OVERSEAS KOREANS FOUNDATION ACT
Act No. 5313, Mar. 27, 1997
Amended by Act No. 5640, Jan. 21, 1999
Act No. 6101, Dec. 31, 1999
Act No. 7401, Mar. 24, 2005
Act No. 7428, Mar. 31, 2005
Act No. 10096, Mar. 17, 2010
Act No. 11690, Mar. 23, 2013
Act No. 11890, Jul. 16, 2013
Act No. 12769, Oct. 15, 2014
Act No. 13348, jun. 22, 2015
Act No. 17307, May 26, 2020
Act No. 17308, May 26, 2020
The purpose of this Act is to establish the Overseas Koreans Foundation, with the aim of helping overseas Koreans to maintain national ties while living in the countries of residence as exemplary members of such societies.
[This Article Wholly Amended on Mar. 17, 2010]
The term "overseas Korean" in this Act means any of the following persons:
| 1. | Persons who are a national of the Republic of Korea, and stay in a foreign country for a long time or obtain permanent residency in a foreign country; |
| 2. | Persons of Korean extraction regardless of their nationality, who reside and live in a foreign country. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 3 (Legal Personality) |
The Overseas Koreans Foundation (hereinafter referred to as the "Foundation") shall be a juristic person.
[This Article Wholly Amended on Mar. 17, 2010]
| Article 4 (Establishment) |
| (1) | The Foundation shall come into existence by completing the registration of incorporation in the location of its principal office. |
| (2) | The registration of incorporation under paragraph (1) shall include the following: |
| 4. | Names and domiciles of executive officers; |
| 5. | The methods of public announcement; |
| 6. | Total value of the assets; |
| 7. | Methods of investment. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 5 (Establishment of Office) |
| (1) | The seat of the principal office of the Foundation shall be determined by the articles of incorporation. |
| (2) | The Foundation may, if necessary, establish branch offices within and outside the Republic of Korea with the approval of the Minister of Foreign Affairs. <Amended on Mar. 23, 2013> |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 6 (Articles of Incorporation) |
| (1) | The following matters shall be stated in the articles of association of a foundation: |
| 3. | Matters related to the principal office and branch offices; |
| 4. | Matters concerning its business; |
| 5. | Matters concerning property and accounting; |
| 6. | Matters concerning officers and staff; |
| 7. | Matters regarding the board of directors; |
| 8. | Matters concerning the amendment to the articles of association; |
| 9. | Matters related to public notice; |
| 10. | Matters concerning establishment, amendment, and repeal of internal regulations. |
| (2) | Where the Foundation intends to modify the articles of association, it shall obtain in advance authorization of the Minister of Foreign Affairs. <Amended on Mar. 23, 2013> |
[This Article Wholly Amended on Mar. 17, 2010]
| (1) | The Foundation shall carry out the business projects prescribed in the following subparagraphs in order to accomplish the purpose prescribed in Article 1: <Amended on Mar. 23, 2013> |
| 1. | Overseas Koreans exchange projects; |
| 2. | Investigation and research projects of overseas Koreans' society; |
| 3. | Education, culture and publicity projects for overseas Koreans; |
| 4. | Projects which the Government entrusts to the Foundation; |
| 5. | Other projects necessary to accomplish the purpose prescribed in Article 1, and determined by the Minister of Foreign Affairs with the approval of the Prime Minister; |
| 6. | Services incidental to services referred to in subparagraphs 1 through 3. |
| (2) | Matters concerning the detailed scope of contents of projects stipulated in paragraph (1) 1 through 3 shall be prescribed by Presidential Decree. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 8 (Executive Officers) |
| (1) | The Foundation shall have not more than nine directors including a chairperson, and an auditor. |
| (2) | Executive officers, other than the chairperson and full-time directors prescribed by the articles of association, shall be of part-time position. |
| (3) | The chairperson shall be appointed by the President through the Prime Minister, on the recommendation of the Minister of Foreign Affairs. <Amended on Mar. 23, 2013> |
| (4) | Directors, except for ex officio directors prescribed by Presidential Decree, shall be appointed by the Minister of Foreign Affairs, on the recommendation of the chairperson. In this case, more than one person who has a good knowledge of and experience in the affairs regarding overseas Korean shall be included from among those in civic group and academia. <Amended on Jul, 16, 2013> |
