Enforcement Decree Of The State Property Act


Published: 1969-12-31

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CHAPTER Ⅰ GENERAL PROVISIONS
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 Article 1 (Purpose)   print
The purpose of this Decree is to prescribe matters delegated under the State Property Act and those necessary for the enforcement thereof.
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 Article 2 (Scope of Government-Invested Corporations)   print
"Any corporation prescribed by Presidential Decree" in subparagraph 6 of Article 2 of the State Property Act (hereinafter referred to as the "Act") means any corporation set forth in annexed Table 1.
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 Article 3 (Scope of State Property)   print
"Machinery and appliances prescribed by Presidential Decree" in Article 5 (1) 3 of the Act means tram cars, such as locomotives, electric cars, passenger coaches, freight cars and diesel rail cars.
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 Article 4 (Classification of State Property)   print
(1) "Deadline prescribed by Presidential Decree" in Article 6 (2) 1 through 3 of the Act means any date five years after the date on which the State or any government enterprise provided for in Article 2 of the Government Enterprise Budget Act decides to use any State property as administrative property.
(2) "Other necessary property the State conserves" in Article 6 (2) 4 of the Act means any property that the office of general administration determines necessary to be conserved by the State. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) A decision on whether to use such administrative property as described in any subparagraph of Article 6 (2) of the Act shall be made by the office of general administration after hearing the opinion of the head of central government agency under Article 6 of the National Finance Act (hereinafter referred to as "head of central government agency"). <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 4-2 (Application for Using Administrative Property)   print
When the head of central government agency intends to obtain approval for using administrative property pursuant to Article 8 (4) of the Act, he/she shall submit a letter of application stating the details under each of the following subparagraphs to the office of general administration:
1. Indication of property;
2. Purpose of use;
3. Plan for use;
4. Other matters deemed necessary by the office of general administration.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
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 Article 4-3 (Delegation of Administration/Disposal of Administrative Property)   print
(1) Pursuant to Article 8 (5) of the Act, the office of general administration shall delegate the affairs falling under each of the following subparagraphs to the head of central government agency:
1. Affairs on acquisition of property in accordance with the contribution acceptance under Article 13 of the Act;
2. Affairs on acquisition in accordance with the purchase of administrative property (excluding the property under Article 5 (1) 1 of the Act, among the public properties);
3. Affairs on acquisition of national defense/military facilities in accordance with Article 2 (1) of the Act on National Defense and Military Installations Projects;
4. Affairs on administration (excluding affairs on acquisition) of administrative property;
5. Affairs on disposal of administrative property, the use of which is abolished;
6. Other affairs that the office of general administration deems necessary to efficiently administer/dispose of administrative property and designates as such.
(2) With respect to the use of the administrative property that the head of central government agency acquires in accordance with the provisions under paragraph (1) 1 through 3, it shall be deemed to have been approved under Article 8 (4) of the Act.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
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 Article 5 (Comprehensive Plan for State Property)   print
"General plan regarding administration/disposal of State property as prescribed by Presidential Decree" in Article 9 (4) 2 of the Act means the plans falling under any of the following subparagraphs:
1. Plan on acquisition of State property;
2. Plan on disposition of State property;
3. Plan on the use of administrative property in accordance with Article 8 (4) of the Act;
4. Plan on development of general property in accordance with Article 57 of the Act;
5. Other plans on administration of State property, such as the plan on permission of use, loan, etc.
(2) "Any insignificant matter prescribed by Presidential Decree, such as specifications of State property subject to administration and disposal" in the proviso to Article 9 (5) of the Act means the specifications, and the sum of specifications, of State property subject to administration and disposal.
(3) Any amendment to a plan for the administration of State property pursuant to the proviso to Article 9 (5) of the Act shall be made in accordance with the procedure set forth in the guidelines under Article 9 (4) 3 of the Act.
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 Article 6 (Creation of Private Rights)   print
"Cases prescribed by Presidential Decree" in the proviso to Article 11 (2) of the Act means cases that fall under any of the following subparagraphs: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where a private right has been created to general property in accordance with any other Act or any final and conclusive judgement (including judicial reconciliation and others having same legal effect as that of the final and conclusive judgment);
2. Where the head of central government agency, etc. deems it necessary to establish a private right to increase the utility value of the relevant general property without impeding the use and utilization there of.
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 Article 7 (Acquisition of Ownerless Real Estate)   print
(1) The matters to be publicly announced by the office of general administration or the head of central government agency pursuant to Article 12 (2) of the Act shall be as follows: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. An indication of the pertinent real estate;
2. The purport that the real estate shall be acquired as State property if no report asserting any lawful right to the real estate is filed within six months after the public announcement.
(2) The public announcement under paragraph (1) shall be published in the Official Gazette and daily newspapers, and put up for public viewing for not less than 14 days on internet web-site of Si(including any administrative Si under Article 15 (2) of the Special Act on the Establishment of Jeju Special Self-Governing Province and the Development of Free International City)/Gun/autonomous Gu having jurisdiction over the location of relevant real estate. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) "Any special ground prescribed by Presidential Decree" in the proviso to Article 12 (4) of the Act means any ground falling under any of the following subparagraphs:
1. Where the pertinent State property becomes necessary for public works under the Act on Acquisition of and Compensation for Land, etc. for Public Works;
2. Where an extenuating circumstance requiring sale of the pertinent State property exists, as determined by the guidelines under Article 9 (4) 3 of the Act.
