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ENFORCEMENT DECREE OF THE INDUSTRIAL DEVELOPMENT ACT

Wholly Amended by Presidential Decree No. 21480, May 6, 2009

Amended by Presidential Decree No. 21692, Aug. 18, 2009

Presidential Decree No. 21765, Oct. 1, 2009

Presidential Decree No. 21835, Nov. 20, 2009

Presidential Decree No. 21904, Dec. 24, 2009

Presidential Decree No. 22269, Jul. 12, 2010

Presidential Decree No. 22493, Nov. 15, 2010

Presidential Decree No. 22884, Apr. 6, 2011

Presidential Decree No. 22984, jun. 27, 2011

Presidential Decree No. 23267, Oct. 28, 2011

Presidential Decree No. 24442, Mar. 23, 2013

Presidential Decree No. 24679, Aug. 6, 2013

Presidential Decree No. 24697, Aug. 27, 2013

Presidential Decree No. 25050, Dec. 30, 2013

Presidential Decree No. 25495, Jul. 21, 2014

Presidential Decree No. 25840, Dec. 9, 2014

Presidential Decree No. 26333, jun. 22, 2015

Presidential Decree No. 26369, jun. 30, 2015

Presidential Decree No. 26439, Jul. 24, 2015

Presidential Decree No. 26600, Oct. 23, 2015

Presidential Decree No. 27115, Apr. 29, 2016

Presidential Decree No. 27205, May 31, 2016

Presidential Decree No. 27453, Aug. 16, 2016

Presidential Decree No. 27636, Nov. 29, 2016

Presidential Decree No. 28958, jun. 12, 2018

Presidential Decree No. 29269, Oct. 30, 2018

Presidential Decree No. 29677, Apr. 2, 2019

Presidential Decree No. 30235, Dec. 10, 2019

 Article 1 (Purpose)
The purpose of this Decree is to prescribe matters delegated by the Industrial Development Act and matters necessary for the enforcement thereof.
 Article 2 (Scope of Industry)
"Types of business prescribed by Presidential Decree" in the main sentence of Article 2 of the Industrial Development Act (hereinafter referred to as the "Act") means the types of business specified in attached Table 1. <Amended on Jun. 27, 2011>
 Article 3 (Scope of Knowledge Services Industry and Support Institutions)
(1) "An industry prescribed by Presidential Decree" referred to in Article 8 (2) of the Act means any industry specified in attached Table 2.
(2) "An institution prescribed by Presidential Decree" referred to in Article 8 (3) of the Act means any of the following institutions: <Amended on Aug. 18, 2009>
1. The Korea Institute for Industrial Economics and Trade under the Act on the Establishment, Operation and Fostering of Government-Funded Research Institutes, Etc.;
3. Any other institutions which are recognized as having expertise and thus publicly notified by the heads of related central administrative agencies for each type of business in the knowledge services industry.
 Article 3-2 Deleted. <on Jul. 21, 2014>
 Article 3-3 Deleted. <on Jul. 21, 2014>
 Article 3-4 Deleted. <on Mar. 21, 2014>
 Article 3-5 Deleted. <on Feb. 21, 2014>
 Article 3-6 Deleted. <on Feb. 21, 2014>
 Article 4 (Support for Stimulation of Inter-Corporate Cooperation)
"Corporations or organizations prescribed by Presidential Decree" referred to in the main sentence of Article 11 (3) of the Act means any of the following corporations or organizations: <Amended on Dec. 24, 2009; Oct. 28, 2011; Aug. 16, 2016; Nov. 29, 2016; Dec. 10, 2019>
1. The Korea Chamber of Commerce and Industry under the Chambers of Commerce and Industry Act (hereinafter referred to as the "Korea Chamber of Commerce and Industry");
2. A trade association referred to in Article 12 (2) of the Act (hereinafter referred to as "trade association");
3. Korea Industrial Complex Corporation referred to in Article 45-3 of the Industrial Cluster Development and Factory Establishment Act.
4. The Korea Institute for Advancement of Technology referred to in Article 38 of the Industrial Technology Innovation Promotion Act, or Korea Testing Laboratory referred to in Article 41 of the same Act;
5. The Korea Standards Association established under Article 32 of the Industrial Standardization Act;
6. The Korea Institute of Design Promotion referred to in Article 11 of the Industrial Design Promotion Act;
7. Industrial technology research cooperatives under the Industrial Technology Research Cooperatives Support Act;
8. The Korea Environmental Industry and Technology Institute under the Korea Environmental Industry and Technology Institute Act;
9. The Korea Environment Corporation established under the Korea Environment Corporation Act;
10. Other corporations or organizations publicly notified by the Minister of Trade, Industry and Energy for whom support is deemed necessary to promote cooperation among enterprises.
 Article 5 (Composition, Operating Method, etc. of Consultative Bodies on Human Resources Development for Each Industry)
(1) A consultative body on human resources development for each industry referred to in Article 12 (2) of the Act (hereinafter referred to as "consultative body for each industry") shall be organized by the Minister of Trade, Industry and Energy after consultation with the heads of related central administrative agencies, such as the Minister of Education, Science and Technology and the Minister of Employment and Labor. <Amended on Jul. 12, 2010; Mar. 23, 2013>