| (5) | The auditor shall be appointed by the Minister of Foreign Affairs. <Amended on Mar. 23, 2013> |
| (6) | The term of office of the chairperson and directors shall be three years and that of the auditor shall be two years. The chairperson, directors, and auditor may be consecutively reappointed only once. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 9 (Grounds for Disqualification of Executive Officers) |
No person who falls under any of the following subparagraphs shall be qualified for an officer: <Amended on Oct. 15, 2014; May 26, 2020>
| 1. | Non-national of the Republic of Korea; |
| 3. | A person under adult guardianship; |
| 5. | Deleted; <May 26, 2020> |
| 6. | Deleted; <May 26, 2020> |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 10 (Officers’ Duties) |
| (1) | The chairperson shall represent the Foundation, preside over the business of the Foundation, and instruct and supervise employees belonging thereto. |
| (2) | Full-time directors shall assign the duties of the Foundation among themselves as determined by the articles of association, and where the chairperson is unable to perform his/her duties due to unavoidable grounds, the full-time director determined by the articles of association shall act for the chairperson. |
| (3) | The auditor shall inspect the business and accounting of the Foundation. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 11 (Restriction on Concurrent Holding of Other Offices by Executive Officers and Employees) |
Executive officers (excluding part-time directors and auditor; hereafter the same shall apply in this Article) and employees of the Foundation shall not be engaged in any profit-making business other than their duties, and executive officers and employees may not hold an additional post without permission of the Minister of Foreign Affairs, and the chairperson, respectively. <Amended on Mar. 23, 2013>
[This Article Wholly Amended on Mar. 17, 2010]
| Article 12 (Board of Directors) |
| (1) | To deliberate and determine significant matters of business, the Foundation shall have a board of directors. |
| (2) | The board of directors shall consist of directors, including the president. |
| (3) | The president shall convene board of directors' meetings and shall presided over such meetings. |
| (4) | The auditor shall attend a meeting of the board of directors and may state his/her opinion. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 13 (Appointment and Dismissal of Employees) |
The chief director shall appoint and dismiss employees of the Foundation in accordance with its articles of incorporation.
[This Article Wholly Amended on Mar. 17, 2010]
| Article 14 (Secondment of Public Officials) |
The Foundation may request a state agency through the Minister of Foreign Affairs to dispatch public officials to the Foundation, if necessary for the accomplishment of its purpose. <Amended on Mar. 23, 2013>
[This Article Wholly Amended on Mar. 17, 2010]
| Article 15 Deleted. <Dec. 31, 1999> |
| Article 16 (Operational Resources) |
The Foundation shall be operated with the following financial resources:
| 1. | Contributions from the Government under Article 17; |
| 2. | Donated money and valuable goods under Article 18; |
| 4. | Deleted; <Jul. 16, 2013> |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 17 (Financial Contributions) |
| (1) | The Government shall grant contributions necessary for the Foundation to appropriate to the expenses incurred in establishing and operating the Foundation, within budgetary limits. |
| (2) | Matters necessary for the grant, use, etc. of contributions referred to in paragraph (1) shall be determined by Presidential Decree. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 18 (Collection of Donated Money and Valuable Goods) |
The Foundation may, if deemed necessary, collect donated money and valuable goods pursuant to related statutes with the approval of the Minister of Foreign Affairs. <Amended on Mar. 23, 2013>
[This Article Wholly Amended on Mar. 17, 2010]
| Article 19 (Borrowing Funds) |
The Foundation may borrow funds necessary for the projects under Article 7 (including borrowing from international organizations, foreign governments, or foreigners) with the approval of the Minister of Foreign Affairs. <Amended on Mar. 23, 2013> [This Article Wholly Amended on Mar. 17, 2010]
| Article 20 (Business Year) |
The business year of the KOFIH shall coincide with the fiscal year of the State.
