Enforcement Decree Of The Export-Import Bank Of Korea Act


Published: 2012-09-07

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CHAPTER I CAPITAL CONTRIBUTION
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 Article 1 (Capital Contribution)   print
The capital contribution by the government from among the capital contributions prescribed in Article 4 of the Export-Import Bank of Korea Act (hereinafter the "Act") shall be made in cash by annual installments: Provided, That if necessary, part of the capital contribution may be made in kind.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
CHAPTER II REGISTRATION
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 Article 2 (Establishment Registration)   print
Matters set out in the following subparagraphs shall be stated in the establishment registration of the Export-Import Bank of Korea (hereinafter the "Export-Import Bank") under Article 6 of the Act:
1. Purposes;
2. Name;
3. Location of the head office;
4. Capital;
5. Total amount of the paid-in capital;
6. Method of capital contribution;
7. Names and addresses of executive officers; and
8. Methods of giving public notice.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 3 (Registration of New Branches or Sub-branches)   print
(1) Where the Export-Import Bank of Korea establishes branches or sub-branches, the Export-Import Bank shall register the relevant matters according to the classification of the following subparagraphs: <Amended by Presidential Decree No. 21449, Apr. 30, 2009>
1. The fact of such establishment, at the location of its head office within two weeks;
2. The particulars prescribed in each of subparagraphs in Article 2, at the location of each newly established branch or sub-branch within three weeks; and
3. The fact of such establishment, at the location of branches or subbranches other than the branches or sub-branches in subparagraph 2 within three weeks.
(2) If branches or sub-branches are newly established within the jurisdiction of the registry office governing the head office or an existing branch or sub-branch, the Export-Import Bank shall register only such establishment within two weeks.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 4 (Registration of Change of Location)   print
(1) Where the Export-Import Bank moves its head office to another location, the Export-Import Bank shall register such change in location within two weeks.
(2) Where the Export-Import Bank moves its branch or sub-branch to another location, the Export-Import Bank shall register such change of location, at the original location within three weeks and the particulars mentioned in each subparagraph of Article 2, at the new location within four weeks. <Amended by Presidential Decree No. 21449, Apr. 30, 2009>
(3) If the movement of a branch or sub-branch is made within the jurisdiction of the same registry office governing such branch or subbranch, the Export-Import Bank shall register only the fact of such movement within two weeks.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 5 (Registration of Change)   print
If any change has occurred in the matters set out in the subparagraphs of Article 2, such change shall be registered within two weeks at the location of the head office, and within three weeks at the locations of branches or sub-branches, respectively. <Amended by Presidential Decree No. 21449, Apr. 30, 2009>
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 6 (Registration of Appointment of Agents)   print
If an agent is appointed pursuant to Article 15 of the Act, the following particulars shall, within two weeks subsequent to the appointment, be registered at the location of the head office, branches or sub-branches for which the agent is appointed. If any change occurs after the registration, such change shall be registered in the same manner:
1. Name and address of the agent;
2. Head office, branches or sub-branches for which the agent is appointed; and
3. Restrictions, if any, on the powers of the agent.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 7 Deleted. <by Presidential Decree No. 12091, Mar. 9, 1987>   print
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 Article 8 (Reckoning Period of Registration)   print
If any authorization or approval of the Minister of Strategy and Finance is required for registration of any matters prescribed in Articles 2 through 6, the registration period shall be reckoned from the date when the relevant written authorization or approval is received.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 9 (Registry Office)   print
(1) The competent registry offices for the Export-Import Bank's registration shall be the district courts, their branch courts or registry offices which exercise jurisdiction over the locations of the head office, branches or sub-branches.