(2) A consultative body for each industry shall be comprised of not less than ten but not more than 30 members, including the chairperson, who is to be elected from among members of the consultative body.
(3) Meetings of a consultative body for each industry shall be classified into regular meetings and extraordinary meetings, and the regular meetings shall be convened by the chairperson at least biannually to formulate and check business plans referred to in each subparagraph of Article 12 (2) of the Act, while the extraordinary meetings shall be convened if deemed necessary by the chairperson.
(4) Except as otherwise expressly provided for in paragraphs (1) through (3), matters necessary for the composition, operation, etc. of a consultative body for each industry shall be prescribed by the Minister of Trade, Industry and Energy. <Amended on Mar. 23, 2013>
 Article 6 (Concept, etc. of Business Realignment)
(1) "Such processes as business realignment prescribed by Presidential Decree" in the main sentence of Article 13 (1) of the Act means realigning any business run by any company as in the following:
1. Downsizing or discontinuing the business in operation, and then adding or converting it into a new business;
2. Exchanging the business in operation with any other business run by another company;
3. An acquisition or merger of at least two companies running the same type of business.
(2) "Corporations or organizations prescribed by Presidential Decree" in the main sentence of Article 13 (2) of the Act means any of the following corporations or organizations: <Amended on Nov. 20, 2009; Apr. 2, 2019>
1. A corporation or organization referred to in subparagraphs 1 through 3 of Article 4;
2. The Korea SMEs and Startups Agency established under Article 68 of the Small and Medium Enterprises Promotion Act.
 Article 7 (Surveys on Actual Conditions)
(1) "Institutions prescribed by Presidential Decree" in the former part of Article 15 (2) of the Act means any of the following institutions:
1. An organization of business operators;
2. An organization or association comprised of business entities in the relevant industry, the establishment of which has been permitted by the head of the competent central administrative agency having jurisdiction over the industry;
3. Government-funded research institutes prescribed in the Act on the Establishment, Operation and Fostering of Government-Funded Research Institutes, or Government-funded science and technology research institutes prescribed in the Act on the Establishment, Operation and Fostering of Government-Funded Science and Technology Research Institutes;
4. A designated statistics collection agency referred to in Article 15 of the Statistics Act.
(2) Where the Minister of Trade, Industry and Energy conducts a fact-finding survey referred to in Article 15 of the Act, he/she shall notify the person subject to the survey of survey plans including the date and time, objectives, details, etc. of the survey. <Amended on Mar. 23, 2013>
(3) In order to efficiently conduct a fact-finding survey referred to in Article 15 of the Act, the Minister of Trade, Industry and Energy may use communications networks, e-mails, and any other electronic media. <Amended on Mar. 23, 2013>
 Article 8 (Preparation of Statistics)
(1) The Minister of Trade, Industry and Energy shall prepare statistics concerning resource productivity of industry every five years pursuant to Article 16 (2) of the Act, but may do so frequently, if deemed necessary to effectively formulate and implement the comprehensive policies to improve resource productivity of industry referred to in paragraph (1) of the same Article. <Amended on Mar. 23, 2013>
(2) "Agencies prescribed by Presidential Decree" referred to in the former part of Article 16 (3) of the Act means any of the following institutions:
1. An agency under the jurisdiction of any central administrative agency or local government;
2. A designated statistics collection agency referred to in Article 15 of the Statistics Act.
3. A corporation established pursuant to Article 32 of the Civil Act, which aims to engage in a business relating to resource productivity of industry;
4. An organization of business operators;
5. A cooperative or a federation of cooperatives under the Small and Medium Enterprise Cooperatives Act;
6. Korea Chamber of Commerce and Industry;
7. Korea Industrial Complex Corporation referred to in Article 45-3 of the Industrial Cluster Development and Factory Establishment Act.
(3) Except as otherwise expressly provided for in paragraphs (1) and (2), details necessary for preparing statistics shall be prescribed by Ordinance of the Ministry of Trade, Industry and Energy. <Amended on Mar. 23, 2013>
 Article 9 (Tasks regarding Resource Productivity)
(1) "Agencies prescribed by Presidential Decree" in the main sentence of Article 17 of the Act means any of the following institutions:
