KOREA SHIPPING ASSOCIATION ACT
Act No. 917, Dec. 30, 1961
Amended by Act No. 1253, Jan. 10, 1963
Act No. 2886, Dec. 31, 1975
Act No. 3011, Dec. 16, 1977
Act No. 3085, Dec. 31, 1977
Act No. 5107, Dec. 29, 1995
Act No. 5454, Dec. 13, 1997
Act No. 5453, Dec. 13, 1997
Act No. 5809, Feb. 5, 1999
Act No. 6396, Jan. 29, 2001
Act No. 8430, May 11, 2007
Act No. 8852, Feb. 29, 2008
Act No. 10800, jun. 15, 2011
Act No. 11690, Mar. 23, 2013
Act No. 12830, Oct. 15, 2014
Act No. 12844, Nov. 19, 2014
Act No. 13002, Jan. 6, 2015
Act No. 14245, May 29, 2016
Act No. 17055, Feb. 18, 2020
CHAPTER I GENERAL PROVISIONS
The purpose of this Act is to contribute to the balanced development of the national economy by facilitating the cooperative organization of the providers of marine transportation services and improving their economic and social status to promote the development of marine transportation services.
[This Article Wholly Amended on Jun. 15, 2011]
| Article 2 Deleted. <Dec. 29, 1995> |
| (1) | The name of the Shipping Association established pursuant to this Act shall be the “Korea Shipping Association”. |
| (2) | No person other than the Korea Shipping Association shall use the name “Shipping Association". |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 4 (Legal Personality) |
| (1) | The Korea Shipping Association (hereinafter referred to as the "Association") shall be a corporation. |
| (2) | Except as provided in this Act, the provisions of the Civil Act concerning incorporated associations shall apply mutatis mutandis to the Association. |
[This Article Wholly Amended on Jun. 15, 2011]
The address of the Association shall be the location of its main office.
[This Article Wholly Amended on Jun. 15, 2011]
CHAPTER II BUSINESS AFFAIRS
| (1) | The Association shall perform the following projects to achieve its objectives, as prescribed by the articles of incorporation: <Amended on Jan. 6, 2015; May 29, 2016> |
| 1. | Projects for the establishment and use of joint-use facilities for the projects of members; |
| 2. | Investigation of the prices of materials for the projects of members, the quantity of available materials, etc., arrangement for joint purchase, and allocation of materials purchased jointly; |
| 3. | Lending of project funds to members and arrangement of loans from financial institutions; |
| 4. | Mutual aid projects to prepare for disasters occurring in the course of performing the projects of members; |
| 5. | Provision of guidance on management, surveys, research, education, and information regarding the projects of members; |
| 6. | Service projects related to information processing and computer operation for the projects of members; |
| 7. | Projects subsidized or entrusted by the State or a local government; |
| 8. | Conclusion of collective negotiations or contracts to promote the economic interests of members; |
| 9. | Adjustment of the service routes of members and conciliation of disputes over their projects; |
| 10. | Education and training for members and persons employed by the members; |
| 11. | Welfare projects for members and persons employed by the members; |
| 12. | Marine accident relief projects; |
| 13. | Operation of the subsidized service routes of isolated islands subsidized by the Government, which require the operation of a passenger ship; |
| 14. | Projects for the ship safety management system; |
| 15. | Deleted; <May 29, 2016> |
| 16. | Allocation of ships to members for transporting policy-related goods; |
| 17. | Management of entrustment of secondary mutual aid and mutual aid from insurance companies under the Insurance Business Act, the Shipowners’ Mutual Protection and Indemnity Association under the Shipowners’ Mutual Protection and Indemnity Association Act, mutual aid business operators, etc.; |
| 18. | Support related to marine transportation for inter-Korean exchanges; |
| 19. | Projects that are necessary to achieve the objectives of the Association and represent the interests of its members, except as provided in subparagraphs 1 through 14 and 16 through 18; |
| 20. | Projects incidental to those prescribed in subparagraphs 1 through 14 and 16 through 19. |
| (2) | Facilities, etc. necessary for the projects under paragraph (1) 1, 2, 4, 6, 10, 11, and 14 may be made available to non-members, as prescribed by the articles of incorporation, to the extent not interfering with the use of members. <Amended on May 29, 2016> |
| (3) | Deleted. <Jan. 6, 2015> |
| (4) | Where necessary to achieve the project objectives under paragraph (1), the Association may invest in other companies or support marine transportation-related organizations established under the Civil Act or other statutes, and the purpose, scale, etc. of investment and support shall be as prescribed by the articles of incorporation. <Amended on Feb. 18, 2020> |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 6-2 (Mutual Aid Regulations) |
| (1) | Where the Association intends to perform a mutual aid project under Article 6 (1) 4, it shall obtain approval from the Minister of Oceans and Fisheries. The same shall also apply to any amendment to the mutual aid regulations. <Amended on Mar. 23, 2013> |
| (2) | The mutual aid regulations referred to in paragraph (1) shall prescribe matters necessary for operating a mutual aid project, such as the methods for performing mutual aid projects by scope, the details of mutual aid contacts, mutual aid fees, and liability reserves and emergency risk reserves to be appropriated for mutual aid funds. |
| (3) | The Association shall appropriate liability reserves and emergency risk reserves under paragraph (2) and accumulate them for each period for the settlement of accounts. |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 6-3 (Processing of Sensitive Information and Personally Identifiable Information) |
