ENFORCEMENT DECREE OF THE FRAMEWORK ACT ON COOPERATIVES
Wholly Amended by Presidential Decree No. 25486, Jul. 21, 2014
Amended by Presidential Decree No. 27129, May 10, 2016
Presidential Decree No. 27455, Aug. 29, 2016
Presidential Decree No. 28211, Jul. 26, 2017
Presidential Decree No. 30895, Aug. 4, 2020
Presidential Decree No. 31052, Sep. 29, 2020
Presidential Decree No. 31380, Jan. 5, 2021
Presidential Decree No. 33498, jun. 7, 2023
CHAPTER I GENERAL PROVISIONS
The purpose of this Decree is to provide for matters delegated by the Framework Act on Cooperatives and matters necessary for the enforcement thereof.
| (1) | A cooperative and a social cooperative (hereinafter referred to as "cooperative, etc."), a federation of cooperatives, a federation of social cooperatives and a federation of different-type cooperatives (hereinafter referred to as "federation of cooperatives, etc."), established under the Framework Act on Cooperatives (hereinafter referred to as the "Act") shall use a name distinct from the name of another cooperative, etc., and federation of cooperatives, etc., in consideration of the following matters, pursuant to Article 3 (2) of the Act: <Amended on Sep. 29, 2020> |
| 1. | Fields and details of services; |
| 2. | Area where services are provided; |
| 3. | Composition of membership. |
| (2) | No cooperative, etc., or federation of cooperatives, etc. shall use a name registered by another cooperative, etc. or federation of cooperatives, etc. in the same Special Metropolitan City, Metropolitan City, Special Self-Governing City, Special Self-Governing Province, or Si/Gun. <Amended on Sep. 29, 2020> |
| (3) | "Requirements prescribed by Presidential Decree, such as invested capital and members" in the proviso of Article 3 (4) of the Act means requirements classified as follows: <Newly Inserted on Aug. 29, 2016; Sep. 29, 2020> |
| 1. | Where a federation of cooperatives, etc. intends to use the name of the State: It shall meet all of the following requirements: |
| (a) | Invested capital shall be at least 200 million won; |
| (b) | Its members shall be distributed in at least 1/2 of the number of Cities/Dos, among the Special Metropolitan City, Metropolitan Cities, Special Self-Governing Cities, Dos, and Special Self-Governing Provinces (hereinafter referred to as "City/Do"); |
| (c) | At least 1/3 of the total number of its members shall not be concentrated in one City/Do; |
| (d) | It shall meet other requirements determined and publicly notified by the Minister of Economy and Finance, such as the number of members of a federation of cooperatives, etc.; |
| 2. | Where a federation of cooperatives, etc. intends to use the name of a City/Do: It shall meet all of the following requirements: Provided, That where it intends to use the name of a Special Self-Governing City or Special Self-Governing Province, requirements under items (b) and (c) shall not apply: |
| (a) | Invested capital shall be at least 50 million won; |
| (b) | Its members shall be distributed in at least half the number of Sis/Guns/Gus, among Sis/Guns/Gus (referring to autonomous Gus; the same shall apply in this paragraph) within the jurisdiction of the relevant City/Do; |
| (c) | At least 1/3 of the total number of its members shall not be concentrated in one Si/Gun/Gu; |
| (d) | It shall meet other requirements determined and publicly notified by the Minister of Economy and Finance, such as the number of members of a federation of cooperatives, etc. |
| (4) | Where the Minister of Economy and Finance prohibits the use of a name or orders a federation of cooperatives, etc. to change its name pursuant to Article 3 (5) of the Act, he or she shall give written notice to the relevant federation of cooperatives, etc. of the grounds therefor. <Amended on Aug. 29, 2016; Sep. 29, 2020> |
| (5) | A federation of cooperatives, etc. in receipt of notice under paragraph (4) may file a written objection with the Minister of Economy and Finance within 30 days from the date it receives such notice, as prescribed by Ordinance of the Ministry of Economy and Finance. <Amended on Aug. 29, 2016; Sep. 29, 2020> |
| (6) | Upon receipt of a written objection under paragraph (5), the Minister of Economy and Finance shall give written notice of the result of the handling thereof within 30 days from the date he or she receives the written objection. <Amended on Aug. 29, 2016> |
| (7) | A federation of cooperatives, etc. which files a written objection pursuant to paragraph (5) may file an administrative appeal under the Administrative Appeals Act or administrative litigation under the Administrative Litigation Act, irrespective of such objection. <Amended on Aug. 29, 2016; Sep. 29, 2020> |
| Article 3 (Matters to Be Deliberated by Cooperative Policy Deliberative Committee) |
| 1. | Matters concerning the improvement of law and systems related to cooperatives, etc. and federations of cooperatives, etc.; |
| 2. | Matters concerning the inspection of the results of the pursuit of a master plan (hereinafter referred to as "master plan") referred to in Article 11 (1) of the Act; |
| 3. | Matters concerning the formulation of an educational and advertising plan for cooperatives, etc. and federations of cooperatives, etc.; |
| 4. | Other matters submitted for deliberation because the chairperson of the Cooperative Policy Deliberative Committee (hereinafter referred to as the "Council") under Article 11-2 (1) of the Act deems it necessary. |
[This Article Wholly Amended on Jun. 30, 2015]
| Article 3-2 (Organization of Council) |
| (1) | "Related central administrative agencies prescribed by Presidential Decree" in Article 11-2 (3) 1 of the Act means the following agencies: <Amended on Jul. 26, 2017> |
| 1. | The Ministry of Science and ICT, the Ministry of the Interior and Safety, the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Health and Welfare, the Ministry of Employment and Labor, the Ministry of Oceans and Fisheries, the Ministry of SMEs and Startups, the Fair Trade Commission, the Financial Services Commission, and the Korea Forest Service; |
| 2. | Other related central administrative agencies which the chairperson of the Council deems necessary for deliberation on items on the agenda. |
| (2) | Public officials of related central administrative agencies referred to in paragraph (1) 2 shall be qualified as members of the Council only for matters to be deliberated designated by the chairperson of the Council. |
| (3) | The Council shall consist of up to 20 members including one chairperson, in consideration of their gender. |
| (5) | Where a member of the Council under Article 11-2 (3) 2 of the Act falls under any of the following, the Minister of Economy and Finance may dismiss the relevant member of the Council: <Newly Inserted on May 10, 2016> |
| 1. | Where he or she becomes unable to perform his or her duties due to mental or physical dysfunction; |
| 2. | Where he or she commits irregularities related to his or her duties; |
| 3. | Where he or she is deemed unsuitable to be a member of the Council due to neglect of his or her duties, impairment of the dignity of a member of the Council, or for other reasons; |
| 4. | Where he or she makes it clear that it is difficult for him or her to perform his or her duties. |
[This Article Newly Inserted on Jun. 30, 2015]
| Article 3-3 (Operation of Council) |