1. The Korea Institute of Industrial Technology or the Korea Institute of Geoscience and Mineral Resources referred to in Article 8 of the Act on the Establishment, Operation and Fostering of Government-Funded Science and Technology Research Institutes, Etc.;
2. The Korea Resources Corporation under the Korea Resources Corporation Act;
(2) "Tasks prescribed by Presidential Decree" referred to in subparagraph 6 of Article 17 of the Act means the following tasks:
1. Tasks concerning standardization of resource productivity management techniques by company, product, and service;
2. International cooperation tasks to improve resource productivity;
3. Tasks concerning education and training for companies, trade associations, business entities, etc. which engage in business relating to resource productivity;
4. Any other tasks necessary for improving resource productivity, including training of resource management specialists, public relations, etc.
 Article 9-2 (Designation, etc. of Sustainable Management Support Centers)
(1) Institutions or organizations intending to be designated as sustainable management support centers in accordance with Article 19 (5) of the Act shall meet the requirements in the following subparagraphs:
1. To be a non-profit corporation;
2. Inclusion of tasks related to support for sustainable management (hereinafter referred to as “sustainable management” in this Article) considering economic profitability, environmental soundness, and social responsibility in the main tasks of institutions or organizations;
3. Possession of capabilities to support sustainable management of companies, such as exclusive support team and manpower.
(2) Institutions or organizations which intend to be designated as sustainable management support centers shall attach any of the following documents evidential of satisfying the requirements under paragraph (1) to the designation application form and submit the documents to the Minister of Trade, Industry and Energy:
1. Its articles of incorporation or other equivalent business management regulations.
2. A business plan;
3. Status of specialists retained.
(3) Where the Minister of Trade, Industry and Energy designates a sustainable management support center, he/she shall notify the name, location of the designated center, and the date of designation in an official gazette or on the website of the Ministry of Trade, Industry and Energy.
(4) The institutions or organizations designated as sustainable management support center shall submit the business plans of the relevant year and business promotion records of the previous year to the Minister of Trade, Industry and Energy no later than January 31 every year.
(5) Matters necessary for detailed qualifications for designation, designation procedures, and operation of sustainable management support centers other than matters prescribed in paragraphs (1) through (4) shall be prescribed and notified by the Minister of Trade, Industry and Energy.
[This Article Newly Inserted on Jun. 12, 2018]
 Article 9-3 (Revocation of Designation of Sustainable Management Support Centers)
(1) Where institutions or organizations designated as sustainable management support centers fall under any of the following subparagraphs, the Minister of Trade, Industry and Energy may revoke the designation thereof: Provided, That the designation thereof in the case under paragraph (1) may be revoked:
1. Where the trading agency has obtained the designation by fraud or other improper means;
2. Where such institutions or organizations fail to meet the designation requirements referred to in Article 9 (2) 1;
3. Where such institutions or organizations fail to perform the designated tasks without justifiable grounds for more than three months;
4. Where contributions or subsidies pursuant to Article 19 (6) of the Act are used for other purposes.
(2) Where the Minister of Trade, Industry and Energy revokes the designation of sustainable management support centers, he/she shall notify the subject and reason of the revocation of designation in an official gazette and on the website of the Ministry of Trade, Industry and Energy.
[This Article Newly Inserted on Jun. 12, 2018]
 Article 10 (Minimum Amount of Investment)
(1) "The amount prescribed by Presidential Decree" referred to in Article 20 (1) 2 of the Act means 500 million won if the partner with limited liability is an individual, and one billion won if the partner with limited liability is a corporation or any other organization (including the funds established under the statues specified in attached Table 2 of the National Finance Act and the collective investment schemes referred to in Article 182 (1) of the Financial Investment Services and Capital Markets Act).
(2) "The amount prescribed by Presidential Decree" referred to in Article 20 (1) 3 of the Act means 1.5 billion won.
 Article 11 (Council of Creditor Financial Institutions)
