CHAPTER I GENERAL PROVISIONS
The purpose of this Act is to prescribe matters necessary for facilitating the efficient disposal of non-performing assets held by financial companies, etc. and for supporting efforts to normalize the management of enterprises showing signs of insolvency, and is to improve the soundness of financial companies, etc., promote the resilience of economic actors, and enhance the values of public assets by establishing the Korea Asset Management Corporation that supports the disposal of non-performing assets and the normalization of individual debtors and enterprises and that performs business affairs related to the management, disposal, development, etc. of assets owed by State agencies, etc., thereby contributing to the development of the financial industry and the national economy. <Amended on Aug. 17, 2021>
[This Article Wholly Amended on May 19, 2011]
The terms used in this Act are defined as follows: <Amended on Mar. 31, 2011; May 29, 2016; Nov. 26, 2019; Aug. 17, 2021>
| 1. | The term "financial companies, etc." means those falling under one of the following items: |
| (d) | The Export-Import Bank of Korea established under the Export- Import Bank of Korea Act; |
| (g) | Such other institutions as prescribed by Presidential Decree from among those conducting financial services under other Acts; |
| 2. | The term "non-performing loans" means the principal of loans and interest thereon, payment guarantee, and other equivalent loans as prescribed by Presidential Decree which arise from credit transactions by financial companies, etc. and fall under any of the following items: |
| (a) | A loan requiring the adoption of a special collection measure or management method which is not repaid in normal ways for any reason such as dishonor; |
| (b) | A loan whose collection is or is likely to be in any considerable risk in the light of the management conditions, financial standing, and expected demand for cash, of a debtor, etc. and which is recognized by the board of directors under Article 22; |
| 3. | The term "enterprise showing signs of insolvency" means the enterprise which financial companies, etc. or organizations composed of financial companies, etc. (hereinafter referred to as "credit financial companies, etc.") judge, from among their clients, likely to face managerial difficulties or insolvency due to its mismanagement; |
| 3-2. | The term "restructuring enterprise" means a corporation and its affiliated companies that plan to reorganize their structures and improve their financial structures by means of a merger, conversion, disposal, etc.; |
| 4. | The term "assets for non-business use" means assets falling under one of the following items: |
| (a) | Assets acquired by financial companies, etc. as payments of non-performing loans; |
| (b) | Assets that financial companies, etc. intend to sell for improving their financial structure and normalizing their management, etc., as prescribed by Presidential Decree; |
| 5. | The term "overseas non-performing assets" means assets possessed by foreign financial companies, etc. (referring to those established by the foreign statutes or regulations and operating the financial business, which are corresponding to financial companies, etc. ) or overseas asset management institutions corresponding to the Korea Asset Management Corporation, which are corresponding to the non-performing loans and the assets for non-business use; |
| 6. | The term "self-rescue plan" means a plan which an enterprise showing signs of insolvency formulates in consultation with credit financial companies, etc. to dispose of its assets including real estate and securities, etc. or the affiliated companies thereof (hereinafter referred to as "assets subject to self-rescue plan") for the purpose of management normalization; |
| 7. | The term "affiliated company" means a company that is part of the same relevant business group controlled by himself in cases where 1 stockholder of the relevant business group controls a business group of mutual investment restriction or a business group of liability guaranty restriction designated pursuant to the Monopoly Regulation and Fair Trade Act; |
| 8. | The term "acquisition" means that the Korea Asset Management Corporation acquires assets of financial companies, etc. or enterprises directly or at the expense of a Non-Performing Loan Resolution Fund under Article 38 or Restructuring Fund under Article 43-2. |
[This Article Wholly Amended on May 19, 2011]
CHAPTER II EFFICIENT DISPOSAL OF NON-PERFORMING ASSETS, ETC.
| Article 3 (Management of Non-Performing Assets by Financial Companies. etc.) |
| (1) | Financial companies, etc. shall make efforts to prevent non-performing loans by strengthening ex post facto control of their credit. |
| (2) | Financial companies, etc. shall promptly dispose of their non-performing loans and assets for non-business use (hereinafter referred to as "non-performing assets"); establish and operate an internal system for such disposal, including the preparation of appropriate standards and procedures for performing their business affairs; and make efforts to enhance their managerial soundness by taking other necessary measures to efficiently dispose of non-performing assets. <Amended on Aug. 17, 2021> |
[This Article Wholly Amended on May 19, 2011]
| Article 4 (Entrustment, Acquisition, etc. for Disposal of Non-Performing Assets) |
| (1) | Financial companies, etc. may entrust the Korea Asset Management Corporation with the disposal of non-performing assets (referring to the recovery or collection of claims, debt settlement, or the sale of property; hereinafter the same shall apply), or may request it to acquire such assets in order to promptly dispose of them. <Amended on Aug. 17, 2021> |
| (2) | The Korea Asset Management Corporation shall, when it is entrusted by financial companies, etc. with the disposal of non-performing assets or requested to acquire them from financial companies, etc. pursuant to paragraph (1), make efforts in order to promptly dispose of them. |
| (3) | Matters necessary for the entrustment and acquisition by the Korea Asset Management Corporation under paragraph (1) including the methods or procedures thereof and the priority and criteria, etc. for acquisition shall be prescribed by Presidential Decree. |
[This Article Wholly Amended on May 19, 2011]
| Article 5 (Support for Normalization of Enterprises Showing Signs of Insolvency) |
| (1) | Credit financial companies, etc. may request the Korea Asset Management Corporation to support the self-rescue plan of an enterprise showing signs of insolvency. |
| (2) | The Korea Asset Management Corporation may, when it is requested to support the self-rescue plan of an enterprise showing signs of insolvency from credit financial companies, etc. pursuant to paragraph (1), undertake the sale of the assets subject to self-rescue plan or acquire them for disposal in cases where an enterprise showing signs of insolvency entrusts the sale of such assets or requests the acquisition thereof. |
| (3) | The Korea Asset Management Corporation may, when financial credit financial companies, etc. request the support for a self-rescue plan pursuant to paragraph (1), conduct a management diagnosis or perform consulting services to support management normalization for the enterprise showing signs of insolvency. |
| (4) | Necessary matters relating to the entrustment and acquisition by the Korea Asset Management Corporation including the methods or procedures thereof pursuant to paragraph (2) shall be prescribed by Presidential Decree. |
| (5) | The Korea Asset Management Corporation shall, when it disposes of the assets subject to self-rescue plan by undertaking the sale of such assets or acquires them pursuant to paragraph (2), have the prices be paid first for the payment of debts which the enterprises showing signs of insolvency owe to credit financial companies, etc. |
[This Article Wholly Amended on May 19, 2011]
CHAPTER III KOREA ASSET MANAGEMENT CORPORATION
SECTION 1 General Provisions
| Article 6 (Establishment) |
The Korea Asset Management Corporation (hereinafter referred to as "KAMCO") shall be established to efficiently perform business affairs aimed at achieving the purpose of this Act. <Amended on Aug. 17, 2021>
[This Article Wholly Amended on May 19, 2011]
| Article 7 (Legal Personality) |
KAMCO shall be a juristic person.
