescribed by Presidential Decree from the Minister of Strategy and Finance, including an appropriation for pay of the budget listed in paragraph (1). In such cases, it shall report it to the competent standing committee of the National Assembly without delay. <Amended by Act No. 6971, Sep. 3, 2003; Act No. 8852, Feb. 29, 2008; Act No. 11380, Mar. 21, 2012> |
| (3) | The Bank of Korea shall submit a budget statement for the budget referred to in paragraph (2) to the Minister of Strategy and Finance 60 days prior to the commencement of the fiscal year concerned. <Amended by Act No. 6971, Sep. 3, 2003; Act No. 8852, Feb. 29, 2008> |
| (4) | The Governor shall submit the statement of accounts for the corresponding year which underwent an external audit (including financial statements, specifications attached thereto, and an audit report by an accounting corporation referred to in Article 23 of the Certified Public Accountant Act) to the competent standing committee of the National Assembly and the Minister of Strategy and Finance, respectively, within two months after the end of the fiscal year concerned. <Amended by Act No. 6971, Sep. 3, 2003; Act No. 8852, Feb. 29, 2008; Act No. 11051, Sep. 16, 2011> |
| Article 99 (Disposal of Profits) |
| (1) | Where a balance remains after appropriating net profits at closing accounts for depreciating assets every fiscal year, the Bank of Korea shall accumulate 30/100 of net profits at closing accounts every year. <Amended by Act No. 11051, Sep. 16, 2011> |
| (2) | Where a balance remains after accumulating net profits at closing accounts pursuant to paragraph (1), the Bank of Korea may accumulate the balance as special purpose reserves on approval of the Government. |
| (3) | Where a balance remains after disposing of net profits at closing accounts pursuant to paragraphs (1) and (2), the Bank of Korea shall pay it as revenues to the Government. |
| Article 100 (Compensation for Losses) |
Losses accruing during a fiscal year of the Bank of Korea shall be compensated from reserves, and if reserves are insufficient, they shall be compensated by the Government as prescribed by the State Finance Act. <Amended by Act No. 8050, Oct. 4, 2006>
SECTION 2 Balance Sheet, Annual Report, etc.
| Article 101 (Announcement of Balance Sheet) |
| (1) | The Bank of Korea shall announce a balance sheet which itemizes assets and liabilities as of the last working day of the previous month not later than the 20th day of every month. In this case, the balance sheet as of the last working day of every fiscal year may be announced within 2 months after the end of the fiscal year. |
| (2) | The Governor, the Auditor and the person in charge of preparing a balance sheet referred to in paragraph (1) shall sign and seal the balance sheet and enter their names in it. |
| Article 102 (Publication of Annual Report) |
| (1) | The Bank of Korea shall submit to the Government and publish an annual report which outlines the business status of the Bank of Korea and policies on the currency and foreign exchange of the Government during the fiscal year and analyzes financial and economic conditions within 3 months after the end of every fiscal year. |
| (2) | An annual report referred to in paragraph (1) shall be subject to a decision by the Monetary Policy Committee. |
| Article 103 (Ban on Profit-Making Activities) |
The Bank of Korea shall not, whether directly or indirectly, be engaged in profit-making activities or own or operate any for-profit enterprise, and it shall not buy or own real estate unless necessary for the execution of its business.
CHAPTER VIII SUPPLEMENTARY PROVISIONS
| Article 104 (Penal Provisions) |
Any person who violates the provisions of Article 42 (2) (including the application mutatis mutandis under Article 46) shall be punished by imprisonment for not more than 3 years or a fine not exceeding 20 million won.
| Article 105 (Penal Provisions) |
Any person who violates the provisions of Article 10 shall be punished by imprisonment for not more than one year or a fine not exceeding 10 million won.
| Article 105-2 (Penal Provisions) |
Any person who damages coins in violation of Article 53-2 shall be punished by imprisonment for up to six months or by a fine of up to five million won. [This Article Newly Inserted by Act No. 11051, Sep. 16, 2011]
| Article 106 (Fiction as Public Officials in Application of Penal Provisions) |
| (1) | The members of the Monetary Policy Committee and the assistant vice governors, Auditor and the staff of the Bank of Korea shall be deemed public officials in the application of penal provisions under the Criminal Act or other Acts. <Amended by Act No. 6971, Sep. 3, 2003> |
| (2) | The scope of the staff who are deemed public officials pursuant to paragraph (1) shall be determined by Presidential Decree. |
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on April 1, 1998.
