OVERSEAS RESOURCES DEVELOPMENT BUSINESS ACT
Wholly Amended by Act No. 3637, Dec. 31, 1982
Amended by Act No. 4541, Mar. 6, 1993
Act No. 5352, Aug. 22, 1997
Act No. 5782, Feb. 5, 1999
Act No. 6576, Dec. 31, 2001
Act No. 7439, Mar. 31, 2005
Act No. 8063, Oct. 27, 2006
Act No. 8626, Aug. 3, 2007
Act No. 8635, Aug. 3, 2007
Act No. 8852, Feb. 29, 2008
Act No. 8863, Feb. 29, 2008
Act No. 9252, Dec. 26, 2008
Act No. 9508, Mar. 18, 2009
Act No. 9886, Dec. 30, 2009
Act No. 10595, Apr. 14, 2011
Act No. 12316, Jan. 21, 2014
Act No. 13161, Feb. 3, 2015
Act No. 13448, Jul. 24, 2015
CHAPTER I GENERAL PROVISIONS
The purpose of this Act is to contribute to the development of the national economy and enhancement of overseas economic cooperation by means of promoting the development of overseas resources and thereby securing the resources on a long-term and stable basis.
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
The terms used in this Act shall be defined as follows: <Amended by Act No. 10843, Jul. 14, 2011>
| 1. | The term "nationals of the Republic of Korea" means natural persons possessing the citizenship of the Republic of Korea or corporations incorporated under any Acts of the Republic of Korea: Provided, That among corporations for which a foreigner under subparagraph 2 has a majority amount of equity capital or a majority of voting rights, any corporation prescribed by Presidential Decree under a foreigner's de facto control shall be deemed a foreigner; |
| 2. | The term "foreigners" means natural persons with foreign nationality, corporations incorporated under any Acts of any foreign country, and foreign governments; |
| 3. | The term "overseas resources" means overseas mineral resources prescribed by Presidential Decree; |
| 4. | The term "development of overseas resources" means developing (including research for the development and business incidental to the development; hereinafter the same shall apply) overseas resources by method referred to in Article 3; |
| 5. | The term "overseas resources developers" means persons who have filed a report on a plan for overseas resources development business in accordance with Article 5. |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 3 (Methods of Developing Overseas Resources) |
Any overseas resources shall be developed by any of the following methods, as prescribed by Presidential Decree:
| 1. | Nationals of the Republic of Korea develop overseas resources independently or jointly with foreigners (including cases of development through local legal entities overseas); |
| 2. | Nationals of the Republic of Korea develop overseas resources by providing foreigners who develop overseas resources with technical services; |
| 3. | Nationals of the Republic of Korea provide foreigners who develop overseas resources with development funds, and import all or part of the overseas resources developed thereby. |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 4 (Establishment of Master Plan for Overseas Resources Development) |
| (1) | The Government shall establish and execute a long-term, comprehensive master plan for overseas resources development (hereinafter referred to as "master plan for overseas resources development") for the reasonable development of overseas resources. |
| (2) | The master plan for overseas resources development shall include the following matters: <Amended by Act No. 13161, Feb. 3, 2015> |
| 1. | Objectives to promote the development of overseas resources; |
| 2. | Improvement of the technical level of the development of overseas resources; |
| 3. | Training of manpower specialized in developing overseas resources; |
| 4. | Facilitation of information distribution for the development of overseas resources; |
| 5. | International cooperation on the development of overseas resources; |
| 6. | Rational adjustment and management of overseas resources development; |
| 7. | Measures to achieve a balance between demand for and supply of resources in an emergency by developing overseas resources; |
| 8. | Other matters necessary for the effective development of overseas resources. |
| (3) | Matters necessary for the establishment and execution of the master plan for the development of overseas resources shall be determined by Presidential Decree. |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
CHAPTER II REPORTS ON PLANS FOR OVERSEAS RESOURCES DEVELOPMENT BUSINESS
| Article 5 (Reports on Plans for Overseas Resources Development Business) |
| (1) | Where a national of the Republic of Korea intends to conduct overseas resources development business, he/she shall make a report on a plan for overseas resources development, as prescribed by Presidential Decree, to the Minister of Trade, Industry and Energy. The same shall apply where he/she intends to change important matters determined by Presidential Decree that have been reported. <Amended by Act No. 10843, Jul. 14, 2011; Act No. 11690, Mar. 23, 2013> |
| (2) | Where he/she files a report pursuant to paragraph (1), he/she may make a report by classifying the business as survey business for the development of overseas resources or development business (including its subsidiary business). |