[This Article Wholly Amended on May 19, 2011]
| (1) | The location of the main office of KAMCO shall be provided in its articles of incorporation. |
| (2) | KAMCO may, when necessary for performing its business affairs, establish branch offices or business offices in appropriate places as provided in its articles of incorporation. |
[This Article Wholly Amended on May 19, 2011]
| (1) | The capital of KAMCO shall be seven trillion won. <Amended on Nov. 26, 2019; Jan. 17, 2023> |
| (2) | The capital of KAMCO shall be invested by financial companies, etc. |
| (3) | The Government may, when it is deemed necessary for supporting the performance of business affairs by KAMCO, invest therein or support necessary expenses. |
| (4) | The capital contribution by financial companies, etc. pursuant to paragraph (2) shall be determined in consideration of total assets or the size of paid-in capital of each financial company, etc. and necessary matters relating to the payment of capital contribution including calculation methods, period and method of payment, etc. of capital contribution shall be prescribed by Presidential Decree. |
[This Article Wholly Amended on May 19, 2011]
The capital of KAMCO shall be divided into stocks.
[This Article Wholly Amended on May 19, 2011]
| Article 11 (Articles of Incorporation) |
| (1) | The articles of incorporation of KAMCO shall contain matters falling under each of the following subparagraphs: <Amended on Nov. 26, 2019> |
| 3. | Matters relating to the main office, branches, and business offices; |
| 4. | Matters relating to capital and stocks; |
| 5. | Matters relating to the operation committee under Article 14 and the board of directors under Article 22; |
| 6. | Matters relating to executive officers and employees; |
| 7. | Matters relating to business affairs and execution thereof; |
| 8. | Matters relating to the Non-Performing Loan Resolution Fund under Article 38 and the Restructuring Fund under Article 43-2; |
| 9. | Matters relating to the issuance of Non-Performing Loan Resolution Fund Bonds under Article 40, Bonds of the Restructuring Fund under Article 43-3 (2) and debentures; |
| 10. | Matters relating to accounting; |
| 11. | Matters relating to the methods of public announcement; |
| 12. | Matters relating to amendments to the articles of incorporation; |
| 13. | Other matters as prescribed by Presidential Decree. |
| (2) | KAMCO shall, when it intends to amend its articles of incorporation, obtain authorization from the Financial Services Commission with the resolution of its Operation Committee provided in Article 14. <Amended on Nov. 26, 2019> |
[This Article Wholly Amended on May 19, 2011]
| Article 12 (Registration) |
| (1) | KAMCO shall be duly established upon the completion of establishment registration at the location of its main office. |
| (2) | The matters to be entered in the establishment registration pursuant to paragraph (1) shall be as follows: |
| 3. | Location of the main office; |
| 5. | Names and addresses of executive officers; |
| 6. | Methods of public announcement. |
| (3) | Matters necessary for the registration of KAMCO, other than those provided for in this Act shall be prescribed by Presidential Decree. |
[This Article Wholly Amended on May 19, 2011]
| Article 13 (Prohibition of Use of Similar Denominations) |
No entity other than KAMCO shall use as its denomination, the "Korea Asset Management Corporation" or other terms similar thereto.
[This Article Wholly Amended on May 19, 2011]
SECTION 2 Operation Committee
| Article 14 (Establishment of Operation Committee) |
| (1) | The Operation Committee (hereinafter referred to as the "Committee") shall be established in KAMCO. <Amended on Nov. 26, 2019> |
| (2) | The Committee shall deliberate and resolve matters falling under each of the following subparagraphs: <Amended on Nov. 26, 2019> |
| 1. | Formulation of and amendment to the operational policy and business plan of KAMCO; |
| 2. | Amendment to the articles of incorporation; |
| 3. | Formulation of and amendment to the operational rules; |
| 4. | Drawing-up of and amendment to the budget, and the account settlement; |
| 5. | Formulation of and amendment to the operational plan of the Non- Performing Loan Resolution Fund under Article 38 and the Restructuring Fund under Article 43-2; |
| 6. | Other matters to be provided in the articles of incorporation from among those relating to the operation of a Public Corporation, the Non-Performing Loan Resolution Fund under Article 38 and the Restructuring Fund under Article 43-2; |
| 7. | Deleted; <Nov. 26, 2019> |
| 8. | Deleted; <Nov. 26, 2019> |
| 9. | Deleted; <Nov. 26, 2019> |
| 10. | Deleted. <Nov. 26, 2019> |
| (3) | Deleted. <Nov. 26, 2019> |
[This Article Wholly Amended on May 19, 2011]
[Title Amended on Nov. 26, 2019]
| Article 15 (Composition of Committee) |
| (1) | The Committee shall be composed of nine members falling under each of the following subparagraphs: <Amended on May 21, 2014; Nov. 26, 2019> |
| 1. | The president of KAMCO; |
| 2. | A person designated by the Financial Services Commission from among public officials in general service belonging to the Senior Executive Service of the Financial Services Commission; |
| 3. | A person designated by the Minister of Economy and Finance from among public officials in general service belonging to the Senior Executive Service of the Ministry of Economy and Finance; |
| 4. | An executive officer appointed by the president of Korea Development Bank under the Korea Development Bank Act from among the executive officers under his or her control; |
| 5. | A person recommended by the president of the Korea Federation of Banks, an incorporated association established under Article 32 of the Civil Act upon permission from the Financial Services Commission, from among deputy presidents at the Korea Federation of Banks; |
| 6. | Each two persons with extensive experience in and knowledge of the financial industry and business management, commissioned by the Financial Services Commission, from among those falling under each of the following items: |
| (a) | An attorney-at-law or a certified public accountant; |
| (b) | A professor of a university or a doctorate degree holder who belongs to a research institute. |
| (2) | The terms of office for the members mentioned in paragraph (1) 6 shall be three years, qualifications of the members shall be prescribed by Presidential Decree, and Article 20 shall apply mutatis mutandis to the status guarantee for the members. <Amended on Nov. 26, 2019> |
[This Article Wholly Amended on May 19, 2011]
| Article 16 (Operation of Committee) |
| (1) | The president of KAMCO shall be the chairperson of the Committee. |
| (2) | The chairperson shall represent the Committee and supervise the affairs concerning the administration of the Committee. |
| (3) | When the chairperson is unable to perform his or her duties and functions due to unavoidable reasons, the members mentioned in Article 15 (1) 2 through 5 shall act for him in the order of the provisions. <Amended on Nov. 26, 2019> |
| (4) | The chairperson shall call meetings of the Committee in accordance with the articles of incorporation, and preside over the meetings. |
| (5) | The resolutions of a Committee meeting shall be adopted by the attendance of a majority of all members and by the concurrence of a simple majority of those present. |
| (6) | Matters necessary for the operation of the Committee other than those provided in this Act shall be prescribed by Presidential Decree. |
[This Article Wholly Amended on May 19, 2011]
SECTION 3 Executive Officers and Employees
| Article 17 (Executive Officers) |
| (1) | KAMCO shall have as its executive officers one president, one vice president, five or fewer directors, and one statutory auditor. |
| (2) | The president shall be elected at a stockholders' meeting subject to ex post facto approval from the Financial Services Commission. |
| (3) | The vice president and directors, with the recommendation of the president, shall be elected at a stockholders' meeting. |
| (4) | The statutory auditor shall be appointed and discharged by the Financial Services Commission. |
| (5) | The terms of office of executive officers shall be three years. This shall also apply to the terms of newly elected or appointed executive officers due to vacancy of any executive officer. |