| 1. | Arrangement for joint purchase of materials for the projects of members under Article 6 (1) 2; |
| 2. | Lending of project funds to members and arrangement of loans from financial institutions under Article 6 (1) 3; |
| 3. | Mutual aid projects to prepare for disasters occurring in the course of performing the projects of members under Article 6 (1) 4; |
| 4. | Operation of a ticket system for passengers among service projects related to information processing and computer operation for the projects of members under Article 6 (1) 6; |
| 5. | Issuance of a letter of recommendation for the employment of foreign seafarers in the conclusion of collective negotiations or contracts to promote the economic interests of members under Article 6 (1) 8; |
| 6. | Welfare projects for members and persons employed by the members under Article 6 (1) 11; |
| 7. | Restrictions on the qualifications of executive officers under Article 22 (8). |
| (2) | Where the Association processes data including information under paragraph (1), it shall protect the relevant information pursuant to the Personal Information Protection Act. |
[This Article Newly Inserted on May 29, 2016]
| Article 7 (Principles of Service) |
| (1) | The Association shall serve its members. |
| (2) | The Association shall not conduct its business affairs for profit or speculation against the intent of its establishment. <Amended on May 29, 2016> |
| (3) | The Association shall not conduct the business affairs weighted in favor of the interests of some of the members. <Newly Inserted on May 29, 2016> |
[This Article Wholly Amended on Jun. 15, 2011]
CHAPTER III ORGANIZATION AND ESTABLISHMENT
| (1) | The Association shall be organized on a national basis and may have branches or branch offices wherever necessary. |
| (2) | A person eligible to be a member of the Association shall be a person having the main office in the Republic of Korea who has obtained a license for marine passenger transportation services under Article 4 of the Marine Transportation Act or has filed for registration of marine cargo transportation services under Article 24 of the same Act. |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 9 (Establishment of the Association) |
| (1) | The establishment of the Association shall require the consent of at least 2/3 of the persons qualified to be members. |
| (2) | A quorum for the inaugural general meeting of the Association shall be at least 2/3 of the persons qualified to be members who consent to the establishment thereof, and any decision thereof shall require the concurring vote of a majority of those present: Provided, That matters regarding the preparation of the articles of incorporation and the appointment of executive officers shall require the concurring vote of at least 2/3 of those present. |
| (3) | A person who consents to the establishment at the inaugural general meeting may exercise his or her voting rights by designating any other consenter as his or her agent. |
| (4) | The inaugural general meeting shall decide the preparation of the articles of incorporation, the determination of a project plan, the appointment of executive officers, and other necessary matters. |
| (5) | The Association shall submit the articles of incorporation to the Minister of Oceans and Fisheries without delay after the end of the inaugural general meeting and obtain authorization for the establishment. <Amended on Mar. 23, 2013> |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 10 (Matters to Be Stated in Articles of Incorporation) |
| (1) | The articles of the incorporation shall include the following matters: <Amended on May 29, 2016> |
| 4. | The location of the office; |
| 5. | Matters regarding branches and branch offices; |
| 6. | Matters regarding qualifications, joining, withdrawal, and expulsion of the Association members; |
| 7. | Matters regarding investment; |
| 8. | Matters regarding the rights and obligations of members, imposition of expenses, and collection of administrative fines; |
| 9. | Matters regarding qualifications, etc. of executive officers; |
| 10. | Matters regarding meetings; |
| 11. | Matters regarding the types of projects and execution thereof; |
| 12. | Matters regarding the fiscal year and accounting; |
| 13. | Matters regarding the method of public announcement; |
| 14. | Where the term of existence and the grounds for dissolution are prescribed, such term and grounds. |
[This Article Wholly Amended on Jun. 15, 2011]
CHAPTER V JOINING OF MEMBERSHIP
| Article 11 Deleted. <May 29, 2016> |
| Article 11-2 Deleted. <May 29, 2016> |
| (1) | A person qualified to be a member of the Association may join the Association at any time, as prescribed by the articles of incorporation. |
| (2) | The Association shall not refuse a member’s application for joining it without good cause nor attach conditions more unfavorable than those of other members. |
| (3) | An heir of a member who has lost his or her qualifications due to death may succeed to the qualifications of the inheritee, as prescribed by the articles of incorporation. <Amended on Mar. 23, 2013; May 29, 2016> |
[This Article Wholly Amended on Jun. 15, 2011]
| (1) | A member may withdraw from the Association by providing a written notice of the intent to withdraw. |
| (2) | Where a member falls under any of the following cases, he or she shall duly withdraw from the Association: |
| 1. | Where the member loses the qualifications prescribed by the articles of incorporation; |
| 2. | Where the member dies; |
| 3. | Where the member goes bankrupt; |
| 4. | Where the member becomes a person under adult guardianship; |
| 5. | Where a corporation which is a member is dissolved; |
| 6. | Other cases where any cause prescribed by the articles of incorporation arises. |