| (3) | Where the Minister of Trade, Industry and Energy receives a report under paragraph (1), if deemed necessary, he/she may request a related agency prescribed by Presidential Decree to conduct an investigation. <Amended by Act No. 10843, Jul. 14, 2011; Act No. 11690, Mar. 23, 2013> |
| (4) | Where the Minister of Trade, Industry and Energy receives a report pursuant to paragraph (1), if deemed necessary, he/she may recommend that the business plan be supplemented. <Amended by Act No. 10843, Jul. 14, 2011; Act No. 11690, Mar. 23, 2013> |
| (5) | Matters necessary for the object of, detailed procedures, etc. for a request for investigation under paragraph (3) and for the object, etc. of recommendation for supplement of a business plan under paragraph (4) shall be prescribed by Presidential Decree. |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 6 (Joint Reports) |
| (1) | Two or more persons who intends to make a joint report under Article 5 on the same overseas resources development (hereinafter referred to as "joint reporters") shall make a report to the Minister of Trade, Industry and Energy after appointing a representative. <Amended by Act No. 10843, Jul. 14, 2011; Act No. 11690, Mar. 23, 2013> |
| (2) | Joint reporters shall appoint one of them or a corporation incorporated by the joint reporters under Acts of the Republic of Korea for the purposes of conducting the overseas resources development business as their representative. |
| (3) | The representative under paragraph (2) shall represent the joint reporters to the Government. |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Articles 7 through 9 Deleted. <by Act No. 5352, Aug. 22, 1997> |
CHAPTER III PROMOTION OF OVERSEAS RESOURCES DEVELOPMENT BUSINESS
| (1) | Where necessary to promote the development of overseas resources, the Government may subsidize any of the following expenses, as prescribed by Presidential Decree: |
| 1. | Expenses for surveys for the development of overseas resources; |
| 2. | Expenses for improvement of technology for the development of overseas resources and training experts; |
| 3. | Expenses for international cooperation and exchange of technology with foreign countries in connection with the development of overseas resources; |
| 4. | Other expenses prescribed by Presidential Decree that are necessary to promote the development of overseas resources. |
| (2) | Where deemed necessary to efficiently promote the overseas resources development, the Government may have an agency determined by Presidential Decree carry out services of collecting, analyzing and providing information on overseas resources development, and may subsidize the expenses incurred therein. |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| (1) | The Government may furnish any of the following funds to overseas resources developers, overseas resources development funds and specialized overseas resources development funds under Article 13 and investment risk guarantee companies under Article 13-8 (1) in order to swiftly facilitate overseas resources development business: |
| 1. | Funds required for surveys necessary to conduct overseas resources development business and the acquisition of the right of development; |
| 2. | Funds for the installation and operation of facilities required for overseas resources development business; |
| 3. | Funds for renting or purchasing land necessary to conduct overseas resources development business; |
| 4. | Funds for conducting investment risk guarantee business under Article 13-8 (1); |
| 5. | Other funds determined by Presidential Decree that are necessary to effectively conduct overseas resources development business. |
| (2) | Matters necessary for financing under paragraph (1) shall be determined by Presidential Decree. |
| (3) | Where an overseas resources developer, overseas resources development fund or a specialized overseas resources development fund under Article 13, or an investment risk guarantee company under Article 13-8 (1) that has been furnished with funds under paragraph (1) 1 is unable to redeem loans due to business failure, the Government may remit all or part of the amount with interest added, as prescribed by Presidential Decree. |
| (4) | A Screening Committee for Overseas Resources Development Loans shall be established under the jurisdiction of the Minister of Trade, Industry and Energy, in order to deliberate on matters concerning financing for overseas resources development business and the reduction of or exemption from the principal and interest of a loan. <Newly Inserted by Act No. 13161, Feb. 3, 2015> |
| (5) | Matters concerning the member composition, operation, etc. of the Screening Committee under paragraph (4) shall be prescribed by Ordinance of the Ministry of Trade, Industry and Energy. <Newly Inserted by Act No. 13161, Feb. 3, 2015> |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 12 (Special Cases for Taxes) |
The State may reduce or remit income tax or corporate tax, as prescribed by the Restriction of Special Taxation Act and other related Acts in order to promote overseas resources development business. [This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
CHAPTER III-2 OVERSEAS RESOURCES DEVELOPMENT FUNDS, ETC.
