CHAPTER I GENERAL PROVISIONS
The purpose of this Act is to establish the Korea Investment Corporation to efficiently perform the management of assets entrusted by the Government, the Bank of Korea, etc., thereby contributing to the development of the financial industry.
The term "entrustment of assets" in this Act means entrusting the management of assets held by the Government, the Bank of Korea, or the management entity of the Fund under the National Finance Act (hereinafter referred to as "entrusted institution") to the Korea Investment Corporation (hereinafter referred to as the "Corporation"), and paying fees to the Corporation in return for such management. <Amended on Mar. 31, 2020>
| Article 3 (Juristic Person) |
The Corporation shall be a juristic person.
| (1) | The location of the main office of the Corporation shall be provided in its articles of incorporation. |
| (2) | The Corporation may, when necessary for performing its duties, establish branch offices or business offices as provided in its articles of incorporation. <Amended on Jun. 9, 2020> |
The capital of the Corporation shall be one trillion won and fully invested by the Government.
| Article 6 (Articles of Incorporation) |
| (1) | The articles of incorporation of the Corporation shall include the following: <Amended on Jun. 9, 2020> |
| 3. | Matters concerning the main office, branches, and business offices; |
| 4. | Matters concerning capital; |
| 5. | Matters concerning the operating committee under Article 9; |
| 6. | Matters concerning the board of directors; |
| 7. | Matters concerning executive officers and employees; |
| 8. | Matters concerning business affairs and execution thereof; |
| 9. | Matters concerning accounting; |
| 10. | Matters concerning methods of public announcement under Article 36; |
| 11. | Matters concerning the amendments to the articles of incorporation; |
| 12. | Other matters prescribed by Presidential Decree. |
| (2) | When the Corporation intends to amend its articles of incorporation, it shall obtain a resolution from the operating committee under Article 9. <Amended on Jun. 9, 2020> |
| (1) | The Corporation shall be duly established upon the completion of establishment registration at the location of its main office. |
| (2) | The provisions of the Civil Act shall apply mutatis mutandis to the registration of incorporation of the Corporation, registration of establishment of its branches and business offices, registration of relocation, registration of modification, and other registration of the Corporation under paragraph (1). <Amended on Jun. 9, 2020> |
| (3) | With respect to matters requiring registration, the Corporation may not oppose against any third party without filing for registration. <Amended on Jun. 9, 2020> |
| Article 8 (Prohibition on Use of Similar Name) |
No entity other than KAMCO shall use as its denomination, the "Korea Investment Corporation" or other terms similar thereto.
CHAPTER II OPERATION COMMITTEE
| Article 9 (Establishment and Function of Operation Committee) |
| (1) | The Operation Committee (hereinafter referred to as the "Operation Committee") shall be established in the Corporation to formulate basic policies of the operation of the Corporation and deliberate on the evaluation of management performance, etc. |
| (2) | The Operation Committee shall deliberate and resolve on the following matters: <Amended on Jun. 9, 2020> |
| 1. | Amendments to the articles of incorporation; |
| 2. | Mid- and long-term investment policies of the Corporation; |
| 3. | Basic policies for the basic policies of the operation of the Corporation; |
| 4. | Changes in the financial status of the Corporation, such as an increase or decrease in its capital; |
| 5. | Asset entrustment to the Corporation; |
| 6. | Appointment and dismissal of executive officers; |
| 7. | Approval of the budget and settlement of accounts of the Corporation; |
| 8. | Evaluation of management performance of the Corporation; |
| 9. | Inspection of the Corporation‘s affairs under Article 35 (1); |
| 10. | Other matters provided in the articles of incorporation concerning the operation of the Corporation. |
| Article 10 (Composition of Operation Committee) |
| (1) | The Operation Committee shall be composed of not more than 12 members, including one Chairperson. |
| (2) | The following persons shall serve as the members of the Committee: <Amended on Jun. 9, 2020> |
| 1. | The head of an entrusted institution who has entrusted assets of at least the amount prescribed by Presidential Decree, among the entrusted institutions; |
| 2. | Not more than six persons (hereinafter referred to as "nongovernmental members") appointed by the President upon recommendation by the Committee for Recommendation of Candidates for Nongovernmental Committee Members established under Article 14 (hereinafter referred to as "Nongovernmental Committee Members"); |
| 3. | The President of the Corporation (hereinafter referred to as the "President"). |
| (3) | The term of office of the Nongovernmental Committee members shall be two years. |
| (4) | On the occurrence of a vacancy in the office of a nongovernmental member, a new person shall be appointed to fill the vacancy and the term of office shall be reckoned from the date of appointment. <Amended on Jun. 9, 2020> |