"An entity prescribed by Presidential Decree" referred to in subparagraph 4 of Article 21 of the Act means an entity organized by any of the following persons in accordance with an agreement, etc. on corporate restructuring: <Amended on Apr. 29, 2016>
1. A creditor financial institution of the relevant company (referring to the principal creditor bank defined in subparagraph 5 of Article 2 of the Corporate Restructuring Promotion Act; or referring to the creditor financial institution defined in subparagraph 3 of Article 2 of the Corporate Restructuring Promotion Act which holds the largest claims against the relevant company, if no principal creditor bank exists);
2. A person whose total amount of claims against the relevant company is not less than 50/100 of the company's total liabilities to financial institutions.
 Article 12 (Requirements, etc. for Companies Subject to Restructuring)
"A company which satisfies the requirements prescribed by Presidential Decree" referred to in subparagraph 5 of Article 21 of the Act means any of the following companies: <Amended on Oct. 1, 2009; Mar. 23, 2013; Aug. 27, 2013; Oct. 30, 2018>
1. A company whose total capital on the financial statements specified in subparagraph 2 of Article 2 of the Act on External Audit of Stock Companies, Etc. (limited to financial statements which have received a qualified opinion or any other better audit opinion in an audit report prepared by an auditor referred to in Article 3 (1) of the same Act; hereinafter the same shall apply in this Article) is less than its paid-in capital, and which needs business normalization;
2. A company whose ratio of total liabilities to total capital (hereinafter referred to as the "debt ratio") on its financial statements is 1.5 times higher than the average debt ratio by type of business prescribed by Ordinance of the Ministry of Trade, Industry and Energy;
3. A company the sale, etc. of assets or business of which is deemed inevitable to conduct a business realignment, etc. pursuant to Article 6 (1);
4. A company whose loss caused by any of the following reasons exceeds 5/100 of its sales of the immediately preceding business year:
(a) Non-payment of a bill;
(b) Failure to recover accounts receivable or to collect the price for exports;
(c) Performance of guaranteed obligations;
5. A company which was assigned a non-investment grade for its corporate bonds by at least two credit rating agencies under the Financial Investment Services and Capital Markets Act, within the last six months;
6. A company which sustained business losses for the last two consecutive years, according to its business year-end financial statements;
7. A company eligible for assistance in trade adjustment referred to in Article 6 of the Act on Trade Adjustment Assistance Following the Free Trade Agreements, having been deemed to need restructuring.
 Article 13 (Special Cases concerning Methods of Asset Management of Private Equity Funds for Improving Corporate Structure)
“Investment which is prescribed by Presidential Decree" referred to in Article 22 (1) 2 of the Act means any of the following investments: <Amended on Oct. 23, 2015>
2. Investment made to purchase real estate which has been disposed of by the largest shareholder of a company subject to restructuring to contribute to such company.
[Title Amended on Jul. 23, 2015]
 Article 14 (Investment by Funds in Private Equity Funds for Improving Corporate Structure)
(1) "A fund which is prescribed by Presidential Decree" referred to in Article 24 (1) of the Act means any fund specified in attached Table 3.
(2) A person managing a fund referred to in Article 24 (1) of the Act may invest money, which is less than 10/100 of the operational funds for such fund, in a private equity fund for improving corporate structure. <Amended on Oct. 23, 2015>
[Title Amended on Jul. 23, 2015]
 Article 15 (Projects, etc. to Support Corporate Restructuring)
(1) "Projects prescribed by Presidential Decree, including analysis of the trends of restructuring and its industrial and economic effects" referred to in Article 25 (2) of the Act means any of the following projects:
1. Provision and analysis of information for the purpose of restructuring;
2. Development and dissemination of valuation models;
3. Arrangement of loans or investment necessary for restructuring;
4. Training and education of restructuring specialists;
5. Support for the business realignment of companies subject to restructuring, as well as for occupational changes of their workers;
6. Composition and operation of a consultative body of support institutions for restructuring;
7. Support for brokerage for inter-corporate acquisitions and mergers;
8. Arrangement of inter-corporate alliances on technology, human resources, etc.;
9. Provision of the information on purchase and sale of production facilities, real estate, etc. of companies;
10. Provision of the information and consultations on systems to support corporate restructuring.
