Act No. 11947, Jul. 30, 2013
Article 1 (Purpose) |
Article 2 (Legal Capacity) |
(1) | The Green Climate Fund (hereinafter referred to as the “Fund”) may conduct the following activities pursuant to the purposes of establishing and operating the Fund: |
1. | Concluding a contract or becoming a party to a contract; |
2. | Acquiring or disposing of movable, immovable or other property; |
3. | Instituting a lawsuit or becoming a party to a lawsuit; |
4. | Issuing a financial product or transacting a financial product on a financial market. |
(2) | The Fund shall comply with the relevant statutes of the Republic of Korea in conducting any activity referred to in paragraph (1). |
Article 3 (Contribution to the Fund) |
Article 4 (Methods of Contribution) |
(1) | When contributing to the Fund, the Government may make contributions in lump sum or in installments in U.S. dollars or other freely convertible currency, gold, or in domestic currency. |
(2) | When making contributions in domestic currency pursuant to paragraph (1), the Government may pay the contribute money wholly or partially in securities denominated in domestic currency upon obtaining approval from the President, following deliberation by the State Council. |
Article 5 (Cooperation with Fund) |
(1) | The Minister of Strategy and Fiance shall superintend cooperation with the Fund. |
(2) | The Minister of Strategy and Fiance may formulate and implement comprehensive polices for strengthening cooperation with the Fund and supporting the activities of the Fund, in consultation with the heads of the relevant central administrative agencies. |
(3) | The Minister of Strategy and Fiance shall notify the policies formulated pursuant to paragraph (2) to the heads of the relevant central administrative agencies, and the heads of the relevant administrative agencies so notified shall take measures necessary for implementing such policies. |
(4) | If necessary for formulating polices referred to in paragraph (2), the Minister of Strategy and Fiance may request assistance from the head of the local governments having jurisdiction over the seat of the Fund. |
Article 6 (Support of State and Local Governments) |