| (3) | The Association shall verify whether all or part of its members fall under any subparagraph of paragraph (2). In such cases, whether the members fall under paragraph (2) 1 or 5 shall be determined following resolution by the board of directors. |
| (4) | Where a member duly withdraws from the Association due to the causes prescribed in paragraph (2) 1 or 5, the Association shall notify the relevant member of such fact without delay. |
[This Article Newly Inserted on Feb. 18, 2020]
| (1) | Where a member violates this Act, an order under this Act, or the articles of incorporation, the Association may expel such member following resolution at a general meeting. In such cases, the Association shall notify the member of the grounds for expulsion no later than 10 days before a general meeting is held and give the member an opportunity to state his or her opinion at the general meeting. |
| (2) | Where the Association passes a resolution on expulsion without giving notification or providing an opportunity to make a statement at the general meeting under the latter part of paragraph (1), it shall not oppose to the relevant member. |
| (3) | The Association shall notify the expelled member of such fact in writing or by other means. |
| (4) | The Association may restrict joining it to the members expelled pursuant to paragraph (1) for a specified period, following resolution at a general meeting. |
[This Article Newly Inserted on Feb. 18, 2020]
| Article 14-2 Deleted. <May 29, 2016> |
| Article 15 Deleted. <May 29, 2016> |
| Article 15-2 (Quasi-Members) |
| (1) | Any of the following persons may become a quasi-member of the Association, as prescribed by the articles of incorporation: <Amended on Mar. 23, 2013; Feb. 18, 2020> |
| 1. | A person who files for registration of marine transportation brokerage business, shipping agency services, vessel leasing services, and vessel management services pursuant to the Marine Transportation Act; |
| 2. | A person who manages marine transportation-related business designated by the Minister of Oceans and Fisheries, except for those falling under subparagraph 1; |
| 3. | A marine transportation-related organization established pursuant to the Civil Act or any other statue. |
| (2) | A quasi-member may use the projects or common facilities of the Association, as prescribed by the articles of incorporation. |
| (3) | The Association may require a quasi-member to bear expenses and charges necessary to operate it and contributions for raising funds necessary to perform its projects, as prescribed by the articles of incorporation. <Amended on May 29, 2016> |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 16 (General Meetings) |
| (1) | The Association shall have a general meeting as a decision-making organ. |
| (2) | A general meeting shall be comprised of representatives. |
| (3) | Representatives shall be directly elected by and among the Association members. <Amended on May 29, 2016; Feb. 18, 2020> |
| (4) | Notwithstanding paragraph (3), the Association may assign special representatives from among marine transportation-related organizations prescribed in Article 15-2 (1) 3, in consideration of the level of contribution to the Association, records on the use of the Association projects, etc., in order to gather consensus from diverse types of business and to expand their participation. <Newly Inserted on Feb. 18, 2020> |
| (5) | Matters regarding the election, assignment, etc. of representatives under paragraphs (3) and (4) shall be prescribed by the articles of incorporation. <Newly Inserted on Feb. 18, 2020> |
| (6) | The term of office of representatives shall be three years. <Amended on Feb. 18, 2020> |
| (7) | General meetings shall be classified into ordinary and extraordinary general meetings; an ordinary general meeting shall be convened once a year, as prescribed by the articles of incorporation; and an extraordinary general meeting shall be convened by the president, if necessary. <Amended on Feb. 18, 2020> |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 17 (Request for Convocation) |
| (1) | A member may request the president to convene a general meeting by submitting a document specifying the purpose of and reasons for convocation with the consent of at least 1/5 of the members. <Amended on May 29, 2016> |
| (2) | Upon receipt of a request under paragraph (1), the president shall convene a general meeting within 10 days from the date of receipt of such request. |
| (3) | Where the president fails to convene a general meeting within the period prescribed in paragraph (2) without good cause, an auditor shall convene a general meeting in the order prescribed in the articles of incorporation, within five days from the date such period ends. |
| (4) | In cases falling under paragraph (3), the auditor shall perform the duties of the chairperson. |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 18 (Application Mutatis Mutandis of the Civil Act) |
[This Article Wholly Amended on Jun. 15, 2011]
A majority of the representatives of a general meeting shall constitute a quorum, and any decision thereof shall require the concurring vote of a majority of those present: Provided, That a resolution on matters specified in Article 21 (1) 1, 4, 5 (limited to dismissal), or 6 shall be made with the attendance of a majority of the representatives and by the concurrent vote of at least 2/3 of those present: <Amended on May 29, 2016> | 1. | Deleted; <May 29, 2016> |
| 2. | Deleted; <May 29, 2016> |
| 3. | Deleted; <May 29, 2016> |
| 4. | Deleted. <May 29, 2016> |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 20 (Subrogation of Voting Rights) |
A representative may require an agent who is a member of the Association to exercise his or her voting right. In such cases, the agent shall not represent at least two representatives.