(2) The Minister of Trade, Industry and Energy may provide necessary support to ensure that any corporation or organization prescribed by Ordinance of the Ministry of Trade, Industry and Energy, which engages in any project referred to in any subparagraph of paragraph (1), can efficiently implement the relevant project. <Amended on Mar. 23, 2013>
 Article 16 (Rewards, Support, etc.)
(1) The objects and types of rewards referred to in Article 27 (2) of the Act shall be as follows: <Amended on Mar. 23, 2013>
1. Any of the following rewards, in the case of outstanding companies, corporations, or organizations which have engaged in the improvement of industrial technology and productivity or reduction in greenhouse gas emissions (hereinafter referred to as "improvement of industrial technology, etc." in this Article):
(a) Grand prize for the improvement of industrial technology, etc.;
(b) Grand prize for the improvement of industrial technology, etc. in each category;
(c) Any other special prizes prescribed by the Minister of Trade, Industry and Energy to encourage the improvement of industrial technology, etc.;
2. Special prize for persons of merit, in the case of managers, workers, experts, etc. who have contributed to the improvement of industrial technology, etc.;
3. Special prize for the improvement of industrial technology, etc., in the case of foreign corporations, foreigners, or foreign organizations that have contributed to the improvement of industrial technology, etc.
(2) The Minister of Trade, Industry and Energy shall determine matters concerning the method and procedures for selecting awardees, the standards, etc. for granting rewards referred to in paragraph (1) and publicly notify them by the end of January each year. <Amended on Mar. 23, 2013>
(3) The Minister of Trade, Industry and Energy may subsidize research expenses, training or guidance expenses, etc., for the relevant employee of a company, corporation, or organization awarded any prize referred to in paragraph (1) 1 as well as for persons of merit awarded the prize referred to in paragraph (1) 2. <Amended on Mar. 23, 2013>
 Article 17 (Dissemination of Successful Cases of Improvement, etc. of Productivity)
"Organizations prescribed by Presidential Decree" referred to in Article 27 (3) 2 of the Act means any of the following organizations: <Amended on Dec. 24, 2009; Oct. 28, 2011; Jul. 24, 2015; Nov. 29, 2016>
2. The Korea Institute of Industrial Technology or the Korea Institute of Geoscience and Mineral Resources referred to in Article 8 of the Act on the Establishment, Operation and Fostering of Government-Funded Science and Technology Research Institutes, Etc.;
3. The Korea Resources Corporation under the Korea Resources Corporation Act;
4. The Korea Environmental Industry and Technology Institute under the Korea Environmental Industry and Technology Institute Act;
5. The Korea Environment Corporation established under the Korea Environment Corporation Act;
 Article 18 (Standards, etc. for Companies Specializing in Production)
(1) "Standards prescribed by Presidential Decree" referred to in Article 28 of the Act means any of the following:
1. A company whose products without its trademark represent at least 50/100 of its sales (referring to an amount calculated by any method specified in Article 7 of the Enforcement Decree of the Framework Act on Small and Medium Enterprises; hereinafter the same shall apply in this paragraph);
2. A company which has at least 50 full-time workers, capital of at least one billion won, and annual sales of at least 30 billion won: Provided, That in the case of a company which produces products representing at least 50/100 of its sales by using biotechnology (referring to technology utilizing any biomedical or biological system to produce industrially useful materials or to improve production processes), it shall have at least 30 full-time workers, capital of at least one billion won, and annual sales of at least two billion won.
(2) The Minister of Trade, Industry and Energy may provide the following support to companies specializing in production referred to in paragraph (1): <Amended on Mar. 23, 2013>
1. Support for the establishment of the foundation for production technology;
2. Support for the development of production technology;
3. Support for the commercialization of developed technologies as well as for technology transfer between companies specializing in production;
4. Support for participation in domestic and overseas exhibitions.
 Article 19 Deleted. <on Aug. 16, 2016>
 Article 20 Deleted. <on Aug. 16, 2016>
 Article 21 Deleted. <on Aug. 16, 2016>
 Article 22 (Assistance for Consultative Body on Industrial Cooperation)
(1) The Minister of Trade, Industry and Energy may assist a consultative body on industrial cooperation in providing funds, human resources, and information, pursuant to Article 35 (2) of the Act. <Amended on Mar. 23, 2013>