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 Article 8 (Contribution Acceptance)   print
(1) The office of general administration or the head of central government agency shall, in order to receive donation under Article 13 (1) of the Act, receive a written document of donation which specifies the following matters. In such cases, the office of general administration or the head of central government agency shall, if necessary, confirm the certified copy of register, building register, land cadastre, forest land register, land registration map, and forest land map in relation to the pertinent property through the joint use of administrative information under Article 36 (1) of the Electronic Government Act: <Amended by Presidential Decree No. 22151, May 4, 2010; Presidential Decree No. 22815, Apr. 1, 2011>
1. Indication of property to be donated;
2. Name and address of the donator;
3. Purpose of the donation;
4. Price of property to be donated;
5. Documents proving ownership;
6. Entries in the joint signature register of co-owned land, site register and coordinates of boundary points register under subparagraph 19 of Article 2 of the Act on Land Survey, Waterway Survey and Cadastral Records;
7. Building placement map and other necessary drawings, in relation to the property to be donated.
(2) In cases of donation by a representative, documents proving the position as the representative and a detailed statement specifying the names, addresses and donated property of the respective donators shall accompany the written document of donation referred to in paragraph (1).
(3) "If it is difficult for the State to administer the property or if the State does not require it" in the main sentence of Article 13 (2) (excluding its subparagraphs) of the Act means any of the following subparagraphs: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. If it is difficult for the head of central government agency to directly use the property in spite of expiration of the period for which the gratuitous use of the property is permitted pursuant to Article 13 (2) 1 of the Act;
2. If the property costs too much in maintenance and repairs, compared with the property value;
3. If the property is expected to bring no profit to the State.
(4) Where buildings or other permanent structures are constructed on condition that such buildings or structures be donated, the office of general administration or the head of central government agency shall conclude a contract on such donation, etc. or collect a verification of performance thereof before granting a permit for use thereof. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 9 (Registration, Record, etc.)   print
(1) The office of general administration or the head of central government agency shall, when it acquires any State property, register or record such property, enter the change of the holder thereof, or take other necessary measures for the preservation of relevant rights pursuant to Article 14 (1) of the Act, within sixty days from the date when the said property falls under its jurisdiction. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) In taking necessary measures for the preservation of rights pursuant to paragraph (1), the office of general administration or the head of central government agency shall keep a document falling under any of the following subparagraphs which evidences that it has competent authority over the relevant property: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. If agreement is reached as a result of consultation under Article 16 (1) of the Act, an agreement in writing;
2. If the office of general administration has determined under Article 16 (2) of the Act, a determination in writing;
3. If the office of general administration has designated the head of central government agency under Article 24 of the Act, a designation in writing.
(3) "Corporation prescribed by Presidential Decree" in the proviso to Article 14 (2) of the Act means the Korea Securities Depository established pursuant to Article 294 of the Financial Investment Services and Capital Markets Act (hereinafter referred to as the"Korea Securities Depository").
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 Article 10 (Keeping and Handling Securities)   print
(1) "Corporation designated by Presidential Decree" in Article 15 (1) of the Act means any corporation that falls under any of the following subparagraphs: <Amended by Presidential Decree No. 22493, Nov. 15, 2010>
1. A bank pursuant to Article 2 (1) 2 of the Banking Act (excluding any institution deemed a bank pursuant to Article 5 of the same Act and any foreign bank);
2. The Korea Securities Depository.
(2) Necessary matters regarding the keeping, handling, etc. of securities pursuant to Article 4 (1) of the Financial Investment Services and Capital Markets Act (hereinafter referred to as "securities") shall be prescribed by Ordinance of the Ministry of Strategy and Finance.
(3) If any corporation financed by the Government issues newly equity securities pursuant to Article 4 (4) of the Financial Investment Services and Capital Markets Act (hereinafter referred to as "equity securities"), the office of general administration shall subscribe for them by determining the amount, method, date and place of payment.
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 Article 11 (Administrative Conversion)   print
In cases of administrative conversion under Article 16 of the Act, the office of general administration or the head of central government agency which transfers the jurisdiction over the relevant property shall transfer both the documents related to the decision for the administrative conversion and the records of the relevant property, to the office of general administration or the head of central government agency which takes over the said jurisdiction.
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 Article 12 (Compensatory Administrative Conversion, etc.)   print
(1) Where the administrative conversion of any State property is made with compensation under the main sentence of Article 17 (excluding its subparagraphs) of the Act, the price of the property concerned shall be determined in accordance with each of the following subparagraphs: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. For securities: An amount calculated by applying mutatis mutandis Articles 43 and 44;
2. For State property, other than securities: An amount appraised by an appraisal corporation among the appraisal corporations under the Public Notice of Values and Appraisal of Real Estate Act (hereinafter referred to as "appraisal corporations").
