INDUSTRIAL BANK OF KOREA ACT
Act No. 641, Jul. 1, 1961
Amended by Act No. 1559, Dec. 16, 1963
Act No. 1682, Dec. 31, 1964
Act No. 1988, Mar. 7, 1968
Act No. 2572, Mar. 5, 1973
Act No. 2797, Dec. 22, 1975
Act No. 3195, Dec. 28, 1979
Act No. 3299, Dec. 31, 1980
Act No. 4467, Dec. 31, 1991
Act No. 4541, Mar. 6, 1993
Act No. 5373, Aug. 28, 1997
Act No. 5505, Jan. 13, 1998
Act No. 5529, Feb. 28, 1998
Act No. 5982, May 24, 1999
Act No. 6993, Dec. 11, 2003
Act No. 7717, Dec. 14, 2005
Act No. 8863, Feb. 29, 2008
Act No. 9460, Feb. 6, 2009
Act No. 10065, Mar. 12, 2010
Act No. 10303, May 17, 2010
Act No. 11051, Sep. 16, 2011
Act No. 13453, Jul. 31, 2015
Act No. 14839, Jul. 26, 2017
CHAPTER I GENERAL PROVISIONS
The purpose of this Act is to promote independent economic activities of small and medium proprietors and to enhance their economic status by establishing the Industrial Bank of Korea which contributes to the establishment of an efficient credit system for the small and medium proprietors.
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 3 (Legal Personality) |
| (1) | The Industrial Bank of Korea shall be a body corporate. |
| (2) | The Industrial Bank of Korea shall be managed in accordance with this Act, orders issued under this Act, and its articles of incorporation. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 4 (Establishment of Head Office, Branches, Sub-branches, and Agents) |
| (1) | The Industrial Bank of Korea shall have its head office in Seoul Special Metropolitan City. |
| (2) | The Industrial Bank of Korea may establish its branches, sub-branches, and agents at necessary locations, as determined by its articles of incorporation. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| (1) | The capital of the Industrial Bank of Korea shall be ten trillion won. |
| (2) | The capital of the Industrial Bank of Korea shall be divided into stocks. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 6 (Articles of Incorporation) |
| (1) | The articles of incorporation of the Industrial Bank of Korea shall include the following: |
| 3. | Matters concerning the head office, branches, sub-branches and agents; |
| 4. | Matters concerning capital and stocks; |
| 5. | Matters concerning executive officers and employees; |
| 6. | Matters concerning shareholders' general meetings; |
| 7. | Matters concerning the board of directors; |
| 8. | Matters concerning services and implementation thereof; |
| 9. | Matters concerning Small and Medium Enterprise Financing Bonds; |
| 10. | Matters concerning accounting; |
| 11. | Method of giving public announcement. |
| (2) | When the Industrial Bank of Korea intends to amend its articles of incorporation, it shall obtain authorization from the Financial Services Commission. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| (1) | The Industrial Bank of Korea shall be registered, as prescribed by Presidential Decree. |
| (2) | The Industrial Bank of Korea shall come into existence by registration of incorporation at the seat of its head office. |
| (3) | Matters to be registered under paragraph (1) shall not bind third parties until they are duly registered. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 8 (Restriction on Use of Name) |
No person, other than the Industrial Bank of Korea, shall use the name "Industrial Bank of Korea" or any other name similar thereto.
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
The dissolution of the Industrial Bank of Korea shall be separately prescribed by another Act.
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
CHAPTER II (Articles 10 through 23) Deleted.