[This Article Wholly Amended on May 19, 2011]
| Article 18 (Duties of Executive Officers) |
| (1) | The president shall represent KAMCO and exercise general control over the business thereof. |
| (2) | The vice president shall assist the president and act for the president when the president is unable to perform his or her duties due to unavoidable reasons. |
| (3) | Directors shall assist the president and the vice president and undertake their respective business affairs of KAMCO in such manner as prescribed in the articles of incorporation, and when both the president and the vice president are unable to perform their duties due to unavoidable reasons, they shall act for them in the order provided in the articles of incorporation. |
| (4) | The statutory auditor shall audit the business affairs and accounts of KAMCO. |
[This Article Wholly Amended on May 19, 2011]
| Article 19 (Disqualification for Executive Officers) |
No person falling under any of the following subparagraphs may be an executive officer of KAMCO:
| 1. | A person who is not a Korean national; |
[This Article Wholly Amended on May 19, 2011]
| Article 20 (Guarantee of Executive Officer's Status) |
No executive officer shall be discharged from his or her office against his or her own will during the term of office unless he or she falls under any of the following subparagraphs:
| 1. | When he or she falls under any subparagraph of Article 19; |
| 2. | When he or she violates this Act, the orders thereunder, or the articles of incorporation; |
| 3. | When he or she is unable to perform his or her duties on account of mental or physical disability. |
[This Article Wholly Amended on May 19, 2011]
| Article 21 (Restriction on Power of Representation of President, etc.) |
The president or the vice president or director who acts therefor pursuant to Article 18 (2) and (3) shall not represent KAMCO in the cases where his interests conflict with those of KAMCO. In such cases, the statutory auditor shall represent KAMCO. [This Article Wholly Amended on May 19, 2011]
| Article 22 (Board of Directors) |
| (1) | The board of directors shall be established in KAMCO to deliberate and resolve the significant matters relating to business affairs of KAMCO. <Amended on Nov. 26, 2019> |
| (2) | The board of directors shall consist of the president, the vice president, and directors. |
| (3) | The president shall call a meeting of the board of directors, and preside over it. |
| (4) | The resolution of a board of directors shall be adopted by the attendance of a majority of all members and by the concurrence of a simple majority of those present. |
| (5) | The statutory auditor may attend a meeting of the board of directors and present his views. |
[This Article Wholly Amended on May 19, 2011]
| Article 23 (Exercise of Rights and Appointment of Representatives) |
An executive officer or employee designated by the president may conduct all judicial or extra-judicial actions pertaining to the business of KAMCO.
[This Article Wholly Amended on May 19, 2011]
| Article 24 (Appointment or Discharge of Employees) |
The president shall appoint and discharge employees of KAMCO.
[This Article Wholly Amended on May 19, 2011]
| Article 25 (Prohibition of Concurrent Holding of Offices) |
| (1) | No executive officer or employee shall be concurrently engaged in business affairs, other than his duties, for profit-making. |
| (2) | No executive officer shall concurrently hold other offices without approval from the Financial Services Commission, and no employee shall concurrently hold other offices without approval from the president. |
| (3) | The Committee members, the executive officers or employees of KAMCO, or persons who were in such positions shall neither reveal any confidential information that they have learned in connection with their duties nor use any information or materials that they have obtained in the course of performing their business affairs for purposes other than those prescribed in this Act. <Amended on Aug. 17, 2021> |
| (4) | No executive officer or employee shall acquire properties which are related to the execution of the business affairs of KAMCO in accordance with the articles of incorporation. |
[This Article Wholly Amended on May 19, 2011]
SECTION 4 Business Affairs
| Article 26 (Business Affairs) |
| (1) | KAMCO shall perform the following business affairs to achieve the purpose of this Act: |
| 1. | The following business affairs to efficiently dispose of non-performing assets: |
| (a) | Undertaking the preservation and collection (including all acts related to auctions, litigation, etc. under the Civil Procedure Act and the Civil Execution Act; hereinafter the same shall apply) of non-performing loans, and acquisition and disposal thereof; |
| (b) | Purchasing non-performing loans and acquiring equity securities following the swapping of such non-performing loans for equity; |
| (d) | Lending money to a corporation whose equity securities have been acquired under item (b) or in which investments have been made under subparagraph 4 (d) (hereinafter referred to as "invested corporation") and providing a payment guarantee within a limit of 500/100 of the sum of the paid-in capital, revenue reserve, and reserve for business expansion of KAMCO, as prescribed by Presidential Decree; |
| (e) | Providing financial support, including the deferred payment sale of the assets (including collateral) acquired by KAMCO to purchasers; ensuring the management normalization of the debtors of the non-performing loans acquired; lending and managing money necessary for the efficient disposal of non-performing assets such as the preservation of and increase in the value of collateral; and providing a payment guarantee within a limit specified in item (d) (excluding a payment guarantee with regard to the principal of and interest on loans); |
| (f) | Preserving and collecting non-performing loans and investigating property owned by persons related to debts; |
| (g) | Providing counseling services on, and conducting business affairs by proxy related to, the disposal of overseas non-performing assets and other matters; and making contributions to or investments in companies, etc. prescribed by Presidential Decree for the purpose of investing in overseas non-performing assets; |
| 2. | The following business affairs to support the management normalization of enterprises showing signs of insolvency and restructuring enterprises: |
| (a) | Undertaking the management and sale of assets subject to a self-rescue plan of an enterprise showing signs of insolvency; and acquiring and disposing of such assets; |
| (b) | Providing counseling services to support management diagnosis of enterprises showing signs of insolvency and restructuring enterprises and the normalization of such enterprises; and assisting mergers and acquisitions of enterprises; |
| (c) | Making contributions to special-purpose corporations to lend money to enterprises, etc. which file an application for commencing rehabilitation procedures with a court under Article 34 or 35 of the Debtor Rehabilitation and Bankruptcy Act or to provide such enterprises, etc. with a payment guarantee; in such cases, enterprises to be lent money or to be provided with a payment guarantee, methods therefor, and the scope of a payment guarantee shall be prescribed by Presidential Decree; |
| (d) | Managing and selling assets for non-business use or assets of restructuring enterprises; brokering the purchase and sale thereof; and acquiring and disposing of such assets; |
| (e) | Making contributions to or investments in investment schemes, etc. related to ships to support the management normalization of enterprises showing no signs of insolvency and restructuring enterprises; and providing a payment guarantee with such enterprises within a limit specified in subparagraph 1 (d); |
| 3. | The following business affairs to enhance the value of public assets: |
| (a) | Selling attached property on behalf of a State agency, local government, public institution under Article 4 of the Act on the Management of Public Institutions, etc. (hereinafter referred to as "State agency, etc.") pursuant to statutes or regulations; engaging in follow-up management such as distribution of payments; and purchasing and developing related property (including limited real rights, such as mortgages; hereinafter the same shall apply) to preserve and increase the value of the relevant property and to achieve other purposes; |