| (1) | In principle, meetings of the Council shall be held once a quarter, but an agenda for deliberation may be adjusted, if necessary for efficient deliberation. |
| (2) | The Council shall hold meetings when a majority of the incumbent members attend its meetings, and pass resolutions with the consent of a majority of the members present. |
| (3) | Where necessary, the chairperson may require those who are not members of the Council to attend its meetings and to speak at its meetings. |
| (4) | The Council may establish working committees to examine and coordinate items on the agenda to be submitted to its meetings and to support the operation thereof. In such cases, matters necessary for the organization, operation, etc. of working committees shall be determined by the Minister of Economy and Finance following a resolution passed by the Council. |
[This Article Newly Inserted on Jun. 30, 2015]
| Article 4 (City/Do Cooperative Policy Council) |
| (1) | The City/Do Cooperative Policy Council (hereinafter referred to as the "Council") shall be established under the jurisdiction of the Minister of Economy and Finance for consultations or coordination referred to in Article 11 (4) of the Act. |
| (2) | The Council shall consult about or coordinate the following matters: <Amended on Sep. 29, 2020> |
| 1. | Matters concerning policies on cooperatives, such as the reporting and management disclosure of cooperatives; |
| 2. | Matters concerning education or public relations of cooperatives; |
| 4. | Other matters necessary to revitalize cooperatives. |
| (3) | A public official belonging to the Senior Executive Service designated by the Minister of Economy and Finance shall serve as the chairperson of the Council, and a director general or head of the headquarters in charge of affairs concerning cooperatives of each City/Do shall serve as members of the Council. <Amended by Aug. 29, 2016> |
| (4) | An administrative secretary shall be assigned to the Council in order to conduct its affairs, and shall be appointed by the Minister of Economy and Finance, from among public officials under his or her jurisdiction. |
| (5) | Where the chairperson of the Council deems it necessary, he or she may require related public officials or experts to attend meetings of the Council to hear their opinions, or request related agencies, organizations, etc. to provide necessary cooperation, such as submitting data or opinions. |
| (6) | Except as provided in paragraphs (1) through (5), matters necessary for the composition, operation, etc. of the Council shall be determined by the chairperson of the Council following a resolution adopted by the Council. |
| Article 5 (Relationship to other Statutes) |
"Cooperative, etc., and federation of cooperatives, etc. meeting the requirements prescribed by Presidential Decree" in Article 13 (3) of the Act means a cooperative, etc. and a federation of cooperatives, etc. meeting all the following requirements: <Amended on Sep. 29, 2020> | 1. | Its objective shall be mutual assistance among small businesses or consumers; |
| 2. | It may be established freely, and a member of a cooperative or social cooperative, or a member may join or withdraw from it at will; |
| 3. | A member of a cooperative or social cooperative, or a member shall have an equal voting right; |
| 4. | Where profits are distributed to a member of a cooperative or social cooperative, or a member, the limit thereof shall be prescribed by the articles of association. |
| Article 6 (Procedures for Establishment of Cooperatives) |
| (1) | A person who intends to file a report on the establishment of a cooperative pursuant to the former part of Article 15 (1) of the Act shall hold an inaugural general meeting after publicly announcing the following matters for at least seven days: |
| 1. | Date, time, and venue of the inaugural general meeting; |
| 2. | Requirements for qualification as members; |
| 3. | Matters requiring resolutions at the inaugural general meeting. |
| (2) | Resolutions for the following matters shall be adopted at the inaugural general meeting: |
| 1. | Articles of association; |
| 2. | Business plan and budget; |
| 3. | Election of executive officers; |
| 4. | Matters necessary for the establishment, such as expenses for the establishment. |
| (3) | The minutes of proceedings of the inaugural general meeting shall be recorded. |
| (4) | The proceedings and the results thereof shall be recorded in meeting minutes under paragraph (3); and the chairperson and at least three persons elected at the inaugural general meeting, from among those who submitted written consent for the establishment to the promoters before the inaugural general meeting is held pursuant to Article 15 (4) of the Act, shall affix their name and seal, or signature to the minutes. <Amended on Sep. 29, 2020> |
| (5) | Paragraphs (1) through (4) shall apply mutatis mutandis to procedures for the establishment of a federation of cooperatives referred to in Article 71 (1) of the Act. In such cases, "cooperative" shall be construed as "federation of cooperatives" and "member of a cooperative" as "member," respectively. |
[Title Amended on Sep. 29, 2020]
| Article 7 (Reporting on Establishment of and Reporting on Modifications to Cooperatives) |
| (1) | A person who intends to report on the establishment of a cooperative pursuant to the former part of Article 15 (1) of the Act shall submit a written report of the establishment thereof, to the Special Metropolitan City Mayor, a Metropolitan City Mayor, a Special Self-Governing City Mayor, a Do Governor, or a Special Self-Governing Province Governor (hereinafter referred to as the "Mayor/Do Governor"), along with documents prescribed by Ordinance of the Ministry of Economy and Finance. |
| (2) | A person who intends to report on a modification to the reported matters pursuant to the latter part of Article 15 (1) of the Act shall submit a written report of the modification to the Mayor/Do Governor, along with documents prescribed by Ordinance of the Ministry of Economy and Finance. |
| (3) | Paragraphs (1) and (2) shall apply mutatis mutandis to reporting on the establishment of a federation of cooperatives and reporting on modifications pursuant to Article 71 (1) of the Act. In such cases, "cooperative" shall be construed as "federation of cooperatives" and "Mayor/Do Governor" as "Minister of Economy and Finance". <Amended on Sep. 29, 2020> |
[Title Amended on Sep. 29, 2020]
| Article 8 (Issuance of Certificates of Confirmation of Report) |
| (1) | Deleted. <Sep. 29, 2020> |
| (2) | Where it is necessary to supplement a written report of the establishment of a cooperative under Artie 15 of the Act, such as the omission of matters that must be stated in the written report of the establishment of the cooperative under Article 7 (1) or failure to submit documents that must be attached to the written report, the Mayor/Do Governor shall request supplementation within a specified period not exceeding 20 days. In such cases, where he or she receives a supplemented written report of the establishment of the cooperative, he or she shall issue a certificate of confirmation of reporting within 14 days from the date he or she receives such report. |
| (3) | Where a written report of the establishment of a cooperative under Article 15 of the Act falls under any of the following, the Mayor/Do Governor may return such written report: |
| 1. | Where procedures for the establishment of the cooperative violate statutes or regulations; |
