STATE PROPERTY ACT

Expand Act No. 9547, Mar. 25, 2009 

CHAPTER I GENERAL PROVISIONS
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 Article 1 (Purpose)  
The purpose of this Act is to prescribe fundamental matters concerning State property, thereby ensuring the appropriate protection and efficient administration and disposal of State property.
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 Article 2 (Definitions)  
The definitions of terms used in this Act shall be as follows:
1. The term "State property" means property falling under any of the subparagraphs of Article 5 (1), which comes to fall under the ownership of the State at a cost to the State, by contribution acceptance, or by Acts and subordinate statutes or treaties;
2. The term "contribution acceptance" means the gratuitous transfer of ownership of property falling under any of the subparagraphs of Article 5 (1) to the State by a person other than the State, and acceptance thereof by the State;
3. The term "administration" means any and all activities performed for the purpose of acquiring, operating, keeping, or preserving State property;
4. The term "disposal" means the transfer of ownership of any State property to a person other than the State by means of sale, exchange, transfer, entrustment, contribution in kind, etc.;
5. The term "administrative conversion" means delegation of the management rights in any State property between each office of administration or different accounts or funds;
6. The term "government-invested corporation" means any corporation in which the government has invested or is to invest, and which is prescribed by Presidential Decree;
7. The term "permission for use" means permitting any person other than the State to use and benefit from any administrative property onerously or gratuitously for a fixed period;
8. The term "loan contract" means any contract or agreement concluded for allowing any person other than the State to use and benefit from any general property onerously or gratuitously for a fixed period;
9. The term "indemnity" means any amount of money imposed on a person who has used, benefited from, or occupied any State property without permission for use or loan contracts (including such persons who have continued to use, benefit from, or occupy any State property without permission for use or loan contracts even though the period for its original permission for use or loan contracts has expired; hereinafter referred to as "person occupying any State property without permission").
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 Article 3 (Basic Principles for Administration and Disposal of State Property)  
The State shall, when it administers or disposes of any State property, comply with the following principles:
1. It shall be in conformity with the common interests of the entire country;
2. Its acquisition and disposal shall be made to balance;
3. It shall take into consideration public values and utility;
4. It shall follow transparent and efficient procedures.
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 Article 4 (Relations with other Acts)  
Administration and disposal of any State property shall be subject to conditions prescribed by this Act, unless any special provisions exist in other Acts: Provided, That where the special provisions in other Acts conflict with the provisions of Chapter II, such administration and disposal shall be subject to conditions prescribed by this Act.
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 Article 5 (Scope of State Property)  
(1) The scope of State property shall be as follows:
1. Real estate and its appurtenances;
2. Vessels, buoys, floating bridges, floating docks, and aircraft and appurtenances thereof;
3. Machinery and appliances used in government enterprises under Article 2 of the Government Enterprise Budget Act (hereinafter referred to as "government enterprises") or government facilities, which are prescribed by Presidential Decree;
4. Superficies, easements, leasehold rights, mining rights and other rights corresponding thereto;
5. Securities under Article 4 of the Financial Investment Services and Capital Markets Act (hereinafter referred to as "securities");
6. Patents, copyrights, trademarks, design rights, utility model patents and other rights corresponding thereto.
(2) Machinery and appliances as referred to in paragraph (1) 3, the use which has collectively ceased with the abolition of the relevant enterprises or facilities, shall retain their status as State property notwithstanding such abolition.
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 Article 6 (Classification and Types of State Property)  
(1) State property shall be classified into administrative property and general property, according to its purpose of use.
(2) The types of "administrative property" shall be as follows:
1. Property for official use: Property the State directly uses or determines to use for administrative or business purposes or for the residence of public officials until the deadline prescribed by Presidential Decree;
2. Property for public use: Property the State directly uses or determines to use for the public until the deadline prescribed by Presidential Decree;
3. Property for government enterprises: Property any government enterprise directly uses or determines to use for administrative or business purposes or for the residence of its personnel until the deadline prescribed by Presidential Decree;
4. Property for conservation: Property the State conserves pursuant to the Acts and subordinate statutes, or for other necessities.
(3) The term "general property" means any State property other than administrative property.
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 Article 7 (Protection of State Property)  
(1) No person shall use or benefit from State property unless he or she complies with the procedures and methods prescribed by this Act or any other Act.
(2) No administrative property shall be an object of acquisition by prescription, notwithstanding the provisions of Article 245 of the Civil Act.
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 Article 8 (General Control and Administration of Affairs concerning State Property)  
(1) The Minister of Strategy and Finance (hereinafter referred to as "office of general administration") shall have general control over the affairs concerning State property, and administer or dispose of general property (excluding such general property referred to in any subparagraph of paragraph (3)).
(2) The office of general administration may administer general property by converting it into property for conservation.
(3) The head of each central government agency under Article 6 of the National Finance Act (hereinafter referred to as "office of administration") shall administer or dispose of the administrative property under its jurisdiction and the general property falling under any of the following subparagraphs:
1. Property belonging to a special account or fund as provided for by Articles 4 and 5 of the National Finance Act;
2. Property, the use of which ceased for the purposes of administrative conversion, exchange or transfer;
3. Property as provided for by Article 5 (1) 2;
4. Property located in airports, harbors or industrial complexes, which is necessary for operating such facilities;
5. Property, the use of which has ceased pursuant to Article 40 and which the office of general administration directs an office of administration to administer and dispose of.
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 Article 9 (Administrative Plans)  
(1) The office of general administration shall notify the guidelines for preparing plans for the administration and disposal of State property for the following year to an office of administration, etc. (referring to an office of administration and persons to whom the administration and disposal of general property has been delegated or entrusted under Article 42 (1); hereinafter the same shall apply) by June 30 of each year.
(2) Each office of administration, etc. shall draw up a plan for the administration and disposal of State property prescribed by Presidential Decree for the following year in accordance with its budgets or business schedules and the guidelines under paragraph (1), and shall submit the plan to the office of general administration by December 31 of each year.
(3) The office of general administration shall devise a plan for the administration of State property (hereinafter referred to as "administrative plan") by combining and adjusting the plans submitted pursuant to paragraph (2), and shall confirm such administrative plan after obtaining approval of the President via the deliberation of the State Council.
(4) Administrative plans shall include the following:
1. Policy directions in midand long-term for the efficient administration of State property;
2. Overall matters regarding administration and disposal of State property;
3. Matters regarding the guidelines for administration and disposal of State property;
4. Sum of specifications of the State property subject to administration and disposal;
5. Other important matters regarding administration and disposal of State property.
(5) In cases of changing an administrative plan, the provisions of paragraph (3) shall apply mutatis mutandis: Provided, That the same shall not apply where any insignificant matter prescribed by Presidential Decree is changed, such as specifications of State property subject to administration and disposal.