CHAPTER III EXECUTIVE OFFICER AND EMPLOYEES
| Article 24 (Executive Officer) |
| (1) | The Industrial Bank of Korea shall have, as its executive officers, the President, managing director, directors and an auditor. |
| (2) | The President and the auditor shall be one, respectively, and the fixed number of the managing director and directors shall be determined by the articles of incorporation. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 25 (Duties of Executive Officers) |
| (1) | The President shall represent the Industrial Bank of Korea, and have overall control over its affairs. |
| (2) | The managing director shall assist the President of the Industrial Bank of Korea, as prescribed by the articles of incorporation, and shall act on behalf of the President when the President is unable to carry out his/her duties due to extenuating circumstances. |
| (3) | Directors shall assist the President of the Industrial Bank of Korea and the managing director, and take partial charge of the affairs, as prescribed by the articles of incorporation. |
| (4) | When both the President of the Industrial Bank of Korea and the managing director are unable to carry out their duties due to extenuating circumstances, the directors shall act on their behalves in the order prescribed by the articles of incorporation. |
| (5) | The auditor shall audit business and accounts of the Industrial Bank of Korea. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 25-2 (Board of Directors) |
| (1) | The board of directors shall be established within the Industrial Bank of Korea. |
| (2) | The board of directors shall be comprised of the President, the managing director and directors of the Industrial Bank of Korea. |
| (3) | The board of directors shall decide important matters concerning business of the Industrial Bank of Korea. |
| (4) | The President of the Industrial Bank of Korea shall convene meetings of the board of directors, and preside thereover. |
| (5) | The board of directors shall adopt resolutions with the affirmative vote of a majority of its incumbent members. |
| (6) | The auditor may attend the meetings of the board of directors and state his/her opinions. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 26 (Appointment and Dismissal of Executive Officers) |
| (1) | The President of the Industrial Bank of Korea shall, upon the recommendation of the Chairperson of the Financial Services Commission, be appointed and dismissed by the President of the Republic of Korea. |
| (2) | The managing director and directors shall, upon the recommendation of the President of the Industrial Bank of Korea, be appointed and dismissed by the Financial Services Commission. |
| (3) | The auditor shall be appointed and dismissed by the Financial Services Commission. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 27 (Term of Office) |
| (1) | The term of office of the executive officer shall be three years. |
| (2) | If the position of an executive officer becomes vacant, a new executive officer shall be appointed, and his/her term of office shall be the period prescribed in paragraph (1). |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 28 (Restrictions on Holding Concurrent Offices by Executive Officers and Employees) |
No standing executive officers and employees of the Industrial Bank of Korea shall engage in profit-making business, other than their original duties. The standing executive officers shall not concurrently hold another office without permission from the Financial Services Commission, and employees shall not do so without permission from the President of the Industrial Bank of Korea.
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 29 (Limitation on Representation by President, etc. of the Industrial Bank of Korea) |
| (1) | The President of the Industrial Bank of Korea, or the managing director or directors acting on his/her behalf under Article 25 (2) and (4), shall not represent the Industrial Bank of Korea, in respect of the matters, the personal interests about which are in conflict with the Industrial Bank of Korea's interests. |
| (2) | Where other managing director or directors representing the Industrial Bank of Korea are non-existence in cases under paragraph (1), the auditor shall represent the Industrial Bank of Korea. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 30 (Designation of Agents) |
The President of the Industrial Bank of Korea may, pursuant to the articles of incorporation, appoint an agent having authority to conduct any and all judicial or extrajudicial acts pertaining to business of the Industrial Bank of Korea, among the managing director, directors or employees.
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 31 (Appointment and Dismissal of Employees) |
Employees of the Industrial Bank of Korea shall be appointed or dismissed by the President of the Industrial Bank of Korea.
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 32 (Legal Fiction as Public Officials for Purposes of Penalty Provisions) |
Executive officers of the Industrial Bank of Korea shall be deemed public officials for the purposes of penal provisions under the Criminal Act and any other Acts. [This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
CHAPTER IV BUSINESS AFFAIRS
The Industrial Bank of Korea shall carry out any of the following business to achieve the purposes prescribed in Article 1: | 1. | To provide loans to and discount bills for small and medium proprietors; |
| 2. | To receive deposits and installment savings and issue securities and debt certificates; |
| 3. | To subscribe to and/or underwrite stocks, and subscribe to, underwrite and/or guarantee corporate bonds of small and medium proprietors: Provided, That the value of stocks underwritten by the Industrial Bank of Korea shall not exceed the Industrial Bank of Korea’s paid-in capital, and the stock and/or corporate bonds so held may, from time to time, be sold; |
| 4. | To provide domestic and foreign exchange, and safe deposit boxes; |
| 5. | To provide payment acceptances and guarantees; |
| 6. | To act as a national treasury agent; |
| 7. | To borrow funds from the Government, the Bank of Korea and other financial institutions; |
| 8. | To perform business entrusted by the Government and public organizations; |
| 9. | To perform business incidental to those specified under subparagraphs 1 through 8; |
| 10. | To perform business approved by the Financial Services Commission as necessary to achieve the purposes prescribed in Article 1, in addition to those under subparagraphs 1 through 9. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 33-2 Deleted. <by Act No. 6993, Dec. 11, 2003> |
| Article 33-3 (Research, Surveys, etc. on Small and Medium Enterprises) |
The Industrial Bank of Korea shall conduct research and surveys on, and business guidance services for, small and medium enterprises.