(2) Where the administrative conversion of any State property is made without compensation under the proviso to Article 17 (excluding its subparagraphs) of the Act, the price of the property concerned shall be the price entered in the State property register (hereinafter referred to as "registered price"). <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) Where the use of State property is permitted under Article 17 of the Act, the provisions of Article 29 shall apply mutatis mutandis with respect to the determination of the usage fees. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 13 (Measures to Guarantee Reinstatement)   print
(1) Any person who intends to construct permanent facilities pursuant to the proviso to Article 18 (1) (excluding its subparagraphs) of the Act shall submit to the head of central government agency, etc. a plan for constructing those permanent facilities and reinstating them. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) The head of central government agency, etc. shall direct a person constructing permanent facilities pursuant to Article 18 (1) 3 of the Act to deposit an amount equivalent to the expenses and costs to be incurred in reinstating the relevant property(hereafter referred to as "performance guarantee bond" in this Article) before commencing construction works on the permanent facilities. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) A performance guarantee bond shall be in the form of cash or any letter of guarantee, etc. that falls under any of the following subparagraphs: <Amended by Presidential Decree No. 22493, Nov. 15, 2010>
1. A payment guarantee issued by a financial institution under Article 46 (4) of the Enforcement Decree of the National Finance Act or by a foreign bank under the Banking Act;
2. A guaranty insurance policy issued by an insurance company permitted pursuant to the Insurance Business Act.
(4) If a person who has deposited a performance guarantee bond fails to reinstate the relevant State property in spite of the occurrence of the cause therefor, the head of central government agency, etc. may reinstate the said property using the performance guarantee bond deposited. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(5) The head of central government agency, etc. shall return the remainder of a performance guarantee bond, if any, less the cost of reinstatement. In such cases, if interest on a performance guarantee bond deposited in cash accrues, the interest shall be returned as well. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(6) Notwithstanding the provisions of paragraph (4), if any permanent facilities or the part thereof is expected to serve to enhance the utility value of the State property concerned at the time a cause for its reinstatement occurs, the head of central government agency, etc. may acquire the permanent facilities or the part thereof without compensation, instead of the reinstatement of such property. In such cases, the performance guarantee bond shall be returned in whole or in part pursuant to paragraph (5). <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 13-2 (Construction of Permanent Facilities)   print
"Where prescribed by Presidential Decree" under Article 18 (1) 2-2 of the Act means the cases falling any of the following subparagraphs:
1. Where 1/2 or more of proceeds from sale of the property falling under Article 55 (2) 1 or 2 is paid;
2. Where a privately owned building on the land falling under Article 55 (2) 3 is destroyed due to natural or other disasters;
3. Where 1/5 or more of proceeds from sale of the property falling under Article 55 (3) 3-2 is paid;
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
CHAPTER Ⅱ OFFICE OF GENERAL ADMINISTRATION
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 Article 14 (Reporting on Unused Administrative Property)   print
(1) "Unused administrative property prescribed by Presidential Decree" in Article 21 (2) of the Act means any administrative property falling under Article 5 (1) 1 of the Act that is not used, or dose not need to be used, as administrative property under any subparagraph of Article 6 (2) of the Act.
(2) The status of unused administrative property that shall be reported by the head of central government agency to the office of general administration pursuant to Article 21 (2) of the Act shall be as follows: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. The overall status and detailed description of unused administrative property as at the end of the previous year;
2. The cause that gave rise to the non-use of administrative property;
3. The status of administration in the previous year, and a plan for utilization hereafter;
4. Other matters recognized by the office of general administration as necessary for ascertaining the status of unused administrative property.
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 Article 15 (Audit, etc.)   print
(1) The office of general administration may conduct an audit referred to in Article 21 (3) of the Act, with the support of the Public Procurement Service.
(2) When the office of general administration has found anything to be unlawful or unjust as a result of the audit under paragraph (1), it may take necessary measures against the relevant head of central government agency, such as a request for correction thereof. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) The head of central government agency, etc. who is asked to take certain measures under paragraph (2) shall notify the office of general administration and the Board of Audit and Inspection of the results of the implementation thereof. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 16 (Delegation of General Administrative Duties)   print
(1) The office of general administration shall, pursuant to Article 25 of the Act, delegate each of the following affairs to the Administrator of the Supply Administration: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Affairs on examination of the status of State property, etc. in order to support the general affairs under Article 21 (1) and (2) of the Act;
2. Affairs on confirming/examining the status of administration of State property in order to support taking necessary measures such as auditing pursuant to Article 21 (3) of the Act;
3. Affairs on designation of the head of central government agency, pursuant to Article 24 of the Act;
4. Affairs on consultation on the urban administration plan with respect to the general property controled by the office of general administration, pursuant to Article 73-2 (1) of the Act;
5. Affairs on acquiring land for reservation in order to meet the future administrative demand;
6. Affairs on consultation on the provision of State property free of charge pursuant to the National Land Planning and Utilization Act and other Acts;
7. Affairs on the examination of land/building that is necessary for newly constructing government office, official residence, etc.