| (b) | Managing, disposing of, developing property undertaken by a State agency, etc. under statutes or regulations; preserving and collecting claims; and purchasing and developing related property to preserve and increase the value of the relevant property and to achieve other purposes; |
| (c) | Liquidating a company where the State owns at least 1/2 of its stocks or equity pursuant to the State Property Act; |
| 4. | The following business affairs related to those prescribed in subparagraphs 1 through 3: |
| (a) | Managing and operating the Non-Performing Loan Resolution Fund established under Article 38 and the Restructuring Fund established under Article 43-2; |
| (c) | Establishing, operating, and lending a system for the management and disposal of assets using information and communications networks, etc., and providing other related support; |
| (d) | Making contributions or investments related to the performance of the business affairs of KAMCO; |
| (f) | Purchasing and developing assets related to the performance of the business affairs prescribed in subparagraphs 1 (excluding item (g)), 2 (a) and (d), and 4 (b); |
| (g) | Acting for a company established to perform the business affairs prescribed in item (d) (including a company, etc. which KAMCO make contributions to or investments in under item (d)). |
| (2) | Where necessary for performing business affairs incidental to those specified in paragraph (1), such as adding subject matters, methods, scope, etc., to achieve the purpose of this Act, KAMCO shall perform such incidental business affairs with the approval of the Financial Services Commission. |
| (4) | When KAMCO performs business affairs related to the collection of claims under paragraph (1) 1 (a) and (f), 3 (b), or 4 (b), credit information business defined subparagraph 4 of Article 2 of the Credit Information Use and Protection Act and claims collection service defined in subparagraph 10 of that Article shall be deemed permitted. |
| (5) | The KAMCO may charge fees and expenses incurred in performing any business affairs prescribed in paragraph (1) 1 (excluding business affairs related to contributions or investments made to or in companies, etc. prescribed by Presidential Decree for the purpose of investing in overseas non-performing assets, among the business affairs prescribed in item (g)), subparagraphs 2 (a), (b), and (d), and 4 (a) through (c) and (g) of that paragraph, and paragraph (2), as determined by the Committee, and it may charge fees and expenses with regard to any business affairs specified in paragraph (1) 3 and 4 (e), as prescribed by relevant statutes or regulations. |
| (6) | Matters necessary for the scope, criteria, etc. of real estate to be developed under paragraph (1) 4 (f) shall be prescribed by Presidential Decree. |
| (7) | Matters necessary for a limit on contributions or investments made under paragraph (1) 1 (g), a risk-control system, etc. shall be prescribed by Presidential Decree. |
| (8) | KAMCO shall prepare a business manual necessary for performing the business affairs prescribed in paragraphs (1) and (2) and shall finalize it following resolution by the Committee. This shall also apply where any change is made to such business manual. |
[This Article Wholly Amended on Aug. 17, 2021]
| Article 27 (Promotion of Disposition of Real Estate) |
| (1) | KAMCO may take measures necessary to preserve or increase the utility value of the real estate acquired in relation to the performance of any business affairs prescribed in Article 26 (1) 1 (a) through (f), and subparagraphs 2 (a) and (d), 3 (a) and (b), and 4 (b) of that paragraph, if it is impracticable to sell such real estate due to administrative restrictions, limitations on use, or any other reason; and it may purchase any real estate adjacent to the real estate to be acquired, if it is necessary to preserve or increase the utility value thereof. <Amended on Aug. 17, 2021> |
| (2) | Matters necessary for the scope, criteria, purchase procedures, etc. with regard to adjacent real estate prescribed in paragraph (1) shall be prescribed by Presidential Decree. |
[This Article Wholly Amended on May 19, 2011]
| Article 28 (Lease, Operation, etc. of Movables, Real Estate, and Affiliated Companies) |
| (1) | KAMCO may lease acquired movables or real estate, affiliated companies of an enterprise showing signs of insolvency, or affiliated companies that belong to restructuring enterprises until they are sold off. <Amended on Aug. 17, 2021> |
| (2) | Where necessary for performing its business affairs, KAMCO may participate in the business management of the following corporations or dispatch its employees thereto: <Amended on Aug. 17, 2021> |
| 1. | An invested corporation; |
| 2. | A corporation to which KAMCO lends its money or provides a payment guarantee under Article 26 (1) 1 (e); |
| 3. | An affiliated company of an enterprise showing signs of insolvency acquired by KAMCO and an affiliated company that belongs to a restructuring enterprise. |
[This Article Wholly Amended on May 19, 2011]
SECTION 5 Finance and Accounting
The fiscal year of KAMCO shall be the same as that of the Government.
[This Article Wholly Amended on May 19, 2011]
| Article 30 (Business Plan, Budget, and Closing Accounts) |
| (1) | The business plan and budget of KAMCO shall be finalized through resolution of the Committee before the commencement of each fiscal year. |
| (2) | The closing statement of KAMCO shall be approved at a stockholders' meeting through resolution by the Committee, within three months after the termination of each fiscal year. <Amended on Aug. 17, 2021> |
| (3) | The business plan, budget, and closing statement mentioned in paragraphs (1) and (2) shall be submitted to the Financial Services Commission without delay after the resolution of the Committee or the approval at a stockholders' meeting. |
[This Article Wholly Amended on May 19, 2011]
| Article 31 (Revenue and Expenditure) |
| (1) | The revenue of KAMCO shall be the fees and sales margin in performing the business affairs, and the income arising from operation, etc. of surplus funds. |
| (2) | The expenditure of KAMCO shall be the administrative costs and other expenses necessary for performing the business affairs thereof. |
[This Article Wholly Amended on May 19, 2011]
| Article 32 (Appropriation of Loss and Profit) |
| (1) | KAMCO 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. | Accumulation of 20/100 or more of the profit in legal reserve until such legal reserve amounts to the capital provided in Article 9 (1); |
| 3. | Accumulation in business expansion reserve; |
| 4. | Dividends to stockholders. |
| (2) | KAMCO shall, when it makes losses as a result of closing its accounts each fiscal year, make up for them with business expansion reserve mentioned in paragraph (1) 3; if not sufficient, with legal reserve mentioned in paragraph (1) 2; and, the insufficient amount shall be carried forward to the following fiscal year. |
| (3) | The legal reserve and business expansion reserve mentioned in paragraph (1) 2 and 3 may, through resolution of the Committee, be transferred to the capital, the Non-Performing Loan Resolution Fund under Article 38 or the Restructuring Fund under Article 43-2. |
[This Article Wholly Amended on May 19, 2011]
| Article 33 (Issuance of Debentures) |
| (1) | KAMCO may, through resolution of the board of directors, issue debentures. |
| (2) | The outstanding debenture shall not exceed 10 times the aggregate of paid-in capital, legal reserve, and business expansion reserve of KAMCO. |
| (3) | The Government may guarantee the repayment of principal and interest of the debentures issued by KAMCO. In this case, such issuing amount of the guaranteed debentures shall not be included in the limit mentioned in paragraph (2). |
| (4) | The extinctive prescription of the debentures shall be five years for principal, and two years for interest. |
[This Article Wholly Amended on May 19, 2011]
| Article 34 (Borrowing of Funds) |
KAMCO may borrow funds necessary for performing the business affairs from domestic or foreign financial companies, etc. and other persons.