[This Article Wholly Amended on Jun. 15, 2011]
| Article 21 (Resolutions at General Meetings) |
| (1) | The following matters shall be subject to a resolution at a general meeting: <Amended on May 5, 2016> |
| 1. | Amendments to the articles of incorporation; |
| 2. | Methods of imposition and collection of expenses, charges, or contributions; |
| 3. | Project plans and the determination and modification of the revenue and expenditure budgets; |
| 5. | Election and dismissal of executive officers; |
| 6. | Dissolution of the Association; |
| 7. | A report on the settlement of accounts (referring to a project report, a list of property, a statement of financial position, an income statement, a surplus appropriation plan, and a deficit disposal plan); |
| 8. | Matters regarding investment; |
| 9. | Other matters deemed necessary by the president or the board of directors, except as provided in subparagraphs 1 through 8. |
| (2) | Matters referred to in paragraph (1) 1, 3 (limited to project plans and revenue and expenditure budgets related to the Government subsidies or support), 5 (limited to the chairman of the board of directors), and 7 (limited to projects and the settlement of accounts related to the Government subsidies or support) shall be approved by the Minister of Oceans and Fisheries. <Amended on Mar. 23, 2013> |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 22 (Executive Officers) |
| (1) | The Association shall have the following executive officers: <Amended on May 29, 2016> |
| 2. | Three vice-presidents; |
| 4. | Up to three managing directors; |
| 6. | Two auditors (one auditor shall be elected from among external experts who meet the requirements prescribed by Presidential Decree). |
| (2) | The chairman and managing directors shall be paid executive officers. |
| (3) | The president and vice-presidents shall be elected at a general meeting. |
| (4) | The chairman shall be elected at a general meeting from among persons recommended by the personnel recommendation committee established under Article 22-2. <Amended on May 29, 2016; Feb. 18, 2020> |
| (5) | Managing directors shall be elected at a general meeting on the recommendation of the chairman, following deliberation by the personnel recommendation committee under Article 22-2. <Amended on May 29, 2016; Feb. 18, 2020> |
| (6) | Directors and auditors shall be elected at a general meeting, and the Association shall have three directors who are not its members, as prescribed by the articles of incorporation. <Amended on May 29, 2016> |
| (7) | A person eligible to be an executive officer shall be limited to members, as prescribed by the articles of incorporation: Provided, That the chairman, managing directors, directors, and auditors may be elected from among persons who are not the members. <Amended on May 29, 2016> |
| (8) | The Association may restrict the qualifications of executive officers, as prescribed by the articles of incorporation. |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 22-3 (Personnel Recommendation Committee) |
| (1) | A personnel recommendation committee shall be established in the Association to recommend the following persons: <Amended on Feb. 18, 2020> |
| 3. | Directors who are not the Association members elected pursuant to Article 22 (6); |
| 4. | Auditors elected pursuant to the proviso of Article 22 (7). |
| (2) | The personnel recommendation committee shall be comprised of the following members, and the chairperson shall be elected by and from among its members: |
| 1. | Three Association members commissioned by the board of directors; |
| 2. | Two persons commissioned by the board of directors from among external experts (excluding public officials) with extensive knowledge and experience who are recommended by marine transportation-related organizations, academia, etc. |
| (3) | Marine transportation-related organizations or corporations may recommend candidates for executive officers referred to in paragraph (1) 1 through 4 to the personnel recommendation committee, from among external experts with extensive knowledge and experience. <Amended on Feb. 18, 2020> |
| (4) | Other matters necessary for the composition and operation of the personnel recommendation committee shall be prescribed by the articles of incorporation. |
[This Article Newly Inserted on May 29, 2016]
| Article 23 (Term of Office of Executive Officers) |
The president, vice-presidents, chairman, managing directors, or directors shall hold office for a term of three years and may be reappointed only once in the relevant position, and auditors shall hold office for a term of two years. <Amended on May 29, 2016>
[This Article Wholly Amended on Jun. 15, 2011]
[Title Amended on May 29, 2016]
| Article 23 (Obligations and Responsibilities of Executive Officers) |
| (1) | An executive officer shall observe statutes, regulations, the articles of incorporation, bylaws, rules of administration, and resolutions of the general meetings or the board of directors, and shall perform his or her duties in good faith for the benefit of the Association. |
| (2) | Where an executive officer causes any damage to the Association or any other person by intent or negligence (referring to gross negligence, where he or she is a non-standing executive officer) while performing the duties, he or she shall be jointly liable for the damage. |
| (3) | Paragraph (2) shall also apply where an executive officer causes damage to the Association or any other person by falsely filing a report on the settlement of accounts, filing for registration, or making public announcement. |