(2) Pursuant to Article 25 of the Act, the office of general administration shall delegate the affairs on fact-finding of any concealed State property and any ownerless real estate (hereinafter referred to as "concealed property, etc.") and the affairs on recovery and reversion of the concealed property, etc. to the State, to the Special Metropolitan City Mayor, Metropolitan City Mayor, Do Governor or Special Self-Governing Province Governor (hereinafter referred to as "Mayor/Do Governor") who has jurisdiction over the location of the relevant property. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) In cases where the Administrator of the Public Procurement Service or the Mayor/Do Governor requests cooperation of the head of central government agency, etc. in order to perform the duties delegated pursuant to paragraphs (1) and (2), the head of central government agency, etc. shall comply with such request. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(4) In order to perform the duties under paragraph (1) 1 and 2, the Administrator of the Public Procurement Service shall prepare a plan for examining the status of State property and a plan for confirming and examining the status of administration of State property and report the plans to the office of general administration and shall notice thereof to the relevant head of central government agency, etc. by the last day of February each year. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(5) The Administrator of the Public Procurement Service shall report to the office of general administration on the results of the examination under paragraph (1) 1, confirmation/examination under paragraph (1)2, and of the matters necessary for administering State property, etc. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 17 (Organization and Operation of Committee for Examination on State Property Policies)   print
(1) The Committee for Examination on State Property Policies under Article 26 (1) of the Act (hereinafter referred to as the "Committee") shall be comprised of the following members: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. The Minister of Strategy and Finance;
2. One person, the Vice Minister of Strategy and Finance, who is designated by the Minister of Strategy and Finance;
3. One person, the Vice Minister of Education, Science and Technology, who is designated by the Minister of Education, Science and Technology;
4. The Vice Minister of National Defense;
5. One person, the Vice Minister of Public Administration and Security, who is designated by the Minister of Public Administration and Security;
5-2. One person, the Vice Minister of Food, Agriculture, Forestry and Fisheries, who is designated by the Minister of Food, Agriculture, Forestry and Fisheries;
5-3. One person, the Vice Minister of Land, Transport and Maritime Affairs, who is designated by the Minister of Land, Transport and Maritime Affairs;
5-4. The Administrator of the Supply Administration;
5-5. The Minister of the Korea Forest Service;
6. Not more than 11 civilian members commissioned by the Minister of Strategy and Finance from among those who have profound learning and experience in a State property-related field and fall under any of the following items:
(a) A person who has served for not less than ten years as an associate professor or in an equivalent position at a college or university or an accredited research institute;
(b) A person who has served for not less than ten years as an attorney-at-law in the areas of litigation and other legal services;
(c) A person who has served for not less than ten years as a certified public accountant in the areas of audit and accounting;
(d) A person who has served for not less than ten years as a certified public appraiser in the areas of appraisal and assessment;
(e) A person who is recognized to have a career equivalent to any of items (a) through (d) above in the areas of real estate, securities or other related services.
(2) The term of office of any member referred to in paragraph (1) 6 shall be one year.
(3) The Minister of Strategy and Finance may decommission any member described in paragraph (1) 6 if he/she falls under either of the following subparagraphs:
1. When he/she becomes unable to perform his/her duties due to any mental or physical impairment;
2. When he/she is deemed unfit to serve as a member on the grounds of neglect of duty, loss of dignity or such.
(4) The chairperson of the Committee shall call meetings thereof and exercise general control over the affairs thereof.
(5) The Committee may, if deemed necessary for deliberation, ask the heads and staff members of institutions concerned or related experts to attend its meetings and provide their opinions.
(6) Other than those provided for in paragraphs (1) through (5), necessary matters concerning the operation, etc. of the Committee shall be determined by the chairperson of the Committee through its resolution.
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 Article 18 (Subcommittee)   print
(1) Sectorial subcommittees for real estate and for securities shall be established in the Committee in accordance with the former part of Article 26 (4) of the Act.
(2) Matters to be deliberated by the subcommittees (hereinafter referred to as "subcommittee") under paragraph (1) shall be classified pursuant to each of the following subparagraphs:
1. Subcommittee for real estate:
(a) Matters on selling off, among the criteria for disposal under Article 9 (4) 3 of the Act;
(c) Other matters that the office of general administration deems necessary to be deliberated by the subcommittee for real estate in connection with the affairs of administration/disposal of the State property (excluding securities);
2. Subcommittee for securities:
(a) Matters of Article 26 (1) 6 of the Act;
(b) Matters on determination of estimated sales price of securities;
(c) Matters on determination of reduction rates in the estimated sales price of securities in accordance with Article 42 (3);
(d) Other matters that the office of general administration deems necessary to be deliberated by the subcommittee for securities in connection with the affairs of administration/disposal of securities.
(3) Each of the subcommittees shall be comprised of the committee members classified under each of the following subparagraphs including one chairperson, and the chairperson of each of the subcommittees shall be the Vice Minister of Strategy and Finance: <Amended by Presidential Decree No. 23221, Oct. 14, 2011>
1. Subcommittee for real estate: Not more than six members commissioned by the Minister of Strategy and Finance from among those committee members falling under Article 17 (1) 2, 5, 5-4, 5-5 and 6;
2. Subcommittee for securities: Not more than five members commissioned by the Minister of Strategy and Finance from among those committee members falling under Article 17 (1) 2, 5, 5-4 and 6.
(4) With respect to the operation, etc. of the subcommittee, the provisions of Article 17 (4) through (6) shall apply mutatis mutandis. In such cases, the "Committee" shall be deemed as "subcommittee".