[This Article Wholly Amended on May 19, 2011]
| Article 35 (Operation of Surplus Funds) |
KAMCO may operate its surplus funds arising in the course of performing its business affairs by the methods falling under one of the following subparagraphs:
| 1. | Deposit with financial companies, etc.; |
| 2. | Purchase of state bonds or local government bonds, or securities whose payment is guaranteed by the Government or financial companies, etc.; |
| 3. | Other methods determined by the Committee. |
[This Article Wholly Amended on May 19, 2011]
| Article 36 (Request for Submission of Materials) |
| (1) | KAMCO may request the Government, local governments, the National Pension Service under the National Pension Act, the National Health Insurance Service under the National Health Insurance Act, the Korea Workers’ Compensation and Welfare Service under the Industrial Accident Compensation Insurance Act, and other public organizations prescribed by Presidential Decree to submit materials necessary for KAMCO to perform its business affairs under Article 26 (1) 1 (a) and (f), subparagraph 3 (a) and (b) or 4 (b) of that paragraph, or Article 26 (2) (limited to business affairs incidental to those specified in Article 26 (1) 1 (a) and (f), and subparagraph 3 (a) and (b) or 4 (b) of that paragraph; hereafter in this Article the same shall apply). <Amended on Aug. 17, 2021> |
| (2) | KAMCO may request the head of the competent tax office or the head of the competent local government to submit tax information (limited to materials on global income tax and local tax; hereafter in this Article, the same shall apply) via a document containing the following details. In such cases, the request shall be made to the minimum extent necessary to perform its business affairs under Article 26 (1) 1 (a) and (f), subparagraph 3 (a) and (b) or 4 (b) of that paragraph, or Article 26 (2) and shall not be made for any other purposes: <Amended on Aug. 17, 2021> |
| 1. | Taxpayer’s personal information; |
| (3) | A person requested to submit materials under paragraphs (1) and (2) shall comply with such request except in extenuating circumstances. |
| (5) | KAMCO shall manage or delete the materials received to perform its business affairs under the Credit Information Use and Protection Act, if the purpose of such materials is accomplished. <Amended on Aug. 17, 2021> |
| (6) | A person who engages or engaged in the business affairs prescribed in paragraph (1), (2), or (4) shall not provide other persons or institutions with any information or materials that he or she has obtained in the course of performing his or her business affairs, except in any of the following cases: <Newly Inserted on Aug. 17, 2021> |
| 1. | Where the person obtains consent from an information subject; |
| 2. | Where special provisions exist in other statutes; l |
| 3. | Where information or materials are provided in accordance with a submission order issued by a court or a warrant issued by a judge; |
| 4. | Cases prescribed by Presidential Decree where it is impossible to perform the business affairs specified in paragraph (1), (2), or (4) if the information or materials acquired are not provided to a third person. |
[This Article Wholly Amended on Mar. 27, 2015]
| Article 37 (Relationship to Other Statutes) |
| (1) | The provisions on stock companies in the Commercial Act shall apply mutatis mutandis to KAMCO, unless otherwise provided in this Act. |
[This Article Wholly Amended on May 19, 2011]
CHAPTER IV NON-PERFORMING LOAN RESOLUTION FUND
| Article 38 (Establishment of Non-Performing Loan Resolution Fund) |
The Non-Performing Loan Resolution Fund (hereinafter referred to as the "Fund") shall be established in KAMCO in order to efficiently dispose of non-performing loan, etc. held by financial companies, etc.
[This Article Wholly Amended on May 19, 2011]
| Article 39 (Creation of Fund) |
| (1) | The Fund shall be created from the financial resources falling under one of the following subparagraphs: <Amended on May 19, 2011> |
| 1. | Funds transferred from KAMCO; |
| 2. | Contribution by the Government; |
| 4. | Funds raised from the issuance of the Non-Performing Loan Resolution Fund Bonds under Article 40; |
| 5. | Borrowings from the Bank of Korea (hereinafter referred to as the "Bank of Korea") under the Bank of Korea Act; |
| 6. | Borrowings from the persons other than the Bank of Korea mentioned in subparagraph 5; |
| 7. | Revenues from the operation of the Fund (including proceeds from resolution of non-performing loans and disposal of assets subject to self-rescue plans) and others. |
| (2) | Deleted. <Dec. 31, 2003> |
| (3) | The Fund shall be deemed to have been designated as a government agency pursuant to Article 77 (2) of the Bank of Korea Act in case it borrows funds from the Bank of Korea in accordance with paragraph (1) 5. <Amended on May 19, 2011> |
| (4) | Deleted. <Dec. 31, 2003> |
[Title Amended on May 19, 2011]
| Article 40 (Issuance, etc. of Non-Performing Loan Resolution Fund Bonds) |
| (1) | KAMCO may, with resolution of the Committee, issue the Non-Performing Loan Resolution Fund Bonds (hereinafter referred to as the "Bonds") at the expense of the Fund in order to raise funds necessary for acquisition and disposal of non-performing loan. |
| (2) | Matters necessary for the issuance of the Bonds shall be prescribed by Presidential Decree. |
| (3) | The extinctive prescription of the Bonds shall be five years for principal, and two years for interest. |
| (4) | The Government may guarantee the repayment of principal and interest of the Bonds. |
| (5) | Whenever KAMCO intends to issue the Bonds, it shall determine the amount, terms, and method of issuance and redemption thereof and report to the Financial Services Commission thereon. |
| (6) | Article 37 (2) shall apply mutatis mutandis to the Bonds. |
[This Article Wholly Amended on May 19, 2011]
| Article 41 (Management and Operation of Fund) |
| (1) | KAMCO shall manage and operate the Fund. |
| (2) | The Fund shall be used for the following purposes: Provided, That the funds under Article 39 (1) 4 and the money and proceeds derived from the resolution of non-performing loans among revenues from the operation of the Fund under subparagraph 7 of that paragraph shall not be used for the purpose prescribed in subparagraph 4: <Amended on Aug. 17, 2021> |
| 1. | Funds necessary for the acquisition of the non-performing loan of financial companies, etc. and the assets subject to self-rescue plans for the enterprises showing signs of insolvency prescribed by Presidential Decree: Provided, That the annual amount of funds to be used for the acquisition of the assets subject to self-rescue plans of the enterprises showing signs of insolvency shall not exceed that to be used for the acquisition of non-performing loans of financial companies, etc.; |
| 2. | Repayment of principal and interest of borrowed funds mentioned in Article 39 (1) 5 and 6; |
| 3. | Repayment of principal and interest of the Bonds; |
| 4. | Lending funds incurred by KAMCO in performing any business affairs prescribed in Article 26 (1) 1 (b) through (e), and subparagraphs 2 (d) and 4 (d) (excluding contributions and investments made under subparagraph 1 (g) of that paragraph) and (f) of that paragraph; |
| 6. | Expenses for the management and operation of the Fund and others. |
| (3) | KAMCO may, when it has surplus funds in the Fund, manage them in such manner as provided in Article 35. |
[This Article Wholly Amended on May 19, 2011]
| Article 42 (Operation Plan, etc. of Fund) |
| (1) | KAMCO shall draw up the annual operation plan with respect to the total revenue and expense of the Fund and finalize it through resolution of the Committee before the commencement of each fiscal year. |
| (2) | KAMCO shall prepare the closing statement, statement of financial position, and income statement of the Fund within two months after the closing date of each fiscal year, and report them to the Committee before filing them with the Financial Services Commission. <Amended on Apr. 20, 2021> |
[This Article Wholly Amended on May 19, 2011]
| Article 43 (Accounting of Fund) |
| (1) | The fiscal year of the Fund shall be same as that of the Government. |
| (2) | KAMCO shall keep the accounting of the Fund separately from its accounting. |
[This Article Wholly Amended on May 19, 2011]
CHAPTER IV-2 RESTRUCTURING FUND
| Article 43-2 (Establishment of Restructuring Fund) |
The Restructuring Fund shall be established in KAMCO for the efficient undertaking, liquidation or such of non-performing assets held by financial companies, etc. and assets held by enterprises showing a sign of insolvency and enterprises under structural improvement.