(2) The registry office shall keep the register of the Export-Import Bank.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 10 (Applicants for Registration and Supporting Documents for Application)   print
The registration of establishment pursuant to Article 2 shall be applied for collectively by the organizing members, and the registrations pursuant to Articles 3 through 6 shall be applied by the president of the Export-Import Bank; and applications thereof shall be accompanied by the following documents:
1. In cases of establishment registration under Article 2: The articles of incorporation of the Export-Import Bank, the certified copy of the authorization on the articles of incorporation, the certificate by the Minister of Strategy and Finance proving that the first installment for capital contribution has been completed, and the certificate for the appointment of the president of the Export-Import Bank pursuant to Article 11 (1) of the Act;
2. In cases of registration of new branches or sub-branches under Article 3: The certificate that proves the establishment of such branches or sub-branches;
3. In cases of registration of changes in the location of head office, branches or sub-branches under Article 4: The certificate that proves the changes in location transfer;
4. In cases of registration of change under Article 5: The certificate that proves such change; and
5. In cases of registration of appointment of agent under Article 6: The certificate proving that the appointment is made pursuant to Article 15 of the Act, and if there is any restriction on the powers of such agent, the certificate that proves it accordingly.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 11 (Provisions to be Applied Mutatis Mutandis on Registration)   print
The relevant provisions in the Non-Contentious Case Litigation Procedure Act shall, unless otherwise prescribed by this Decree, apply mutatis mutandis to the registration of the Export-Import Bank.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 12 (Public Notice of Registration of Establishment)   print
As soon as the Export-Import Bank completes the registration of establishment pursuant to Article 2, it shall publicly announce such registration.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
CHAPTER II-2 REGISTRATION
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 Article 12-2 (Composition of Operating Committee)   print
(1) The Operating Committee (hereinafter referred to as the "Committee") under Article 10 of the Act shall be comprised of the following members: <Amended by Presidential Decree No. 22220, Jun. 28, 2010>
1. The President of the Export-Import Bank;
2. One person each nominated by the Minister of Strategy and Finance, the Minister of Foreign Affairs and Trade, the Minister of Knowledge Economy, the Minister of Land, Transport and Maritime Affairs and the Chairperson of the Financial Services Commission from among the public officials under his/her jurisdiction;
3. One person each nominated by the Governor of the Bank of Korea and the Chairperson of the Korea Federation of Banks established with the permission of the Financial Services Commission under Article 32 of the Civil Act from among the executive officers or directors under his/her jurisdiction;
4. One person nominated by the Minister of Strategy and Finance from among the representatives of exporters' organizations after consultation with the Minister of Knowledge Economy;
5. One person nominated by the President of the Korea Trade Insurance Corporation established under the Trade Insurance Act from among the executive officers of the Corporation;
6. No more than two persons commissioned by the Minister of Strategy and Finance by recommendation of the President of the Export-Import Bank from among persons of knowledge and experience in economic cooperation with foreign countries.
(2) Where the Committee deliberates on matters relating to any other ministry than the ministries to which the members set forth in paragraph (1) 2 belong, the chairperson of the Committee may cause one public official designated by the head of such ministry from among its public officials to appear and present his/her opinions.
(3) The term of office of the members set forth in paragraph (1) 4 shall be three years, and the term of office of the members set forth in subparagraph 6 of the same paragraph shall be two years.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 12-3 (Chairperson)   print
(1) The president of the Export-Import Bank shall be the chairperson of the Committee.
(2) Where the chairperson cannot perform his/her duties due to inevitable reasons, one of the members of the Committee shall act for the chairperson, in the order designated in advance by the chairperson.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 12-4 (Meetings)   print
(1) Meetings of the Committee shall be called by the chairperson in accordance with the articles of incorporation of the Export-Import Bank.
(2) The chairperson shall call a meeting, without delay, upon a request of a majority of the members of the Committee or the auditor.
(3) The quorum for meetings of the Committee shall be a majority of the members, and resolutions shall be adopted upon the acceptance of a majority of the members present.
(4) Where any member of the Committee has personal interest in a particular matter subject to the resolutions of the Committee, he/she shall not exercise his/her vote on that matter.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
CHAPTER III AFFAIRS
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 Articles 13 and 14 Deleted. <by Presidential Decree No. 15904, Oct. 2, 1998>   print
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 Article 15 (Overseas Investment)   print
(1) Funds for overseas investment under Article 18 (1) 5 of the Act shall be as follows:
1. Funds which are necessary for capital contribution to foreign corporations (including acquisition of stocks; hereinafter the same shall apply) by Korean nationals (including the corporations established under the Acts of the Republic of Korea; hereinafter the same shall apply);
2. Funds for providing loans required for meeting funds for making capital contribution by foreigners to foreign corporations to which Korean nationals intend to make capital contributions; and
3. Funds for providing loans required for meeting long-term funds which are necessary for overseas projects operated by foreign corporations to which Korean nationals make capital contributions.