(6) The office of general administration shall, when an administrative plan has been confirmed or changed under the main sentence of paragraph (3) or (5), submit the administrative plan thus confirmed or changed to the National Assembly in accordance with the classification prescribed in the following subparagraphs, and then notify offices of administration, etc. thereof:
1. When an administrative plan has been confirmed: submit and notify of the plan by the end of February of the year concerned;
2. When an administrative plan has been changed: submit and notify of the plan without delay.
(7) An office of administration, etc. may, if it is necessary to administer or dispose of State property before it is notified of an administrative plan pursuant to paragraph (6), execute such administrative plan after consultations with the office of general administration.
(8) An office of administration, etc. shall administer or dispose of State property in accordance with an administrative plan, and may carry forward to the following year an administrative plan that has not been executed within the year concerned and execute it within that following year only.
(9) An office of administration, etc. shall report the actual status of execution of an administrative plan for each year to the office of general administration and the Board of Audit and Inspection by January 31 of the following year.
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 Article 10 (Financial Resources for Acquisition of State Property)  
The State shall endeavor to secure financial resources for the acquisition of State property, taking account of proceeds from sale of State property and the necessity to accumulate such proceeds.
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 Article 11 (Restriction on Acquisition of Property for which Private Rights have been Created)  
(1) Any property for which private rights have been created shall not be acquired by the State as State property unless such rights are extinguished: Provided, That the same shall not apply where the property is acquired in accordance with a ruling.
(2) No private right shall be established in relation to State property: Provided, That the same shall not apply to cases prescribed by Presidential Decree with respect to general property.
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 Article 12 (Disposal of Ownerless Real Estate)  
(1) The office of general administration or an office of administration shall acquire any ownerless real estate as State property.
(2) In acquiring any ownerless real estate as State property under paragraph (1), the office of general administration or an office of administration shall publicly announce that a person with a justifiable right or other interested parties may raise an objection against such acquisition within a prescribed period of not less than six months, as prescribed by Presidential Decree.
(3) If the office of general administration or an office of administration intends to acquire any ownerless real estate, it may file an application for the registration of owner with the competent authorities under the Cadastral Act by appending such documents attesting that a public announcement has been made in accordance with paragraph (2), only when no objection is raised within the period referred to in paragraph (2).
(4) Any State property acquired pursuant to paragraphs (1) through (3) shall be prohibited from disposal for ten years from the date of its acquisition, unless any special ground exists, as prescribed by Presidential Decree.
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 Article 13 (Contribution Acceptance)  
(1) If any person intends to donate his or her property falling under any of the subparagraphs of Article 5 (1) to the State, the office of general administration or an office of administration may receive such property under conditions prescribed by Presidential Decree.
(2) If it is difficult for the State to administer the property which is to be donated to the State pursuant to paragraph (1), if the State does not require it, or if the donation includes any condition, the office of general administration or an office of administration shall not acquire such property: Provided, That if it falls under any of the following subparagraphs, the donation is not deemed to carry conditions:
1. Where the property concerned is donated on condition that the donator, his or her heir or general successor is permitted to gratuitously use the property being donated as administrative property;
2. Where the substitute facility is donated on condition that the donator, his or her heir or general successor acquires the property, the use of which has ceased pursuant to Article 55 (1) 3 within the limit of expenses he or she has assumed, in case the administrative property ceases to be used.
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 Article 14 (Registration, Records, etc.)  
(1) The office of general administration or an office of administration shall, when it acquires any State property, register, record, enter the change of its holder, or take other measures necessary for the preservation of rights without delay, as prescribed by Presidential Decree.
(2) In registering, recording, or entering the change of a holder of any State property, the titleholder shall be the State, and the name of the competent central government agency shall be entered together therewith: Provided, That in cases of depositing securities into a corporation prescribed by Presidential Decree, such corporation is allowed to become the titleholder.
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 Article 15 (Keeping and Handling Securities)  
(1) The office of general administration or an office of administration, etc. shall have the Bank of Korea or such other corporation designated by Presidential Decree (hereinafter referred to as the "Bank of Korea, etc.") keep and handle securities for and on behalf of the State.
(2) The Bank of Korea, etc. shall keep a book on safekeeping and handling of securities and record supply and demand of securities. In such cases, the book and the record of supply and demand of securities may be replaced by electronic data.
(3) The Bank of Korea, etc. shall draft reports and statements on the supply and demand of securities, and submit them to the office of general administration and the Board of Audit and Inspection. However, the statement of supply and demand for the Board of Audit and Inspection shall have documentary evidence.
(4) The Bank of Korea, etc. shall go through examination by the Board of Audit and Inspection on the supply and demand of securities.
(5) Where the Bank of Korea, etc. has inflicted damage on the State regarding safekeeping or handling of securities, it shall be liable for the damages stipulated by the Civil Act and the Commercial Act.
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 Article 16 (Consultation, etc. on Administrative Conversion)  
(1) When an office of administration intends to take an administrative conversion of State property under the control of another office of administration or to make an administrative conversion for State property under its control to another office of administration, it shall consult with the office of administration concerned.
(2) If consultation pursuant to paragraph (1) ends in vain, the office of general administration shall determine the competent office of administration in view of the following matters:
1. How the property concerned is being administered at present and how it will be used;
2. Priority for achieving policy goals of the State.
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 Article 17 (Compensatory Administrative Conversion, etc.)  
Where an administrative conversion for any State property is made or its use is permitted between different accounts or funds, it shall be made with compensation: Provided, That in cases falling under any of the following subparagraphs, it may be made without any compensation:
1. Where it is required directly for use as roads, rivers, harbors, airports, or public water surfaces, or for any other public purposes;
2. Where it is agreed upon between the offices of administration that administrative conversion is to be made without any compensation due to a cause falling under any of the following items:
(a) Where it is expected that expenses for the appraisal assessment of the State property to be under administrative conversion will be excessive in comparison to the value of the property concerned;
(b) Where it is difficult to secure the budget for making a compensatory administrative conversion in the form of reciprocal exchanges.
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 Article 18 (Prohibition on Constructing Permanent Facilities)  
(1) Every person other than the State shall be prohibited from constructing any types of structures, such as buildings and bridges, and other permanent facilities on State property: Provided, That the same shall not apply in cases falling under any of the following subparagraphs:
1. Where they are constructed on condition that they shall be donated;
2. Where they are constructed as public facilities, the ownership of which shall revert to the State pursuant to other Acts;
3. Where they enhance the utility of the State property without disrupting any use of it, and they are deemed necessary by an office of administration, etc. to achieve the purposes of use for the State property under the loan contracts.
(2) Where the construction of permanent facilities is allowed under the proviso to paragraph (1), measures for having such person guarantee the payment of an amount equivalent to the expenses and costs to be incurred in restoring the State property to its original state, including removal of such permanent facilities, shall be taken pursuant to the standards and procedures prescribed by Presidential Decree.
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 Article 19 (Consultation on Acts and Subordinate Statutes concerning State Property)  
If an office of administration intends to draft, amend or repeal Acts and subordinate statutes related to the administration or disposal of any State property, it shall consult with the office of general administration and the Board of Audit and Inspection on their details.
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 Article 20 (Restrictions on Activities of Personnel)  
(1) No personnel performing duties concerning State property shall acquire the State property which they handle or exchange such State property for their private property: Provided, That this shall not apply where they obtain permission from the office of general administration or the office of administration concerned.