[This Article Wholly Amended on May 19, 2011]
| Article 43-3 (Financial Resources of Restructuring Fund) |
| (1) | The Restructuring Fund shall be raised with financial resources referred to in the following subparagraphs: |
| 1. | Contributions of financial companies, etc.; |
| 2. | Money transferred from KAMCO; |
| 3. | Contributions by the Government; |
| 4. | Funds raised by issuing the bonds of the Restructuring Fund under paragraph (2); |
| 5. | Borrowed money from the Bank of Korea; |
| 6. | Borrowed money from persons, other than the Bank of Korea; |
| 7. | Operational earnings of the Restructuring Fund (including earnings pursuant to liquidation of non-performing assets or such) and other earnings. |
| (2) | KAMCO may issue bonds of the Restructuring Fund at the charge of the Restructuring Fund through a resolution of the Committee in order to raise funds necessary for undertaking and liquidation of non-performing assets held by financial companies, etc. and of assets held by enterprises showing a sign of insolvency and restructuring enterprises. In such cases, the provisions of Articles 37 (2) and 40 (2) through (5) shall apply mutatis mutandis to bonds of the Restructuring Fund. |
| (3) | Article 39 (3) shall apply mutatis mutandis to cases where the Restructuring Fund borrows money from the Bank of Korea pursuant to paragraph (1) 5. |
[This Article Wholly Amended on May 19, 2011]
| Article 43-4 (Management and Operation, etc. of Restructuring Fund) |
| (1) | KAMCO shall manage and operate the Restructuring Fund. |
| (2) | The Restructuring Fund shall be used for the purposes referred to in the following subparagraphs: |
| 1. | Undertaking of non-performing loans (excluding loans to individuals); |
| 2. | Undertaking of assets subject to the self-rescue plan of enterprises showing a sign of insolvency, assets for non-business use and assets of restructuring enterprises to improve the soundness of financial companies, etc.; |
| 3. | Contribution to and investment in companies established to acquire non-performing loans and assets under subparagraphs 1 and 2 (including companies established to manage, operate and dispose of non-performing loans and assets acquired); |
| 4. | Conduct of business affairs referred to in the following items for liquidation of non-performing loans and assets acquired pursuant to subparagraphs 1 and 2: |
| (a) | Contribution to and investment in companies established for liquidation of non-performing loans and assets; |
| (b) | Undertaking of equity securities pursuant to conversion of investment of non-performing loans; |
| (c) | Lending of money to and payment guarantee for companies which have invested pursuant to subparagraph 3 and item (a); |
| (d) | Lending of money to and payment guarantee for companies which have made conversion of investment pursuant to item (b) to support normalization of management; |
| 5. | Redemption of the principal and interest of borrowed money pursuant to Article 43-3 (1) 5 and 6; |
| 6. | Redemption of the principal and interest of bonds of the Restructuring Fund under Article 43-3 (2); |
| 7. | Managerial and operating expenses of the Restructuring Fund and other expenses necessary for operation of the Restructuring Fund. |
| (3) | Articles 41 (3) , 42 and 43 shall apply mutatis mutandis to the operation and accounting of the Restructuring Fund. |
[This Article Wholly Amended on May 19, 2011]
CHAPTER V SPECIAL CASES FOR PROMOTION OF DISPOSAL OF NON-PERFORMING ASSETS
| Article 44 (Special Cases concerning Requisite to Set up against Assignment of Nominative Claim) |
Where KAMCO completes the additional registration of transfer of mortgage in its name with respect to the registration of creation of mortgage of the secured non-performing loan acquired pursuant to Article 26 (1) 1 (a), it shall be deemed to have fulfilled requisites for setting up against it pursuant to Article 450 of the Civil Act. <Amended on Aug. 17, 2021> [This Article Wholly Amended on May 19, 2011]
| Article 45 (Special Cases concerning Furnishing Security for Auction) |
Where KAMCO intends to be a bidder at an auction procedure under the Civil Execution Act, or to be a bidder on behalf of financial companies, etc. which entrust with the collection of claims in order to perform the business affair prescribed in Article 26 (1) 1 (a), it may provide a certificate of payment assurance as security, notwithstanding Article 113 of the Civil Execution Act. <Amended on Aug. 17, 2021> [This Article Wholly Amended on May 19, 2011]
| Article 45-2 (Special Cases concerning Notice and Service of Auction) |
| (1) | In auction proceedings (limited to those for the exercise of a security right) under the Civil Execution Act that are initiated by a court upon application by KAMCO as a creditor or a person responsible for collecting claims in performing the business affairs prescribed in Article 26 (1) or (2), any notice or service shall be deemed given when such notice or service is sent to the address written in the relevant real estate register (if such address is different from that specified in the resident registration record card under the Resident Registration Act, the address in such card shall be included, and if the address is reported to the court, the notice or service shall be sent to such address) as at the time when the application for the auction is filed: Provided, That where the address is not stated in the register or resident registration record card and not reported to the court, service by public notice shall be given. <Amended on Aug. 17, 2021> |
| (2) | In the auction proceedings under paragraph (1), KAMCO as a creditor or a person responsible for collecting claims in performing the business affairs prescribed in Article 26 (1) or (2) shall send notice of a scheduled auction to the address of the relevant debtor or owner indicated in the real estate register (if such address is different from that stated in the resident registration record card under the Resident Registration Act, the address in such card shall be included) before an application for the auction is filed. In such cases, the notice shall be deemed served when it is sent. <Amended on Aug. 17, 2021> |
[This Article Wholly Amended on May 19, 2011]
| Article 45-3 (Special Cases concerning Acquisition of Real Estate) |
[This Article Wholly Amended on May 19, 2011]
| Article 46 (Tax Assistance, etc.) |
The State or local governments may afford tax assistance necessary for KAMCO to perform its business affairs.