SECTION 1 General Provisions
| Article 13 (Incorporation, etc. of Overseas Resources Development Funds, etc.) |
| (1) | An overseas resources development fund (hereinafter referred to as "overseas resources development fund") may be incorporated with the purpose of distributing profits to the stockholders after investing assets in overseas resources development business, etc. according to a manner under Article 14-2. |
| (2) | A specialized overseas resources development fund (hereinafter referred to as "specialized overseas resources development fund") may be incorporated with the purpose of distributing profits to the stockholders after investing assets in overseas resources development business, etc. according to a manner under Article 14-2. |
| (3) | An overseas resources development fund shall be deemed an investment company under the Financial Investment Services and Capital Markets Act, and a specialized overseas resources development fund shall be deemed a private equity fund under the same Act. <Amended by Act No. 13448, Jul. 24, 2015> |
| (4) | No one who is not an overseas resources development fund or a specialized overseas resources development fund under this Act shall use the title "overseas resources development fund" or "specialized overseas resources development fund", or similar titles thereto. |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 13-2 (Resources subject to Investment) |
The overseas resources investment development business in which an overseas resources development fund or specialized overseas resources development fund (hereinafter referred to as "overseas resources development fund, etc.") invests shall be the business of developing mineral resources prescribed by Presidential Decree, such as petroleum.
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 13-3 (Consultation on Registration of Overseas Resources Development Funds, etc.) |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 13-4 (Period of Existence) |
| (1) | The period of existence of an overseas resources development fund, etc. shall be specified by the articles of incorporation of the overseas resources development fund, etc. within the extent of 20 years from the date it is registered as an overseas resources development fund, etc. under Article 182 or 249-10 of the Financial Investment Services and Capital Markets Act: Provided, That where the period of existence of the overseas resources development fund, etc. needs to be extended due to the continuation of overseas resources development business, etc., it may be extended up to 20 years counting from the expiration of the initial period of existence after obtaining approval from the Financial Services Commission. <Amended by Act No. 13448, Jul. 24, 2015> |
| (2) | Where the Financial Services Commission approves an extension of the period of existence in accordance with the proviso to Article (1), it shall consult with the Minister of Trade, Industry and Energy in advance. <Amended by Act No. 11690, Mar. 23, 2013> |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 13-5 (Submission of Business Reports) |
Any overseas resources development fund, etc. shall submit a business report on the property of the overseas resources development fund, etc. to the Minister of Trade, Industry and Energy and the Financial Services Commission, respectively. <Amended by Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 13-6 (Supervision of, Examination on, etc. Overseas Resources Development Funds, etc.) |
| (1) | The Minister of Trade, Industry and Energy and the Financial Services Commission may request the following persons to submit data or report on business or property of the overseas resources development fund, etc.: <Amended by Act No. 11690, Mar. 23, 2013> |
| 1. | Overseas resources development funds; |
| 2. | Asset management companies, asset custody companies and general administration companies of overseas resources development funds; |
| 3. | Specialized overseas resources development funds. |
| (2) | Where necessary, the Minster of Trade, Industry and Energy may request the Financial Services Commission to examine business and property (limited to business and property connected with the overseas resources development fund in case of paragraph (1) 2; hereafter the same shall apply in this paragraph) of the persons referred to in the subparagraphs of paragraph (1). In such case, the Financial Services Commission may, if deemed necessary, have its employee or the Governor of the Financial Supervisory Service under Article 29 of the Act on the Establishment, etc. of Financial Services Commission examine the business and property of the persons referred to in the subparagraphs of paragraph (1). <Amended by Act No. 11690, Mar. 23, 2013> |
| (3) | When conducting an examination under paragraph (2), the Financial Services Commission shall notify the Minister of Trade, Industry and Energy of the outcome of the examination without delay. <Amended by Act No. 11690, Mar. 23, 2013> |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 13-7 (Special Cases, etc. concerning Collective Investment Entities) |
| (1) | Where authorization of a collective investment entity (hereafter referred to as "specialized collective investment entity" in this Article) under the Financial Investment Services and Capital Markets Act is sought in order to operate only the assets of overseas resources development investment companies, the requirement for capital shall be three billion won or more, notwithstanding Article 12 (2) 2 of the same Act, and fund managers prescribed by Presidential Decree, such as fund managers, etc. managing investments in overseas resources development shall be secured notwithstanding Article 12 (2) 4 of the same Act. |