[This Article Wholly Amended by Presidential Decree No. 22815, Apr. 1, 2011]
CHAPTER Ⅱ-II STATE PROPERTY ADMINISTRATION FUNDS
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 Article 18-2 (Entrustment of Administration/Management of State Property Administration Funds)   print
(1) In accordance with Article 26-6 (2) of the Act, the office of general administration shall entrust the affairs under each of the following subparagraphs to the Korea Asset Management Corporation that is established under the Act on the Efficient Disposal of Non-Performing Assets, etc. of Financial Companies and the Establishment of Korea Asset Management Corporation(hereinafter referred to as "Korea Assets Management Corporation"):
1. Accounting affairs on administration/management of the State property administration funds established under Article 26-2 of the Act (hereinafter referred to as "State property administration funds" in this Chapter);
2. Affairs on preparation of the report on final accounts of State property administration funds;
3. Affairs on the project to be developed as a source of revenue for State property administration funds, pursuant to Article 57 (1) of the Act;
4. Affairs on management of surplus cash of State property administration funds;
5. Other matters that the office of general administration deems necessary in connection with administration/management of State property administration funds.
(2) The expenses to be incurred for the affairs entrusted to Korea Assets Management Corporation pursuant to paragraph (1) shall be borne by State property administration funds.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
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 Article 18-3 (Separate Accounting of State Property Administration Funds)   print
Korea Assets Management Corporation shall separately account for State property administration funds, apart from other accounts of Korea Assets Management Corporation.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
CHAPTER Ⅲ ADMINISTRATIVE PROPERTY
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 Article 19 (Exchange and Transfer of Administrative Property)   print
(1) The provisions of Article 57 shall apply mutatis mutandis to the exchange pursuant to Article 27 (1) 1 of the Act, and the provisions of Articles 59 to the transfer pursuant to Article 27 (1) 2 of the Act. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) "The administrative property as determined by Presidential Decree" under Article 27 (1) 2 of the Act means the property falling under any of the subparagraphs under Article 58 (1). <Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 20 (Delegation of Administrative Duties)   print
(1) If the head of central government agency delegates its administrative duties concerning administrative property to its public officials, or divides such duties among its public officials, under Article 28 (1) and (2) of the Act, it shall notify such fact to the Board of Audit and Inspection. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) If the head of central government agency intends to delegate its administrative duties concerning administrative property to the public officials belonging to other offices of administration under Article 28 (3) of the Act, it shall, before delegation, hear the opinions of such other offices of administration as to public officials who will take charge of the duties to be delegated and their positions and the scope of the duties to be delegated, and shall notify the fact of delegation to the Board of Audit and Inspection. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) If the head of central government agency intends to delegate its administrative duties concerning administrative property to the head of a local government or public officials thereof under Article 28 (4) of the Act, it shall, before delegation, hear the opinion of the head of a central government agency supervising the pertinent local government as to public officials who will take charge of the duties to be delegated and their positions and the scope of the duties to be delegated, and shall notify the fact of delegation to the Board of Audit and Inspection. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 21 (Qualifications of Persons to be Entrusted with Administration)   print
In entrusting the administration of administrative property (hereinafter referred to as "entrustment of administration") under Article 29 of the Act, if special skill and capacity are required for the administration of the property concerned in terms of the scale, purposes of use, etc. thereof, the administration shall be entrusted to a person who has such skill and capacity or any other person who is suitable for administration of such property.
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 Article 22 (Period of Entrustment of Administration, etc.)   print
(1) The period of entrustment of administration shall not exceed five years, but the entrustment of administration may be renewed by up to five years, except in cases falling under any of the following subparagraphs:
1. Where the property subject to the entrustment of administration needs to be used directly by the State or a local government for official or public purpose;
2. Where a person who is entrusted with administration pursuant to Article 29 of the Act (hereinafter referred to as "administrative trustee") fails to meet the qualifications to be entrusted with administration under Article 21;
3. Where an administrative trustee violates the terms and conditions of the entrustment of administration;
4. Where the entrustment of administration is no longer needed.
(2) If an administrative trustee intends to make use of or benefit from a portion of the entrusted property, or to allow another person to make use of or benefit from it, pursuant to Article 29 (2) of the Act, it shall be done within the period of entrustment of administration.