[This Article Wholly Amended on Mar. 17, 2010]
| Article 21 (Approval of Project Plans and Budget Bills) |
| (1) | The Foundation shall prepare a project plan and budget bill for each business year as prescribed by Presidential Decree, and obtain approval of the Minister of Foreign Affairs. <Amended on Mar. 26, 2013; May 26, 2020> |
| (2) | Where the Foundation intends to modify a project plan or budget bill prescribed in paragraph (1), it shall prepare in advance a project plan and budget bill specifying the details of and reasons for the modification and obtain approval from the Minister of Foreign Affairs, as prescribed by Presidential Decree. <Newly Inserted on May 26, 2020> |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 22 (Submittal of Written Settlement of Accounts) |
The Foundation shall prepare a settlement of accounts concerning revenue and expenditure for each business year and submit it to the Minister of Foreign Affairs by the end of February of the next business year. <Amended on Mar. 23, 2013>
[This Article Wholly Amended on Mar. 17, 2010]
| Article 23 (Guidance and Supervision) |
| (1) | The Minister of Foreign Affairs shall guide and supervise the Foundation. <Amended on Mar. 23, 2013> |
| (2) | The Minister of Foreign Affairs may, if deemed necessary for the guidance and supervision of the performance of projects pursuant to Article 7, consult with the heads of relevant central administrative agencies. <Amended on Mar. 23, 2013> |
| (3) | The Minister of Foreign Affairs may require the Foundation to make a report on matters necessary for business, accounting, and property, or require affiliated public officials to inspect account books, documents or other articles of the Foundation. <Amended on Mar. 23, 2013> |
| (4) | The Minister of Foreign Affairs may, if deemed necessary as a result of report or inspection under paragraph (3), take necessary measures, such as corrective orders, etc. <Amended on Mar. 23, 2013> |
| (5) | Public officials conducting an inspection under paragraph (3) shall produce a certificate indicating their authority to interested parties. |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 24 (Duty of Confidentiality) |
Persons who are or were executive officers or employees of the Foundation shall not divulge confidential information which comes to their knowledge by virtue of their duties.
[This Article Wholly Amended on Mar. 17, 2010]
| Article 25 (Prohibition on Use of Similar Name) |
No person, other than the Foundation under this Act, shall use the title "Overseas Koreans Foundation" or other titles similar thereto.
[This Article Wholly Amended on Mar. 17, 2010]
| Article 26 (Application Mutatis Mutandis of Civil Act) |
Except those provided for in this Act, the provisions governing foundations in the Civil Act shall apply mutatis mutandis to the matters on the KOFIH. [This Article Wholly Amended on Mar. 17, 2010]
| Article 27 (Legal Fiction as Public Officials in Application of Penalty Provisions) |
[This Article Wholly Amended on Mar. 17, 2010]
| Article 28 (Penalty Provisions) |
Any person who divulges confidential information he/she has learned while performing his/her duties, in violation of Article 26, shall be punished by imprisonment with labor for not more than two years or a fine not exceeding 20 million won. <Amended on Jun. 22, 2015> [This Article Wholly Amended on Mar. 17, 2010]
| Article 29 (Administrative Fines) |
| (1) | Any person who uses the title Overseas Koreans Foundation or other titles similar thereto, in violation of Article 25, shall be punished by an administrative fine not exceeding two million won. |
| (2) | The administrative fine under paragraph (1) shall be imposed and collected by the Minister of Foreign Affairs, as prescribed by Presidential Decree. <Amended on Mar. 23, 2013> |
[This Article Wholly Amended on Mar. 17, 2010]
ADDENDA <Act No. 5313, Mar. 27, 1997>
Article 1 (Enforcement Date)
This Act shall come into force one month after the date of its promulgation.