| (2) | A collective investment entity under the Financial Investment Services and Capital Markets Act (hereafter referred to as "general collective investment entity" in this Article) may operate assets of overseas resources development investment funds. In such case, the general collective investment entity shall secure additional fund managers managing investments in the overseas resources development prescribed by Presidential Decree, in addition to the fund managers under Article 12 (2) 4 of the same Act. |
| (3) | Notwithstanding Article 42 (4) of the Financial Investment Services and Capital Markets Act, a general collective investment entity may entrust part of the asset management business of the overseas resources development fund concerning overseas resources development to a person specialized in overseas resources development business after concluding an entrustment contract insofar as it does not collide with the interests of investors in the overseas resources development fund, as prescribed by Presidential Decree. |
| (4) | Where a specialized collective investment entity and a general collective investment entity operate assets of overseas resources development investment funds, they may receive remuneration or fees according to the outcomes of operations, as prescribed by Presidential Decree. |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 13-8 (Investment Risk Guarantee Business) |
| (1) | The Government may cause an agency (hereafter referred to as "investment risk guarantee agency" in this Article) prescribed by Presidential Decree to conduct the business (hereafter referred to as "investment risk guarantee business" in this Article) of giving and receiving money after promising overseas resources development investment funds, etc. to compensate for certain losses arising from investment in business referred to in any subparagraph of Article 14-2 (1). |
| (2) | The Government may wholly or partially subsidize the expenses incurred in the performance of the business to investment risk guarantee agencies. |
| (3) | In order to protect investors, overseas resources development investment funds shall conclude a contract with an investment risk guarantee agency, as prescribed by Presidential Decree, by which it shall give and receive money after promising compensation for certain loss. |
| (4) | Detailed matters concerning the method of operating investment risk guarantee business and the limit, method, etc. of subsidization by the Government under paragraph (2) shall be prescribed by Presidential Decree. |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
SECTION 2 Overseas Resources Development Fund
| Article 14 (Closed-End Fund) |
[This Article Newly Inserted by Act No. 8063, Oct. 27, 2006]
| Article 14-2 (Methods of Property Operations) |
| (1) | An overseas resources development fund shall use an amount equivalent to 50/100 [30/100 where the business subject to investment is a mining area under exploration (hereinafter referred to as "mining area under exploration"), which has not reached the stage of development and production] or more of its capital for any of the following: <Amended by Act No. 11690, Mar. 23, 2013> |
| 1. | Investment in overseas resources subject to investment according to a method under Article 3; |
| 2. | Contributions to a company in exclusive charge of specialized overseas resources development funds (hereafter referred to as "specialized company" in this paragraph) which is a corporation with the sole purpose of investment and execution of overseas resources development business; |
| 3. | Acquisition of stocks, equity, bonds and rights to dividends of specialized companies; |
| 4. | Acquisition of loan receivables of specialized companies; |
| 5. | Investment in exchange traded derivatives or over-the-counter derivatives based on resources subject to investment for the purpose of hedging risk within the extent of the ratio prescribed by Presidential Decree, which is within 10/100 of the capital; |
| 6. | Investment in stocks and equity for participation in the management of a foreign overseas resources development enterprise in which exploration, production, refining, transportation, sale, etc. of petroleum, gas and general minerals occupy 50/100 or more of the sales; |
| 7. | Other investments approved by the Minister of Trade, Industry and Energy after consultation with the Financial Services Commission as necessary for overseas resources development business. |
| (2) | Where there is residual property after using it in the subparagraphs of paragraph (1), the overseas resources development fund shall operate it in the following manner: |
| 2. | Deposit in financial institutions; |
| 3. | Purchase of national bonds and public bonds; |
| 4. | Other methods prescribed by Presidential Decree. |
| (3) | Other matters necessary for the operation of property of an overseas resources development fund shall be prescribed by Presidential Decree. |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 14-3 (Loaning of Money, etc.) |
| (1) | In any of the following cases, the overseas resources development fund may loan money, provide surety, and guarantee debts in addition to loaning money under Article 11 (1). In such case, where it loans money, supplies surety, or guarantees debts as it falls under subparagraph 1, it shall obtain approval at a general meeting of stockholders: |
| 1. | Where money for operation is short; |
| 2. | Where money to be used in cases of subparagraphs of Article 14-2 (1) is temporarily short. |