(2) Any activities in violation of the provisions of paragraph (1) shall be nullified.
CHAPTER II OFFICE OF GENERAL ADMINISTRATION
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 Article 21 (Audit for Office of General Administration)  
(1) The office of general administration may require an office of administration, etc. to report the status of management of State property under its jurisdiction or submit materials in relation thereto.
(2) An office of administration shall report the status of unused administrative property under its jurisdiction, which is prescribed by Presidential Decree, to the office of general administration by January 31 of each year.
(3) The office of general administration may audit an office of administration, etc. for the status of management of State property and the status of unused administrative property under its jurisdiction, or take any other necessary measures.
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 Article 22 (Request for Abolition of Use, etc. by Office of General Administration)  
(1) The office of general administration may request an office of administration to abolish or change the uses of any State property under its jurisdiction, and have the office of administration make administrative conversion for, or transfer to the office of general administration, the State property concerned.
(2) The office of general administration shall, when it intends to take measures prescribed by paragraph (1), make a prior notification to the office of administration concerned, thereby providing an opportunity for such office of administration to present its opinions.
(3) The office of general administration may, when an office of administration fails to abolish uses, etc. under the provisions of paragraph (1) without justifiable grounds, cease to use the State property ex officio.
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 Article 23 (Treatment of Property, Use of which has Ceased)  
The office of general administration may, if deemed necessary, designate methods of handling State property which has become general property through abolition of its use, or take over and directly dispose of such State property.
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 Article 24 (Designation of Office of Administration)  
With respect to State property which is not under the jurisdiction of any office of administration or for which the office of administration is not obvious, the office of general administration shall designate an office of administration.
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 Article 25 (Delegation or Consignment of General Administrative Duties)  
The office of general administration may delegate part of its general administrative duties under this Act to an office of administration or to the head of a local government, as prescribed by Presidential Decree, or consign such duties to a government-invested corporation or a juristic person established in accordance with special Acts, which is designated by Presidential Decree.
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 Article 26 (Committee for Examination on State Property Policies)  
(1) In order to deliberate each of the following subparagraphs concerning the administration and disposal of State property, the Committee for Examination on State Property Policies (hereinafter referred to as the "Committee") shall be established under the office of general administration:
1. Matters concerning major policy directions for State property;
2. Matters concerning amendment or repeal of Acts and subordinate statutes and systems related to State property;
3. Important matters concerning establishment and amendment of administrative plans under the provisions of Article 9 (3) and the main sentence of Article 9 (5);
4. Matters concerning decision of administrative conversion or ex officio abolition of uses by the office of general administration under Articles 16 (2) and 22 (3);
5. Matters concerning development of general property under the provisions of Article 57;
6. Important matters concerning contribution in kind under the provisions of Article 60;
7. Other matters deemed important by the office of general administration with regard to the administration and disposal of State property.
(2) The Committee shall be comprised of 15 members or less, including chairpersons.
(3) The chairpersons of the Committee shall be jointly held by one Vice Minister of Strategy and Finance designated by the Minister of Strategy and Finance and one private sector member elected by mutual vote from among its members. The members shall be appointed or commissioned by the Minister of Strategy and Finance from among public officials belonging to the central administrative agency concerned and those persons who have abundant knowledge and experience in matters related to State property.
(4) Other matters concerning organization and management of the Committee shall be determined by Presidential Decree.
CHAPTER III ADMINISTRATIVE PROPERTY
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 Article 27 (Restriction on Disposal)  
(1) No administrative property shall be disposed of: Provided, That in cases falling under any of the following subparagraphs, an office of administration may exchange or transfer administrative property in accordance with the administrative plan:
1. Where property acquired in exchange for public-owned property or private-owned property is intended to be managed as administrative property;
2. Where it is transferred to a local government which requires it directly for official or public use.
(2) Where it is exchanged pursuant to paragraph (1) 1, the provisions of Article 54 (2) through (4) shall apply mutatis mutandis, and where it is transferred pursuant to paragraph (1) 2, the provisions of Article 55 (2) and (3) shall apply mutatis mutandis. In such cases, "general property" shall be deemed "administrative property".
(3) Matters to confirm regarding the exchange referred to in paragraph (1) 1, such as purpose and price of exchange, matters to consult with the office of general administration for mutatis mutandis application of Article 55 (3) regarding the transfer referred to in paragraph (1) 2, and other necessary matters shall be prescribed by Presidential Decree.
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 Article 28 (Delegation of Administrative Duties)  
(1) An office of administration may delegate administrative duties concerning administrative property under its control to its public officials, as prescribed by Presidential Decree.
(2) An office of administration may appoint any public official who performs part of the duties delegated to the public officials referred to in paragraph (1).
(3) An office of administration may delegate its administrative duties concerning administrative property under its control to public officials assigned to other offices of administration, as prescribed by Presidential Decree.
(4) An office of administration may delegate part of its administrative duties concerning administrative property under its jurisdiction to the head of a local government or public officials thereof, as prescribed by Presidential Decree.
(5) Delegation of duties pursuant to paragraphs (1) through (4) may be replaced by the designation of an official position established in the related institution by an office of administration.
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 Article 29 (Entrustment of Administration)  
(1) When it is necessary for the efficient management of administrative property, an office of administration may entrust the administration of such property (hereinafter referred to as "entrustment of administration") to a person other than a State agency.
(2) Any person who is entrusted with administration according to the provisions of paragraph (1) may, with the prior approval of the competent office of administration, use and benefit from a portion of the entrusted property, or allow another person to make use of and benefit from it.
(3) Qualifications of persons to be entrusted with administration, period for the entrustment of administration, usage fees of the property of which administration has been entrusted, report on the status of administration, or other necessary matters relating to the entrustment of administration shall be prescribed by Presidential Decree.
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 Article 30 (Permission for Use)  
(1) An office of administration may grant permission for use of any administrative property only to the extent falling under each of the following subparagraphs:
1. Property for official use, property for public use, and property for government enterprises: To an extent not detrimental to its use or purpose;
2. Property for conservation: To the extent necessary for the fulfillment of the conservation purpose.
(2) No person who has been granted permission for use under the provisions of paragraph (1) shall allow another person to make use of and benefit from the relevant property: Provided, That where a person who has been granted permission for use of any donated property happens to be the donator of such property, or his or her heir or other general successor, it is allowed for the person who has been granted permission to have another person make use of and benefit from such property upon approval from the office of administration.
(3) The office of administration shall not, where it is deemed that the use of and benefit from the property under the proviso to paragraph (2) is detrimental to the relevant use or purpose, or makes it difficult to restore to its original state, grant approval for it.
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 Article 31 (Methods of Permission for Use)  
(1) Granting permission for use of any administrative property shall be made by general competitive bidding after public notice inviting tenders: Provided, That where it is deemed necessary in view of the purpose, character, size, etc. of permission for use, it may be made by designated tenders or restricted tenders, or optional contracts, as prescribed by Presidential Decree.