| (5) | Nongovernmental members whose term of office has expired shall perform their duties until their successors are appointed. <Added on Mar. 31, 2020> |
| Article 11 (Qualifications for and Appointment of Nongovernmental Committee Members) |
| (1) | Nongovernmental members shall meet any of the following requirements: <Amended on Jun. 9, 2020> |
| 1. | Any person who has at least ten years of work or research experience in finance or investment fields while working for universities or research institutions; |
| 2. | A person who has been in charge of investment business for at least 10 years at a domestic or foreign financial institution or international financial institution, the size of which is at least a certain scale prescribed by Presidential Decree; |
| 3. | Any person qualified as an attorney-at-law, certified public accountant or certified tax accountant who has been engaged in the finance, investment or corporate audit business for not less than ten years. |
| (2) | Any person who was an executive officer or employee of the Corporation shall be a nongovernmental member within three years from the date of his or her retirement. <Amended on Jun. 9, 2020> |
| (3) | The executive officers and employees of an institution entrusted with assets by the Corporation shall not become nongovernmental members. |
| (1) | The chairperson of the Operation Committee shall be elected by and from among its members. |
| (2) | The chairperson shall represent the operation committee, and manage all duties of the Operation Committee. |
| (3) | Where the chairperson fails to perform duties due to any extenuating circumstance, the member predetermined by the Operation Committee shall act on behalf of the chairperson. |
| (4) | Meetings of the Committee shall be convened with the attendance of a majority of its members, and resolutions shall be adopted by the affirmative vote of a majority of those present. |
| (5) | The President shall not participate in the deliberation and resolution of the operation committee on the following matters: <Amended on Jun. 9, 2020> |
| 1. | Matters concerning the appointment and dismissal of the President; |
| 2. | Approval of the budget and settlement of accounts of the Corporation; |
| 3. | Evaluation of management performance of the Corporation; |
| 4. | Inspection of the Corporation‘s affairs under Article 35 (1); |
| 5. | Other matters which have a direct interest in the President, such as a decision on remuneration for the President, among matters subject to deliberation and resolution by the Operation Committee. |
| (6) | Where necessary to conduct preliminary research and examination on important matters for deliberation and resolution by the Operation Committee, the Operation Committee may commission not more than three experts who have knowledge and experience in the relevant matters. In such cases, procedures for commissioning experts, payment of allowances, and other necessary matters in shall be prescribed by Presidential Decree. <Amended on Mar. 31, 2020> |
| (7) | Matters necessary for the operation of the Operation Committee, such as procedures for holding and convening the Operation Committee, preparation and distribution of minutes, etc. shall be prescribed by Presidential Decree. |
| Article 13 (Prohibition of Divulging Confidential Information) |
A member of the Operation Committee and a person who has served or has served as a member of the Operation Committee and a person who has been commissioned pursuant to Article 12 (6) shall divulge any confidential information he or she has become aware of in the course of performing the activities of the Operation Committee. <Amended on Jun. 9, 2020>
| Article 14 (Committee for Recommendation of Candidates for Nongovernmental Members) |
| (1) | The Corporation shall establish a recommendation committee of nongovernmental member candidates to recommend candidates for its nongovernmental members. |
| (2) | The members of the recommendation committee of nongovernmental member candidates shall be comprised of up to six members including one chairperson with extensive knowledge and experience in the financial industry and corporate management. <Amended on Jun. 9, 2020> |
| (3) | The members of the recommendation committee of nongovernmental member candidates shall be comprised of the following persons. <Amended on Aug. 3, 2007; Jun. 9, 2020> |
| 1. | One person recommended by an organization prescribed by Presidential Decree, which is established with permission from the competent administrative agency with university professors, researchers, etc. as its members for the purpose of promoting academic development in the financial field and contributing to the development of the financial industry; |
| 3. | One person recommended by an organization prescribed by Presidential Decree, which is established with permission from the competent administrative agency with financial institutions as its members for the purpose of promoting the development of the financial industry and the centralized management of credit information; |
| 5. | Deleted; <Aug. 3, 2007> |
| (4) | Other matters necessary for the operation of the recommendation committee of nongovernmental candidates shall be prescribed by Presidential Decree. |
CHAPTER III EXECUTIVE OFFICERS AND EMPLOYEES
| Article 15 (Executive Officers) |
The Corporation shall have not more than five directors including one president, and one auditor.