| (2) | The overseas resources development fund shall use loans from the Government under Article 11 (1) for subparagraphs of Article 14-2 (1). |
| (3) | The aggregate of loans from the Government as prescribed in Article 11 (1) and the money loaned, surety provided and debts guaranteed under paragraph (1) shall not exceed the amount according to the ratio prescribed by Presidential Decree, which is within the extent of 30/100 of capital of the overseas resources development fund. |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
SECTION 3 Overseas Resources Development Fund
| Article 15 (Method of Operating Property) |
| (1) | A specialized overseas resources development fund shall use the amount equivalent to 50/100 (30/100 of total investment in cases of mines under exploration being the object of investment) of total investment referred to in the subparagraphs of Article 14-2 (1). |
| (2) | A specialized overseas resources development fund shall use the amount more than the ratio prescribed by Presidential Decree for subparagraphs of Article 14-2 (1) within the period prescribed by Presidential Decree, which is a period of six months or more after partners invested. |
| (3) | Where there is residual property after the use under subparagraphs of Article 14-2 (1), a specialized overseas resources development fund shall operate it in the following manner: |
| 2. | Deposit in financial institutions; |
| 3. | Investment in investment securities within the ratio prescribed by Presidential Decree, which is within 5/100 of the total investment; |
| 4. | Investment in the stocks of overseas resources development investment funds within the ratio prescribed by Presidential Decree, which is within 5/100 of total investment; |
| 5. | Other methods prescribed by Presidential Decree. |
| (4) | Other methods necessary for the operation of property of a specialized overseas resources development fund other than matters prescribed in paragraphs (1) through (3) shall be prescribed by Presidential Decree. |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 15-2 (Loaning Money, etc.) |
| (1) | In any of the following cases, a specialized overseas resources development fund may loan money, provide surety, and guarantee debts in addition to loaning money under Article 11 (1): |
| 1. | Where it is inevitable to pay for the invested money irrevocably following retirement of a partner; |
| 2. | Where money for operation is short; |
| 3. | Where money to be used in cases of subparagraphs of Article 14-2 (1) is temporarily short. |
| (2) | A specialized overseas resources development fund shall use loans from the Government as provided for in Article 11 (1) for subparagraphs of Article 14-2 (1). |
| (3) | The aggregate of loans from the Government as prescribed in Article 11 (1) and the money loaned, surety supplied and debts guaranteed under paragraph (1) shall not exceed the amount according to the ratio prescribed by Presidential Decree, which is within the extent of 30/100 of the investment of the specialized overseas resources development fund. |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
CHAPTER IV DIRECTION AND SUPERVISION
| Article 16 (Competition for Business) |
Where two or more persons are competing for the same overseas resources development business, the Minister of Trade, Industry and Energy may advise the relevant persons under competition on the necessary matters to prevent overlapping investment in overseas resources development. <Amended by Act No. 10843, Jul. 14, 2011; Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 17 (Bring-In Orders of Developed Overseas Resources in Emergency) |
| (1) | Where the stability of the national economy and the smooth operation of the national economy are harmed or feared to be harmed as a serious deadlock develops in the demand and supply of resources due to the aggravation of demand and supply of resources domestically and overseas or any concerns exist over such occurrence, the Minister of Trade, Industry and Energy may order the overseas resources developer to bring in the whole or part of the overseas resources developed by himself under proper and reasonable conditions, in order to achieve stability in demand and supply of resources. <Amended by Act No. 10843, Jul. 14, 2011; Act No. 11690, Mar. 23, 2013> |
| (2) | The overseas resources developer subject to a bringing-in order under paragraph (1) shall bring in the developed resources following the order, unless there is good cause. |
| (3) | Where the overseas resources developer, who has failed to perform the obligation to bring in the developed resources under paragraph (2) without good cause, has received a loan under Article 11 for the performance of the relevant business, the Minister of Trade, Industry and Energy shall recover, without delay, the principal and interest which have not been compensated as yet. <Amended by Act No. 10843, Jul. 14, 2011; Act No. 11690, Mar. 23, 2013> |
| (4) | Matters necessary for the procedures for an order to bring in the developed overseas resources and for the recovery procedures for the principal and interest which remain uncompensated shall be prescribed by Presidential Decree. |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 18 Deleted. <by Act No. 5782, Feb. 5, 1999> |
| Article 19 (Reporting and Inspections) |
| (1) | The Minister of Trade, Industry and Energy may, when deemed necessary, order the overseas resources developer to report on the business or submit documents thereon. <Amended by Act No. 10843, Jul. 14, 2011; Act No. 11690, Mar. 23, 2013> |