(2) Where competitive bidding is conducted pursuant to the provisons of paragraph (1), the notice of tender, opening and awarding declaration of tender shall be made by using information processing device that the office of general administration designates and notifies. In such cases, the office of administration may, when it deems necessary, publish such fact in daily newspapers, etc. in parallel with the information processing device.
(3) The provisions of the Act on Contracts to which the State is a Party shall apply mutatis mutandis to permission for use of administrative property, except as prescribed in this Act.
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 Article 32 (Usage Fees)  
(1) When permission for use of administrative property is granted, the usage fees shall be collected each year in accordance with the rates and calculation methods specified by Presidential Decree.
(2) Usage fees under paragraph (1) may be paid in installments, as prescribed by Presidential Decree. In such cases, where the annual usage fees are not less than the amount prescribed by Presidential Decree, guaranty money shall be deposited or a performance guarantee shall be provided by the person who is granted permission for use within the limit of the amount prescribed by Presidential Decree when such permission is granted (including cases of renewal of permission).
(3) If an office of administration delegates its duties concerning permission for use under Article 30 to the head of a local government, the provisions of Article 42 (6) shall apply mutatis mutandis.
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 Article 33 (Adjustment of Usage Fees)  
(1) An office of administration may, where the same person (a successor or other general successor shall be deemed to be the same person with the predecessor) continually possesses or uses or benefits from the same administrative property for over one year and where it is prescribed by Presidential Decree, adjust the usage fees.
(2) The methods for calculation of usage fees for the relevant year, which undergo adjustment under the provisions of paragraph (1), shall be determined by Presidential Decree.
(3) The provisions of paragraphs (1) and (2) shall, where administrative property subject to the payment of usage fees or fees for occupation pursuant to other Acts becomes subject to the payment of usage fees pursuant to this Act, be applied mutatis mutandis to the calculation of relevant usage fees.
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 Article 34 (Exemption of Usage Fees)  
(1) In cases falling under any of the following subparagraphs, an office of administration may exempt the relevant usage fees, as prescribed by Presidential Decree:
1. When permission for use of any donated property is granted to the donator, his or her heir or other general successor for the purposes of making it administrative property;
2. When permission for use is granted to a local government which intends to directly use the administrative property for official or public use or non-profit public service;
3. When permission for use is granted to a public organization defined by Presidential Decree which intends to directly use the administrative property for non-profit public service.
(2) Where administrative property that has been granted permission for use becomes unusable due to natural disasters or disasters referred to in subparagraph 1 of Article 3 of the Framework Act on the Management of Disasters and Safety, usage fees for the period during which the use of the administrative property was impossible may be exempted.
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 Article 35 (Period for Permission for Use)  
(1) The period for permission for use of any administrative property shall be five years or less: Provided, That in cases under Article 34 (1) 1, it shall be within the period wherein the total sum of usage fees reaches the value of the property donated.
(2) With respect to the property, the period for permission under paragraph (1) for which expires, the previous period for permission may be renewable within the extent not exceeding five years, except for the cases determined by Presidential Decree: Provided, That such renewal shall be allowed on only one occasion, except for cases where the permission for use of the property may be granted by optional contracts.
(3) Any person who intends to renew the permission pursuant to paragraph (2) shall file an application with an office of administration at least one month prior to the expiration of the period of permission.
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 Article 36 (Cancellation or Withdrawal of Permission for Use)  
(1) If any person who has obtained permission for use of administrative property falls under any of the following subparagraphs, an office of administration may cancel or withdraw such permission:
1. If he or she obtains the said permission by false statements, presentation of defective documentary evidence, or other unlawful means;
2. If he or she allows another person to make use of or benefit from the property for which permission for use has been granted in violation of Article 30 (2);
3. If he or she neglects the preservation of the said property or violates the purpose of its use;
4. If he or she fails to pay the usage fees within the payment deadline, or fails to deposit guaranty money or provide performance guarantee pursuant to the latter part of Article 32 (2);
5. If he or she has altered the original state of the property for which permission for use has been granted, without obtaining approval from the office of administration.
(2) If the administrative property for which permission for use has been granted is directly required by the State or a local government for official or public use, the office of administration may withdraw such permission.
(3) If a person who has obtained the said permission suffers a loss due to withdrawal referred to in paragraph (2), agencies which intend to use such property shall compensate such person for the loss, as prescribed by Presidential Decree.
(4) An office of administration shall, where it has cancelled or withdrawn permission for use under paragraph (1) or (2), and where a person uses and benefits from the property donated under the proviso to Article 30 (2), notify him or her of the facts of such cancellation or withdrawal.
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 Article 37 (Hearings)  
If an office of administration intends to cancel or withdraw permission for use of any administrative property pursuant to the provisions of Article 36, it shall hold a hearing.
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 Article 38 (Restoration to Original State)  
Any person who has received permission for use of administrative property shall, where the permission period expires or permission for use is cancelled or withdrawn under the provisions of Article 36, restore the relevant property to its original state: Provided, That where the office of administration has, in advance, approved alterations to its original state, he or she may return it in the altered state.
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 Article 39 (Sanctions against Negligence of Administration)  
If a person who has received permission for use of any administrative property causes damage to such property by neglecting his or her administrative duties, additional dues may be collected from him or her, pursuant to Presidential Decree, in addition to the usage fees within the limit not exceeding the amount of such usage fees.
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 Article 40 (Abolition of Use)  
(1) An office of administration shall abolish the use of administrative property pursuant to the criteria prescribed by Presidential Decree.
(2) If an office of administration abolishes the use of administrative property pursuant to the provisions of paragraph (1), it shall, without delay, transfer the said property to the office of general administration: Provided, That this shall not apply to property falling under any of the subparagraphs of Article 8 (3).
CHAPTER IV GENERAL PROPERTY
SECTION 1 Common Provisions
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 Article 41 (Disposal, etc.)  
(1) All general property shall be administered and disposed of in accordance with the administrative plan.
(2) An office of administration, etc. may, if a building or other facilities not scheduled for any use by the State fall under any of the following subparagraphs, remove such building or facilities:
1. Where their structures are feared to pose serious risk to the safety of the public;
2. Where their maintenance and repair costs are excessive in comparison to their property value;
3. Where their removal is deemed unavoidable by the office of administration, etc. due to their location, form, use, deterioration, etc.
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 Article 42 (Delegation or Entrustment of Administration and Disposal)  
(1) In accordance with Presidential Decree, the office of general administration may delegate part of the duties of administration and disposal of general property provided for in Article 8 (1), to public officials under its control, or to offices of administration or their officials, or to the heads of local governments or their officials, or it may entrust these duties to government-invested corporations, financial institutions, investment traders, investment brokers, or juristic persons established under special Acts prescribed by Presidential Decree.
(2) The office of general administration may be entrusted with part of the duties concerning the administration and disposal of general property under each subparagraph of Article 8 (3).
(3) The provisions of paragraph (1) may apply mutatis mutandis in cases where an office of administration intends to develop any general property under its jurisdiction pursuant to Article 59 and entrust such property.