(2) Funds for overseas investment pursuant to paragraph (1) shall contribute to the sound development of the national economy and the promotion of overseas economic cooperation.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 15-2 (Other Overseas Transactions)   print
The term "external trade prescribed by Presidential Decree" in Article 18 (1) 9 of the Act means any one falling under the following subparagraphs:
1. Trade conducted in a foreign country by a foreign corporation in which another foreign juristic person invested by a Korean national has invested, which contributes to the promotion of overseas investment of the Republic of Korea;
2. Trade targeting goods, services or intangible articles in the electronic form of a foreign corporation in which a Korean national has invested, or of a foreign corporation in which another foreign corporation invested by a Korean national has invested, which contributes to the promotion of export of the Republic of Korea; or
3. Trade of overseas resources development project in which a Korean national or a foreign corporation invested by a Korean national participates as a contracting buyer of resources, which contributes to the development of overseas resources of the Republic of Korea.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 16 (Guarantee of Foreign Liabilities)   print
(1) "Transaction prescribed by Presidential Decree" referred to in Article 18 (2) of the Act means any of the following transactions: <Amended by Presidential Decree No. 22220, Jun. 28, 2010>
1. A transaction in which the ratio of loan is at least 55 percent among transactions for which the Export-Import Bank has assisted with an amount equivalent to at least 100 million U.S. dollars;
2. A transaction for which guarantee by the Export-Import Bank is deemed appropriate, and requested, by the President of the Korea Trade Insurance Corporation established under the Trade Insurance Act;
3. A transaction for which guarantee by the Export-Import Bank is deemed appropriate by the President of the Export-Import Bank and is consented by the President of the Korea Trade Insurance Corporation after consultation by the President of the Export-Import Bank with the President of the Korea Trade Insurance Corporation.
(2) The total amount that can be guaranteed by the Export-Import Bank annually under paragraph (1) shall not exceed 35 percent of its total annual underwriting amount for the insurance under the Trade Insurance Act for transactions falling under Article 18 (1) 11 of the Act. <Amended by Presidential Decree No. 22220, Jun. 28, 2010>
[This Article Newly Inserted by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 16-2 (Investment in Collective Investment Schemes)   print
(1) Collective investment schemes in which the Export-Import Bank can make an investment pursuant to Article 20-2 (2) of the Act shall be those falling under any of the following subparagraphs:
1. Collective investment schemes made in order to make an investment in projects reducing overseas greenhouse gas in connection with the climate change counterplan;
2. Collective investment schemes made in order to make an investment in projects exploiting overseas petroleum, gas and mineral resources; and
3. Collective investment schemes to which political support is deemed necessary, as those made for other overseas investment and exploitation of overseas resources.
(2) The amount which the Export-Import Bank can invest pursuant to paragraph (1) shall not exceed 15/100 of collective investment property for each by collective investment scheme.
[This Article Newly Inserted by Presidential Decree No. 21449, Apr. 30, 2009]
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 Article 17 (Settlement of Accounts)   print
The settlement of accounts (income statements, balance sheets and surplus appropriation statements) reported pursuant to Article 35 of the Act shall be accompanied by the following documents:
1. Report on the appraisal of the achievement of the operational projects;
2. Documents annexed to the financial statements; and
3. Other documents necessary to clarify matters concerning the settlement of accounts.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 17-2 (Distribution of Profits)   print
Where the Minister of Strategy and Finance approves distribution of profits for capital contributors other than the Government pursuant to subparagraph 2 of Article 36 of the Act, the preferential distribution rate shall not exceed 15/100.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
CHAPTER III-2 AFFAIRS
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 Article 17-3 (Definitions)   print
The definitions of the terms used in this Chapter shall be as follows:
1. The term "equity capital" means the equity capital under Article 2 (1) 5 of the Banking Act;
2. The term "credit extension" means credit extension under Article 2 (1) 7 of the Banking Act; and
3. The term "enterprise group" means the enterprise group under subparagraph 2 of Article 2 of the Monopoly Regulation and Fair Trade Act.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 17-4 (Supervision for Sound Management)   print
(1) The Financial Services Commission shall conduct supervision over the Export-Import Bank as referred to in Articles, 17-5 and 17-7 through 17-13 pursuant to Article 39 (2) of the Act.
(2) The Financial Services Commission may determine details necessary for conducting supervision under paragraph (1).