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 Article 23 (Administration of Property subject to Entrustment of Administration)   print
(1) An administrative trustee shall administer the entrusted property in consistency with the public purposes with due care as a good manager, and if the entrusted property is damaged, report it to the head of central government agency without delay. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) If an administrative trustee intends to make large-scaled repairs by which the original form of the entrusted property would be changed, he/she shall obtain approval from the head of central government agency: Provided, That if it is urgently required, he/she may take necessary minimum measures and then report the details thereof immediately to the head of central government agency. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 24 (Fee, etc. for Use of Property subject to Entrustment of Administration)   print
(1) Fees for use collected from a person who makes use of or benefits from the property entrusted pursuant to Article 29 of the Act shall be determined by the head of central government agency on the basis of an amount calculated by the rate of fees for use and the method of calculation as provided for in Article 29, in consideration of the expected benefit from the property. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) If the total expenditure paid to an administrative trustee exceeds the total income received from the administrative trustee on an annual basis, the head of central government agency shall pay the difference to the administrative trustee, and if the total income exceeds the total expenditure, it shall cause the administrative trustee to pay the difference to the National Treasury. In such cases, the scope of the expenditure and income shall be determined by Ordinance of the Ministry of Strategy and Finance. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 25 (Report, etc. of Administration Status)   print
(1) An administrative trustee shall provide an annual report on the administration status of the entrusted property to the head of central government agency by January 31 of the following year. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) If necessary, the head of central government agency may ascertain and examine the administration status of property subject to the entrustment of administration or have the administrative trustee concerned report thereon. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 26 (Sublease of Donated Property)   print
(1) When any person who has obtained permission for the use of administrative property in accordance with the proviso to Article 30 (2) of the Act intends to allow another person to use and benefit from that property, he/she shall submit to the head of central government agency an application for approval in which matters falling under each of the following subparagraphs are entered: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Indication of the property to be subleased;
2. Purpose of use of, ways to benefit from, and period of use of and benefit from, the property to be subleased;
3. Name and address of the sublessee.
(2) The period for which a sublessee can make use of and benefit from the administrative property concerned pursuant to the proviso to Article 30 (2) of the Act shall not exceed the remainder of the period for which the sublessor is permitted to use that property.
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 Article 27 (Methods of Permit for Use)   print
(1) If one or more effective bids are made in competitive bidding under Article 31 (1) of the Act, a successful bidder shall be a person who has submitted the highest bidding price.
(2) If administrative property falls under any of the following subparagraphs, the person to be granted a permit for use thereof may be determined by means of a restricted or designated tender pursuant to the proviso to Article 31 (1) of the Act: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where it is necessary to conduct bidding by designating the owners of land adjacent to the property concerned in view of the purpose of use, etc. of that property;
1-2. Where an application for the permit for use pursuant to paragraph (3) has occurred at the same time;
2. Other cases where it is necessary to restrict or designate those eligible to be granted a permit for use in view of the location, form, purpose of use, etc. of the relevant property or the purpose, nature, etc. of the contract concerned.
(3) If administrative property falls under any of the following subparagraphs, the person to be granted a permit for use thereof may be determined by means of an optional contract pursuant to the proviso to Article 31 (1) of the Act:
1. Where the permission is rendered to use that property for a residential purpose;
2. Where the permission is rendered for an actual cultivator to use that property for a cultivative purpose;
3. Where it is necessary that the acts of use and benefit are kept secret for reason of diplomacy or national defense;
4. Where the permission is rendered to use that property for the purpose of disaster restoration or relief as any natural disaster or other inevitable cause has occurred;
5. Where the permission is rendered for a person subject to exemption of usage fees under Article 34 (1) of the Act or any other Act to use that property;
6. Where the permission is rendered for a person owning property jointly with the State to use the portion of property corresponding to the State's share;
7. Where bidding is unsuccessful twice;
8. Other cases where it is deemed difficult to put up the property for competitive bidding in view of the location, form, purpose of use, etc. of the property or the purpose, nature, etc. of the contract concerned.
(4) A bid announcement shall clarify the matters necessary to put up administrative property for competitive bidding, such as the scheduled amount of usage fees for that property, and the details of the announcement shall be notified to applicants for a permit for use thereof.
(5) With respect to administrative property for which general competitive bidding has been unsuccessful twice, the head of central government agency may adjust the scheduled amount of usage fees therefor so as to reduce that amount by 10/100 each time from the third bidding, with the lowest limit of 20/100 of the first scheduled usage fees. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 28 (Register of Permits for Use)   print
(1) The head of central government agency shall prepare a register of permits for use of the administrative property under its jurisdiction and shall enter matters falling under each of the following subparagraphs in such register: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Indication of property;
2. Purpose of use;
3. Name and address of each person granted a permit for use;
4. Conditions of permission;
5. Period for which use is permitted;
6. Usage fees;
7. Date of permission;
8. When any person granted a permit for use of any donated property lets another person use and benefit from such property after obtaining approval from the head of central government agency in accordance with the proviso to Article 30 (2) of the Act, the matters relating thereto.
(2) A register of permits for use under paragraph (1) shall be prepared and managed in a way by which electronic processing is possible unless there is a special reason to the contrary.
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 Article 29 (Rates, and Methods of Calculation, of Usage Fees)   print
(1) Annual usage fees provided for in Article 32 (1) of the Act shall be an amount obtained by multiplying the price of the relevant property by a rate of not less than 50/1000, but may be divided into the price per day or the price per month: Provided, That in cases falling under any of the following subparagraphs, those fees shall be an amount calculated by multiplying the price of the relevant property by the rate concerned: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. In cases of cultivative use: not less than 10/1000;
2. In cases of residential use: not less than 20/1000 (in cases of use for a residential purpose by any recipient of assistances pursuant to subparagraph 2 of Article 2 of the National Basic Living Security Act: not less than 10/1000);
3. In cases of use for an administrative purpose: not less than 25/1000;
4. In cases of use for the purpose of promoting the welfare of public officials: not less than 40/1000;
5. In cases of directly using in the social welfare business pursuant to subparagraph 1 of Article 2 of the Social Welfare Services Act, and the cases of directly using by the religious group under Article 5 (1) 1 and 2 of the Enforcement Decree of the Act on the Registration of Real Estate under Actual Titleholder's Name in the religious group's essential business: not less than 25/1000;
6. In cases of directly using in the type of business managed by the small and micro enterprises prescribed under subparagraph 2 of Article 2 of the Act on Special Measures for Development of Small and Micro Enterprises (excluding the type of business falling under any of the subparagraphs of Article 4 of the Enforcement Decree of the Support for Small and Medium Enterprise Establishment Act): not less than 30/1000.