Article 2 (Preparations for Establishment)
| (1) | The Minister of Foreign Affairs shall appoint seven or less members of the establishment committee within 30 days after this Act enters into force, and shall require those members to carry out affairs related to the establishment of the Foundation. |
| (2) | Members of the establishment committee shall prepare the articles of the Foundation and obtain the authorization of the Minister of Foreign Affairs. |
| (3) | Members of the establishment committee shall, when obtaining the authorization pursuant to paragraph (2) of this Article, complete without delay the registration of incorporation of the Foundation under a joint signature. |
| (4) | Members of the establishment committee shall hand over official duties to the chairperson of the Foundation without delay after the registration of incorporation of the Foundation. |
| (5) | Members of the establishment committee shall be considered as released from the commission when the transfer of official duties under paragraph (4) of this Article is completed. |
Article 3 (Expenses for Establishment)
Expenses for the establishment of the Foundation shall be borne by the budget of the Government.
Article 4 (Succession, etc. of Official Duties related to Overseas Koreans)
| (1) | The Foundation shall succeed to official duties related to overseas Koreans from each competent Ministry as soon as the Foundation is established. |
| (2) | Scope, etc. of official duties related to overseas Koreans and of each competent Ministry pursuant to paragraph (1) of this Article shall be prescribed by Presidential Decree. |
| (3) | Budget of each competent Ministry for official duties related to overseas Koreans to which the Foundation succeeds pursuant to paragraph (1) of this Article shall be transferred to the Ministry of Foreign Affairs as soon as the Foundation is established. |
| (4) | Conducts done by or to the competent Ministry concerning official duties related to overseas Koreans prior to the establishment of the Foundation shall be deemed conducts done by or to the Foundation. |
Article 5 Omitted.
ADDENDUM <Act No. 5640, Jan. 21, 1999>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 6101, Dec. 31, 1999>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2000. (Proviso Omitted.)
Articles 2 through 4 Omitted.
ADDENDUM <Act No. 7401, Mar. 24, 2005>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 7428, Mar. 31, 2005>
Article 1 (Enforcement Date)
This Act shall enter into force one year after the date of its promulgation.
Articles 2 through 6 Omitted.
ADDENDUM <Act No. 10096, Mar. 17, 2010>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 11690, Mar. 23, 2013>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 7 Omitted.
ADDENDUM <Act No. 11890, Jul. 16, 2013>
This Act shall enter into force six months after the date of its promulgation.
ADDENDA <Act No. 12769, Oct. 15, 2014>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles (Transitional Measures concerning Incompetent under Adult Guardianship)
Notwithstanding the amended provisions of the subparagraph 3 of Article 9, former provisions shall apply to persons for whom the effect of the declaration of incompetency or quasi-incompetency remains valid pursuant to Article 2 of the Addenda of the Civil Act partially amended by Act No. 10429.
ADDENDUM <Act No. 13348, Jun. 22, 2015>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 17307, Feb. 26, 2020>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation: Provided, That the amended provisions of Article 21 shall enter into force six months after the date of its promulgation. Article 2 (Applicability to Approval of Formulation of Modified Business Plan)
The amended provisions of Article 21 (2) shall apply, beginning with the first modification of a business plan and budget bill after this Act enters into force. Article 3 (Transitional Measures concerning Grounds for Disqualification)
The former provisions shall apply to an executive officer who holds office in the Foundation at the time this Act enters into force until his/her term of office expires, notwithstanding the amended provisions of subparagraph 4 of Article 9.
ADDENDUM <Act No. 17308, May 26, 2020>
This Act shall enter into force on the date of promulgation.