ACT ON SPECIAL MEASURES FOR THE REDEMPTION OF INDEPENDENCE PUBLIC BONDS
Act No. 3669, Dec. 29, 1983
Amended by Act No. 5420, Dec. 13, 1997
Act No. 8852, Feb. 29, 2008
Act No. 9487, Mar. 18, 2009
Act No. 17143, Mar. 31, 2020
The purpose of this Act is to prescribe matters necessary for the redemption of independence public bonds.
[This Article Wholly Amended on Mar. 31, 2020]
The term "independence public bonds" in this Act means public bonds issued in the name of the provisional government of the Republic of Korea established for the independence of the fatherland after 1919.
[This Article Wholly Amended on Mar. 31, 2020]
| (1) | Any person who intends to have his/her independence public bonds redeemed shall report to the Minister of Strategy and Finance or the heads of the diplomatic missions of the Republic of Korea. |
| (2) | The heads of the diplomatic missions of the Republic of Korea who receive a report prescribed in paragraph (1) shall, without delay, send the report to the Minister of Strategy and Finance. |
| (3) | Reporting prescribed in paragraph (1) shall be made by not later than December 31, 2000: Provided, That in cases of a person who is unable to file a report by the deadline because he/she resides in an area north of the military demarcation line or in a country without diplomatic relations with the Republic of Korea, the period to file a report may be separately prescribed by Presidential Decree. |
| (4) | Matters necessary for reporting under paragraph (1) shall be prescribed by Presidential Decree. |
[This Article Wholly Amended on Mar. 31, 2020]
| (1) | Independence public bonds denominated in US dollars among independence public bonds reported as prescribed in Article 3 shall be redeemed in an amount computed by adding compound interest at an interest rate stated on the bond certificate or securities to the principal, and independence public bonds denominated in Korean won shall be redeemed in an amount computed by adding compound interest at an interest rate stated on the bond certificate or securities to the principal converted into US dollars at the exchange rate at the time of issuance. |
| (2) | The calculation of compound interest prescribed in the provisions of paragraph (1) shall be on an annual basis, and the period during which interest is calculated shall be from the date of issuance of independence public bonds through the date of notification of the payment of redemption money. |
[This Article Wholly Amended on Mar. 31, 2020]
| Article 5 Deleted. <Mar. 18, 2009> |
| Article 6 (Penalty Provisions) |
Any person who forges or alters an independence public bond certificate or securities shall be punished by imprisonment for not more than 10 years or by a fine not exceeding 20 million won. The same shall apply to a person who circulates an independence public bond certificate or securities knowing full well the fact of forgery or alteration.
[This Article Wholly Amended on Mar. 31, 2020]
| Article 7 Deleted. <Mar. 18, 2009> |
ADDENDUM <Act No. 3669, Dec. 29, 1983>
This Act shall enter into force six month after the date of its promulgation.
ADDENDA <Act No. 5420, Dec. 13, 1997>
| (1) | (Enforcement Date) This Act shall enter into force on the date of its promulgation. |
| (2) | (Applicability concerning Period for Calculation of Interest) The amended provisions of Article 4 (2) shall apply even to a person who has received payments pursuant to the provisions of proviso to the previous Article 4 (2). |
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.
ADDENDUM <Act No. 9487, Mar. 18, 2009>
This Act shall enter into force three month after the date of its promulgation.
ADDENDUM <Act No. 17143, Mar. 31, 2020>
This Act shall enter into force on the date of its promulgation.