Act On Special Accounts For Relocation Of National Defense And Military Installations


Published: 2008-12-31

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month, or Get a Day Pass for only USD$9.99.
law view
 Article 1 (Purpose)   print
The purpose of this Act is to establish special accounts related to the relocation of national defense and military installations in order to smoothly carry out projects for the relocation of national defense and military installations and the purchase of, and compensation for, private and public property that has been used by the armed forces. <Amended by Act No. 9290, Dec. 31, 2008>
law view
 Article 2 (Definitions)   print
The terms used in this Act shall be defined as follows: <Amended by Act No. 9290, Dec. 31, 2008>
1. The term "national defense and military installation" means a facility or an installation that falls under any of the following items:
(a) An installation necessary for military operations, preparation for combat, education, training, or army life;
(b) A research or testing facility related to national defense or military affairs;
(c) A facility for storage and treatment of various kinds of oil or explosives for military purpose;
(d) An installation built as a stronghold;
(e) An installation related to blockades or explosives for military purpose;
(f) A medical facility, such as a military hospital, or a facility necessary for research or education on military medical service;
(g) Other facilities attached to a military unit and necessary for residence (including purchased official residences), welfare, sports, or relaxation of military persons;
2. The term "land or other property" means the land or other property under subparagraph 1 of Article 2 of the Act on the Acquisition of Land, etc. for Public Works and the Compensation therefor;
3. The term "adjacent area" means the area of the Eup/Myeon/Dong in which a national defense or military installation is situated;
4. The term "project for the relocation of national defense or military installations" means a project for relocating existing national defense and military installations to other locations or securing installations necessary for consolidating and adjusting national defense and military installations situated in two or more different areas.
law view
 Article 3 (Operation and Management)   print
Special accounts for the relocation of national defense and military installations (hereafter referred to as "these Accounts") shall be operated and managed by the Minister of National Defense.
law view
 Article 4 (Revenue)   print
The revenue of these Accounts is as specified in the following subparagraphs: <Amended by Act No. 9290, Dec. 31, 2008>
1. Proceeds from sales of state-owned property (including proceeds from compensatory administrative conversion, compensation for building sites included in projects for public benefits, and sales of purchased official residences; hereinafter the same shall apply) under the control of the Ministry of National Defense (excluding the property classified as a source of revenue of the special accounts for the relocation of U.S. military bases in Korea, which were established pursuant to the Special Act on Support, etc. for Pyeongtaek-si, etc. Following Relocation of U.S. Military Bases in Korea, and returned as a consequence of cancellation of concession), which is sold pursuant to this Act, and revenue accruing from sales, such as penalty and late payment charges;
2. Proceeds from sales of unused state-owned property under the control of the Ministry of National Defense, which accrue as a consequence of the relocation of national defense and military installations on or after January 1, 2006;
3. Loans borrowed pursuant to Article 6.
law view
 Article 5 (Expenditures)   print
The expenditures of these Accounts are as specified in the following subparagraphs: <Amended by Act No. 9290, Dec. 31, 2008>
1. Costs and expenses necessary for purchasing land necessary for carrying out projects for the relocation of national defense and military installations and the relocation and construction of such installations;
2. Costs and expenses for purchasing military residences required as a consequence of the relocation of national defense and military installations;
3. Costs and expenses necessary for purchases of, and compensation for, private and public property that has been occupied and used by the armed forces even before December 31, 1992;
4. Costs and expenses necessary for the establishment of facilities for public benefits for the purpose of the convenience of local residents in the area adjacent to the area to which national defense and military installations are relocated;
5. Repayment of principal and interest for loans borrowed pursuant to Article 6;
6. Other expenses necessary for the operation and management of these Accounts.
law view
 Article 6 (Loans)   print
(1) If financial resources are insufficient for the expenditures related to these Accounts, long-term loans may be borrowed for these Accounts within the maximum of the amount determined by the resolution of the National Assembly.
(2) These Accounts may borrow short-term loans, in the event of temporary shortages in operating funds.
(3) The principal and interest for a short-term loan under paragraph (2) shall be repaid within the corresponding fiscal year.
law view
 Article 7 (Appropriation of Retained Earnings)   print
Retained earnings at the time of settlement of these Accounts shall be transferred to the revenue of the following fiscal year.
law view
 Article 8 (Disposition of Acquired Property)   print
The property acquired by these Accounts shall be managed under general accounts.
law view
 Article 9 (Reporting)   print
The Minister of National Defense shall report to the National Assembly on matters concerning the project for the relocation of national defense and military installations and purchases of, and compensation for, private and public property used by the armed forces by not later than May 31 each year.
[This Article Newly Inserted by Act No. 9290, Dec. 31, 2008]
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2007.
Article 2 (Effective Period)
This Act shall remain effective until December 31, 2020.
Article 3 (Transitional Measure concerning Succession to Claims and Obligations)
These Accounts shall succeed to claims and obligations that have arisen from the relocation of military installations and purchases of, and compensation for, private property in the accounts for governmental facilities among the special accounts for the management of state-owned property, abolished pursuant to the repealed Act on Special Accounts for the Management of State Property.
Article 4 (Transitional Measure Following Expiration of Effective Period of This Act)
General accounts shall succeed to all rights, claims, and obligations under these Accounts at the time this Act becomes ineffective.
Article 5 Omitted.
ADDENDUM<Act No. 9290, Dec. 31, 2008>
This Act shall enter into force on the date of its promulgation.