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 33-4 (Payment Reserves) |
Payment Reserves for the Industrial Bank of Korea shall be in such ratio as may be determined, differently from other financial institutions, by the Monetary Policy Committee. <Amended by Act No. 11051, Sep. 16, 2011>
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 34 (Borrowings of Small and Medium Enterprise Funds) |
Only the Industrial Bank of Korea may borrow government funds for small and medium enterprises.
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 35 (Business Plans) |
| (1) | The Industrial Bank of Korea shall prepare a business plan for each fiscal year and submit it, upon resolution by the board of directors, to the Financial Services Commission for its approval one month prior to the commencement of the relevant fiscal year. |
| (2) | An annual business plan under paragraph (1) shall be divided into project plans and funding plans; and the funding plans shall be subdivided into small and medium enterprise funds and general funds. |
| (3) | Paragraphs (1) and (2) shall apply mutatis mutandis where the Industrial Bank of Korea intends to amend any of annual business plans. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 35-2 (Business Manual) |
The Industrial Bank of Korea shall prepare a business manual which includes the method of providing loans, interest rates, loan terms, the method of collecting the principal and interest, and amount of maximum loan and payment guarantees to any one person; the method of subscribing, underwriting, and selling stocks; the method of subscribing, underwriting, guaranteeing, and selling corporate bonds; and other necessary matters under subparagraphs 1 through 5 of Article 33 and Article 57, and shall report such manual to the Financial Services Commission, following the resolution of the board of directors. The same shall also apply where it intends to amend the business manual. [This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 36 (Management of Credit Funds) |
| (1) | The Industrial Bank of Korea shall manage credit funds provided to assure that they are used in conformity with the intended specific purpose and plan, and may dispatch its employees or take other necessary measures to manage the funds efficiently. |
| (2) | Entitlement to claim managing funds, which are small and medium industry funds the Industrial Bank of Korea provides, transferred to an account opened for management under paragraph (1) cannot be seized. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 36-2 (Issuance of Small and Medium Business Financial Bonds) |
| (1) | The Industrial Bank of Korea may issue Small and Medium Business Financial Bonds. |
| (2) | The amount of issued Small and Medium Business Financial Bonds shall not exceed 20 times the aggregate of Industrial Bank of Korea's paid-in capital and reserves. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 36-3 (Issuance of Bond for Refunding) |
When the Industrial Bank of Korea issues Small and Medium Business Financial Bonds temporarily in excess of the amount set forth in Article 36-2 (2) to refund outstanding Bonds, it shall, within one month after such issuance, redeem the previously issued Small and Medium Business Financial Bonds equivalent to the par value of the new Bonds issued. [This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
Small and Medium Business Financial Bonds may be issued by means of discount.
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 36-5 (Government's Guarantee on Bonds) |
The Government may guarantee the redemption of principal of, and interest on, Small and Medium Business Financial Bonds.
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 36-6 (Extinctive Prescription) |
The extinctive prescription of Small and Medium Business Financial Bonds shall expire after five years for principal and after three years for interest.
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 36-7 (Mandatory Matters) |
Except those provided for in this Act, necessary matters pertaining to Small and Medium Business Financial Bonds shall be prescribed by Presidential Decree.