(4) The provisions of Articles 28 and 29 shall apply mutatis mutandis in cases where the offices of administration or agencies delegated under paragraph (1) administer or dispose of any general property pursuant to the provisions of paragraph (1).
(5) The office of general administration or the office of administration which has delegated or entrusted its duties regarding the administration and disposal of general property pursuant to paragraphs (1) and (4) may, where it deems that the delegated or entrusted person inadequately performs the relevant affairs, withdraw such delegation or entrustment.
(6) The loan charges, proceeds from sale or development, or indemnity of general property prescribed by Presidential Decree from among general property, the administration and disposal of which have been delegated or entrusted pursuant to paragraphs (1) and (4) may, under conditions prescribed by Presidential Decree, be paid to the delegated or entrusted persons, notwithstanding the provisions of Article 17 of the National Finance Act and Article 7 of the Management of the National Funds Act.
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 Article 43 (Contract Procedures)  
(1) Contracts concerning disposal of general property shall be concluded through general competitive bidding after public notice inviting tenders: Provided, That the contracts may be concluded by designated tenders or restricted tenders, or optional contracts, as prescribed by Presidential Decree, when it is deemed necessary in view of the purposes, characters, sizes, etc. of the contracts, and in cases of securities, they may be done by means determined by Presidential Decree.
(2) In cases of competitive bidding referred to in paragraph (1), the provisions of Article 31 (2) shall apply mutatis mutandis to the relevant public notice and procedures.
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 Article 44 (Pricing of Property to be Disposed of)  
The price of general property to be disposed of shall be determined in consideration of the market price, as prescribed by Presidential Decree.
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 Article 45 (Pre-Contract for Exploitation, Filling, Reclamation, and Afforestation)  
(1) General property may be pre-contracted for loan, sale or transfer, as prescribed by Presidential Decree, for the projects of exploitation, filling, reclamation, or afforestation and on the condition of the completion of such projects.
(2) In cases under paragraph (1), the contractor may enjoy gratuitous use of and benefit from pre-contracted property or the completed portion of the project during the period for the relevant project.
(3) Pre-contracts pursuant to paragraph (1) may be rescinded or terminated if the contractor fails to commence the project within the designated period or is deemed unable to complete the project.
(4) If a portion of a pre-contracted project is completed at the time of a rescission or termination pursuant to paragraph (3), all or part of the completed portion may be loaned, sold or transferred to the contractor only if such loan, etc. does not conflict with the public interest.
(5) If an office of administration, etc. intends to conclude a pre-contract for sale or transfer of any property under its control pursuant to the provisions of paragraph (1), it shall consult with the office of general administration.
SECTION 2 Loans
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 Article 46 (Loan Periods)  
(1) The loan period for general property shall not exceed any of the following subparagraphs: Provided, That in cases of constructing permanent facilities under the; proviso to Article 18 (1), it shall not exceed ten years:
1. Land and its fixtures to be afforested: Ten years;
2. Land and its fixtures, other than those in subparagraph 1: Five years;
3. Any other property: One year.
(2) With respect to the property, the loan period under paragraph (1) of which has expired, the previous loan contract may be renewed to the extent not exceeding such loan period unless otherwise stipulated by Presidential Decree: Provided, That such loan contract may be renewable on only one occasion, except for cases where the loan is rendered by means of an optional contract.
(3) Any person who intends to renew the loan contract under the provisions of paragraph (2) shall file an application with an office of administration, etc. at least one month prior to the expiry of the loan period.
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 Article 47 (Loan Charges, Rescission of Contracts, etc.)  
The provisions of Articles 30 (2), 31 (1) and (2), 32, 33, 34 (1) 2 and 3, 34 (2), 36 and 38 shall apply mutatis mutandis to the restriction on loan, loan charges, gratuitous loan, and rescission or termination of loan contracts, etc. for any general property.
SECTION 3 Sale
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 Article 48 (Sale)  
General property may be sold when it falls under any of the following subparagraphs:
1. Where it is unavoidable for any specific project under other Acts;
2. Where it is needed for public services prescribed by Presidential Decree directed at public uses, such as cultural facilities, parks, etc.;
3. Where it is property controled by any special account or fund and determined by Presidential Decree in consideration of the purpose of establishment of such account or fund;
4. Where it is inappropriate to be conserved or administered by the State in consideration of the location, size, type, policy objective, etc. of the property, or it is unusable.
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 Article 49 (Sale by Specifying Uses)  
General property may be sold to a purchaser by specifying its use and the period for such use under conditions prescribed by Presidential Decree.
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 Article 50 (Payment of Proceeds from Sale)  
(1) Proceeds from the sale of any general property shall be paid, as prescribed by Presidential Decree: Provided, That the period for payment may be extended when it is permitted by Presidential Decree.
(2) If it is deemed difficult to have the proceeds from the sale of general property paid in lump sum and it is permitted by Presidential Decree, the payment may be made in installments over a period of not longer than 20 years, with an interest rate determined by Presidential Decree in consideration of the one-year fixed deposit interest rate.
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 Article 51 (Transfer of Ownership, etc.)  
(1) In cases of selling any general property, transfer of the ownership for the relevant property shall be made only after the full payment of the proceeds from the sale of such property.
(2) Notwithstanding the provisions of paragraph (1), if the proceeds from sale shall be paid in installments under the provisions of Article 50 (2), and if it is determined by Presidential Decree that the transfer of ownership is essential for the smooth execution of public services, etc., such transfer of ownership may be possible even before the proceeds from the sale of the relevant property are fully paid. In such cases, necessary measures for securing claims, such as creation of mortgage, shall be taken.
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 Article 52 (Rescission of Contracts for Sale)  
A contract for the sale of general property may be rescinded in the following cases:
1. If the purchaser fails to make timely payment of the proceeds from sale;
2. If the purchase is based on false statements, presentation of defective documentary evidence, or other unlawful means by the purchaser;
3. If the purchase is made by designating the use of the property under Article 49, if the purchaser does not use the property for such designated purpose within the designated period or ceases to use the property for the designated purpose before the end of the designated period.
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 Article 53 (Purchase of Buildings, etc.)  
In cases where a contract for sale of general property is rescinded, and where an office of administration notifies the purchase of buildings and other structures installed on the relevant property with the prices determined by the office of administration under the provisions of Article 44, the relevant owner may not refuse it without justifiable grounds.
SECTION 4 Exchange
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 Article 54 (Exchange)  
(1) Where it falls under any of the following subparagraphs, general property, such as land, buildings or other fixtures on land, may be exchanged for publicly or privately owned land, buildings or other fixtures on land:
1. Where it is needed for the State to directly use as administrative property;
2. Where it is needed to increase the usefulness of property by managing small-scale general property pooled in one place;
3. Where it is difficult to dispose of the property concerned by other methods including sale, while it is needed to increase the value and usability of general property.
(2) The types, prices, etc. of the property exchanged pursuant to paragraph (1) may be restricted under conditions prescribed by Presidential Decree.
(3) If the price offered by each party for an exchange pursuant to paragraph (1) does not coincide, the difference shall be paid in cash.
