REGULATIONS ON PARTICIPATION OF POST OFFICE IN CLEARING HOUSE
Wholly Amended by Presidential Decree No. 9131, Aug. 10, 1978
Amended by Presidential Decree No. 13995, Oct. 18, 1993
Presidential Decree No. 20678, Feb. 29, 2008
Presidential Decree No. 24442, Mar. 23, 2013
Presidential Decree No. 28210, Jul. 26, 2017
The purpose of this Decree is to prescribe matters necessary for the post offices to participate in a clearing house.
| Article 2 (Approval for Participation) |
| (1) | Where deemed necessary or where recommended by a bank or bank branch that has joined a clearing house (hereinafter referred to as "clearing bank") to participate in the clearing house, a post office may participate in the clearing house after obtaining approval from the Minister of Science and ICT. <Amended by Presidential Decree No. 20678, Feb. 29, 2008; Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017> |
| (2) | Where a post office intends to obtain approval under paragraph (1), it shall submit a written application to the Minister of Science and ICT, along with the bylaws of the clearing house in which it intends to participate. <Amended by Presidential Decree No. 20678, Feb. 29, 2008; Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017> |
| (3) | Where any bylaw of the clearing house in which a post office participates is amended, it shall report, without delay, the details thereof to the Minister of Science and ICT. <Amended by Presidential Decree No. 20678, Feb. 29, 2008; Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017> |
| Article 3 (Securities Eligible for Exchange Settlement) |
| (1) | Securities a post office is allowed to conduct exchange settlement through participation in a clearing house shall be as follows: |
| 1. | Securities the post office is to make payments for: |
| (a) | Postal money order certificates issued under the Postal Money Order Act or the Enforcement Decree of the same Act; |
| (b) | Checks and certificates of payment issued under the Postal Transfer Act or the Enforcement Rules of the same Act; |
| 2. | Securities the post office is to receive payments for: All sorts of securities generally dealt with by the relevant clearing house. |
| (2) | Exchange settlement of a postal money order certificate bearing an indication of service of certificate under Article 17 of the Enforcement Rules of the Postal Money Order Act shall be as prescribed by the Minister of Science and ICT. <Amended by Presidential Decree No. 13995, Oct. 18, 1993; Presidential Decree No. 20678, Feb. 29, 2008; Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017> |
| Article 4 (Revocation of Payment) |
| (1) | Where either of the following applies to a certificate which has already been paid for by exchange settlement, a post office shall revoke the payment therefor and request the relevant clearing bank to refund the amount paid: |
| 1. | Where the certificate that falls under Article 3 (1) 1 is a forgery; |
| 2. | Where the certificate is the original certificate if a substitute certificate has been issued for the certificate that falls under Article 3 (2). |
| (2) | When the post office revokes the payment under paragraph (1) and requests for the refund of the amount paid, it shall state the grounds for revocation on the back of the certificate, affix the official seal thereon, and return it to the relevant clearing bank. |
| Article 5 (Period for Return of Dishonored Certificates) |
The period for return of a dishonored certificate that falls under Article 3 (1) 1 and is settled by exchange shall be prescribed by the Minister of Science and ICT. <Amended by Presidential Decree No. 20678, Feb. 29, 2008; Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017>
| Article 6 (Approval for Withdrawal) |
Where a post office deems it unnecessary to continue participating in a clearing house due to amendment of any bylaws thereof or any other circumstances, the post office may withdraw from the relevant clearing house after obtaining approval therefor from the Minister of Science and ICT. <Amended by Presidential Decree No. 20678, Feb. 29, 2008; Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 28210, Jul. 26, 2017>
| Article 7 (Application of Bylaws) |
Where a post office conducts any exchange settlement through participation in a clearing house, it shall comply with the bylaws of the relevant clearing house unless otherwise expressly prescribed in this Decree.
ADDENDUM
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 13995, Oct. 18, 1993>
| (1) | (Enforcement Date) This Decree shall enter into force on the date of its promulgation. |
ADDENDA <Presidential Decree No. 20678, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 7 Omitted.
ADDENDA <Presidential Decree No. 24442, Mar. 23, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 12 Omitted.
ADDENDA <Presidential Decree No. 28210, Jul. 26, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 6 Omitted.