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 37 (Fiscal Year, Budget, and Settlement of Accounts) |
| (1) | The Industrial Bank of Korea's fiscal year shall coincide with that of the Government. |
| (2) | The Industrial Bank of Korea shall compile the budget in each fiscal year, and confirm it following the resolution of the board of directors by no later than the commencement of the relevant fiscal year: Provided, That the budget for personnel expenses shall be subject to prior approval by the Financial Services Commission. |
| (3) | The Industrial Bank of Korea shall prepare the settlement of accounts within three months after the closure of each fiscal year, and submit it to the Financial Services Commission. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Articles 38 through 41 Deleted. <by Act No. 2572, Mar. 5, 1973> |
| Article 42 (Disposal of Profits) |
The Industrial Bank of Korea shall dispose of its net profits remaining after earmarking for depreciation of assets in each fiscal year in any of the following ways:
| 1. | To reserve 25/100 or more of the net profits until such reserve reaches the total amount of capital; |
| 2. | To dispose of the profits remaining after fulfilling subparagraph 1 following the resolution of the board of directors: Provided, That if profits are divided to shareholders, they may be preferentially divided to shareholders, other than the Government. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 43 (Making-Up for Losses) |
The Industrial Bank of Korea's net losses in each fiscal year shall be made up by reserve funds; and, if such net losses remain even after being made up by reserve funds, the Government shall make up for the remaining losses.
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 44 (Operation of Surplus Funds) |
The Industrial Bank of Korea may operate its surplus funds, as prescribed by its articles of incorporation, within the extend that does not hinder the performance of its business affairs under Article 33. [This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 45 Deleted. <by Act No. 5373, Aug. 28, 1997> |
| (1) | The Financial Services Commission is entitled to supervise the Industrial Bank of Korea, as prescribed by this Act, and may issue such orders as necessary to supervise its business affairs. The Financial Services Commission is entitled to supervise the Industrial Bank of Korea, and may issue orders necessary therefor to secure soundness in the management of the Industrial Bank of Korea, as prescribed by Presidential Decree. <Amended by Act No. 10065, Mar. 12, 2010> |
| (2) | Deleted. <by Act No. 8863, Feb. 29, 2008> |
| (3) | The Minister of SMEs and Startups may, to the Financial Services Commission, make a request necessary for the supervision of the Industrial Bank of Korea. <Amended by Act No. 10065, Mar. 12, 2010; Act No. 14839, Jul. 26, 2017> |
| (4) | The Financial Services Commission may take any of the following measures, if it deems that the Industrial Bank of Korea is likely to impede its sound management by violating any orders issued under paragraph (1): <Amended by Act No. 10065, Mar. 12, 2010> |
| 1. | Corrective order of the relevant violation; |
| 2. | Partial suspension of business for a period not exceeding six months; |
| 3. | Suspension of, or warning against, the relevant violation. |
| (5) | Where an executive officer of the Industrial Bank of Korea intentionally violates any order issued under paragraph (1) or conducts any act impeding the Industrial Bank of Korea's sound management to a great extent, the Financial Services Commission may take appropriate measures, such as suspension of performance of his/her duties, dismissal, warning, etc. <Amended by Act No. 10065, Mar. 12, 2010> |
| (6) | Where an employee of the Industrial Bank of Korea intentionally violates any order issued under paragraph (1) or conducts any act impeding the Industrial Bank of Korea's sound management to a great extent, the Financial Services Commission may request the President of the Industrial Bank of Korea to take appropriate disciplinary measures, such as dismissal or suspension from office, reduction of salary, censure, etc. <Amended by Act No. 10065, Mar. 12, 2010> |
| (7) | Where the Financial Services Commission deems that any executive officer or employee retired from the Industrial Bank of Korea would have been subject to measures taken against him/her under paragraphs (5) and (6) if he/she still worked for the Industrial Bank of Korea, it may notify the President of the Industrial Bank of Korea of details of such measures. <Amended by Act No. 10065, Mar. 12, 2010> |
| (8) | The President of the Industrial Bank of Korea shall, upon receiving notification under paragraph (7), notify the relevant retired executive officer or employee of such fact, and enter such fact in the personnel record and maintain it. <Amended by Act No. 10065, Mar. 12, 2010> |
| Article 47 Deleted. <by Act No. 4467, Dec. 31, 1991> |
| Article 48 (Submission of Reports and Inspection of Documents) |
| (1) | The Financial Services Commission may, if it deems necessary in carrying out supervision duties under Article 46, order the Industrial Bank of Korea to submit reports, and require public officials under its control or employees belonging to the Financial Supervisory Service to inspect the Industrial Bank of Korea's business status, or its account books, documents and other necessary articles. |
| (2) | Any person conducting inspections under paragraph (1) shall carry a certificate indicating his/her authority and produce it to related persons. |
| (3) | The Minister of SMEs and Startups may, if he/she deems necessary, request the Financial Services Commission to submit reports or inspect documents, etc. under paragraph (1). <Amended by Act No. 14839, Jul. 26, 2017> |
| (4) | The Financial Services Commission may, if it deems necessary, entrust the Governor of the Financial Supervisory Service with inspection duties under paragraph (1). |
| (5) | The Industrial Bank of Korea subject to inspections by the Financial Supervisory Service shall pay allotted charges to appropriate for expenses incurred in inspections, to the Financial Supervisory Service. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 49 (Annual Reports) |
The Industrial Bank of Korea shall, within four months after the closure of each fiscal year, submit to the National Assembly and the Financial Services Commission its annual report outlining its business status and the Government's major financial policies on small and medium enterprises for the relevant fiscal year, and analyzing its financial performance for the relevant period.