(4) When an office of administration, etc. desires to exchange general property, it shall report the relevant details to the Board of Audit and Inspection.
SECTION 5 Transfer
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 Article 55 (Transfer)  
(1) General property may be transferred, as prescribed by Presidential Decree, in cases falling under one of the following subparagraphs:
1. When the general property is transferred to a local government which intends to directly use it for official or public use;
2. When the property for public use, the cost of maintenance and conservation of which has been borne by a local government or a public organization determined by Presidential Decree, and which has been converted into general property due to the abolition of its use, is to be transferred to the relevant local government or public organization within such cost;
3. When the administrative property, the use of which has ceased is transferred to a person, his or her heir or other general successor, who provides substitute facilities for use thereof, within the cost borne by such person;
4. When the general property which the State need not preserve or utilize or which is difficult to be loaned, sold or exchanged, is to be transferred.
(2) If the property transferred pursuant to paragraph (1) 1 is used for a purpose different from the original purpose within ten years from the transfer, such transfer may be cancelled.
(3) Where an office of administration, etc. desires to transfer general property pursuant to paragraph (1), it shall consult with the office of general administration.
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 Article 56 (Blanket Transfer)  
(1) The office of general administration may transfer general property collectively within a designated scope to a local government, if it deems necessary for the efficient administration and disposal of the State property.
(2) When the general property is transferred collectively pursuant to paragraph (1), the office of general administration may request the relevant local government to submit reports concerning administration and disposal of such property or to take any other necessary measures.
SECTION 6 Development
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 Article 57 (Development)  
General property may be loaned or sold after being developed (referring to construction, large-scale repair, remodelling, etc. under Article 2 of the Building Act) under the provisions of Articles 58 and 59, in consideration of each of the following subparagraphs:
1. Soundness of financial management, such as increase of fiscal revenue;
2. Convenience for the public, such as securing of public facilities;
3. Contribution to local development, such as improvement of surrounding environments;
4. Other necessities for achieving administrative objectives of the State.
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 Article 58 (Trust Development)  
(1) General property may be entrusted to a trust operator which handles real estate trusts for its development, as prescribed by Presidential Decree.
(2) If an office of administration intends to make a development under the provisions of paragraph (1), it shall consult with the office of general administration as to the selection of a trust operator, trust period, trust fees, limits on the borrowing of funds, use of facilities, etc. under conditions prescribed by Presidential Decree. The same shall also apply in cases of modifying important matters determined by Presidential Decree, from among matters consulted upon.
(3) If a person delegated or entrusted with duties for administration and disposal under the provisions of Article 42 (1) intends to make a development pursuant to paragraph (1), he or she shall obtain approval of the office of general administration for the selection of a trust operator, trust period, trust fees, limits on the borrowing of funds, use of facilities, etc. under conditions prescribed by Presidential Decree. The same shall also apply in cases of modifying important matters determined by Presidential Decree, from among approved matters.
(4) Methods of reverting, to the State, proceeds from the trust pursuant to the provisions of paragraph (1) and other necessary matters shall be determined by Presidential Decree.
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 Article 59 (Entrusted Development)  
(1) Any person delegated or entrusted with the duties for administration and disposal under the provisions of Article 42 (1) and (3) (hereafter in this Article referred to as "trustee") may develop the general property thus entrusted.
(2) If a trustee intends to make a development under the provisions of paragraph (1), he or she shall obtain approval of the office of general administration or an office of administration for entrustment period, entrustment fees, limits on the borrowing of funds, use of facilities, etc. under conditions prescribed by Presidential Decree. The same shall also apply in cases of modifying important matters determined by Presidential Decree, from among approved matters.
(3) If the office of administration intends to approve development under the provisions of paragraph (2), it shall consult with the office of general administration under conditions prescribed by Presidential Decree. The same shall also apply in cases of modifying important matters determined by Presidential Decree, from among matters consulted upon.
(4) Methods of reverting, to the State, proceeds from entrusted development pursuant to the provisions of paragraph (1) and other necessary matters shall be determined by Presidential Decree.
(5) Notwithstanding the provisions of Articles 43, 44, 46 and 47, methods of loan, sale and administration of property pursuant to paragraph (1) may be determined after the trustee consults with the office of general administration or the office of administration.
SECTION 7 Contributions In Kind
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 Article 60 (Contributions in Kind)  
The government may contribute general property in kind in cases falling under any of the following subparagraphs:
1. Where the government newly establishes a government-invested corporation;
2. Where necessary to secure funds for efficiently carrying out business with a proper purpose of a government-invested corporation;
3. Where it is needed for reorganization of the operating system and the management structure of a government-invested corporation.
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 Article 61 (Procedures for Contributions in Kind)  
(1) A government-invested corporation shall, when it intends to receive a contribution in kind under the provisions of Article 60, file an application with the head of the administrative agency in control of the business of the government-invested corporation pursuant to the relevant Acts and subordinate statutes (hereinafter referred to as "head of the competent authority") by attaching the following documents:
1. Necessity for the contribution in kind;
2. Size and specifications of the property to be invested;
3. Price assessment for the property to be invested;
4. Financial statements and current status of management;
5. Business plans.
(2) The head of the competent authority shall, when he or she receives an application to provide a contribution in kind pursuant to the provisions of paragraph (1), review the propriety of such contribution in kind and then request the office of general administration to make the contribution in kind with the documents in each subparagraph of paragraph (1) as well as a written opinion on the contribution in kind.
(3) The office of general administration shall, when it is requested to make a contribution in kind under the provisions of paragraph (2), draw up a plan for contribution in kind and obtain approval from the President after deliberation of the State Council.
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 Article 62 (Calculation of Amount of Contribution)  
In cases of contribution in kind under the provisions of Article 60, the amount of contribution for the general property shall be calculated pursuant to the provisions of Article 44: Provided, That if the calculated value of equity securities falls short of their par value, the amount of contribution shall be the par value of such equity securities.
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 Article 63 (Correction of Property Invested, etc.)  
The office of general administration may, when any change has occurred to the property subject to the contribution in kind due to its destruction or damage during the period from the base date for assessment to the contribution date, correct the property invested or the amount of contribution. In such cases, the head of the competent authority shall notify the office of general administration of such change in the property subject to the contribution in kind without delay.
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 Article 64 (Acquisition Value of Equity Securities following Contribution in Kind)  
The acquisition value of the equity securities to be acquired by the government through contribution in kind shall not exceed the asset value determined by Ordinance of the Ministry of Strategy and Finance: Provided, That such asset value may be substituted with the par value in any case prescribed by Presidential Decree, in which the asset value of the equity securities is less than their par value.
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 Article 65 (Exclusion from Application of Commercial Act)  
The provisions of Articles 295 (2), 299 (1), 299-2 and 422 of the Commercial Act shall not apply where a government-invested corporation receives contribution in kind pursuant to the provisions of Article 60.