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 17-5 (Ceiling on Credit Extension to Same Borrower, etc.)   print
(1) The Export-Import Bank may not extend credit in excess of 80 percent of its equity capital to a same individual or corporation, or a person belonging to the same enterprise group as such individual or corporation (hereinafter "same borrower"): Provided, That the same shall not apply in any of the following cases: <Amended by Presidential Decree No. 24088, Sep. 7, 2012>
1. Where additional credit is extended to a company under rehabilitation proceedings in accordance with the Debtor Rehabilitation and Bankruptcy Act or against which measures to normalize management are jointly underway by financial institutions for purposes such as corporate restructuring;
2. Where additional credit is extended to a person who has acquired a company falling under subparagraph 1, in accordance with an acquisition agreement;
3. Where the ceiling on the credit extension has been exceeded due to the following causes, without additional credit extension:
(a) Increase in the amount converted into won currency due to changes in exchange rate;
(b) Reduction in the equity capital of the Export-Import Bank;
(c) Alteration in the composition of the same borrower;
(d) Merger, or transfer or acquisition of business, between enterprises to which credit has been extended;
(e) Any other compelling causes, such as rapid changes in economic conditions, deemed existent by the Financial Services Commission;
4. Where no credit risk is deemed existent or where it is deemed necessary for performance of the purposes of establishment of the Export-Import Bank by the Financial Services Commission after consultation with the Minister of Strategy and Finance.
(2) Where the ceiling on credit extension set forth in paragraphs (1), (3) and (4) has been exceeded under paragraph (1) 3, the credit extension amount shall be adjusted to conform to the ceiling set forth in paragraphs (1), (3) and (4) within one year from the date on which the ceiling was exceeded: Provided, That in any of the following cases, the said period may be extended by a period of time determined by the Financial Services Commission:
1. Where collection of the extended credit within the said period is impracticable because the maturity of the extended credit has not been reached;
2. Where the event set forth in paragraph (1) 3 (a) or (b) continues to exist for a prolonged period and collection of the extended credit is likely to significantly impair the management stability of the person to whom the credit has been extended;
3. Where it falls under an event equivalent to the events set forth in subparagraph 1 or 2 and it is deemed by the Financial Services Commission that a continued breach of the ceiling for a certain period does not significantly impair the asset quality of the Export-Import Bank.
(3) The Export-Import Bank may not extend credit in excess of 60 percent of its equity capital to a same individual or corporation: Provided, That the same shall not apply in cases falling under any subparagraphs of paragraph (1). <Amended by Presidential Decree No. 24088, Sep. 7, 2012>
(4) The total aggregated amount of large credit extension by the Export-Import Bank (which shall mean an amount of credit extension in excess of ten percent of the equity capital of the Export-Import Bank to each of the same borrower) shall not exceed six times its equity capital: Provided, That the same shall not apply in cases falling under any subparagraphs of paragraph (1). <Amended by Presidential Decree No. 24088, Sep. 7, 2012>
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 17-6 Deleted. <by Presidential Decree No. 20827, Jun. 20 2008>   print
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 Article 17-7 (Restriction on Investment, etc. in Other Juristic Persons)   print
(1) The Export-Import Bank may not acquire stocks in excess of 15/100 of the voting stocks issued by other juristic persons (including the contribution quota; hereafter in this Article, the same shall apply): Provided, That the same shall not apply to the following cases:
1. Where the stocks of other juristic persons are acquired in consequence of investment in the Export-Import Bank by the Government;
2. Where the stocks are acquired in consequence of the stock dividends or the free issue of new stocks;
3. Where the stocks are acquired by the exercise of security right;
4. Where the stocks are acquired by the participation in the issue of new stocks to be purchased within the scope of the existing shares;
5. Where the stocks are acquired in consequence of converting the stock-related claims, such as bond with warrant, into stocks;
6. Where the Export-Import Bank acquires the stocks by investment in the company in which the Export-Import Bank owns the stocks in excess of 15/100 of issued voting stocks (hereinafter referred to as "subsidiary company") and which belongs to the business type designated by the Financial Services Commission. In this case, the total sum of investments in each subsidiary company shall not exceed 15/100 of the equity capital of the Export-Import Bank; and
7. Where it is necessary to achieve the aims for the establishment of the Export-Import Bank, and which are recognized by the Minister of Strategy and Finance upon hearing opinions of the Financial Services Commission.