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
CHAPTER VII SUPPLEMENTARY PROVISIONS
| Article 50 (Exemption of Taxes and Public Charges) |
The Industrial Bank of Korea shall be exempted from all taxes and public charges imposed by the Government and local governments on its property and business.
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 51 (Restrictions on Holding Moveable or Real Property) |
The Industrial Bank of Korea shall not own any movable or real property, except the acquisition of things necessary for its business affairs, acceptance of things for debt collection, or other things necessary for its business operation.
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 52 (Relation to Other Acts) |
| (1) | Articles 8 through 11, 11-2, 12, 13, 28, 28-2 (6), 30 (1) Proviso, 30 (2) 3, 31, 32, 37 (1) and (2), Article 38 subparagraph 1, Articles 40, 41, 43-3, Article 47 subparagraph 1 through 7, subparagraph 9, Article 48, 48-2, 50, 53, 54, 54-2, 55 through 57, 67, Article 68 (1) 3, 5, 11, 14 and 16 and Article 68 (1) 2, 5, 6, 8, Article 69 (1) 2 of the Banking Act, Articles 34 and 35 of the Act on Corporate Governance of Financial Companies and Article 56 (2) of the Bank of Korea Act, shall not apply to the Industrial Bank of Korea. <Amended by Act No. 10303, May 17, 2010; Act No. 13453, Jul. 31, 2015> |
| (2) | Unless otherwise specifically provided for herein, the provisions concerning a stock company of the Commercial Act shall apply to the Industrial Bank of Korea. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 53 (Succession to and Investment of Claims, etc. on Government Fund Loans) |
| (1) | The Industrial Bank of Korea shall succeed to claims on loans made by commercial banks and the Korean Agricultural Bank from the special account for vested property disposition and other special accounts of the Government, and to the rights and duties incidental thereto, as prescribed by Cabinet Ordinance. |
| (2) | Where the Industrial Bank of Korea succeeds to claims on the loans and the rights and duties incidental thereto under paragraph (1), the total amount equivalent to the book value of such claims as at the date of succession shall be regarded as having been repaid to the special account for vested property disposition and other special accounts of the Government respectively from commercial banks and the Korean Agricultural Bank; and simultaneously the amount repaid shall be deemed lent to the Industrial Bank of Korea on the date of succession from the special accounts concerned. |
| (3) | The Industrial Bank of Korea shall, as prescribed by Cabinet Ordinance, pay interest on such loans made by the Government under (2) each business year. |
| (4) | Loans made by the Government under paragraph (2), unless otherwise prescribed by Cabinet Ordinance, shall be deemed repaid at such time as may be determined by Cabinet Ordinance and shall be deemed invested in the Industrial Bank of Korea at the same time out of the special account for vested property disposition and other special accounts of the Government. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 54 (Special Measures for Investment by Civilians) |
| (2) | When the amount corresponding to the dividends under paragraph (1) has been invested in the Industrial Bank of Korea, the non-farmer members concerned shall, simultaneously with investment, be deemed the investors of the Industrial Bank of Korea. |
| (3) | Investment under paragraph (1) shall be carried out by the liquidators of the Federation of Financial Associations of Korea and the financial associations on behalf of non-farmer members concerned. |
| (4) | Certificated securities shall be issued, as prescribed by Cabinet Ordinance, to investors who have become investors in the Industrial Bank of Korea under paragraph (2), simultaneously with the completion of the liquidation of the Federation of Financial Associations of Korea and the financial associations. Liquidators under paragraph (3) shall have the rights and duties as the investors, until certificated securities are issued. |
| (5) | If the amount of investment of any investor entitled to do so under paragraph (2) falls short of the par value of one stock under Article 5, the Industrial Bank of Korea shall issue a document certifying investment, as prescribed by Cabinet Ordinance. |
| (6) | The Government shall, upon the request of an investor under paragraph (1), acquire his/her investments, as prescribed by Presidential Decree. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 54-2 Deleted. <by Act No. 4467, Dec. 31, 1991> |
| Article 55 (Succession to Property and Business) |
The Industrial Bank of Korea shall succeed to property and business of the branches of the Korean Agricultural Bank, within the scope prescribed by Cabinet Ordinance.