CHAPTER V ADMINISTRATIVE REGISTRY AND REPORTING
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 Article 66 (Administrative Registry and Inspection)  
(1) An office of administration, etc. shall maintain and keep an administrative registry, certified copies of the property registry, and a chart displaying the State property under its control, in accordance with the classifications and kinds described in Article 6. In such cases, the administrative registry of State property may be replaced by the computerized data.
(2) An office of administration, etc. shall annually inspect the actual status of State property under its control and revise the administrative registry mentioned in paragraph (1) accordingly.
(3) Necessary matters pertaining to the administrative registry mentioned in paragraph (1) and the inspection pursuant to paragraph (2) shall be prescribed by Presidential Decree.
(4) The office of general administration shall keep a general registry showing the status of the State property under each office of administration. In such cases, the general registry may be substituted with computerized data.
(5) The office of general administration, offices of administration, or any officials or persons who have been delegated or entrusted with the administrative duties pursuant to Articles 28, 29, 42 (1) and (3) may, without charge, request the heads of the registry offices or other administrative agencies concerned to inspect or copy any necessary documents, or to deliver certified copies or abstracts thereof, if necessary for the administration and disposal of State property.
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 Article 67 (Access to Land, etc. Owned by Third Parties)  
(1) Officers of an office of administration, etc. may, if necessary for the inspection under the provisions of Article 66 (2), be permitted to access land, etc. owned by third parties.
(2) Any person who intends to have access to land, etc. owned by a third party under paragraph (1) shall make it known to the owner, occupant, or manager of such land, etc. (hereafter in this Article referred to as "interested persons") in advance: Provided, That this shall not apply where the interested persons are unknown.
(3) Interested persons shall be prohibited from refusing or disturbing access referred to in paragraph (1) without justifiable grounds.
(4) The person who intends to get access to land, etc. owned by a third party under paragraph (1) shall carry with him or her a certificate indicating his or her authority and present it to the interested persons.
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 Article 68 (Price Assessment, etc.)  
Any accounting for State property, including assessment of the price of State property, shall be in conformity with the national accounting standards under Article 11 of the National Accounting Act.
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 Article 69 (Reports on Administration of State Property)  
(1) An office of administration, etc. shall make a report on the administration of State property under its control and submit the report to the office of general administration by not later than the end of February of the following year. In such cases, matters to be included in the report on the administration of State property shall be prescribed by Presidential Decree.
(2) The office of general administration shall combine the reports on the administration of State property mentioned in paragraph (1) and devise a comprehensive report on the administration of State property.
(3) The office of general administration shall submit the comprehensive report on the administration of State property mentioned in paragraph (2) to the Board of Audit and Inspection by not later than April 10 of the following year for its audit.
(4) The office of general administration shall submit the comprehensive report on the administration of State property inspected by the Board of Audit and Inspection pursuant to the provisions of paragraph (3) and the audit report made by the Board of Audit and Inspection to the National Assembly by not later than May 31 of the following year.
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 Article 70 (Reports on Damage, etc.)  
An office of administration, etc. shall, if any State property under its control is damaged, destructed or removed, report such fact to the Board of Audit and Inspection without delay.
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 Article 71 (Exclusion from Application)  
The provisions of Articles 68 through 70 shall not apply to the property mentioned in Article 5 (1) 2, which is managed by the Minister of Defense, and other property determined by an office of administration through consultations with the office of general administration.
CHAPTER VI SUPPLEMENTARY PROVISIONS
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 Article 72 (Collection of Indemnities)  
(1) An office of administration, etc. shall collect from a person occupying any State property without permission an indemnity amounting to 120 percent of the usage fees or loan charges of the State property under conditions prescribed by Presidential Decree: Provided, That no indemnity shall be collected in cases falling under any of the following subparagraphs:
1. If any property purchased by a person (including his or her heir or other general successor) for valuable consideration in reliance on the apparent legal title of a nominal owner in a registry or other public record, is proved to be State property and reverted to the State;
2. If the State or a local government permits a person to occupy, use or benefit from the State property for a limited period due to an inevitable reason, such as countermeasures against natural disaster.
(2) The indemnity under paragraph (1) may be paid in installments under conditions prescribed by Presidential Decree.
(3) Adjustment of usage fees of and loan charges for State property under Articles 33 and 47 shall not apply to the collection of indemnities pursuant to the provisions of paragraph (1).
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 Article 73 (Collection of Overdue Charges, etc.)  
(1) When a person fails to pay, with regard to any State property, the usage fees, additional dues imposed for the negligence of administration, loan charges, proceeds from sale, funds from exchange, or indemnities (excluding any interest accrued thereon where such indemnity is paid in installments) by their respective due dates, an office of administration, etc. may collect overdue charges under conditions prescribed by Presidential Decree. In such cases, the overdue period which becomes subject to the overdue charges shall not exceed 60 months from the due date.
(2) When a person fails to pay, with regard to any State property, the usage fees, additional dues imposed for the negligence of administration, loan charges, indemnities, or overdue charges under the provisions of paragraph (1) by their respective due dates, an office of administration, etc. may collect them by applying mutatis mutandis the provisions of Article 23 of the National Tax Collection Act and the provisions for disposition on arrears of the same Act according to the methods falling under each of the following subparagraphs:
1. The office of administration (in cases of general property, including persons delegated with duties on administration and disposal under the provisions of Article 42 (1); hereafter in this subparagraph, the same shall apply) may collect them directly, or delegate duties for such collection to the head of the competent tax office or the head of the competent local government (hereinafter referred to as "head of tax office, etc."). In such cases, the head of tax office, etc. which executes the affairs shall be placed under the supervision of the office of administration which has delegated such affairs;
2. A person who has been entrusted with duties for the administration and disposal under the provisions of Article 42 (1) may have the head of the competent tax office, etc. collect them instead.
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 Article 74 (Removal of Illegal Facilities)  
When any person occupies State property or constructs facilities on it without justifiable grounds, the State may remove such facilities or take other necessary measures by applying mutatis mutandis the Administrative Vicarious Execution Act.
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 Article 75 (Additional Dues for Erroneous Payment)  
The State shall, when returning usage fees, loan charges, proceeds from sale or indemnities for State property which have been erroneously paid, return such fees, etc. by adding interest determined by Presidential Decree, for the period from the day following the date on which such erroneous payment is made until the date such fees, etc. are returned.
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 Article 76 (Disclosure of Information)  
(1) The office of general administration shall disclose information which is being retained and managed by it for the efficient administration and disposal of State property through the information disclosure system using information and communication networks.
(2) Necessary matters concerning the scope of information to be disclosed and procedures for the disclosure shall be determined by Presidential Decree.
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 Article 77 (Report on Concealed Property, etc.)  
(1) A person who detects concealed State property or ownerless real estate and reports it to the government may be rewarded, as prescribed by Presidential Decree.
(2) If a local government detects concealed State property or ownerless real estate and reports it to the government, such property may be transferred to the reporting local government or the local government may be rewarded, as prescribed by Presidential Decree, within the limit of half of the value of such property.
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 Article 78 (Special Cases concerning Voluntary Restitution of Concealed Property, etc.)  