(2) The Minister of Trade, Industry and Energy may request cooperation from the heads of relevant administrative agencies or the heads of institutions or organizations related to industry or technology, if necessary in relation to assistance referred to in paragraph (1). <Amended on Mar. 23, 2013>
 Article 23 (Objects of and Procedures for, Support for Private Industrial Cooperation)
(1) "Industrial cooperative activities prescribed by Presidential Decree" referred to in Article 36 of the Act means any of the following projects: <Amended on Mar. 23, 2013>
1. A private-sector cooperation project with foreign countries, which was agreed upon by the consultative body on industrial cooperation referred to in Article 35 (1) of the Act;
2. A cooperative project agreed upon by an economic cooperation organization with foreign countries which was established by the private sector;
3. A project deemed by the Minister of Trade, Industry and Energy to contribute to promoting international industrial cooperation or improving the industrial structure, among cooperative projects between companies, universities, and institutions or organizations related to industry or technology.
(2) Any company, university, institution, or organization that intends to receive support referred to in Article 36 of the Act shall submit to the Minister of Trade, Industry and Energy an application for support including the background, main contents, and expected effects of the relevant project and expenses incurred therein, etc. <Amended on Mar. 23, 2013>
(3) Any company, university, institution, or organization that has received support referred to in Article 36 shall submit a report on the results of the relevant project to the Minister of Trade, Industry and Energy within three months after the completion of the project. <Amended on Mar. 23, 2013>
 Article 24 (Support for Private Experts)
(1) The Minister of Trade, Industry and Energy may subsidize travelling and staying expenses and any other expenses incurred in performing business, for domestic and overseas activities performed by private experts, pursuant to Article 37 (2) of the Act. <Amended on Mar. 23, 2013>
(2) Any person subsidized with expenses pursuant to paragraph (1) shall submit a report on the results of activities to the Minister of Trade, Industry and Energy, within three months after the completion of the activities. <Amended on Mar. 23, 2013>
 Article 25 Deleted. <on Aug. 16, 2016>
 Article 26 Deleted. <on Aug. 16, 2016>
 Article 27 (Mutual Aid Associations)
(1) Where business entities intend to establish a mutual aid association referred to in Article 40 of the Act (hereinafter referred to as "mutual aid association"), at least ten promoters must be involved for such establishment: Provided, That where the number of business entities engaging in the relevant type of business is less than 100, a mutual aid association may be established with at least 1/10 of the total number of the business entities.
(2) Upon completion of the inaugural general meeting, promoters shall submit the articles of association and business plans to the Minister of Trade, Industry and Energy without delay. <Amended on Mar. 23, 2013>
 Article 28 (Funds for Mutual Aid Associations)
A mutual aid association may raise and operate funds for mutual aid projects, if deemed necessary to efficiently accomplish the purposes specified in any subparagraph of Article 40 (1) of the Act.
 Article 29 (Details to be Recorded in Articles of Association of Mutual Aid Associations)
(1) The articles of association of a mutual aid association shall include the following, pursuant to Article 40 (3) of the Act:
1. Objectives;
2. Name;
3. Projects and project areas;
4. Locations of the principal office and branch offices;
5. Matters regarding executive officers and employees;
6. Matters concerning affairs and the execution thereof;
7. Subscription, rights and obligations of its members;
8. Surplus appropriation and disposal of losses;
9. Amount of reserves and the method of accumulating the reserves;
10. Revenues and the method of accumulating the revenues;
11. Operation and management of the funds for mutual aid projects;
12. Matters regarding the general meeting and the board of directors;
13. Matters related to public notice;
14. Matters relating to revisions to the articles of association;
(2) Where a mutual aid association amends its articles of association, it shall obtain authorization from the Minister of Trade, Industry and Energy. <Amended on Mar. 23, 2013>
 Article 30 (Change of Holders of Contribution Certificates)
(1) Where any current or former member of a mutual aid association intends to transfer his/her equity to any other member or any person who intends to be a member of such mutual aid association pursuant to Article 42 (1) of the Act, he/she shall require the mutual aid association to change the holder of the relevant contribution certificate, as prescribed by the articles of association.
(2) Where a mutual aid association acquires equity on the grounds specified in Article 43 (1) 2 or 3 of the Act, it shall dispose of such equity after changing the holder of the relevant contribution certificate to the mutual aid association.