| 2. | Where the details of the articles of association and a business plan of the cooperative violate statutes or regulations; |
| 3. | Notwithstanding a request for supplementation under the former part of paragraph (2), where the written report is not supplemented within a specified period. |
| (4) | Paragraphs (2) and (3) shall apply mutatis mutandis to the issuance of certificates of conformation of reporting by a federation of cooperatives under Article 71-2 (1) of the Act. In such cases, "Mayor/Do Governor" shall be construed as "Minister of Economy and Finance", and "cooperative" as "federation of cooperatives," respectively. <Amended on Sep. 29, 2020> |
| Article 8-2 (Preferential Investment Cooperatives) |
| (1) | "Cooperative prescribed by Presidential Decree" in Article 22-2 (1) of the Act means a cooperative meeting all the following requirements: |
| 1. | The cooperative shall make management disclosure under Article 49-2 of the Act in the year immediately preceding the year in which preferential investment is to be issued (where such preferential investment is to be issued in the year in which the cooperative is established, referring to the year of establishment); |
| 2. | The ratio obtained by dividing the total amount of liabilities by the total equity capital (referring to the total amount of paid-in capital, preferential investments, reserves, and other retained earnings) shall not exceed 200 percent. |
| (2) | "Equity capital calculated as prescribed by Presidential Decree" in Article 22-2 (2) 1 of the Act means the amount calculated by subtracting preferential investments from the total equity capital under paragraph (1) 2. |
[This Article Newly Inserted on Sep. 29, 2020]
| Article 8-3 (Public Announcement of Issuance of Preferential Investment) |
When a cooperative issues preferential investment under Article 22-2 (1) of the Act, it shall publicly announce the details of such preferential investment, the number of investment units, the issue price, the payment deadline and the invitation method, and notify investors and preferential investors accordingly at least two weeks before the payment deadline. [This Article Newly Inserted on Sep. 29, 2020]
| Article 8-4 (Subscription to Preferential Investment) |
| (1) | A person who intends to subscribe to preferential investment shall state the number of such preferential investment units, the value of underwriting thereof and address in a written subscription for preferential investment, and shall affix his or her name and seal thereto. |
| (2) | The form of a written subscription for preferential investment under paragraph (1) shall be prepared by the president of the relevant cooperative, and shall include the following matters: |
| 1. | Name of the cooperative; |
| 2. | Value per share of preferential investment and the total number of investment units; |
| 3. | The upper limit of the total number of preferential investment units; |
| 4. | Types of preferential investment already issued and the number of investment units by type; |
| 5. | Total equity capital of a cooperative under Article 8-2 (1) 2; |
| 6. | The par value, details and number of units of preferential investment to be issued; |
| 7. | The issue price of preferential investment to be issued and the date of payment; |
| 8. | Matters concerning optional redemption of preferential investment, if any; |
| 9. | Financial institutions, etc. which handle the payment of preferential investments underwritten. |
[This Article Newly Inserted on Sep. 29, 2020]
| Article 8-5 (Payment of Preferential Investments) |
| (1) | A person who has subscribed to preferential investment under Article 8-4 (1) may underwrite preferential investment for the number of preferential investment units allocated by the president. |
| (2) | A person who intends to underwrite preferential investment under paragraph (1) shall pay the full amount of the issue price of the preferential investment by the payment deadline. |
| (3) | A person who has underwritten preferential investment shall be a preferential investor from the date following the payment deadline of the issue price of the preferential investment. |
[This Article Newly Inserted on Sep. 29, 2020]
| Article 8-6 (Issuance of Preferential Investment Deeds) |
| (1) | No cooperative shall issue a deed of preferential investment (hereafter in this Chapter, referred to as "deed") before the amount of the issue price of the preferential investment is fully paid. |
| (2) | A cooperative shall issue a deed to the underwriter immediately after the payment deadline of the issue price of the preferential investment. |
[This Article Newly Inserted on Sep. 29, 2020]
| Article 8-7 (Form of Deed) |
A deed shall be in registered form.
[This Article Newly Inserted on Sep. 29, 2020]
| Article 8-8 (Matters to Be Stated in Deed) |
The following matters shall be stated in a deed to which the president shall affix his or her name and seal, or signature:
| 1. | Name of the cooperative; |
| 2. | Par value of preferential investment; |
| 3. | Details of preferential investment; |
| 6. | Number of preferential investment units; |
| 7. | Names of preferential investors (in cases of a corporation, referring to the name of the corporation; hereafter in this Chapter, the same shall apply). |
[This Article Newly Inserted on Sep. 29, 2020]
| Article 8-9 (Keeping of List of Preferential Investors and Matters to Be Stated Therein) |
| (1) | A cooperative shall keep the list of preferential investors with the following matters stated therein at its principal office: |
| 1. | Names and addresses of the owners of the deeds; |
| 2. | Number of the deeds and their serial numbers; |
| 3. | Date of acquisition of the deeds. |
[This Article Newly Inserted on Sep. 29, 2020]
| Article 8-10 (Liability of Preferential Investors) |
The liability of a preferential investor shall be limited to the value of underwriting of the preferential investment he or she owns.
[This Article Newly Inserted on Sep. 29, 2020]
| Article 8-11 (Transfer of Preferential Investment) |
| (1) | Preferential investment may be transferred: Provided, That transfer before the issuance of a deed shall have no effect on a cooperative. |
| (2) | When transferring preferential investment, a preferential investor shall issue a deed to a transferee. |
[This Article Newly Inserted on Sep. 29, 2020]
| Article 8-12 (General Meeting of Preferential Investors) |
| (1) | If the articles of association of a cooperative are amended unfavorably to preferential investors, the cooperative shall pass a resolution at a general meeting of the preferential investors. |
| (2) | Any resolution of the general meeting of the preferential investors under paragraph (1) shall require the presence of a majority of the number of preferential investment units issued and the concurring vote of at least 2/3 of the number of preferential investment units present. |
| (3) | Matters necessary for the operation, etc. of a general meeting of preferential investors under paragraph (1) shall be prescribed by the articles of association. |
[This Article Newly Inserted on Sep. 29, 2020]
| Article 8-13 (Notice and Peremptory Notice) |
Notice or peremptory notice to a preferential investor shall be sent to the address stated in a written subscription for preferential investment or a list of preferential investors, except where separate address is notified to the relevant cooperative.