| Article 16 (Qualification for Executive Officers) |
| (1) | The President of the Corporation shall be a person who has been engaged in the finance or investment-related field for at least ten years. <Amended on Jun. 9, 2020> |
| (2) | The director in charge of investment in the Corporation shall be a person who has been engaged in investment business for at least ten years in a domestic or foreign financial institution or international financial institution, the size of which is at least a certain scale prescribed by Presidential Decree. <Amended on Jun. 9, 2020> |
| (3) | The auditor of the Corporation shall meet any of the following requirements: <Amended on Jun. 9, 2020> |
| 1. | A person who has at least ten years' work experience in finance or investment-related fields; |
| 2. | A certified public accountant who has been in charge of corporate auditing for at least 10 years. |
| Article 17 (Appointment or Dismissal of Executive Officers) |
| (1) | The president shall be appointed or dismissed by the President upon the recommendation of the President Recommendation Committee under Article 18 and deliberation by the Steering Committee, and on the recommendation of the Minister of Strategy and Finance. <Amended on Feb. 29, 2008; Jun. 9, 2020> |
| (2) | Directors excluding the President shall be appointed and dismissed by the President after deliberation by the operation committee. |
| (3) | The auditor shall be appointed or dismissed by the Minister of Economy and Finance following deliberation by the operation committee. <Amended on Feb. 29, 2008> |
| Article 18 (President Recommendation Committee) |
| (1) | The Operation Committee shall establish a recommendation committee of President (hereinafter referred to as "Recommendation Committee") to recommend candidates for President. |
| (2) | The Recommendation Committee shall be comprised of one person designated by the head of an entrusting agency under Article 10 (2) 1 and nongovernmental members. <Amended on Jun. 9, 2020> |
| (3) | The chairperson of the Recommendation Committee shall be elected by and from among its members. |
| (4) | The Recommendation Committee shall adopt resolutions with the affirmative vote of a majority of its members present. |
| (5) | The Recommendation Committee may entrust a specialized institution with affairs, such as recruitment, investigation, etc. of candidates for President. |
| (6) | Other matters necessary for the composition and operation of the Recommendation Committee shall be prescribed by Presidential Decree. |
| Article 19 (Duties of Executive Officers) |
| (1) | The President shall represent the Corporation, and preside over its affairs. |
| (2) | When the President is unable to perform his or her duties due to unavoidable reasons, the President shall act on his or her behalf in the order prescribed by the articles of incorporation. <Amended on Jun. 9, 2020> |
| (3) | The auditor shall inspect affairs and audit the accounts of the Corporation. |
| Article 20 (Responsibility of Executive Officers) |
| (2) | The provisions of Articles 414 and 415 of the Commercial Act (limited to the part applicable mutatis mutandis under Article 400 of this Act) concerning the responsibility of auditors shall apply mutatis mutandis to the auditors of the Corporation. <Amended on Jun. 9, 2020> |
| Article 21 (Term of Office of Executive Officers) |
| (1) | The term of office of the executive officer shall be three years. |
| (2) | On the occurrence of a vacancy in the office of an executive officer, a new person shall be appointed to fill the vacancy and the term of office shall be reckoned from the date of appointment. <Amended on Jun. 9, 2020> |
| (3) | Executive officers whose term of office has expired shall perform their duties until their successors are appointed. <Added on Mar. 31, 2020> |