| (4) | Where the board of directors causes damage to the Association or any other person by intent or gross negligence, the executive officers who attended the board of directors involved in such intent or gross negligence shall be jointly liable for the damage: Provided, That the same shall not apply to the executive officers who expressed dissent at the relevant meeting. |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 24 (Dismissal of Executive Officers) |
| (1) | A general meeting may resolve at any time the dismissal of the president, vice-presidents, chairman, managing directors, directors, or auditors pursuant to the proviso of Article 19: Provided, That the same shall apply only where there are the grounds for dismissal prescribed by Presidential Decree. |
| (2) | In cases falling under paragraph (1), the general meeting shall provide the relevant executive officer with an opportunity to explain before passing such resolution. |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 25 (Duties of Executive Officers) |
| (1) | The president shall represent the Association and preside over general meetings. <Amended on May 29, 2016> |
| (2) | A vice-president shall assist the president, and where the president is unable to perform the duties due to any unavoidable reason, he or she shall act on behalf of the president. |
| (3) | The chairman shall be exclusively in charge of the following business affairs and represent the Association regarding such business affairs: <Amended on May 29, 2016> |
| 2. | Formulation of project plans, budgeting, settlement of accounts, and formulation of plans for fund raising and operation regarding the business affairs referred to in Article 6; |
| 3. | Matters regarding the setting of business goals, organization, and personnel management of the Association; |
| 4. | Support for business management of the Association member companies; |
| 5. | Matters delegated by the general meetings, the board of directors, and the president. |
| (4) | A managing director shall assist the chairman and take partial charge of the business affairs of the Association as designated by the chairman, and where the chairman is unable to perform his or her duties due to any unavoidable reason, a managing director shall act on behalf of the chairman. <Amended on May 29, 2016> |
| (5) | A director shall perform the business affairs as prescribed by the articles of incorporation, and where a vice-president is unable to perform his or her duties due to any unavoidable reason, a director shall act on behalf of the vice-president. <Newly Inserted on May 29, 2016> |
| (6) | Matters regarding the vicarious performance of duties under paragraphs (2), (4), and (5) shall be prescribed by the articles of incorporation. <Newly Inserted on May 29, 2016> |
| (7) | An auditor shall report property of the Association and the current status of execution of business affairs to a general meeting. <Amended on May 29, 2016> |
| (8) | With regard to the matters for which interest conflicts between the Association and the president or a person who acts on behalf of the president, auditors shall represent the Association in the order prescribed by the articles of incorporation. <Amended on May 29, 2016> |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 26 (Prohibition of Concurrent Holding of Office by Executive Officers) |
| (1) | The president, vice-presidents, chairman, managing directors, or directors shall not concurrently hold office as an auditor. |
| (2) | Executive officers, other than the president, vice-presidents, and the directors under Article 22 (1) 5, shall not concurrently serve as a representative. |
| (3) | No executive officer shall concurrently hold office as an employee of the Association. |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 27 (Board of Directors) |
| (1) | The Association shall have a board of directors, which shall be comprised of the president, chairman, managing directors, and directors. <Amended on May 29, 2016> |
| (2) | The chairman shall convene and preside over meetings of the board of directors. <Amended on May 29, 2016> |
| (3) | An auditor may attend a meeting of the board of directors to state his or her opinion: Provided, That he or she shall not have the right to vote. |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 28 (Resolutions by Board of Directors) |
| (1) | The board of directors shall pass a resolution on the following matters: <Amended on Jun. 15, 2011; May 29, 2016> |
| 1. | Matters submitted to a general meeting; |
| 2. | Enactment, amendment, or repeal of bylaws and the rules of administration; |
| 3. | Borrowing and operation of project funds; |
| 4. | Establishment, modification, or closure of branches or branch offices; |
| 5. | Setting of business goals of the Association; |
| 6. | Important matters, excepts as provided in subparagraphs 1 through 5, and the matters deemed necessary by the chairman or at least 1/3 of the members. |
| (2) | Deleted. <Dec. 29, 1995> |
| (3) | A majority of the members of the board of directors shall constitute a quorum, and any resolution thereof shall require the concurring vote of at least a majority of those present. <Amended on Jun. 15, 2011> |
[Title Amended on Jun. 15, 2011]
| Article 29 (Composition and Operation of Consultative Body by Type of Business) |
The Association may organize and operate a separate consultative body by type of business for the stable transportation of passengers and cargo and the exchange of information between members, as prescribed by the articles of incorporation.
[This Article Wholly Amended on May 29, 2016]
The Association may have necessary employees.