[This Article Newly Inserted on Sep. 29, 2020]
| Article 9 (General Meetings of Representatives) |
| Article 10 (Concurrent Office Holding of Executive Officer and Employee of Cooperative) |
Where a cooperative falls under any of the following pursuant to Article 44 (4) of the Act (including cases applied mutatis mutandis pursuant to Article 79 of the Act; in such cases, "cooperative" shall be construed as "federation of cooperatives", and "member" as "all members who bong to all member cooperatives," respectively), an executive officer of the relevant cooperative may concurrently be an employee: | 1. | Where at least two-thirds of members are employees, and employees who are members are at least two thirds of all employees (based on the point in time before an executive officer concurrently becomes an employee); |
| 2. | Where the number of members does not exceed ten; |
| 3. | Other cases determined and publicly notified by the Minister of Economy and Finance, where it is necessary for an executive officer to concurrently be an employee in consideration of the scale, assets, services, etc. of the cooperative. |
[Title Amended on Sep. 29, 2020]
| Article 11 (Use of Services by Non-Members of Cooperative) |
| 2. | Other services prescribed by Ordinance of the Ministry of Economy and Finance in consideration of the nature, type, etc. of a cooperative or a federation of cooperatives. |
[This Article Wholly Amended on Jun. 30, 2015]
[Title Amended on Sep. 29, 2020]
| Article 12 (Management Disclosure of Cooperatives) |
| (1) | "Cooperative larger than a certain scale prescribed by Presidential Decree" in Article 49-2 (1) of the Act (including cases applied mutatis mutandis pursuant to Article 82 of the Act; in such cases, "cooperative" shall be construed as "federation of cooperatives", and a "member of the cooperative" shall be construed as "all members who belong to all member cooperatives"; hereafter the same shall apply in this Article) means any of the following cooperatives: |
| 1. | A cooperative with at least 200 members; |
| 2. | A cooperative, the total amount of funds invested in which stated on its statement of accounts of the immediately preceding business year (referring to the statement of accounts approved at its regular general meeting pursuant to Article 52 (2) of the Act) is at least three billion won. |
| (2) | Where a cooperative becomes a cooperative with at least 200 members referred to in paragraph (1) 1 because the number of members changes, it shall notify the Minister of Economy and Finance of such fact. |
| (3) | A cooperative under paragraph (1) shall disclose the matters under the subparagraphs of Article 49-2 (1) of the Act on the website designated by the Minister of Economy and Finance pursuant to Article 49-2 (2) of the Act, within four months from the date of settlement of accounts of each fiscal year. <Amended on Sep. 29, 2020> |
[Title Amended on Sep. 29, 2020]
| Article 13 (Merger of Cooperatives) |
| (1) | Criteria for authorization for merger of cooperatives pursuant to Article 56 (7) of the Act shall be as follows: <Amended on Sep. 29, 2020> |
| 2. | No procedures for merger shall violate any statute or regulation; |
| 3. | No details of the articles of association or a business plan of a cooperative merged shall violate any statute or regulation. |
| (2) | A person who intends to apply for authorization for merger pursuant to Article 56 (7) of the Act shall submit an application for approval for the merger to the Minister of Economy and Finance along with documents prescribed by Ordinance of the Ministry of Economy and Finance. <Amended on Sep. 29, 2020> |
| (3) | Deleted. <Sep. 29, 2020> |
| (4) | Where it is necessary to supplement an application for authorization for merger received pursuant to paragraph (2), such as an omission of any matter to be mentioned in such application or failure to submit documents to be attached, the Minister of Economy and Finance may request supplementation within a specified period. In such cases, the period for such supplementation shall not be included in the processing period referred to in Article 56 (8). <Amended on Sep. 29, 2020> |
| Article 14 (Retained Earnings) |
"Retained earnings prescribed by Presidential Decree" in Article 60-2 (4) of the Act means the accumulated net profit retained by a corporation, etc. (hereinafter referred to as "corporation, etc.") referred to in Article 60-2 (1) of the Act, rather than distributed outside of the corporation, etc. as dividends, etc.
| Article 15 (Reporting of Restructuring) |
| (1) | A person who intends to report restructuring of a cooperative pursuant to Article 60-2 (6) of the Act shall submit an application for restructuring to the Mayor/Do Governor having jurisdiction over its principal office, along with documents prescribed by Ordinance of the Ministry of Economy and Finance. |
| (2) | Article 8 (1) through (3) shall apply mutatis mutandis to a certificate of confirmation of report issued following the reporting of restructuring pursuant to paragraph (1). |
| Article 16 (Mutual Aid Services of Federation of Cooperatives) |
| (1) | Where a federation of cooperatives intends to obtain authorization for mutual aid services pursuant to the former part of Article 80-2 (2) of the Act (including cases applied mutatis mutandis pursuant to Article 115 (2) or Article 115-7 of the Act; in such cases, "federation of cooperatives" shall be construed as "federation of social cooperatives" or "federation of different-type cooperatives"; hereafter the same shall apply in this Article), it shall meet both of the following requirements: <Amended on Sep. 29, 2020> |
| 1. | It shall have at least 10 members; |
| 2. | It shall have a total amount of funds invested of at least 100 million won. |
| (2) | A federation of cooperatives that intends to apply for authorization for mutual aid services pursuant to the former part of Article 80-2 (2) of the Act shall submit an application for authorization for mutual aid services, to the Minister of Economy and Finance, along with the regulations for mutual aid and documents prescribed by Ordinance of the Ministry of Economy and Finance. |
| (3) | Deleted. <Sep. 29, 2020> |
| (4) | Where it is necessary to supplement an application for authorization for mutual aid services received pursuant to paragraph (2), such as the omission of matters to be mentioned in such application or failure to submit documents to be attached, the Minister of Economy and Finance may request supplementation within a specified period. In such cases, the period for such supplementation shall not be included in the processing period under Article 80-2 (3). <Amended on Sep. 29, 2020> |
| (5) | Except in cases where a federation of cooperatives falls under any of the following, the Minister of Economy and Finance shall authorize mutual aid services pursuant to Article 80-2 of the Act: |
| 1. | Where the federation of cooperatives fails to meet any of the requirements for authorization for mutual aid services prescribed in the subparagraphs of paragraph (1); |
| 2. | Where any of the details of the regulations for mutual aid violates any statute or regulation. |
| (6) | The following matters shall be included in the regulations for mutual aid referred to in paragraph (2), as determined by the Minister of Economy and Finance: |
| 1. | Methods for implementing mutual aid services; |
| 2. | Terms and conditions of a mutual aid contract; |