(2) The price of property in calculating usage fees under paragraph (1) shall be calculated by the following methods. In such cases, the price of property under subparagraph 1 and the proviso to subparagraph 2 shall be determined annually during the period for which the use thereof is permitted, and the price of property under the main sentence of subparagraph 2 shall be applicable only within three years after the date of its appraisal and assessment:
1. For land: Officially assessed individual land price (referring to the officially assessed individual land price under Article 11 of the Public Notice of Values and Appraisal of Real Estate Act, and in the absence of such price, the amount calculated based on the officially assessed land price under Article 9 of the same Act; hereafter the same shall apply in this Article and Article 57) at the time of determining the price of property necessary to calculate usage fees shall be applied;
2. For property, other than land, or for partitioned ownership of a composite building (including the right to use site): Price assessed by one certified public appraisal corporation shall be applied: Provided, That where a permit for use of a building is rendered with respect to a small-scale area of not more than 10 square meters, the price shall be determined based on the standard market price under the Local Tax Act.
(3) Usage fees in cases of permission for cultivative use may be an amount of usage fees calculated under paragraph (1) 1, or an amount equivalent to 1/10 of the total agricultural revenue per unit area of an agricultural household of relevant City/Do that has been recently announced (statistics of Gyeonggi-do shall apply to Seoul Special Metropolitan City and Incheon Metropolitan City, those of Chungcheongnam-do to Daejeon Metropolitan City, those of Jeollanam-do to Gwangju Metropolitan City, those of Gyeongsangbug-do to Daegu Metropolitan City, and those of Gyeongsangnam-do to Busan Metropolitan City and Ulsan Metropolitan City, respectively), whichever is smaller.
(4) Usage fees under paragraph (1) shall be open to the public, and a bid offered below the usage fees made public shall be null and void.
(5) In cases of granting a permit for use by means of competitive bidding, the usage fees for the first year shall be calculated based on the highest bidding price, and those for each year from the second year (limited to the period for which the permit for use is valid without being renewed) shall be calculated in accordance with the following formula:
[(Usage fees for the first year determined by bidding) × (the price of property in the relevant year, calculated in accordance with paragraph (2)) ÷ (the price of property at the time of bidding)].
(6) In cases of granting a permit for use of conservation property, if management expenses are incurred in order to maintain and conserve the property, the usage fees may be collected after deducting an amount equivalent to the management expenses.
(7) In cases of paragraph (6), if the conservation property concerned is damaged, the amount deducted as management expenses shall be additionally collected.
(8) The scope of management expenses under paragraph (6) shall be determined by Ordinance of the Ministry of Strategy and Finance.
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 Article 30 (Timing of Payment of Usage Fees, etc.)   print
(1) Usage fees provided for in Article 32 (1) of the Act shall be paid in advance.
(2) The deadline for payment of usage fees provided for in paragraph (1) shall be within 60 days from the date on which the permit for use is granted, but shall be prior to undertaking any use or benefit: Provided, That if deemed that it is difficult to pay the usage fees by the deadline for any inevitable reason, the head of central government agency may determine a separate deadline for such payment. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) Where usage fees are to be paid in installments under the former part of Article 32 (2) of the Act, the payment may be allowed to be made in four or fewer installments per year only if the usage fees exceed one million won. In such cases, the interest calculated by applying the interest rate announced by the office of general administration taking into account the average deposit interest rate for a time deposit with one year maturity in a commercial bank (hereinafter referred to as "announced interest rate") shall be levied on the remaining amount.
(4) In the latter part of Article 32 (2) of the Act, "not less than the amount prescribed by Presidential Decree" means ten million won or more, and "limit of the amount prescribed by Presidential Decree" means the limit of the amount equivalent to 50/100 of annual usage fees.
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 Article 31 (Adjustment of Usage Fees)   print
"Where it is prescribed by Presidential Decree" in Article 33 (1) of the Act means where the usage fees for the relevant year are increased, compared with those of the previous year, as provided for in either of the following subparagraphs, and in such cases, the usage fees for the relevant year shall be adjusted in accordance with the following calculation methods: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. If the usage fees subject to either of Article 29 (1) 1 and 2 are increased by not less than 5 percent (including cases where the permit for use is renewed), an amount increased by 5 percent compared with the previous year;
2. If the usage fees not subject to Article 29 (1) 1 and 2 are increased by not less than 9 percent (excluding cases in the first year in which the permit for use is renewed), an amount increased by 9 percent compared with the previous year.
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 Article 32 (Exemption of Usage Fees)   print
(1) Exemption of usage fees as provided for in Article 34 (1) 1 of the Act may be made until the total amount of the usage fees reaches the price of the property donated, but the period of exemption shall not exceed 20 years.