[This Article Wholly Amended on May 29, 2016]
CHAPTER VII FINANCIAL AFFAIRS
| Article 31 Deleted. <May 29, 2016> |
| Article 32 (Project Plans and Budget) |
| (1) | The Association shall compile a project plan and a revenue and expenditure budget for the following business year by each account prior to the commencement of each business year and shall pass a resolution thereon at a general meeting. <Amended on May 29, 2016> |
| (2) | The Association may modify the project plan or add to or correct the existing budget only during the same business year, following resolution at a general meeting. |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 33 (Settlement of Accounts) |
| (1) | The chairman shall prepare a report on project performance, a statement of financial position, an income statement, a list of property, and a proposal for the disposal of surplus (hereinafter referred to as "documents of settlement"), along with the settlement of accounts for the revenue and expenditure budget (including special accounts), no later than three weeks before the ordinary general meeting is held, and shall submit them to the auditors and keep them in the main office. <Amended on May 29, 2016> |
| (2) | The chairman shall submit the documents of settlement and an audit and inspection report to the ordinary general meeting and obtain approval thereof and shall publicly announce the statement of financial position and the income statement without delay. <Amended on May 29, 2016> |
| (3) | Paragraphs (1) and (2) shall apply mutatis mutandis to the status of accumulation, calculation methods, etc. of liability reserves and emergency risk reserves under Article 6-2 (2). |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 34 (Separate Accounting of Mutual Aid Projects) |
| (1) | The Association shall keep accounting of mutual aid projects prescribed in Article 6 (1) 4 separately from other projects. |
| (2) | Liability reserves and emergency risk reserves under Article 6-2 (2) shall not be used for the purposes other than those prescribed in the mutual aid regulations. |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 35 (User Fees and Charges) |
| (1) | The Association may collect user fees for using common facilities from the users of common facilities and the Association projects and collect charges for the provision of arrangement services, mutual aid services, or other benefits, as prescribed by the articles of incorporation. <Amended on May 29, 2016> |
| (2) | Matters concerning the collection of user fees and charges under paragraph (1) shall be prescribed by the articles of incorporation. <Amended on May 29, 2016> |
| (3) | The Association may collect an administrative fine from the users of common facilities and the Association projects who neglect their obligations, as prescribed by the articles of incorporation. <Amended on May 29, 2016> |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 36 (State Subsidies) |
The Minister of Oceans and Fisheries may subsidize the projects of the Association within the budget for each year. <Amended on Mar. 23, 2013>
[This Article Wholly Amended on Jun. 15, 2011]
| Article 37 (Tax Exemption) |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 38 (Support for the Association) |
| (1) | The Government shall provide the Association with full support and may have it preferentially use public facilities managed by the Government. |
| (2) | The Government may seek opinions from the Association, if necessary for establishing and implementing marine transportation policies. |
| (3) | The president may present his or her opinion on the development of the Association to the Government. |
[This Article Wholly Amended on Jun. 15, 2011]
| (1) | The Minister of Oceans and Fisheries shall supervise the business affairs of the Association as prescribed by this Act and may issue orders and take measures necessary for supervision as prescribed by Presidential Decree. <Amended on May 29, 2016> |
| (2) | Where the Minister of Oceans and Fisheries deems that matters resolved by the general meeting or the board of directors of the Association are illegal or unfair, he or she may revoke all or part of such resolution or order the suspension of the execution thereof. <Amended on Mar. 23, 2013> |
| (3) | Where the Minister of Oceans and Fisheries deems that any act related to the business affairs or accounting of the Association violates statutes, regulations, or the articles of incorporation, he or she may order the Association to take corrective measures or other necessary measures for a specified period. <Amended on Mar. 23, 2013> |
| (4) | Where the Association falls under any of the following cases, the Minister of Oceans and Fisheries may issue an order of dissolution: <Amended on Mar. 23, 2013> |
| 1. | Where the Association violates this Act, any order issued under this Act, or the articles of incorporation; |
| 2. | Where it is deemed impractical for the Association to continue its projects. |
[This Article Wholly Amended on Jun. 15, 2011]
Where the Minister of Oceans and Fisheries intends to issue an order to dissolve the Association pursuant to Article 39 (4), he or she shall hold a hearing. <Amended on Mar. 23, 2013> [This Article Wholly Amended on Jun. 15, 2011]
| Article 41 Deleted. <Dec. 29, 1995> |
CHAPTER VIII DISSOULUTION AND LIQUIDATION
| (1) | The Association shall be dissolved in any of the following cases: <Amended on Mar. 23, 2013> |
| 1. | Expiration of the term of existence prescribed in the articles of incorporation or occurrence of the grounds for dissolution; |
| 2. | Resolutions passed at a general meeting; |
| 3. | An order of dissolution issued by the Minister of Oceans and Fisheries; |
| 4. | Where the number of the Association members is less than 1/3 of the number of persons qualified to be members; |
| (2) | In cases falling under paragraph (1) 1 and 2, the Association shall file a report to the Minister of Oceans and Fisheries. <Amended on Mar. 23, 2013> |
| (3) | Where the Association is dissolved and residual property remains after the repayment of all debts, it shall dispose of the property as prescribed by the articles of incorporation. |