| (7) | A federation of cooperatives that intends to change any matter authorized pursuant to the latter part of Article 80-2 (2) of the Act shall submit an application for authorization for change of mutual aid services to the Minister of Economy and Finance, along with documents prescribed by Ordinance of the Ministry of Economy and Finance. |
| (8) | Paragraphs (3) through (5) shall apply mutatis mutandis to applications for change of authorized matters pursuant to paragraph (7). |
[Title Amended on Sep. 29, 2020]
CHAPTER III SOCIAL COOPERATIVES
| Article 17 (Procedures for Establishment of Social Cooperatives) |
| (1) | A person who intends to apply for approval to establish a social cooperative pursuant to Article 85 (1) of the Act shall hold an inaugural general meeting after publicly announcing the following matters for at least seven days: |
| 1. | Date, time, and venue of the inaugural general meeting; |
| 2. | Requirements for qualification of members; |
| 3. | Matters requiring a resolution at the inaugural general meeting. |
| (2) | Resolutions for the following matters shall be adopted at the inaugural general meeting: |
| 1. | Articles of association; |
| 2. | Business plan and budget; |
| 3. | Election of executive officers; |
| 4. | Matters necessary for the establishment, such as expenses for the establishment. |
| (3) | The minutes of proceedings of the inaugural general meeting shall be prepared. |
| (4) | The proceedings and the results thereof shall be recorded in the minutes referred to in paragraph (3), and the chairperson and at least three persons elected at the inaugural general meeting from among those who submit written consent for the establishment to the promoters before the inaugural general meeting is held pursuant to Article 85 (2) of the Act shall affix there signature and/or seal to the minutes. |
| (5) | Paragraphs (1) through (4) shall apply mutatis mutandis to procedures for establishing a federation of social cooperatives referred to in Article 114 (1) of the Act. In such cases, "social cooperative" shall be construed as "federation of social cooperatives", and "member of a social cooperative" shall be construed as "member," respectively. |
[Title Amended on Sep. 29, 2020]
| Article 18 (Application for Authorization for Establishment of Social Cooperatives) |
| (1) | A person who intends to file an application for authorization for the establishment of a social cooperative pursuant to Article 85 (1) of the Act shall submit an application for approval for establishment to the Minister of Economy and Finance, along with documents prescribed by Ordinance of the Ministry of Economy and Finance. |
| (2) | Paragraph (1) shall apply mutatis mutandis to an application for authorization for the establishment of a federation of social cooperatives under Article 114 (1) of the Act. In such cases, a "social cooperative" shall be construed as a "federation of social cooperatives". |
[Title Amended on Sep. 29, 2020]
| Article 19 (Criteria for Authorization for Establishment of Social Cooperatives) |
| (1) | Where a person intends to obtain authorization for the establishment of a social cooperatives pursuant to Article 85 (1), he or she shall meet both of the following requirements: |
| 1. | The number of persons who have submitted a written consent to establishment (hereafter referred to as "persons who consent to establishment" in this Article) to promoters before the inaugural general meeting is held pursuant to Article 85 (2) of the Act shall be at least five; |
| 2. | Persons who consent to establishment shall be comprised of at least two interested persons among diverse interested persons, such as producers, consumers, employees, volunteers, and benefactors, so that they may efficiently perform services referred to in Article 93 (1) of the Act. |
| (2) | Notwithstanding paragraph (1), the criteria for authorization for the establishment of a social cooperative that intends to establish and operate a medical institution for providing health and medical services shall be as follows: <Amended on Jun. 7, 2023> |
| 1. | At least 500 persons shall consent to the establishment of each individual medical institution: Provided, That where such medical institution is established in a City (limited to the one with the population of not more than 100,000) or a Gun, at least 300 persons shall give consent thereto; |
| 2. | The minimum amount of money invested per person who consents to the establishment shall be at least 50,000 won: Provided, That this shall not apply to persons falling under Article 25 (1) 2 through 6 and 8; |
| 3. | The maximum amount of money invested per person shall be within 10 percent of the total amount of money invested: Provided, That where at least two persons who consent to establishment are specially related persons prescribed by Ordinance of the Ministry of Economy and Finance, the total amount of money invested by such at least two persons who consent to establishment shall be within 10 percent of the total amount of money invested; |
| 4. | The total amount of money invested shall be at least 100 million won: Provided, That where such medical institution is established in a City (limited to the one with the population of not more than 100,000) or a Gun, the amount shall exceed 50 million won; |
| 5. | The social cooperative shall meet other guidelines determined and publicly notified by the Minister of Economy and Finance through consultation with the heads of related central administrative agencies. |
| (3) | Where a social cooperative that has established a medical institution after obtaining authorization pursuant to Article 85 (1) of the Act intends to establish an additional medical institution, it shall meet all the requirements prescribed in paragraph (2) ("person who consents to the establishment" under the subparagraphs of paragraph (2) shall be construed as "member of the social cooperative") for each Si/Gun/Gu (Gu referring to an autonomous Gu; hereafter the same shall apply in this paragraph) in which it intends to establish a medical institution: Provided, That where a social cooperative intends to establish additional medical institutions in a Si/Gun/Gu having jurisdiction over the location of its principal office and an adjacent Si/Gun/Gu, it may establish additional medical institutions even if it fails to meet any of the requirements falling under the subparagraphs of paragraph (2). |
| Article 20 (Holding Concurrent Office of Executive Officers and Employee of Social Cooperative) |
| (1) | An executive officer of a social cooperative and a federation of social cooperatives may concurrently be an employee thereof to the extent that the number of executive officers who are concurrently employees under Article 44 (4) applied mutatis mutandis pursuant to Articles 92 and 115 (1) of the Act does not exceed 1/3 of the total number of executive officers: Provided, That where the social cooperative and the federation of social cooperatives falls under any subparagraph of Article 10, more than 1/3 of the total number of its executive officers may concurrently be employees. <Amended on Sep. 29, 2020> |
| (2) | Where each subparagraph of Article 10 applies to a federation of social cooperatives pursuant to the proviso of paragraph (1), "member of a social cooperative" shall be construed as "all members who belong to all member cooperatives," and "cooperative" shall be construed as "federation of social cooperatives," respectively. |