[This Article Wholly Amended on May 19, 2011]
CHAPTER VI SUPPLEMENTARY PROVISIONS
| (1) | The Financial Services Commission shall supervise the business affairs of KAMCO, and may issue orders necessary for such supervision. <Amended on Aug. 17, 2021> |
| (2) | A State agency, etc. may direct and supervise the business affairs that KAMCO is requested to conduct by proxy or that are delegated or entrusted to KAMCO under statutes or regulations, and may give necessary instructions or issue an order to take measures to KAMCO if deemed necessary. <Newly Inserted on Aug. 17, 2021> |
[This Article Wholly Amended on May 19, 2011]
| Article 48 (Reports, Examination, etc.) |
| (1) | The Financial Services Commission may, when it deems necessary, have KAMCO report the matters concerning the business affairs, accounting, properties, etc. of KAMCO, or have the employees belonging to itself or to the Governor of the Financial Supervisory Service (referring to the Financial Supervisory Service under the Act on the Establishment, etc. of Financial Services Commission; hereinafter the same shall apply in this Article) examine the service status, books, documents, facilities, or other necessary objects thereof. |
| (2) | The Financial Services Commission may, when it deems necessary, entrust the examination under paragraph (1) to the Governor of the Financial Supervisory Service. |
| (3) | Any person who conducts the examination mentioned in paragraphs (1) and (2) shall produce a certificate indicating his authority to examine to the concerned persons. |
[This Article Wholly Amended on May 19, 2011]
CHAPTER VII PENALTY PROVISIONS
| Article 49 (Penalty Provisions) |
| (1) | Any of the following persons shall be punished by imprisonment with labor for up to two years or by a fine not exceeding 20 million won: <Amended on Aug. 17, 2021> |
| 1. | A person who reveals any confidential information that he or she have learned in connection with his or her duties or uses any information or materials that he or she have obtained in the course of performing his or her business affairs for purposes other than those prescribed in this Act, in violation of Article 25 (3); |
| 2. | A person who provides other persons or institutions with any information or materials that he or she has obtained in the course of performing his or her business affairs, in violation of Article 36 (6). |
| (2) | Deleted. <Mar. 21, 2012> |
[This Article Wholly Amended on May 19, 2011]
| Article 49-2 (Administrative Fines) |
| (1) | A person who uses "Korea Asset Management Corporation" or similar title shall be punished by a fine not exceeding 10 million won. |
| (2) | Administrative fines under Article (1) shall be imposed and collected by the Financial Services Commission. |
[This Article Newly Inserted on Mar. 21, 2012]
| Article 50 (Legal Fiction as Public Officials in Application of Criminal Act) |
[This Article Wholly Amended on May 19, 2011]
ADDENDA <Act No. 5371, Aug. 22, 1997>
Article 1 (Enforcement Date)
This Act shall enter into force three months after the date of its promulgation.
Article 2 (Operation Period, etc. of Fund)
| (1) | The raising of the financial resources of the Fund under the provisions of Article 39 (1) 2, 3, 3-2, and 4 through 6 may be made by not later than November 22, 2007 only for the redemption of bonds already issued for resolving the non-performing loans of financial companies, etc. , and the raising of the financial resources under the provisions of Article 39 (1) 7 may be made from November 23, 2002 until the date on which the operation period of the Fund under the provisions of paragraph (4) is to be completed. <Amended by Act No. 8140, Dec. 30, 2006> |
| (2) | The acquisition of the non-performing loans under Article 41 (2) 1 and the assets subject to self-rescue plans prescribed by Presidential Decree may be executed from the enforcement date of this Act to November 22, 2002. <Newly Inserted by Act No. 8140, Dec. 30, 2006> |
| (3) | The acquisition mentioned in Article 26 (1) 1 shall be made by the financial resources of the Fund during the period mentioned in paragraph (2). <Amended by Act No. 8140, Dec. 30, 2006> |
| (4) | The operation of the Fund may be executed by not later than November 22, 2012. <Newly Inserted by Act No 8140, Dec. 30, 2006> |
| (5) | The Fund shall complete the repayment of principal and interest of the Bonds and borrowed funds and the disposal of the acquired assets, etc. by the date on which the operation period is completed under the provisions of paragraph (4) , and it shall refund the remaining assets of the Fund to contributors according to the disposition criteria considering the contribution ratio, etc. pursuant to Article 39 (1) 1 (referring to one before the deletion by the amendment of the Framework Act on the Management of Charges, Act No. 7058) through 3, and 3-2 within three months after the completion of operation period: Provided, That where inspection on assets and responsibilities of the Fund by the Minister of Finance and Economy under Article 7 (1) of the Public Capital Redemption Fund Act results in confirmation of assets remaining at the expiration of operational terms and the amounts are presumable, a part of presumed remaining assets may be returned before the expiration of operational terms. <Amended by Act No. 8140, Dec. 30, 2006; Act No. 8698, Dec. 21, 2007; Act No. 8863, Feb. 29, 2008> |
| (6) | Necessary matters relating to detailed criteria on the disposition, time, procedures, methods, etc. in settling the Fund pursuant to para- graph (5) shall be prescribed by Presidential Decree. <Amended by Act No. 8140, Dec. 30, 2006> |
Article 3 (Establishment Committee)
| (1) | The Minister of Finance and Economy shall organize an establishment committee by commissioning not exceeding ten persons within one month from the date of promulgation of this Act, and have them perform the affairs relating to the preparation of establishment of the Corporation. |
| (2) | The establishment committee shall formulate the articles of incorporation of the Corporation, and obtain the authorization thereof from the Minister of Finance and Economy. |
| (3) | The establishment committee shall make a registration of establishment of the Corporation when the establishment committee obtains the authorization pursuant to paragraph (2). |
| (4) | The establishment committee shall, when it completes the establishment registration of the Corporation pursuant to paragraph (3), hand over its affairs and properties to the president of the Corporation, and the establishment committee members shall be deemed to be discharged from the committee when they completely transfer them. |
Article 4 (Dissolution of Ex-Corporation)
Article 5 (Succession of Properties, and Rights and Obligations)
| (2) | The value of the properties which the Corporation succeeds pursuant to paragraph (1) shall be their book value at the time of succession. |
| (3) | The actions conducted by the ex-Corporation established under Article 53-3 of the Korea Development Bank Act in accordance with the relevant Acts and subordinate statutes before the enforcement of this Act shall be deemed to have been conducted by the Corporation. |
Article 6 (Transitional Measures on Investment by Korea Development Bank)
| (1) | The properties which the Korea Development Bank had invested into the ex-Corporation established under Article 53-3 of the Korea Development Bank Act before the enforcement of this Act shall be deemed those which the Korea Development Bank has invested into the Corporation pursuant to Article 9 (4). |
| (2) | The reserves held by the ex-Corporation before the enforcement of this Act shall be deemed the profits accrued from investment by the Korea Development Bank pursuant to paragraph (1), and may be transferred into the capital of the Corporation in such a manner as prescribed by Presidential Decree. |
Article 7 (Expenses for Establishment)
The Corporation shall bear the expenses for its establishment.
Article 8 (Transitional Measures on Officers and Employees)
| (1) | The officers of the ex-Corporation established under Article 53-3 of the Korea Development Bank Act at the time of enforcement of this Act shall be deemed those appointed under this Act. In this case, the terms of office of the officers shall comply with the previous provisions, and shall commence from the date on which they are appointed under the previous provisions. |
Article 9 Omitted.