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 56 Deleted. <by Act No. 2797, Dec. 22, 1975> |
| Article 57 (Credit Loans to Local Governments, etc.) |
The Industrial Bank of Korea may, as prescribed by Presidential Decree, provide loans and discount bills for local governments, non-profit corporations and entities, and persons other than those under Article 2, insofar as they do not impede business under subparagraph 1 of Article 33. [This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 58 (Special Cases for Transactions) |
If a small or medium proprietor, in the course of transaction with the Industrial Bank of Korea, ceases to be a small or medium proprietor and he/she still has loans, the repayment deadline of which has yet to arrive, the Industrial Bank of Korea may have him/her continue repaying the loan as a small or medium business proprietor during the remaining period of repayment.
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
| Article 59 (Administrative Fine) |
| (1) | Any person who uses the name "the Industrial Bank of Korea" or any other name similar thereto, in violation of Article 8, shall be punished by an administrative fine not exceeding ten million won. |
| (2) | An administrative fine under paragraph (1) shall be imposed and collected by the Financial Services Commission. |
[This Article Wholly Amended by Act No. 10065, Mar. 12, 2010]
ADDENDA
Article 1
This Act shall enter into force on the date of its promulgation.
Article 2
| (1) | The relevant Minister shall appoint the commissioners who shall establish the Bank. |
| (2) | The commissioners shall draft the articles of incorporation and get the authorization of the relevant Minister. |
| (3) | The commissioners shall, upon the approval in paragraph (2), request immediately the Government and the persons as provided for in Article 54 to pay in the Bank capital. <Amended by Act No. Act No. 2797, Dec. 22, 1975> |
| (4) | When the Bank capital in paragraph (3) has been paid in, the commissioners shall at once hand over the business to the president of the Bank. <Amended by Act No. Act No. 2797, Dec. 22, 1975> |
Article 3
The business commencement date of the Bank shall be set forth by the Cabinet Order.
Article 4
The provisions necessary for the enforcement of this Act shall be set forth by the Presidential Decree. <Amended by Act No. Act No. 2797, Dec. 22, 1975>
Article 5
| (1) | The capital held by the Bank on the when this Act enters into force shall be regarded as the capital as provided for in Article 5 (2). |
| (2) | Any subscription short of the par value of one share shall, due to rise in the value of the share as provided for in Article 5 (1), be administered in accordance with Article 54 (5). |
[This Article Newly Inserted by Act No. 1682, Dec. 31, 1964]
Article 6 Deleted. <by Act No. 1988, Mar. 7, 1968>
ADDENDUM <Act No. 1559, Dec. 16, 1963>
ADDENDUM <Act No. 1682, Dec. 31, 1964>
This Act shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 1988, Mar. 7, 1968>
This Act shall be applied on and after January 1, 1968.