If any concealed State property is sold to a person who has acquired it in good faith and thereafter returned such property to the State voluntarily due to a cause falling under any of the following subparagraphs, such person may, notwithstanding the provisions of Article 50, be permitted to purchase the property by installment payments over 12 years or less without interest thereon, or by paying a discounted purchase price in one payment after deducting an amount of not more than 80 percent of the selling price from the original selling price, as specified by Presidential Decree and differentiated by the reason of his or her return:
1. Voluntary restitution;
2. Settlement in the litigation;
3. Other cause determined by Presidential Decree.
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 Article 79 (Liability for Compensation)  
(1) Any person entrusted with administrative duties for State property pursuant to Article 28 shall, if he or she inflicts damage on the property on purpose or by gross negligence in violation of his or her duties, be liable to compensate such damage.
(2) The provisions of Articles 4 (3) and (4), 6 through 8 of the Liability of Accounting Personnel, etc. Act shall apply mutatis mutandis to the liability to compensate under paragraph (1).
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 Article 80 (Special Cases concerning Liquidation Procedures)  
Notwithstanding the provisions of the Commercial Act concerning the power and the convocation or resolution systems, etc. of a general meeting of stockholders or unitholders, liquidation of a corporation, not less than a half of the equity shares of which is held by the State and which is prescribed by Presidential Decree shall be determined in accordance with the Presidential Decree.
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 Article 81 (Liquidation Procedures for Corporation whose Headquarters or Principal Offices are Located in Area North of Military Demarcation Line)  
(1) With respect to the liquidation of corporations whose headquarters or principal offices are located in the area north of the Military Demarcation Line from among corporations referred to in Article 80, the provisions of the Commercial Act and Article 80 of this Act shall apply mutatis mutandis: Provided, That the provisions of the Commercial Act concerning the following matters shall not apply mutatis mutandis:
1. Registration of dissolution of a corporation;
2. Report and registration of a liquidator;
3. Presentation of a list of property and a balance sheet pursuant to Article 533 of the Commercial Act;
4. Registration upon completion of liquidation.
(2) Where the ownership of the real estate owned by a corporation under liquidation procedures pursuant to paragraph (1) is likely to be transferred to a person who occupies such real estate without permission under Article 245 of the Civil Act, the office of general administration may revert such real estate to the State even before the completion of the liquidation procedures. In such cases, no right of shareholders and other equity holders of the corporation shall be affected in the course of distributing any remaining property after the completion of liquidation.
(3) Where a corporation is liquidated pursuant to paragraph (1), the necessary matters shall be publicly notified pursuant to Presidential Decree.
(4) Where the State entrusts registration for the transfer of ownership on the real estate of the corporation concerned, according to the provisions of paragraph (2) or as a result of the distribution of the remaining property after the completion of liquidation procedures, the registration procedures shall be in accordance with the Presidential Decree, notwithstanding the provisions of the Registration of Real Estate Act.
CHAPTER VII PENAL PROVISIONS
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 Article 82 (Penal Provisions)  
A person who uses or benefits from administrative property in violation of Article 7 (1) shall be punished by imprisonment for not more than 2 years or by a fine not exceeding ten million won.
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation: Provided, That the amended provisions of Article 76 shall enter into force on January 1, 2010.
Article 2 (Repeal of other Acts)
The Act on the Contribution In-kind of State Properties shall be repealed.
Article 3 (Precedents concerning Period for Permission for Use and Loan Period)
The amended provisions of the main sentence of Article 35 (1) and the proviso to Article 46 (1) shall be applicable to the permission for use or loan contracts made on or after the date when this Act enters into force.
Article 4 (Precedents concerning Renewal of Permission for Use and Loan Contracts)
The amended provisions of Articles 35 (2) and 46 (2) shall be applicable to the renewal of the permission for use or loan contracts made on or after the date when this Act enters into force.
Article 5 (Precedents concerning Indemnity)
Indemnity for which adjustment of usage fees and loan charges shall not be made under the provisions of Article 72 (3) shall apply, starting from the indemnity for the occupation period without permission after this Act enters into force.
Article 6 (Precedents concerning Overdue Charges)
The amended provisions of Article 73 (1) shall be applicable to the overdue charges incurred with the due date based on the first notification of payment arriving after this Act enters into force.
Article 7 (Additional Registration of Name of Administrative Offices)
Any miscellaneous property for which the National Tax Office has additionally been registered as its office of administration at the time when the amended State Properties Act (Act No. 2950) entered into force, shall be deemed that the Ministry of Finance has additionally been registered as its office of administration on the date when such Act entered into force: Provided, That this shall not apply to the property whose proceeds from sale have not been fully paid, or for which alteration registration following the transfer of ownership has not been made after the complete payment of the proceeds from sale.
Article 8 (Transitional Measures concerning Contribution in Kind)
(1) Any contribution in kind made under the former Act on the Contribution In-kind of State Properties (hereafter in this Article, referred to as "former Act") at the time when this Act enters into force shall be deemed to have been made under the provisions of this Act.
(2) An application to make contribution in kind by a government-invested corporation under the former Act at the time when this Act enters into force shall be deemed to have been made under this Act. In such cases, calculation of the amount contributed shall be in conformity with the former Act.
(3) Anything that has been deliberated upon by the State Council under the former Act shall be deemed to have been deliberated upon by the State Council under the provisions of this Act.
Article 9 (Transitional Measures concerning Price Assessment)
Notwithstanding the amended provisions of Articles 68, 69 and 71, the former provisions of Articles 47, 48 and 50 shall apply to roads, rivers, harbors, and public water surfaces, from among property for public use, until the point in time when accounting for social infrastructure as prescribed by the national accounting standards under Article 11 of the National Accounting Act is made.
Article 10 Omitted.
Article 11 (Relations with other Acts)
(1) Any reference to property for conservation owned by the State by any other Act or subordinate statute in force at the time when this Act enters into force shall be deemed to be any reference to property for conservation from among administrative property; any reference to miscellaneous property owned by the State shall be deemed to be any reference to general property; any reference to administrative exchange shall be deemed to be any reference to administrative conversion; and any reference to permission for use or benefit from shall be deemed to be any reference to permission for use.
(2) A reference to a provision of the former State Properties Act or Act on the Contribution In-kind of State Properties by any other Act or subordinate statute in force at the time when this Act enters into force shall be deemed to be a reference to this Act or the corresponding provision hereof in lieu of the former provision, if such a corresponding provision exists herein.
ADDENDA<Act No. 9544, Mar. 25, 2009>
(1) (Enforcement Date) This Act shall enter into force on the date of its promulgation: Provided, That the provisions of paragraph (2) of the Addenda shall enter into force on July 31, 2009.
(2) Omitted.
ADDENDA<Act No. 9547, Mar. 25, 2009>
Article 1 (Enforcement Date)
This Act shall enter into force three months after the date of its promulgation: Provided, That …<Omitted>… the provisions of Article 4 (2) of the Addenda shall enter into force on July 31, 2009, respectively.
Articles 2 through 4 Omitted.

Last updated : 2010-03-22