ADDENDA <Act No. 5505, Jan. 13, 1998>
| (1) | (Enforcement Date) This Act shall enter into force on April 1, 1998. (Proviso Omitted.) |
| (2) | (Transitional Measures concerning Dispositions, etc.) Any authorization or other actions by an administrative agency, etc. or various reports or other actions towards an administrative agency, etc. under the previous previsions at the time this Act enters into force shall be deemed to be the actions by or against an administrative agency under this Act. |
ADDENDUM <Act No. 5978, Apr. 30, 1999>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 6073, Dec. 31, 1999>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 (Transitional Measures following Change of Corporate Name)
| (1) | The ex-Corporation existing as of the enforcement of this Act shall be deemed the Korea Asset Management Corporation under this Act. |
| (2) | Any act or other legal relation performed or established under the name of the ex-Corporation at the time of enforcement of this Act shall be deemed to be done under the name of the Korea Asset Management Corporation under this Act. |
| (3) | The name of the ex-Corporation on any registry or other public books at the time of enforcement of this Act shall be deemed the name of the Korea Asset Management Corporation under this Act. |
Article 3 (Amendments to Other Acts)
| (1) | through (11) Omitted. |
ADDENDA <Act No. 6561, Dec. 31, 2001>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDA <Act No. 6627, Jan. 26, 2002>
Article 1 (Enforcement Date)
This Act shall enter into force on July 1, 2002.
Articles 2 through 7 Omitted.
ADDENDUM <Act No. 6737, Dec. 5, 2002>
This Act shall enter into force on the date of its promulgation: Provided, That the amended provisions of Article 39 (1) 3-2 shall take effect on January 1, 2003.
ADDENDA <Act No. 7058, Dec. 31, 2003>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2004.
Article 2 Omitted.
ADDENDA <Act No. 7526, May 31, 2005>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 (Valid Period)
The provisions of Article 45-2 (1) 2 through 9 shall be valid until and by June 30, 2006. Article 3 (Application Examples regarding Special Examples of Auction Procedure Conducted by Application from Financial Institutions, etc.)
The provisions of Article 2 of the Addenda shall begin to apply from the case applied for auction for the first time after the enforcement of this Act. Article4 (Transitional Measures regarding Cases Which Have Already Been Applied for Auction)
The cases applied for auction on or before December 31, 2004 under the previous provisions of Article 45-2 (3) shall be governed by the previous provisions.
ADDENDUM <Act No. 7621, Jul. 29, 2005>
This Act shall enter into force six months after the date of its promulgation.
ADDENDA <Act No. 7796, Dec. 29, 2005>
Article 1 (Enforcement Date)
This Act shall enter into force on July 1, 2006.
Articles 2 through 6 Omitted.
ADDENDA <Act No. 7885, Mar. 24, 2006>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDUM <Act No. 8140, Dec. 30, 2006>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 8635, Aug. 3, 2007>
Article 1 (Enforcement Date)
This Act shall enter into force one and half year after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 44 Omitted.
ADDENDUM <Act No. 8698, Dec. 21, 2007>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 8852, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 7 Omitted.
ADDENDA <Act No. 8863, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Act No. 9617, Apr. 1, 2009>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
Articles 2 through 13 Omitted.
ADDENDA <Act No. 9670, May 13, 2009>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 (Operational Period, etc. of Restructuring Fund)
| (1) | The Restructuring Fund under the amended provisions of Article 43-3 (1) (hereafter referred to in this Article as the "Fund") may be operated from the date when the Fund has raised the financial resources after this Act enters into force to December 31, 2014. |
| (2) | For the period referred to in paragraph (1) , non-performing loans under Article 26 (1) 1 (excluding loans to individuals) , assets subject to the self-rescue plan of enterprises showing a sign of insolvency under sub- paragraph 3 of the same paragraph, assets for non-business use under subparagraph 5 of the same paragraph and assets of enterprises under structural improvement (hereinafter referred to as "non-performing assets") shall be undertaken with financial resources of the Fund: Provided, That this shall not apply to cases where it is not a fiscal year in which funds are raised and used to acquire non-performing assets, etc. in accordance with the plan for operation of the Restructuring Fund. <Amended by Act No. 11408, Mar. 21, 2012> |
| (3) | The Fund shall complete the redemption of the principal and interest of bonds and borrowed money of the Fund, and liquidation or such of assets undertaken until the date when the operational period under paragraph (1) expires, and shall revert residual property to the State Treasury within three months after the expiry of the operational period: Provided, That the Fund may revert part of residual property estimated to the State Treasury before the expiry of the operational period in cases where it is evident that residual property will exist on the expiry date of the operational period and its amount may be estimated as a result of the actual inspection by the Financial Services Commission on the assets and liabilities of the Fund. |
| (4) | The specific standards for, time of, procedures for and methods of conduct for liquidation of the Fund under paragraph (3) and other necessary matters shall be prescribed by Presidential Decree. |
Article 3 (Special Cases for Plan for Operation of Restructuring Fund in Year 2009)
plan for operation of the Restructuring Fund in the year 2009 without delay and present it to the Minister of Strategy and Finance through deliberation and resolution of the Committee.
| (2) | The Government shall present the plan for operation of the Restructuring Fund in the year 2009 under paragraph (1) to the National Assembly without delay. In such cases, the plan for operation of the Restructuring Fund in the year 2009 shall be deemed to have been confirmed. |
Article 4 Omitted.
ADDENDA <Act No. 9703, May 21, 2009>
Article 1 (Enforcement Date)
This Act shall enter into force on June 1, 2009: Provided, That Article 11 (2) of the Addenda shall enter into force on the date when Korea Policy Banking Corporation has been established under the Korea Policy Banking Corporation Act. Articles 2 through 11 Omitted.
ADDENDA <Act No. 10303, May 17, 2010>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 10 Omitted.
ADDENDA <Act No. 10522, Mar. 31, 2011>
Article 1 (Enforcement Date)
This Act shall enter into force on March 2, 2012. (Proviso omitted. )
Articles 2 through 28 Omitted.
ADDENDA <Act No. 10682, May 19, 2011>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Article 2 Omitted.
Article 3 (Relationship with other Acts)
ADDENDA <Act No. 11408, Mar. 21, 2012>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 (Transitional Measures concerning Penalty Provisions)
For acts performed before this Act enters into force, former penalty provisions shall apply.
ADDENDA <Act No. 12663, May 21, 2014>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of the registration of the merger under Article 4 (6) of Addenda. (Proviso Omitted.) Articles 2 through 12 Omitted.
ADDENDUM <Act No. 13279, Mar. 27, 2015>
This Act shall enter into force six months after the date of its promulgation.
ADDENDA <Act No. 14242, May 29, 2016>
Article 1 (Enforcement Date)
This Act shall enter into force on December 1, 2016. (Proviso Omitted.)
Articles 2 through 22 Omitted.
ADDENDA <Act No. 15930, Dec. 11, 2018>
This Act shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 16652, Nov. 26, 2019>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 Omitted.
Article 3 (Relationship to Other Statutes and Regulations)
ADDENDA <Act No. 16957, Feb. 4, 2020>
Article 1 (Enforcement Date)
This Decree shall enter into force six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 13 Omitted.
ADDENDUM <Act No. 18130, Apr. 20, 2021>
This Act shall enter into force three months after the date of its promulgation.
ADDENDA <Act No. 18437, Aug. 17, 2021>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
Article 2 (Transitional Measures concerning Incidental Business Affairs)
Incidental business affairs that KAMCO performs with the approval of the Financial Services Commission under the previous provisions as at the time this Act enters into force shall be deemed approved by the Financial Services Commission under the amended provisions of Article 26 (2). Article 3 Omitted.
ADDENDUM <Act No. 19218, Jan. 17, 2023>
This Act shall enter into force on the date of its promulgation.