[Title Amended on Sep. 29, 2020]
| Article 21 (Criteria and Methods for Determining Main Business) |
| (1) | Criteria for determining main business of a social cooperative under Article 93 (1) of the Act shall be in accordance with the following classification: |
| (a) | Services that contribute to the revitalization of local communities and the local economy by utilizing human and physical resources of the area, such as services that utilize local specialities or natural resources; |
| (b) | Services that promote the rights and interests and welfare of local residents, such as services that improve the living conditions of local residents; |
| (c) | Other services that contribute to solving problems with which local communities are confronted; |
| (a) | Services related to education, health, medical services, social welfare, environment, or culture; |
| (b) | Services that provide child care, nursing, or housekeeping support; |
| (d) | Other services prescribed by Ordinance of the Ministry of Economy and Finance; |
| (2) | Except as provided in paragraph (1), necessary matters regarding criteria, methods, etc. for determining main business shall be prescribed by Ordinance of the Ministry of Economy and Finance. |
| Article 22 (Small Loans to Members of Social Cooperatives) |
| (1) | The limit on a small loan referred to in Article 94 (1) of the Act (hereafter referred to as "small loan" in this Article) shall be prescribed by the articles of association of each social cooperative in consideration of the following matters: |
| 1. | The number of members of a social cooperative; |
| 2. | The amount of money invested; |
| (2) | Interest rates on small loans shall be prescribed by the articles of association of each social cooperative. In such cases, maximum interest rates on small loans shall be determined in consideration of the weighted average interest of household loans provided by saving banks based on the amount of new loans announced by the Bank of Korea. |
| (3) | The overdue interest rates on small loans shall be prescribed by the articles of association of each social cooperative. In such cases, the maximum overdue interest rate shall not exceed the maximum interest rate under Article 2 (1) of the Interest Limitation Act. |
| (4) | Accounting of small loan services shall be kept separately from main services referred to in Article 93 of the Act and other businesses. |
| Article 23 (Mutual Aid among Members of Social Cooperatives) |
| (1) | Mutual aid referred to in Article 94 (1) of the Act (hereafter referred to as "mutual aid" in this Article) shall be services that pay a certain amount of mutual aid benefits to members who have paid fees for mutual aid from reserves of such fees shared by each member for the purpose of mutual aid where reasons prescribed by the articles of association of a social cooperative, such as a wedding, death, or sickness, occur. |
| (2) | Matters necessary to pay mutual aid benefits, such as grounds for paying benefits of mutual aid under paragraph (1) and the limit on benefits of mutual aid paid for each reason, shall be prescribed by the articles of association of each social cooperative. |
| (3) | Necessary matters concerning a mutual aid contract and fees for mutual aid under Article 94 (2) of the Act shall be prescribed by the articles of association of each social cooperative. |
| (4) | Accounting of reserves for mutual aid shall be kept separately from main services referred to in Article 93 of the Act and other services. |
| Article 24 (Use of Services by Non-Members of Social Cooperatives) |
| (1) | Services which a social cooperative shall not allow non-members to use pursuant to Article 95 (2) of the Act shall be as follows: <Amended on Jun. 30, 2015> |
| 2. | Health and medical services of a social cooperative that has established a medical institution; |
| 3. | Other services prescribed by Ordinance of the Ministry of Economy and Finance in consideration of the nature, type, etc. of services provided by a social cooperative. |
| (2) | Notwithstanding paragraph (1) 2, a social cooperative that provides health and medical services may provide health and medical services to non-members to the extent of 50/100 of the total amount of services it provides. <Amended on Jan. 5, 2021> |
| (3) | Paragraphs (1) and (2) and Article 25 shall apply mutatis mutandis to the use of services by non-members of a federation of social cooperatives. In such cases, "social cooperative" shall be construed as "federation of social cooperatives", and "member of a social cooperative" shall be construed as "member," respectively. |
[Title Amended on Sep. 29, 2020]
| Article 25 (Use of Services by Non-Members of Social Cooperative Providing Health and Medical Services) |
| (1) | The range of non-members to whom a social cooperative may provide health and medical services pursuant to Article 24 (2) shall be as follows: |
| 6. | Persons suffering from a rare and incurable disease determined and publicly notified by the Minister of Health and Welfare; |
| 7. | Persons who have a domicile, abode, place of business, or workplace in the jurisdiction of a City/Do in which a medical institution established by the relevant social cooperative is located; |
| 8. | A person who belongs to the same household as that of a member of the social cooperative; |
| 9. | Other persons to whom the Minister of Economy and Finance deems it necessary to provide health and medical services through consultation with the heads of related central administrative agencies. |
| (2) | Either sales for the immediately preceding year or the number of persons who use services, whichever chosen by a social cooperative, shall be used as the criteria for calculating the total amount of services provided under Article 24 (2); where the relevant member of the social cooperative obtains approval from the board of directors when the social cooperative provides health and medical services to a person falling under paragraph (1) 8, the total amount of services provided shall be calculated as if such member of the social cooperative uses health and medical services. <Amended on Jan. 5, 2021> |
| Article 26 (Notification of Purchase Plans and Results of Purchase) |
| Article 27 (Management Disclosure of Cooperatives) |
Pursuant to paragraphs (1) and (2) of Article 96-2 of the Act (including cases applied mutatis mutandis pursuant to Article 115 (3) of the Act; in such cases, "social cooperative" shall be construed as "federation of social cooperatives"), a social cooperative shall disclose matters referred to in the subparagraphs of Article 96-2 (1) of the Act on the website designated by the Minister of Economy and Finance pursuant to Article 96-2 (2) of the Act, within four months from the date when accounts of each fiscal year are settled. <Amended on Sep. 29, 2020> [Title Amended on Sep. 29, 2020]
| Article 28 (Merger of Social Cooperatives) |
| 2. | No procedures for merger shall violate any statute or regulation; |
| 3. | No details of the articles of association or a business plan of a social cooperative merged shall violate any statute or regulation. |
| (2) | Any person who intends to apply for approval for merger pursuant to Article 101 (7) of the Act shall submit an application for approval for merger to the Minister of Economy and Finance along with documents prescribed by Ordinance of the Ministry of Economy and Finance. |