| (2) | The Minister of Trade, Industry and Energy may have public officials under his control inspect or investigate books, documents, and other things necessary for conducting business at the business offices of an overseas resources developer. <Amended by Act No. 10843, Jul. 14, 2011; Act No. 11690, Mar. 23, 2013> |
| (3) | The public officials under paragraph (2) shall carry certificates representing their authority and produce them to the related persons. |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
CHAPTER V SUPPLEMENTARY PROVISIONS
| Article 20 Deleted. <by Act No. 5352, Aug. 22, 1997> |
| Article 21 (Entrustment of Authority) |
Part of the authority of the Minister of Trade, Industry and Energy under this Act may be entrusted to the head of a public institution under the Act on the Management of Public Institutions, as prescribed by Presidential Decree. <Amended by Act No. 10843, Jul. 14, 2011; Act No. 11690, Mar. 23, 2013> [This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 22 (Relationship to Other Acts) |
| (1) | This Act shall govern the development of overseas resources, notwithstanding the provisions of any other Act: Provided, That where a person who has reported pursuant to Article 5 desires to conduct activities or transactions subject to application of the Foreign Exchange Transactions Act in order to perform overseas resources development business, the Foreign Exchange Transactions Act shall govern. |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 23 (Relationship to International Treaties) |
This Act shall not be construed as modifying or restricting the articles provided for in the international treaties concluded and promulgated by the Republic of Korea.
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 23-2 (Reporting to the National Assembly) |
| (1) | The Minister of Trade, Industry and Energy shall prepare a report on the development of overseas resources for the previous year and shall submit it every year to the competent Standing Committee of the National Assembly before the regular session begins. |
| (2) | Matters necessary for preparing a report under paragraph (1) shall be prescribed by Presidential Decree. |
[This Article Newly Inserted by Act No. 13161, Feb. 3, 2015]
CHAPTER VI PENALTY PROVISIONS
| Article 24 (Penalty Provisions) |
Any of the following persons shall be punished by imprisonment with labor for not more than five years or by a fine not exceeding 50 million won: <Amended by Act No. 12316, Jan. 21, 2014>
| 1. | A person who uses or operates property in violation of Article 14-2 (1) or (2); |
| 2. | A person who uses or operates property in violation of the provisions of Article 15 (1) through (3). |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 24-2 (Penalty Provisions) |
Any of the following persons shall be punished by imprisonment with labor for not more than two years or by a fine of not exceeding 20 million won: <Amended by Act No. 12316, Jan. 21, 2014>
| 1. | A person who develops overseas resources without making a report, or report of change, under Article 5; |
| 2. | A person who conducts business, other than for the purposes for which he/she has made a report or a report of change under Article 5; |
| 3. | A person who makes a false report or a false report of change under Article 5; |
| 4. | A person who fails to bring in the developed resources without good cause after becoming subject to a bring-in order, in violation of Article 17 (2). |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 24-3 (Penalty Provisions) |
Any of the following persons shall be punished by imprisonment with labor for not more than one year or by a fine not exceeding 10 million won: <Amended by Act No. 12316, Jan. 21, 2014>
| 1. | A person who has used the title of an overseas resources development fund, etc. in violation of Article 13 (4); |
| 2. | A person who fails to submit a business report or submits a false business report in violation of Article 13-5. |
[This Article Newly Inserted by Act No. 10596, Apr. 14, 2011]
| Article 25 (Administrative Fines) |
| (1) | Any of the following persons shall be subject to an administrative fine not exceeding three million won: |
| 1. | A person who fails to make a report pursuant to Article 19 (1) or has made a false report; |
| 2. | A person who fails to submit documents pursuant to Article 19 (1) or has submitted false documents; |
| 3. | A person who refuses, obstructs, or evades an inspection or investigation pursuant to Article 19 (2). |
| (2) | Administrative fines under paragraph (1) shall be imposed and collected by the Minister of Trade, Industry and Energy. <Amended by Act No. 10843, Jul. 14, 2011; Act No. 11690, Mar. 23, 2013> |
[This Article Wholly Amended by Act No. 10596, Apr. 14, 2011]
| Article 26 (Joint Penalty Provisions) |
If the representative of a corporation or an agent or employee of, or other persons employed by, the corporation or an individual commits violations described in Article 24-2 in conducting the business affairs of the corporation or individual, the corporation or individual shall, in addition to punishing the violators accordingly, be subject to a fine prescribed in the relevant Article: Provided, That the same shall not apply where such corporation or individual has not been negligent in giving due attention and supervision concerning the relevant business affairs to prevent such violation. <Amended by Act No. 10595, Apr. 14, 2011> [This Article Wholly Amended by Act No. 9252, Dec. 26, 2008]
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force three months after the date of its promulgation.