| (4) | Where the Association is dissolved, it shall file for registration at the location of its main office within two weeks and at the location of a branch office within three weeks, from the date the relevant ground for dissolution arises. |
[This Article Wholly Amended on Jun. 15, 2011]
| (1) | Where the Association is dissolved, the president shall be the liquidator, except for the dissolution due to bankruptcy: Provided, That the same shall not apply where a liquidator is appointed at a general meeting. |
| (2) | The Minister of Oceans and Fisheries shall supervise the administrative affairs related to the liquidation of the Association. <Amended on Mar. 23, 2013> |
| (3) | The liquidator shall inspect the status of property of the Association without delay after his or her inauguration, prepare a list of property and a statement of financial position, determine the methods of property disposal, and obtain approval thereof by the general meeting. <Amended on May 29, 2016> |
| (4) | The liquidator shall not distribute property of the Association unless he or she repays the Association’s debts or deposits the amount necessary for repayment. |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 44 (Registration of Establishment) |
The Association shall file for registration of establishment at the location of its main office within two weeks from the date of obtaining authorization for establishment from the Minister of Oceans and Fisheries. <Amended on Mar. 23, 2016>
[This Article Wholly Amended on Jun. 15, 2011]
| Article 45 (Matters to Be Registered for Establishment) |
Matters to be registered for the establishment of the Association shall include the following:
| 4. | The main office and branch offices; |
| 5. | Year, month, and date of authorization for establishment; |
| 6. | Names and addresses of directors and auditors; |
| 7. | Where the term of existence and the grounds for dissolution are prescribed, such term and grounds. |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 46 (Application Mutatis Mutandis of the Civil Act) |
[This Article Wholly Amended on Jun. 15, 2011]
CHAPTER X PENALTY PROVISIONS
| Article 47 (Penalty Provisions) |
Where an executive officer or liquidator of the Association causes damage to the Association by using, utilizing, or lending an asset for purposes other than the projects of the Association, he or she shall be punished by imprisonment with labor for not more than 10 years or by a fine not exceeding 100 million won. <Amended on Oct. 15, 2014>
[This Article Wholly Amended on Jun. 15, 2011]
| Article 48 (Administrative Fines) |
| (1) | Where an executive officer or liquidator of the Association falls under any of the following cases, he or she shall be subject to an administrative fine not exceeding five million won: <Amended on Mar. 23, 2013; May 29, 2016> |
| 1. | Where he or she fails to obtain approval of the matters subject to approval from the Minister of Oceans and Fisheries; |
| 2. | Where he or she is negligent in filing for registration under this Act or files for improper registration; |
| 3. | Where he or she makes a false statement or files a false report by intent to the Minister of Oceans and Fisheries, a general meeting, or the board of directors; |
| 4. | Where he or she executes the matters subject to a resolution by the general meeting or the board of directors without such resolution; |
| 5. | Where he or she violates an order issued or measures taken by the Minister of Oceans and Fisheries under Article 39; |
| 6. | Where he or she distributes property of the Association, in violation of Article 43 (4). |
| (2) | A person who uses the name “Korean Shipping Association” in violation of subparagraph 2 of Article 3 shall be subject to an administrative fine not exceeding two million won. |
[This Article Wholly Amended on Jun. 15, 2011]
| Article 49 (Imposition and Collection of Administrative Fines) |
Administrative fines under Article 48 shall be imposed and collected by the Minister of Oceans and Fisheries, as prescribed by Presidential Decree. <Amended on Mar. 23, 2013> [This Article Wholly Amended on Jun. 15, 2011]
[Title Amended on May 29, 2016]
ADDENDA <Act No. 917, Dec. 30, 1961>
| (1) | This Act shall enter into force on the date of its promulgation. |
| (2) | The Chosun Marine Transport Association Regulations (Regulations No. 23, 4273 in the Dan-gun Era) shall be repealed. |
| (3) | The Shipping Association and the Federation of Shipping Associations under the previous statutes and regulations shall be dissolved at the time the Korea Shipping Association under this Act is established, and the newly established Korea Shipping Association shall succeed to the rights and obligations regarding the property and liabilities, as prescribed by the relevant Regulations. |
| (4) | The registration of dissolution of the previous Shipping Association and the previous Federation of Shipping Associations which are dissolved pursuant to the preceding paragraph shall be made by their directors, respectively. |
ADDENDUM <Act No. 1253, Jan. 10, 1963>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 2886, Dec. 31, 1975>
| (1) | (Enforcement Date) This Act shall enter into force 30 days after the date of its promulgation. |
ADDENDA <Act No. 3011, Dec. 16, 1977>
| (1) | (Enforcement Date) This Act shall enter into force on the date of its promulgation. |
ADDENDA <Act No. 3085, Dec. 31, 1977>
| (1) | (Enforcement Date) This Act shall enter into force on the date of its promulgation. |
| (2) | (Transitional Measures concerning Executive Officers) The chairman, the senior managing director, directors, and auditors as at the time this Act enters into force shall be deemed the president, chairman, directors, and auditors under this Act, respectively. |
| (3) | (Transitional Measures concerning Term of Office) The term of office of an executive officer as at the time this Act enters into force shall be counted from the date he or she was appointed pursuant to the previous provisions. |
| (4) | (Transitional Measures concerning Amendments to Articles of Incorporation) The Association shall amend the articles of incorporation pursuant to the provisions of this Act within three months from the date this Act enters into force. |
ADDENDA <Act No. 5107, Dec. 29, 1995>
Article 1 (Enforcement Date)
This Act shall enter into force three months after the date of its promulgation.