Article 2 (Examples of Application to Restriction on Reappointment of Vice-Governor and Auditor)
Amendments to Articles 36 (2) and 44 shall apply starting from a Vice-Governor and an Auditor first appointed under this Act. Article 3 (General Transitional Measures)
| (1) | Any authorization, approval, decision, order, disposition or other acts done by the Monetary Operating Board pursuant to the previous provisions prior to the entry into force of this Act shall be deemed acts done by the Monetary Policy Committee under this Act. |
| (2) | Any application, report or other acts done to the Monetary Operating Board pursuant to the previous provisions prior to the entry into force of this Act shall be deemed acts done to the Monetary Policy Committee under this Act. |
Article 4 (Transitional Measures on Members and Executives, etc.)
At the time of the entry into force of this Act, the Chairman and members of the Monetary Operating Board, and the Governor, Vice-Governor, directors and Auditor of the Bank of Korea shall discharge the functions of the Chairman and members of the Monetary Policy Committee, and the Governor, Vice-Governor, assistant vice governors and Auditor of the Bank of Korea under this Act until they are newly appointed under this Act.
Article 5 (Special Cases for Terms of Members)
The terms of members referred to in Article 13 (1) 2 through 4 from among members first appointed under this Act shall be two years, notwithstanding the amendment to Article 15 (2). Article 6 (Amendment to Articles of Incorporation)
The Bank of Korea shall have the Articles of Incorporation amended to bring into consistency with the amendment to this Act and obtain authorization from the Minister of Finance and Economy simultaneously with the entry into force of this Act.
Article 7 (Amendment of Other Acts) Omitted.
Article 8 (Relations with Other Acts and Subordinate Statutes)
Where other Acts and subordinate statutes cite the provisions of the former Bank of Korea Act at the time of the entry into force of this Act, the clauses corresponding to this Act shall be deemed to have been cited if this Act includes the provisions corresponding to them; the directors of the Bank of Korea shall be deemed to cite the assistant vice governors of the Bank of Korea; the Office of Banking Supervision at the Bank of Korea or the Office of Banking Supervision shall be deemed to cite the Financial Supervisory Service; and the Director of the Office of Banking Supervision at the Bank of Korea or the Director of the Office of Banking Supervision shall be deemed to cite the Director of the Financial Supervisory Service.
ADDENDA <Act No. 6018, Sep. 7, 1999>
Article 1 (Enforcement Date)
This Act shall enter into force on July 1, 2000. (Proviso Omitted.)
Articles 2 through 21 Omitted.
ADDENDA <Act No. 6256, Jan. 28, 2000>
Article 1 (Enforcement Date)
| (1) | This Act shall enter into force on July 1, 2000. (Proviso Omitted.) |
Articles 2 through 14 Omitted.
ADDENDA <Act No. 6274, Oct. 23, 2000>
Article 1 (Enforcement Date)
This Act shall enter into force one month after the date of its promulgation.
Articles 2 through 6 Omitted.
ADDENDA <Act No. 6429, Mar. 28, 2001>
Article 1 (Enforcement Date)
This Act shall enter into force on the date as prescribed by Presidential Decree within the limit not exceeding 2 years from the promulgation date of this Act. (Proviso Omitted.)
Articles 2 through 11 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. 6971, Sep. 3, 2003>
| (1) | (Enforcement Date) This Act shall enter into force on January 1, 2004. |
| (2) | (Transitional Measures on Terms of Members and Vice-Governor) At the time of the entry into force of this Act, the terms of office of the members of the Monetary Policy Committee appointed under the previous provisions of Article 13 (1) 7 and of the Vice-Governor appointed under the previous provisions of Article 36 (1) shall be until December 31, 2003, notwithstanding the previous provisions. |
ADDENDA <Act No. 8050, Oct. 4, 2006>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2007. (Proviso Omitted.)
Articles 2 through 12 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.
ADDENDA <Act No. 8863, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
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.
ADDENDA <Act No. 10522, Mar. 31, 2011>
Article 1 (Enforcement Date)
This Act shall enter into force on March 2, 2012. (Proviso Omitted.)
Articles 2 through 28 Omitted.
ADDENDA <Act No. 11051, Sep. 16, 2011>
Article 1 (Enforcement Date)
This Act shall enter into force three months after the date of its promulgation.
Article 2 (Applicability concerning Submission of Statement of Accounts)
Matters on external audits in the amended provisions of Article 98 (4) shall apply, starting from the settlement for the fiscal year of 2011. Article 3 Omitted.
ADDENDA <Act No. 11380, Mar. 21, 2012>
Article 1 (Enforcement Date)
This Act shall enter into force one month after the date of its promulgation: Provided, That the amended provisions of Article 33 (1) shall enter into force on May 30, 2012. Article 2 (Applicability concerning National Assembly Confirmation Hearing for Governor)
The amended provisions of Article 33 (1) shall apply to the first Governor who is appointed after the enforcement date of this Act.