(2) The Export-Import Bank shall, in the transactions with its subsidiary companies, not conduct the following activities:
1. Extending credits to its subsidiary companies in excess of the ceiling designated by the Financial Services Commission;
2. Extending credits by taking the stocks of its subsidiary companies as security; and
3. Extending credits in order to solicit for the purchase of the stocks of its subsidiary companies.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 17-8 (Restriction on Holding, etc. of Securities)   print
The Export-Import Bank shall not conduct the following business:
1. Holding stocks or securities, the maturities of which are three years or longer, in excess of 60/100 of its equity capital: Provided, That the following stocks or securities shall be excluded:
(a) Bonds issued by the State;
(b) Currency stabilization bonds of the Bank of Korea;
(c) Securities acquired by contributions of the Government; and
(d) Securities which the Export-Import Bank acquires by making such contributions as approved by the Minister of Strategy and Finance under Article 20-2 of the Act;
2. Owning real estates other than those for business use: Provided, That the case of acquiring the real estates by an exercise of security interest such as a mortgage shall be excluded;
3. Owning real estates for business use in excess of 60/100 of its equity capital;
4. Loaning funds for the purpose of speculation on the merchandises or securities; and
5. Loaning funds to the officers or employees of the Export-Import Bank or its subsidiary companies: Provided, That small loans designated by the Financial Services Commission shall be excluded.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 17-9 (Disposal of Assets for Non-Business Use, etc.)   print
Where the Export-Import Bank acquires through the excercise of security right any assets of which the acquisition or ownership is prohibited by this Decree, it shall dispose of them under the conditions prescribed by the Financial Services Commission.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 17-10 (Building Risk-Control Systems)   print
The Export-Import Bank shall, for the purpose of controlling various risks which are likely to occur in its overall operations, set up proper standards for the management of business and the procedures thereof, and build and operate risk-control systems, such as the integrated management of assets and liabilities.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 17-11 (Financial Accounting Standards)   print
The accounting of the Export-Import Bank shall be managed in compliance with the accounting standards for banking business determined by the Securities and Futures Commission established under the Act on the Establishment, etc. of Financial Services Commission, and the bank-related accounting standards determined by the Financial Services Commission, and such matters which are not determined by above mentioned standards shall be pursuant to the business accounting standards.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 17-12 (Scope of Supervision over Soundness)   print
The supervision and inspection on soundness by the Financial Services Commission shall be conducted only with respect to the matters which are not subject to the accounting inspection under Article 22 of the Board of Audit and Inspection Act and the supervision of duties under Article 24 of the same Act.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 17-13 (Guidance for Sound Management)   print
(1) The Export-Import Bank shall, in order to secure the soundness of asset operating, observe the criteria provided for by the Financial Services Commission in regard to the matters of the following subparagraphs:
1. Classification of the soundness of assets owned, and the reservation and maintenance of adequate allowance for bad debts;
2. Maintenance of equity capital ratio for the risk-aggravating assets under the criteria of the Bank for International Settlements;
3. Maintenance of the ratio of liquidity assets on foreign currency to the liquidity debts on foreign currency;
4. Construction and operation of the risk control systems for efficient management of possessed assets and debts; and
5. Observation of laws and regulations on the soundness of assets operation.
(2) Where the Financial Services Commission deems that the soundness of management of the Export-Import Bank might be severely impaired by a failure to meet the standards of sound management under this Chapter, it may request that the Export-Import Bank take necessary measures to correct it after consultation with the Minister of Strategy and Finance.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
CHAPTER IV EXPORT-IMPORT FINANCING DEBENTURES
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 Article 18 Deleted. <by Presidential Decree No. 19551, Jun. 29, 2006>   print
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 Article 19 (Form of Export-Import Financing Debentures)   print
Export-import financing debentures shall be issued unregistered: Provided, That upon the request of applicants for subscription or holders, unregistered debentures may be converted to registered debentures, and vice versa.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 20 (Subscription to Export-Import Financing Debentures)   print
(1) Anyone intending to subscribe to export-import financing debentures shall write the number of debentures by denomination which he/she intends to underwrite and his/her address on two copies of the application form for export-import financing debentures, and he/she shall sign and seal thereto.
(2) The application form for export-import financing debentures shall state the following matters:
1. Name of the Export-Import Bank;
2. Total amount of export-import financing debentures to be issued;
3. Face value by denomination of export-import financing debentures;
4. Interest rates of export-import financing debentures;
5. Method and period of redemption of the principal;
6. Method and period of payment of interest;
7. Issuing price or minimum price of export-import financing debentures;
8. Total amount of the capital plus reserves of the Export-Import Bank; and
9. In the case of repayment for the foregoing issuance of export-import financing debentures being still pending, the total amount outstanding.