| (3) | Deleted. <Sep. 29, 2020> |
| (4) | Where it is necessary to supplement an application for approval for merger received pursuant to paragraph (2), such as omitting matters to be mentioned in such application or failure to submit documents to be attached, the Minister of Economy and Finance may request supplementation within a specified period. In such cases, the period for such supplementation shall not be included in the processing period under Article 101 (8). <Amended on Sep. 29, 2020> |
| Article 29 (Retained Earnings) |
"Retained earnings prescribed by Presidential Decree" in Article 105-2 (5) of the Act means the accumulated net income retained by a cooperative or corporation (hereinafter referred to as "corporation subject to restructuring") referred to in the subparagraphs of paragraph (1) of the aforesaid Article rather than being distributed outside the cooperative or corporation as dividends, etc. [This Article Wholly Amended on Aug. 29, 2016]
| Article 30 (Approval for Restructuring) |
| (1) | A corporation subject to restructuring who intends to obtain approval to restructure a social cooperative pursuant to Article 105-2 (7) of the Act shall submit an application for approval for restructuring to the Minister of Economy and Finance along with documents prescribed by Ordinance of the Ministry of Economy and Finance. <Amended on Aug. 29, 2016> |
| (2) | Deleted. <Sep. 29, 2020> |
| (3) | Where it is necessary to supplement an application for approval for restructuring received pursuant to paragraph (1), such as the omission of matters that should be mentioned in such application or failure to submit documents to be attached, the Minister of Economy and Finance may request supplementation within a specified period. In such cases, the period for such supplementation shall not be included in the processing period under Article 105-2 (9). <Amended on Sep. 29, 2020> |
| (4) | Deleted. <Sep. 29, 2020> |
| Article 31 (Public Announcement of Revocation of Authorization for Establishment of Social Cooperative) |
When the Minister of Economy and Finance publicly announces the revocation of authorization for establishment of a social cooperative pursuant to Article 112 (2) of the Act (including cases applied mutatis mutandis pursuant to Article 115 (3) of the Act; in such cases, "social cooperative" shall be construed as "federation of social cooperatives"), he or she shall officially announce such revocation on a daily newspaper registered for nationwide distribution pursuant to Article 9 (1) of the Act on the Promotion of Newspapers, Etc., the Official Gazette, or the Internet homepage. [Title Amended on Sep. 29, 2020]
CHAPTER III-2 FEDERATION OF DIFFERENT-TYPE COOPERATIVES
| Article 31-2 (Criteria for Authorization for Establishment of Federation of Different-Type Cooperatives) |
Where a person intends to obtain authorization for the establishment of a federation of different-type cooperatives pursuant to Article 115-2 (1), he or she shall meet the following requirements: | 1. | The number of cooperatives that have submitted a written consent to establishment (hereafter referred to as "persons who consent to establishment" in this Article) to promoters before the inaugural general meeting is held pursuant to Article 115-2 (2) of the Act shall be at least five; |
[This Article Newly Inserted on Sep. 29, 2020]
| Article 31-3 (Procedures for Establishment of Federation of Different-Type Cooperatives) |
Article 17 (1) through (4) shall apply mutatis mutandis to the procedures for the establishment of a federation of different-type cooperatives under Article 115-2 (1) of the Act. In such cases, "social cooperative" shall be construed as "federation of different-type cooperatives" and "member" as "member". [This Article Newly Inserted on Sep. 29, 2020]
| Article 31-4 (Application for Authorization for Establishment of Federation of Different-Type Cooperatives) |
Article 18 (1) shall apply mutatis mutandis to applications for authorization for the establishment of a federation of different-type cooperatives under Article 115-2 (1) of the Act. In such cases, "social cooperative" shall be construed as "federation of different-type cooperatives". [This Article Newly Inserted on Sep. 29, 2020]
| Article 31-5 (Concurrent Office Holding of Executive Officers and Employees of Federation of Different-Type Cooperatives) |
| (1) | An executive officer of a federation of different-type cooperatives may concurrently be an employee to the extent that the number of executive officers who are concurrently employees under Article 44 (4) applied mutatis mutandis pursuant to Articles 115-6 of the Act does not exceed 1/3 of the total number of executive officers: Provided, That where the federation of different-type cooperatives falls under any of the subparagraphs of Article 10, more than 1/3 of the total number of its executive officers may concurrently be employees. |
| (2) | Where each subparagraph of Article 10 applies to a federation of different-type cooperatives pursuant to the proviso of paragraph (1), "member of a different-type cooperatives" shall be construed as "all members who belong to all member cooperatives", and "cooperative" shall be construed as "federation of different-type cooperatives", respectively. |
[This Article Newly Inserted on Sep. 29, 2020]
| Article 31-6 (Use of Services by Non-Members of Federation of Different-Type Cooperatives) |
| (1) | Article 11 shall apply mutatis mutandis to the scope of services, not available to non-members of a federation of different-type cooperatives pursuant to Article 115-7 of the Act. In such cases, "federation of cooperatives" shall be construed as "federation of different-type cooperatives". |
| (2) | Articles 11, 24 (1) and (2), and 25 shall apply mutatis mutandis to the scope of services, not available to non-members of a federation of different-type cooperatives which is a non-profit corporation in nature. In such cases, "federation of cooperatives" and "social cooperative" shall be construed as "federation of different-type cooperatives", respectively. |
[This Article Newly Inserted on Sep. 29, 2020]
| Article 31-7 (Management Disclosure of Federation of Different-Type Cooperatives) |
Article 27 shall apply mutatis mutandis to management disclosure of a federation of different-type cooperatives pursuant to Article 115-8 (1) and (2) of the Act. In such cases, "social cooperative" shall be construed as "federation of different-type cooperatives". [This Article Newly Inserted on Sep. 29, 2020]
| Article 31-8 (Public Announcement of Revocation of Authorization for Establishment of Federation of Different-Type Cooperatives) |
[This Article Newly Inserted on Sep. 29, 2020]
Chapter IV Supplementary Provisions
| Article 32 (Entrustment of Authority) |
| (1) | Pursuant to Article 116 (2) of the Act, the Minister of Economy and Finance shall entrust the following authority to the head of the competent central administrative agency in charge of managing the business activities of each social cooperative under Article 93 of the Act (referring to Ministries or Administrations established under the Government Organization Act and administrative agencies under the subparagraphs of Article 2 (2) of that Act; hereinafter the same shall apply). <Amended on Aug. 29, 2016; Aug. 4, 2020; Jun. 7, 2023> |
| 1. | Authorization for establishment of a social cooperative under Article 85 of the Act (excluding matters under paragraph (2) 7); |