ADDENDA <Act No. 2572, Mar. 5, 1973>
| (1) | (Enforcement Date) This Act shall enter into force on the date of its promulgation. |
| (2) | (Transitional Measures) The matters already resolved, approved or decided on by the board under former provisions at the time when this Act enters into force shall continue to be effective. |
| (3) | (Idem) The terms of executive officer who holds office at the time when this Act enters into force shall be governed by this Act and shall be computed from the respective dates on which they were appointed under the former Act. |
| (4) | Any executive officer whose term has expired under this Act shall perform his duties until the appointment of his successor, and in this case the term of such executive officer shall expire on the day preceding the date of appointment of his successor. |
ADDENDUM <Act No. 2797, Dec. 22, 1975>
This Act shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 3195, Dec. 28, 1979>
This Act shall enter into force on January 1, 1980.
ADDENDUM <Act No. 3299, Dec. 31, 1980>
This Act shall enter into force on January 1, 1981.
ADDENDA <Act No. 4467, Dec. 31, 1991>
| (1) | (Enforcement Date) This Act shall enter into force on the date of its promulgation. |
| (2) | (Transitional Measures regarding Contributors) Those who have invested in the Bank under the former provisions at the time when this Act enters into force shall be regarded as shareholders of the Bank under this Act in accordance with the articles of incorporation. In such case, conversion of securities issued pursuant to the provisions into shares shall be provided for in the articles of incorporation. |
| (3) | (Transitional Measures regarding the Executive Officers of the Bank) The officers of the Bank appointed under the Framework Act on the Management of Government-Invested Institutions who hold office at the time when this Act enters into force shall be regarded as appointed under this Act: Provided, That the term of the officers shall be computed from the respective dates on which they were appointed. |
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. 5373, Aug. 28, 1997>
Article 1 (Enforcement Date)
This Act shall enter into force three months after the date of its promulgation.
Article 2 (Applicable Cases regarding Budget)
The revised provisions of Article 37 (2) shall be applied from the budget of the fiscal year of 1998. Article 3 (Transitional Measures regarding Executive Officers, etc.)
ADDENDA <Act No. 5505, Jan. 13, 1998>
| (1) | (Enforcement Date) This Act shall enter into force on April 1, 1998: Provided, That the amended provision of Article 5 shall enter into force on the date of its promulgation. |
| (2) | (Transitional Measures concerning Disposition) The approval, other acts, or reports made by administrative agency, and other acts made with respect to the administrative agency under the previous provisions when this Act enters into force shall be regarded as those made by or with respect to the administrative agency under this Act. |
ADDENDA <Act No. 5529, Feb. 28, 1998>
Article 1 (Enforcement Date)
This Act shall enter into force on April 1, 1998. (Proviso Omitted.)
Articles 2 through 7 Omitted.
ADDENDA <Act No. 5982, May 24, 1999>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 6 Omitted.
ADDENDA <Act No. 6993, Dec. 11, 2003>
| (1) | (Enforcement Date) This Act shall enter into force on the date of its promulgation. |
| (2) | (Applicability to Compilation of Budget) The amended provisions of the proviso to Article 37 (2) shall apply starting with the budget that is compiled first after this Act enters into force. |
| (3) | (Applicability to Submission of Settlement of Accounts) The amended provisions of Article 37 (3) shall apply starting with the settlement of accounts that is submitted first after this Act enters into force. |
ADDENDUM <Act No. 7717, Dec. 14, 2005>
This Act shall enter into force on the date of its promulgation.
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. 9460, Feb. 6, 2009>
| (1) | (Enforcement Date) This Act shall enter into force on the date of its promulgation. |
| (2) | (Transitional Measures for Penalty Provisions) The former provisions shall apply to the application of penal provisions to an act conducted before this Act enters into force. |
ADDENDUM <Act No. 10065, Mar. 12, 2010>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 10303, May 17, 2010>
Article 1 (Enforcement Date)
This Act shall enter into force six moths after the date of its promulgation. (Proviso Omitted)
Articles 2 through 10 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.
Articles 2 and 3 Omitted.
ADDENDA <Act No. 13453, Jul. 31, 2015>
Article 1 (Enforcement Date)
This Act shall enter into force one year after the date of its promulgation.
Articles 2 through 18 Omitted.
ADDENDA <Act No. 14839, Jul. 26, 2017>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation: Provided, That among Acts amended pursuant to Article 5 of Addenda, the amendments to Acts promulgated before this Act enters into force but the enforcement date of which has not yet arrived, shall enter into force on the enforcement date of the relevant Act.
Articles 2 and 6 Omitted.