| Article 22 (Grounds for Disqualification of Executive Officers) |
| Article 23 (Guarantee of Status of Executive Officers) |
Except in any of the following cases, no executive officer shall be dismissed against his or her will during his or her term of office: <Amended on Jun. 9, 2020>
| 2. | When an executive officer has violated this Act, any order under this Act, or the articles of incorporation; |
| 3. | When an executive officer responsible for a sluggish management performance of the Corporation is dismissed by a resolution of dismissal of the Operation Committee; |
| 4. | Where he or she is significantly unable to perform his or her duties due to a mental disability. |
| Article 24 (Board of Directors) |
| (1) | The board of directors shall be established in the Corporation. |
| (2) | The board of directors shall be comprised of the President and directors. |
| (3) | The board of directors shall resolve on matters to be referred to the meetings of the Operation Committee and other important matters concerning the affairs of the Corporation prescribed by the articles of incorporation. <Amended on Jun. 9, 2020> |
| (4) | The President shall call a meeting of the board of directors, and preside over it. |
| (5) | The board of directors shall be convened when a majority of members are present, and shall pass resolutions with the consent of a majority of those present. |
| (6) | The auditor may attend the meetings of the board of directors and state his/her opinions. |
| Article 25 (Appointment of Representative) |
| (1) | The President may appoint an agent having authority to take any judicial or extrajudicial action concerning duties of the Corporation, from among executive officers or employees. |
| (2) | The scope of the employees who may be appointed as an agent in judical actions under paragraph (1) shall be prescribed by Presidential Decree. |
| Article 24 (Internal Control Standards) |
| (1) | The Corporation shall establish basic procedures and standards (hereinafter referred to as "internal control standards") to be observed by its executive officers and employees when they perform their duties in order to observe statutes and regulations, to ensure sound asset management, and to protect asset trustees. <Amended on Jun. 9, 2020> |
| (2) | The Corporation shall appoint at least one person (hereinafter referred to as the "compliance officer") to inspect whether its internal control standards are observed and investigate any violation of the internal control standards and report the results of such investigation to its auditors. |
| (3) | The President of a public corporation shall appoint and dismiss a compliance officer with the resolution of the board of directors under Article 24 and the approval of the Operation Committee. <Amended on Jun. 9, 2020> |
| (4) | A compliance officer shall meet the requirements prescribed by Presidential Decree. <Amended on Aug. 3, 2007; Jun. 9, 2020> |
| Article 27 (Appointment and Dismissal of Employees) |
Employees of the Corporation, excluding compliance officers, shall be appointed and dismissed by the President, as prescribed by the articles of incorporation. <Amended on Jun. 9, 2020>
| Article 28 (Obligation of Prohibition of Concurrent Office) |
| (1) | No executive officer or employee shall be concurrently engaged in business affairs, other than his duties, for profit-making. |
| (2) | The provisions of Article 13 shall apply mutatis mutandis to executive officers and employees of the Corporation and persons who have held such positions. In such cases, "activities of the Operation Committee" shall be construed as "duties of the Corporation." <Amended on Jun. 9, 2020> |
| Article 29 (Scope of Business) |
| (3) | The Corporation shall perform the following business affairs: |