 Article 31 Deleted. <on Aug. 16, 2016>
 Article 31-2 (Re-Examination of Regulation)
The Minister of Trade, Industry and Energy shall examine the appropriateness of the minimum amount of investment referred to in Article 10 every three years, counting from January 1, 2014 (referring to the period that ends on the day before the base date of every third year) and shall take measures, such as making improvements.
[This Article Wholly Amended on Aug. 16, 2016]
 Article 32 (Standards for Imposition of Administrative Fines)
The standards for imposition of administrative fines under Article 50 (1) and (2) of the Act shall be as specified in attached Table 2.
[This Article Wholly Amended on Apr. 6, 2011]
ADDENDA <Presidential Decree No. 21480, May. 6, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 8, 2009.
Article 2 Omitted.
Article 3 (Relationships with other Acts)
A citation of any provision of the former Enforcement Decree of the Industrial Development Act by any other statute at the time this Decree enters into force shall be deemed a citation of the corresponding provisions of this Decree in lieu of the former provisions, if such corresponding provisions exist herein.
ADDENDA <Presidential Decree No. 21692, Aug. 18, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on Aug. 23, 2009.
Articles 2 through 6 Omitted.
ADDENDA <Presidential Decree No. 21765, Oct. 1, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 21835, Nov. 20, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on Nov. 22, 2009.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 21904, Dec. 24, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on Jan. 1, 2010.
Articles 2 through 6 Omitted.
ADDENDA <Presidential Decree No. 22269, Jul. 12, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Article 2 Omitted.
ADDENDA <Presidential Decree No. 22493, Nov. 15, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on Nov. 18, 2010.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 22884, Apr. 6, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Transitional Measure concerning Administrative Fines)
Notwithstanding the amended provisions of attached Table 4, the previous provisions shall apply to the criteria for imposition of administrative fines for offenses committed before this Decree enters into force.
ADDENDA <Presidential Decree No. 22984, Jun. 27, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on Jul. 1, 2011.
Article 2 (Period of Validity of the Committee)
The amended provisions of Articles 3-4 through 3-6 shall remain in force until June 30, 2014.
ADDENDA <Presidential Decree No. 23267, Oct. 28, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on Oct. 29, 2011.
Articles 2 and 3 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.
ADDENDUM <Presidential Decree No. 24679, Aug. 6, 2013>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 24697, Aug. 27, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on Aug. 29, 2013. (Proviso Omitted.)
Articles 2 through 13 Omitted.
ADDENDUM <Presidential Decree No. 25050, Dec. 30, 2013>
This Decree shall enter into force on Jan. 1, 2014. (Proviso Omitted.)
ADDENDA <Presidential Decree No. 25495, Jul. 21, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on Jul. 22, 2014.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 25840, Dec. 9, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on Jan. 1, 2015.
Articles 2 through 16 Omitted.
ADDENDA <Presidential Decree No. 26333, Jun. 22, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on Jul. 1, 2015.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 26369, Jun. 30, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on Jul. 1, 2015.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 26439, Jul. 24, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on Jul. 29, 2015.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 26600, Oct. 23, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on Oct. 25, 2015. (Proviso Omitted.)
Articles 2 through 9 Omitted.
ADDENDA <Presidential Decree No. 27115, Apr. 29, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 27205, May 31, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on Sep. 30, 2016. (Proviso Omitted.)
Articles 2 and 3 Omitted.
ADDENDUM <Presidential Decree No. 27453, Aug. 16, 2016>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 27636, Nov. 29, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on Dec. 2, 2016.
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 28958, Jun. 12, 2018>
This Decree shall enter into force on Jun. 13, 2018.
ADDENDA <Presidential Decree. No. 29269, Oct. 30, 2018>
Article 1 (Enforcement Date)
This Decree shall enter into force on Nov. 1, 2018.
Articles 2 through 11 Omitted.
<ADDENDA <Presidential Decree No. 29677, Apr. 2, 2019>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 30235, Dec. 10, 2019>
This Decree shall enter into force on the date of its promulgation.