(3) Where export-import financing debentures are issued at a fixed minimum price, the applicant for subscription shall specify the subscription price at which he/she intends to applicant for subscription to on the application form for export-import financing debentures.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 21 (Underwriting Total Export-Import Financing Debentures)   print
The provisions of Article 20 shall not apply to underwriting by contract of the total export-import financing debentures issued.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 22 (Total Amount of Export-Import Financing Debentures Issued)   print
The Export-Import Bank may state in the application form for export-import financing debenture subscription that the Export-Import Bank may issue the export-import financing debentures even if the total amount subscribed to in the said application form falls short of the total amount issued specified on the said application form. In such cases, the amount subscribed shall be regarded as the total amount issued.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 23 (Collection of Subscribed Value of Export-Import Financing Debentures)   print
The Export-Import Bank shall collect the total amount of the subscribed value for export-import financing debentures, without delay, upon the completion of the application for subscription.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 24 (Issuing Time for Export-Import Financing Debentures)   print
The Export-Import Bank shall issue export-import financing debentures only after the total amount of the subscribed value is paid: Provided, That this shall not apply to cases falling under Article 26.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 25 (Matters to be Specified in Export-Import Financing Debentures)   print
A debenture shall bear the serial number, issuing date, and matters prescribed in Article 20 (2) 1 through 6 and shall be signed and sealed by the president of the Export-Import Bank.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 26 (Sales of Export-Import Financing Debentures)   print
(1) The Export-Import Bank, after it fixes the sales period in advance, may issue export-import financing debentures by means of sale.
(2) In the case of paragraph (1), the application form for export-import financing debentures pursuant to Article 20 is not required.
(3) In the case of export-import debentures issued pursuant to paragraph (1) by the Export-Import Bank, those matters referred to in Article 20 (2) 2 shall not be stated.
(4) Where the Export-Import Bank intends to issue export-import debentures pursuant to paragraph (1), it shall make a public notice on the sales period and those matters prescribed in Article 20 (1) 1 through 7.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 27 (Register of Export-Imported Financing Debentures)   print
(1) The Export-Import Bank shall keep the original register of export-import financing debentures at the head office, in which the following matters are recorded:
1. The number and serial numbers of export-import debentures;
2. Issuing date of the export-import financing debentures; and
3. Matters prescribed in Article 20 (2) 2 through 6.
(2) Where export-import financing debentures are issued registered, the following matters shall also be recorded on the register of export-import financing debentures in addition to the matters prescribed in paragraph (1):
1. Names and addresses of holders of export-import financing debentures; and
2. Acquisition date of export-import financing debentures.
(3) Any obligee of export-import financing debentures is entitled to request an access to the register of export-import financing debentures at any time during the business hours of the Export-Import Bank.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 28 (Registered Export-Import Financing Debentures)   print
(1) The transfer of registered export-import financing debentures shall not be invoked against the Export-Import Bank or any third parties unless the name and address of the transferee have been entered into the register of export-import financing debentures.
(2) In the case of registered export-import financing debentures being used as collateral for a pledge, the pledge shall not be invoked against the Export-Import Bank or other third parties, unless the name and address of the pledgee have been entered into the register of the export-import financing debentures.
(3) Where the right of pledge has been established pursuant to paragraph (2), the Export-Import Bank shall state such fact on the export-import financing debentures concerned.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 29 (Repurchase and Destruction of Export-Import Financing Debentures)   print
The Export-Import Bank may, within the scope of having no obstructions in performing its affairs under Article 18 of the Act, repurchase and destroy export-import financing debentures.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 30 (Cases of Deficiency in Interest-Only Strips)   print
(1) In redeeming unregistered export-import financing debentures and if there exists deficiency in the interest-only strip, the Export-Import Bank shall deduct an amount to cover the deficiency in the interest-only strip from the redemption amount.
(2) The owner of the interest-only strip referred to in paragraph (1) may claim any time the deducted amount in exchange for the interest-only strip.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
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 Article 31 (Notice, etc. to Subscribers of Export-Import Financing Debentures)   print
(1) Any notification or any reminder notice to applicants for subscription or obligers before the issuance of export-import financing debentures shall be delivered to the address indicated on the application form for export-import financing debentures: Provided, That if the applicants or obligers notify the Export-Import Bank of another address, it shall be delivered to such address.