| 1. | Management and operation of assets entrusted by an entrusting institution; |
| 2. | Investigation and research related to subparagraph 1 and exchange and cooperation with domestic and international institutions related thereto; |
| 3. | Other incidental business affairs resolved by the Operation Committee, which are related to subparagraphs 1 and 2. |
| (3) | The Corporation shall not engage in any act that may affect the value of any asset referred to in paragraph (1) 1, such as the provision of collateral or credit guarantee to any third person, with respect to the assets referred to in paragraph (1). |
| Article 30 (Contract for Entrustment of Assets) |
| (1) | An agreement on the entrustment of assets concluded between the Corporation and an entrusting institution shall not include any restriction on the purpose of operation and methods of management of the entrusted assets of the Corporation: Provided, That an agreement on the entrustment of assets concluded between the Bank of Korea and the management entity of the funds under the National Finance Act (limited to the funds entrusting assets of at least the amount prescribed by Presidential Decree) may include any restriction on the purpose of operation of the entrusted assets, respectively. <Amended on Mar. 31, 2020; Jun. 9, 2020> |
| (2) | In cases prescribed by Presidential Decree, such as where it is deemed necessary to expand reserve assets for foreign counterparts due to a sudden decline in foreign currency holdings, etc. when entering into a contract for entrustment of assets under paragraph (1), the entrusting institution may establish a special agreement to request the early collection of the entrusted assets, notwithstanding the period of such contract. <Amended on Jun. 9, 2020> |
| Article 31 (Purposes of Operation of Assets and Methods of Operation) |
| (1) | The Fund shall be used for the following purposes: <Amended on Aug. 3, 2007; Mar. 31, 2020; Jun. 9, 2020> |
| 3. | Deleted; <Mar. 31, 2020> |
| 4. | Deposit in domestic and international financial institutions; |
| 5. | Trading of domestic and international real estates; |
| 6. | Other purposes prescribed by Presidential Decree. |
| (2) | Where the Corporation manages assets pursuant to paragraph (1) 1, it shall manage such assets in order to maximize profits within the extent not impairing the stability of the entrusted assets. In such cases, the Corporation may take into account the environmental and social impacts, governance structure, etc. related to the object of investment in order to increase the long-term and stable profits. <Added on Mar. 16, 2021> |
| (3) | The Corporation may re-entrust the entrusted assets to a domestic or international collective investment business entity or discretionary investment business entity under the Financial Investment Services and Capital Markets Act. <Amended on Aug. 3, 2007; Mar. 16, 2021> |
| (4) | The Corporation shall manage the entrusted assets in a foreign currency as assets in a foreign currency in a foreign country. <Amended on Mar. 16, 2021> |
| (5) | Notwithstanding paragraph (4), where it is temporarily unavoidable, the Corporation may manage the entrusted assets as assets denominated in Korean Won. In such cases, it shall manage them in a stable and neutral manner, such as deposits in financial institutions, purchases of national and public bonds, etc. <Amended on Jun. 9, 2020; Mar. 16, 2021> |
| (6) | In order to enhance expertise in asset management, the Corporation shall secure investment managers who meet the requirements prescribed by Presidential Decree in at least the number prescribed by Presidential Decree. <Added on Aug. 3, 2007; Mar. 16, 2021> |
[Title Amended on Aug. 3, 2007]
CHAPTER V FINANCE AND ACCOUNTING
The fiscal year of the Corporation shall be the same as that of the Government.