Article 2 (Transitional Measures concerning Dispositions)
Authorization, approval, or other dispositions granted or made by the Administrator of the Korea Maritime and Port Administration under the previous Article 6 (3), 21 (2), 28 (2), 40, or 41 as at the time this Act enters into force shall be deemed authorization, approval, or other dispositions granted or made under this Act. Article 3 (Transitional Measures concerning Representatives and Executive Officers)
The representatives and executive officers of the Association who hold office as at the time this Act enters into force shall be deemed appointed pursuant to the amended provisions of Articles 8 (2), 15-2 (1), 16 (3), and 22, and their terms of office shall last until the expiration date of the terms of office under the previous provisions. Article 4 (Transitional Measures concerning Matters Subject to Resolutions)
Matters resolved at the general meeting or by the board of directors pursuant to the previous Article 21 or 28 as at the time this Act enters into force shall be deemed resolved respectively pursuant to this Act. Article 5 (Transitional Measures concerning Penalty Provisions)
The previous provisions shall apply to the application of penalty provisions to any act committed before this Act enters into force.
ADDENDA <Act No. 5453, Dec. 13, 1997>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 1998. (Proviso Omitted.)
Article 2 Omitted.
ADDENDUM <Act No. 5454, Dec. 13, 1997>
This Act shall enter into force on January 1, 1998. (Proviso Omitted.)
ADDENDA <Act No. 5809, Feb. 5, 1999>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 6 Omitted.
ADDENDA <Act No. 6396, Jan. 29, 2001>
| (1) | (Enforcement Date) This Act shall enter into force on July 1, 2001. |
| (2) | (Transitional Measures concerning Policy Reserves) Policy reserves of the Association under the previous provisions as at the time this Act enters into force shall be deemed emergency risk reserves under the amended provisions of Article 6-2. |
| (3) | (Transitional Measures concerning Penalty Provisions and Administrative Fines) The previous provisions shall apply to the application of penalty provisions and administrative fines to the acts committed before this Act enters into force. |
ADDENDA <Act No. 8430, May 11, 2007>
| (1) | (Enforcement Date) This Act shall enter into force on the date of its promulgation. |
| (2) | (Applicability to Settlement of Accounts) The amended provisions of Article 33 (1) and (2) shall begin to apply to the settlement of accounts for the business year of 2007. |
| (3) | (Transitional Measures concerning Administrative Fines) The previous provisions shall apply to the application of administrative fines to the acts committed before this Act enters into force. |
ADDENDA <Act No. 8852, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation: Provided, That ··· <omitted> ···, the amendments to the Acts, which were promulgated before this Act enters into force but the enforcement dates of which have not yet arrived, among the Acts amended by Article 6 of the Addenda, shall enter into force on the enforcement dates of the respective Acts. Articles 2 through 7 Omitted.
ADDENDUM <Act No. 10800, Jun. 15, 2011>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 11690, Mar. 23, 2013>
Article 1 (Enforcement Date)
| (1) | This Act shall enter into force on the date of its promulgation. |
Articles 2 through 7 Omitted.
ADDENDUM <Act No. 12830, Oct. 15, 2014>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 12844, Nov. 19, 2014>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation: Provided, That the amendments to the Acts, which were promulgated before this Act enters into force but the enforcement dates of which have not yet arrived, among the Acts amended by Article 6 of the Addenda, shall enter into force on the enforcement dates of the respective Acts. Articles 2 through 7 Omitted.
ADDENDA <Act No. 13002, Jan. 6, 2015>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 5 Omitted.
ADDENDA <Act No. 14245, May 29, 2016>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
Article 2 (Applicability to Term of Office of Executive Officers)
The amended provisions of Article 23 shall begin to apply to executive officers elected after this Act enters into force.
ADDENDA <Act No. 17055, Feb. 18, 2020>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 (Applicability to Election of Executive Officers)
The amended provisions of Articles 22 and 22-2 shall begin to apply to the election of executive officers after this Act enters into force. Article 3 (Transitional Measures concerning Withdrawal or Expulsion of Members)
Notwithstanding the amended provisions of Article 13 or 14, the previous provisions shall apply to the withdrawal or expulsion of members as at the time this Act enters into force.