(2) Any notification or any reminder notice to holders of registered export-import financing debentures shall be delivered to the address indicated in the register of export-import financing debentures: Provided, That if the holders notify the Export-Import Bank of another address, it shall be delivered to such address.
(3) Any notification or any reminder notice to holders of export-import financing debentures in the bearer form shall be made by means of public notice: Provided, That the address of the holder is known, notification or reminder notice may be made to the address.
[This Article Wholly Amended by Presidential Decree No. 20827, Jun. 20, 2008]
CHAPTER V Deleted.
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 Articles 32 through 35 Deleted. <by Presidential Decree No. 16743, Mar. 4, 2000>   print
ADDENDUM
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 7561, Feb. 28, 1975>
(1) (Enforcement Date) This Decree shall enter into force on the date of its promulgation.
(2) (Separate Accounting for Delegated Operations) During the time when the Korea Exchange Bank carries out when the delegated operations of the Export-Import Bank pursuant to Article 3 (1) of the Addenda to the Act, such operations and accounting shall be carried on independently from the operations and accounting carried on in accordance with the Korea Exchange Bank Act.
(3) (Reserving Profit Accruing from Delegation of Operations) The Korea Exchange Bank shall, following the determination of the Minister of Finance and Economy, reserve each fiscal year's profit accruing from the delegated operations of the Export-Import Bank in the separate account of the Export-Import Bank.
ADDENDUM <Presidential Decree No. 12091, Mar. 9, 1987>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 12603, Dec. 31, 1988>
(1) (Enforcement Date) This Decree shall enter into force on the date of its promulgation.
(2) (Transitional Measures concerning Designation of Products, etc.) The products, materials or resources designated before the effective date of this Decree by the Minister of Finance pursuant to the provisions of the previous Decree shall be construed as the products, materials or resources designated now by the president of the Export-Import Bank pursuant to the provisions of this Decree.
ADDENDA <Presidential Decree No. 13870, Mar. 6, 1993>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 14438, Dec. 23, 1994>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 15750, Apr. 1, 1998>
Article 1 (Enforcement Date)
This Decree shall enter into force on April 1, 1998.
Articles 2 through 4 Omitted.
ADDENDUM <Presidential Decree No. 15904, Oct. 2, 1998>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 16743, Mar. 4, 2000>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Application Example concerning Calculation of Total Contribution to Subsidiary Company)
In making the calculation of gross total sum of contributions to the subsidiary companies under the amendments to the latter part of Article 17-7 (1) 6, the amount of contributions by the Export-Import Bank to the domestic subsidiary companies prior to the enforcement date of this Decree, shall not be included.
Article 3 (Transitional Measures concerning Limit of Credits)
(1) The Export-Import Bank shall, in case where it has the credits in excess of the limit under the amendments to Articles 17-5 (1) and 17-6 (1) at the time of enforcement of this Decree, exert the efforts to make it comply with the relevant amendments by liquidating it not later than December 31, 2002, and submit the detailed plans for implementing it to the Financial Supervisory Commission within one month from the date of promulgation of this Decree and obtain its approval.
(2) The Export-Import Bank shall, in case where it has the credits in excess of the limit under the amendments to Articles 17-6 (2) at the time of enforcement of this Decree, exert the efforts to make it comply with the relevant amendments by liquidating it not later than April 30, 2000, and submit the detailed plans for implementing it to the Financial Supervisory Commission within one month from the date of promulgation of this Decree and obtain its approval.
ADDENDUM <Presidential Decree No. 17020, Dec. 27, 2000>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 18824, May 13, 2005>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 19422, Mar. 29, 2006>
Article 1 (Enforcement Date)
This Decree shall enter into force on April 1, 2006.
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 19551, Jun. 29, 2006>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 20720, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on date of its promulgation. (Proviso Omitted.)
Articles 2 through 8 Omitted.
ADDENDUM <Presidential Decree No. 20827, Jun. 20, 2008>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 21449, Apr. 30, 2009>
This Decree shall enter into force on May 1, 2009.
ADDENDA <Presidential Decree No. 22220, Jun. 28, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 6, 2010.
Articles 2 and 3 Omitted.
ADDENDUM <Presidential Decree No. 24088, Sep. 7, 2012>
This Decree shall enter into force on the date of its promulgation.