| Article 33 (Classification of Accounting) |
| (1) | The Corporation shall manage the account of the Fund separately from that of the entrusted assets. <Amended on Dec. 26, 2017> |
| (2) | The entrusted assets shall be accounted for separately for each entrusting agency. <Amended on Dec. 26, 2017> |
[Title Amended on Dec. 26, 2017]
| Article 34 (Reversion of Operating Proceeds and Operating Fees) |
| (1) | The proceeds from the operation of entrusted assets shall revert to the entrusting agency. |
| (2) | The procedures for the payment of operating profits from the management of entrusted assets, the methods of payment, and operating fees shall be determined by consultation between the entrusting agency and the Corporation. |
| Article 34-2 (Appropriation of Loss and Profit) |
| (1) | The Corporation shall, when it makes profits as a result of closing its accounts each fiscal year, appropriate them in the following order: |
| 1. | Making up for carried-over losses; |
| 2. | The Export-Import Bank shall reserve at least 1/10 of the profit until the reserve reaches 1/2 of capital; |
| 3. | Payment to the National Treasury; |
| 4. | Accumulating the reserve as a reserve other than the earned surplus reserve under subparagraph 2. |
[This Article Added on Jul. 25, 2011]
CHAPTER VI SUPPLEMENTARY PROVISIONS
| (1) | The Operation Committee may require the President to report matters concerning management and asset management to the President, as prescribed by Presidential Decree, or may inspect the business status of the Corporation, if necessary, as prescribed by Presidential Decree. <Amended on Jun. 9, 2020> |
| (2) | The Operation Committee may entrust the inspection affairs under paragraph (1) to a relevant specialized institution, as prescribed by Presidential Decree. <Amended on Jun. 9, 2020> |
| (3) | Where any executive officer is deemed responsible for the sluggish management performance of the Corporation as a result of an inspection conducted under paragraph (1), the Operation Committee may deliberate and decide on matters concerning the dismissal of such executive officer. <Amended on Jun. 9, 2020> |
| (4) | The relevant central administrative agencies and entrusted institutions shall neither order the Corporation to report, request the Corporation for data, nor inspect, instruct, or supervise the Corporation in connection with its affairs, except supervising it through the Operation Committee pursuant to paragraph (1). |
| Article 36 (Public Announcement) |
| (1) | The Corporation shall publicly announce (including posting on the Internet; hereafter the same shall apply in this Article) the following materials related to the management and investment policies of the Corporation, as prescribed by its articles of incorporation. <Amended on Jun. 9, 2020> |
| 1. | Financial statements and accounting standards; |
| 3. | Mid- and long-term investment policies resolved by the Operation Committee. |
| (2) | The Corporation shall publicly announce the following materials related to the Corporation's asset management performance, etc. of entrusted assets for each fiscal year, as prescribed by its articles of incorporation. <Amended on Jun. 9, 2020> |
| 1. | Total scale of asset management; |
| 2. | Operating rate of return on total assets; |
| 3. | Composition expenses and rate of return for each group of assets prescribed by Presidential Decree; |
| 4. | Change of management specialists; |
| Article 37 (Non-Disclosure of Data Related to Management and Asset Management) |
| (2) | Data related to the management and asset management of the Corporation submitted to the National Assembly pursuant to paragraph (1) shall not be disclosed to the public: Provided, That this shall not apply where a resolution has been adopted by the competent standing committee of the Corporation. |
| Article 38 (Relationship to Other Statutes) |
| (2) | When the Corporation conducts transactions under each subparagraph of Article 31 (1) or (3) of that Article, it shall be deemed to have registered, reported, etc. or received, as follows. <Amended on Mar. 31, 2020; Jun. 9, 2020; Mar. 16, 2021> |
| 3. | Deleted; <Mar. 31, 2020> |
| (4) | Deleted. <Aug. 3, 2007> |
| Article 39 (Legal Fiction as Public Officials for Purposes of Applying Penalty Provisions) |
Persons who are not public officials among members under Article 10 (2) 1, civilian members under Article 10 (2) 2, executive officers of the Corporation, and employees prescribed by Presidential Decree shall be deemed a public official in applying Articles 129 through 132 of the Criminal Act. <Amended on Jun. 9, 2020> [Title Amended on Jun. 9, 2020]
CHAPTER VII PENALTY PROVISIONS
| Article 40 (Penalty Provisions) |
| (1) | Any person who discloses confidential information in violation of Article 13 (including cases applied mutatis mutandis pursuant to Article 28 (2)) shall be punished by imprisonment with labor for not more than two years or by a fine not exceeding 20 million won. <Amended on Dec. 26, 2017; Jun. 9, 2020> |
| Article 41 (Administrative Fines) |
| (1) | Any of the following persons shall be subject to an administrative fine not exceeding 5 million won: <Amended on Jun. 9, 2020> |
| 1. | A person who has used a similar name in violation of Article 8. |