| 2. | Authorization for amendments to the articles of association of a social cooperative under Article 86 (3) of the Act (excluding matters under paragraph (2) 7-2); |
| 6. | Authorization for the organizational change of a social cooperative under Article 105-2 (7) of the Act (excluding matters under paragraph (2) 7-4); |
| 8. | Supervision over social cooperatives pursuant to Article 111 of the Act (excluding matters under paragraph (2) 8); |
| 6. | Matters concerning the verification of details of a report on the establishment of a federation of cooperatives under Article 71 of the Act and requests for the supplementation thereof; |
| 6-2. | Matters concerning the verification of details of a report on amendments to the articles of association of a federation of cooperatives under Article 16 (3) of the Act which is applied mutatis mutandis pursuant to Article 72 of the Act and requests for the supplementation thereof; |
| 6-3. | Matters concerning a report on the merger of federations of cooperatives, reports on the establishment and dissolution of a federation of cooperatives under Article 56 (2) of the Act which is applied mutatis mutandis pursuant to Article 83 of the Act and requests for the supplementation thereof; |
| 7. | Matters concerning the verification of details of an application for authorization for the establishment of a social cooperative under Article 85 of the Act and requests for the supplementation thereof; |
| 7-2. | Matters concerning the verification of details of an application for authorization for amendments to the articles of association of a social cooperative, a federation of social cooperatives, and a federation of different-type cooperatives under Article 86 (3) of the Act (including cases applied mutatis mutandis pursuant to Articles 115 (3) and 115-3 (2) of the Act) and requests for the supplementation thereof; |
| 7-4. | Matters concerning the verification of details of an application for the organizational change of a social cooperative under Article 105-2 (7) of the Act and requests for the supplementation thereof; |
| 9. | Matters concerning the verification of details of an application for authorization for the establishment of a federation of social cooperatives under Article 114 of the Act and requests for the supplementation thereof; |
| 10. | Matters concerning the verification of details of an application for authorization for the establishment of a federation of different-type cooperatives under Article 115-3 of the Act and requests for the supplementation thereof. |
| Article 33 (Processing of Personally Identifiable Information) |
| 2. | Business affairs concerning reporting establishment of and reporting on modifications to a federation of cooperatives pursuant to Article 71 (1) of the Act; |
| 7. | Business affairs concerning authorization for amendments to the articles of association of a social cooperative, a federation of social cooperatives, and a federation of different-type cooperatives under Article 86 (3) of the Act (including cases applied mutatis mutandis pursuant to Articles 115 (3) and 115-3 (2) of the Act); |
| (2) | Where it is inevitable to conduct the following affairs, the Mayor/Do Governor (where the relevant authority is delegated or entrusted, including a person to whom the authority is delegated or entrusted) may process data including resident registration numbers or foreigner registration numbers referred to in subparagraph 1 or 4 of Article 19 of the Enforcement Decree of the Personal Information Protection Act: |
| 1. | Business affairs concerning reporting establishment of and reporting of modifications to a cooperative pursuant to Article 15 (1) of the Act; |
| 2. | Business affairs concerning reporting amendments to the articles of association of a cooperative pursuant to Article 16 (2) of the Act; |
| 3. | Business affairs concerning reporting merger, establishment, and dissolution of a cooperative pursuant to Article under Article 56 (2) of the Act; |
| Article 34 (Re-Examination of Regulation) |
The Minister of Economy and Finance shall re-examine the validity of restrictions on the use of services by non-members, etc. of social cooperatives, etc. under Article 24 (including cases applied mutatis mutandis pursuant to Article 31-6 (2)), by every third anniversary from the base date (referring to by the end of December of every third year) based on January 1, 2015, and take measures, such as making improvements. <Amended on Sep. 29, 2020>
| Article 35 (Criteria for Imposition of Administrative Fines) |
ADDENDA <Presidential Decree No. 25486, Jul. 21, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 22, 2014: Provided, That the amended provisions of Articles 14, 15, 29, 30, 32 (1) 6, and 33 (1) 12 and (2) 5 shall enter into force on December 1, 2014. Article 2 (Period of Existence of Cooperative Policy Deliberative Committee)
The amended provisions of Article 3 on the Cooperative Policy Deliberative Committee shall remain in effect until November 30, 2017. Article 3 (Transitional Measures concerning Procedures for Establishment of Cooperative or Social Cooperative)
The amended provisions of Articles 6 and 17 shall apply beginning from the first case where the inaugural general meeting is held to establish a cooperative, etc. or social cooperative, etc. after this Decree enters into force. Article 4 (Relationship to Other Statutes or Regulations)
Where any provision of the former Enforcement Decree of the Framework Act on Cooperatives is cited by other statute as at the time this Decree enters into force, if the provision corresponding thereto exists in this Decree, the relevant provision of this Decree shall be deemed cited in lieu of the former provision.
ADDENDUM <Presidential Decree No. 26339, Jun. 30, 2015>
This Decree shall enter into force on July 1, 2015.
ADDENDUM <Presidential Decree No. 27129, May 10, 2016>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 27455, Aug. 29, 2016>
This Decree shall enter into force on September 3, 2016.
ADDENDA <Presidential Decree No. 28211, Jul. 26, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That among the Presidential Decrees amended by Article 8 of the Addenda, the amended parts of Presidential Decrees, which were promulgated before this Decree enters into force but the enforcement date of which have not yet arrived, shall enter into force on the enforcement date of the respective Presidential Decrees. Article 2 through 8 Omitted.
ADDENDA <Presidential Decree No. 30895, Aug. 4, 2020>
Article 1 (Enforcement Date)
This Decree shall enter into force on August 5, 2020.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 31052, Sep. 29, 2020>
Article 1 (Enforcement Date)
This Decree shall enter into force on October 1, 2020: Provided, That the amended provisions of Articles 6 (4), 8 (1), 13 (1) and (2) and 33 (1) 1 shall enter into force on the date of its promulgation. Article 2 (Applicability to Management Disclosure)
The amended provisions of Articles 12 (3) and 27 shall also apply where the deadline for management disclosure in the relevant fiscal year has yet to arrive under the previous provisions as at the time this Decree enters into force.
ADDENDUM <Presidential Decree No. 31380, Jan. 5, 2021>
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
ADDENDUM <Presidential Decree No. 33498, Jun. 7, 2023>
This Decree shall enter into force on the date of its promulgation.