Article 2 (Transitional Measures concerning Overseas Resources Development Business)
A person who has obtained permission for an overseas resources development business under the previous provisions at the time when this Act enters into force shall be considered to have obtained permission for the overseas resources development business in accordance with this Act.
Article 3 (Transitional Measures concerning Agricultural or Livestock Products Developer)
A person who has conducted the development of agricultural or livestock products, marine products, or forest products overseas under subparagraph 3 of Article 2 at the time when this Act enters into force shall make a report to the competent Minister within three months from the date this Act enters into force, as prescribed by Presidential Decree, and a person who has made the report shall be considered to have obtained permission pursuant to Article 5: Provided, That any, other than a government-invested agency under subparagraph 2 of Article 8, shall meet the requirements under subparagraph 1 of Article 8 within the period prescribed by Presidential Decree from the date this Act enters into force. Article 4 (Transitional Measures concerning Application of Penalty Provisions)
The application of penalty provisions to acts committed prior to this Act enters into force shall be governed by the previous provisions.
Article 5 Omitted.
ADDENDA <Act No. 4541, Mar. 6, 1993>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 5 Omitted.
ADDENDA <Act No. 5352, Aug. 22, 1997>
| (1) | (Enforcement Date) This Act shall enter into force six months after the date of its promulgation. |
| (2) | (Transitional Measures concerning Overseas Resources Development Business) A person who has obtained permission on overseas resources development business under the previous provisions at the time this Act enters into force (including any person who has made a report on overseas resources development business pursuant to Article 58 of the Act on Special Measures for the Deregulation of Corporate Activities at the time this Act enters into force) shall be deemed to have made a report on a plan for overseas resources development business under this Act. |
| (3) | (Transitional Measures concerning Application of Penalty Provisions) The application of penalty provisions to acts committed prior to the entry into force of this Act shall be governed by the previous provisions. |
ADDENDUM <Act No. 5782, Feb. 5, 1999>
This Act shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 6576, Dec. 31, 2001>
This Act shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 7439, Mar. 31, 2005>
This Act shall enter into force three months after the date of its promulgation.
ADDENDUM <Act No. 8063, Oct. 27, 2006>
This Act shall enter into force on November 15, 2006: Provided, That the amended provision of the latter part of Article 13-7 (2) shall enter into force on January 1, 2011.
ADDENDA <Act No. 8626, Aug. 3, 2007>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
Articles 2 through 7 Omitted.
ADDENDA <Act No. 8635, Aug. 3, 2007>
Article 1 (Enforcement Date)
This Act shall enter into force one year and six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 44 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.
ADDENDUM <Act No. 9252, Dec. 26, 2008>
This Act shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 9508, Mar. 18, 2009>
This Act shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 9886, Dec. 30, 2009>
This Act shall enter into force three months after the date of its promulgation.
ADDENDUM <Act No. 10595, Apr. 14, 2011>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 10843, Jul. 14, 2011>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDA <Act No. 11690, Mar. 23, 2013>
Article 1 (Enforcement Date)
| (1) | This Act shall enter into force on the date of its promulgation. |
Articles 2 through 7 Omitted.
ADDENDUM <Act No. 12316, Jan. 21, 2014>
This Act shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 13161, Feb. 3, 2015>
This Act shall enter into force six months after the date of its promulgation.
ADDENDA <Act No. 13448, Jul. 24, 2015>
Article 1 (Enforcement Date)
This Act shall enter into force three months after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 20 Omitted.