| 2. | Any person who has engaged in any business for profit-making, other than his or her duties, in violation of Article 28 (1). |
| (2) | Administrative fines under paragraph (1) shall be imposed and collected by the Minister of Economy and Finance, as prescribed by Presidential Decree. <Amended on Feb. 29, 2008; Jun. 9, 2020> |
| (3) | Deleted. <Aug. 9, 2017> |
| (4) | Deleted. <Aug. 9, 2017> |
| (5) | Deleted. <Aug. 9, 2017> |
ADDENDUM <Act No. 7393, Mar. 24, 2005>
Article 1 (Enforcement Date)
This Act shall enter into force on July 1, 2005: Provided, That the provisions of Article 2 of the Addenda shall enter into force on the date of its promulgation. Article 2 (Incorporation Committee)
| (1) | The Minister of Finance and Economy shall appoint the following persons as incorporation committee members to organize the incorporation committee and have them handle affairs concerning the preparation for incorporation of the Corporation: |
| 1. | The Vice Minister of Finance and Economy; |
| 2. | One person recommended by the Chairperson of the Korea Financial Services Association as an incorporated association; |
| 4. | One member recommended by the Chairperson of the Korea Federation of Bank as an incorporated association; |
| (2) | The chairperson of the Incorporation Committee shall be elected by and from among its members. |
| (3) | Notwithstanding Articles 9 and 17 of this Act, the Incorporation Committee shall deliberate and decide on matters concerning the appointment and dismissal of the first executive officers of the Corporation. Provided, That this shall apply to the qualification requirements for executive officers under Article 16. |
| (4) | The incorporation committee shall formulate the articles of incorporation of the Corporation, and obtain authorization thereof from the Minister of Finance and Economy. |
| (5) | The incorporation committee shall, when it obtains authorization pursuant to paragraph (4), register the incorporation of the Corporation under joint signature of members for incorporation. |
| (6) | The incorporation committee shall, when it completes the incorporation registration of the Corporation pursuant to paragraph (5), transfer its affairs and assets to the president of the Corporation. |
| (7) | Members of the incorporation committee shall be deemed to be discharged from the committee when they completely transfer affairs and assets pursuant to paragraph (6). |
Article 3 (Expenses for Incorporation)
The Corporation shall bear the expenses for its incorporation.
Article 4 (Transitional Measures concerning Entrustment of Corporation with Fund Assets)
The Corporation may be entrusted with the assets of the Fund under the Framework Act on Fund Management among the entrusting institutions by the Government after entrusting the Government with the evaluation of the entrusted asset management of the Corporation to an externally related specialized institution and reporting the results thereof to the National Assembly: Provided, That the assets may be entrusted from the foreign exchange equalization fund on the date this Act enters into force. Article 5 (Special Cases concerning Evaluation of Management of Corporation)
The Government shall request an externally related specialized institution to evaluate the management of the Corporation at the time three years have elapsed since the incorporation of the Corporation and conduct the evaluation of the management of the Corporation, and report the results thereof to the National Assembly.
ADDENDA <Act No. 8635, Aug. 3, 2007>
Article 1 (Enforcement Date)
This Act shall enter into force one year and six months after the date of its promulgation. (Proviso Omitted.)
ADDENDA <Act No. 8852, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. This Act shall enter into force on the date of its promulgation: Provided, That amendments to the Acts which were promulgated before this Act enters into force but the enforcement date of which has not arrived yet, among the Acts amended by Article 6 of the Addenda, shall enter into force on the enforcement date of the respective Act.
ADDENDA <Act No. 10904, Jul. 25, 2011>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 14844, Aug. 9, 2017>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 15289, Dec. 26, 2017>
This Act shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 17157, Mar. 31, 2020>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 (Applicability to Performance of Duties before Appointment of Successors of Non-Governmental Members of Operation Committee)
The amended provisions of Article 10 (5) shall also apply to non-Governmental members of the Operation Committee who are performing their duties as at the time this Act enters into force. Article 3 (Applicability to Performance of Duties before Appointment of Successors of Executive Officers)
The amended provisions of Article 21 (3) shall also apply to executive officers who are performing their duties as at the time this Act enters into force.
ADDENDUM <Act No. 17339, Jun. 9, 2020>
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
ADDENDUM <Act No. 17927, Mar. 16, 2021>
This Act shall enter into force on the date of its promulgation.