(2) Where any building or other establishment is donated, the usage fees for the building or establishment site shall be added to the total amount of usage fees under paragraph (1).
(3) The price of any donated property referred to in paragraph (1), the price of the property which becomes the standard for calculation of the usage fees, and the price of the site which becomes the standard for calculation of the usage fees to be added to the total amount of usage fees under paragraph (2) shall be calculated by applying Article 29 (2) mutatis mutandis, on the basis of the timing of an original permit for use.
(4) Where a local government intends to have the usage fees exempted in accordance with Article 34 (1) 2 of the Act, it shall submit the plan for acquisition of the property to the head of central government agency. <Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011>
(5) Where the head of central government agency who received the acquisition plan that had been submitted in accordance with paragraph (4) intends to exempt the usage fees, the period of use permit shall not exceed one year. <Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 33 (Scope of Public Organizations)   print
"Public organization defined by Presidential Decree" in Article 34 (1) 3 of the Act means any legal entity that falls under any of the following subparagraphs:
1. A legal entity, the capital of which is composed entirely of investments from the Government pursuant to Acts and subordinate statutes;
2. A legal entity, the fundamental property of which is composed entirely of contributions from the Government pursuant to Acts and subordinate statutes.
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 Article 34 (Renewal of Permit for Use, etc.)   print
(1) "Cases determined by Presidential Decree" in the main sentence of Article 35 (2) of the Act means cases that fall under any of the following subparagraphs: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where the use of administrative property is beyond the scope of use permitted under Article 30 (1) of the Act;
2. Where the person concerned falls under any subparagraph of Article 36 (1) of the Act;
3. Where the property subject to a permit for use needs to be used directly by the State or a local government for official or public purpose;
4. Where a term or condition of a permit for use is violated;
5. Where deemed that it is necessary for the head of central government agency to administer and dispose of the relevant property by any means, other than a permit for use.
(2) If a permit for use is renewed pursuant to Article 35 (2) of the Act, the annual usage fees for the renewed period of permit for use shall be the larger amount from among the amount falling under the following subparagraphs: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. The usage fees calculated pursuant to Article 29;
2. The usage fees calculated pursuant to the following formula:
[(Annual usage fees in a year immediately preceding the year in which the renewal is made) × (the price of property in the relevant year calculated in accordance with Article 29 (2)) ÷ (the price of property in a year immediately preceding the year in which the renewal is made)].
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 Article 35 (Compensation for Loss Resulting from Withdrawal of Permit for Use)   print
The amount of compensation under Article 36 (3) of the Act shall be as follows:
1. Facility costs for the remainder of the permission period or costs required to move facilities (including transplanting trees; hereafter the same shall apply in this Article) based on standards as at the time of withdrawing the permit for use;
2. Where facilities are moved elsewhere or new facilities are installed due to the withdrawal of the permit for use, the appraised amount of a loss resulting from the impossibility of doing business for that period.
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 Article 36 (Additional Dues)   print
(1) Additional dues provided for in Article 39 of the Act shall be decided when the permit for use is granted.
(2) Additional dues under paragraph (1) shall be collected by the head of central government agency or by a person to whom the authority concerned is delegated under Article 28 of the Act. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) Where additional dues under paragraph (1) are collected, the amount, period for payment, place for payment and basis for calculation of such additional dues shall be notified in writing.
(4) The period for payment under paragraph (3) shall be within sixty days from the date of notification.
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 Article 37 (Abolition of Use)   print
(1) If administrative property falls under any of the following subparagraphs, the head of central government agency shall immediately discontinue its use in accordance with Article 40 (1) of the Act: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where it is no longer used for an administrative purpose;
2. Where it is not used as administrative property until five years pass from the date on which it is determined to be used as administrative property;
3. Where it is necessary for development under Article 57 of the Act.
(2) The head of central government agency shall remove or scrap buildings, establishments, machinery or tools, which are administrative property subject to removing or scraping, immediately after the use thereof is discontinued, and transfer them to the office of general administration. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
CHAPTER Ⅳ GENERAL PROPERTY
SECTION 1 Common Provisions
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 Article 38 (Agency of Administration and Disposal)   print
(1) The office of general administration may entrust its work concerning disposal of securities to the head of central government agency or to the person falling under any of the following subparagraphs:
1. A corporation that has issued those securities;
2. A bank under Article 2 (1) 2 of the Banking Act (including any institution deemed a bank under Article 5 of the same Act);
3. An investment trader, an investment broker or a collective investment business operator under the Financial Investment Services and Capital Markets Act;
4. The Deposit Insurance Corporation established under the Depositor Protection Act;
5. The Industrial Bank of Korea established under the Industrial Bank of Korea Act;
6. The Korea Development Bank established under the Korea Development Bank Act;
7. The Export-Import Bank of Korea established under the Export-Import Bank of Korea Act;
8. The Bank of Korea established under the Bank of Korea Act;
9. The Korea Finance Corporation under the Korea Finance Corporation Act.
(2) In accordance with Article 42 (1) of the Act, the office of general administration may delegate the affairs on administration/disposal of the general property prescribed in paragraph (3) (excluding subparagraphs of the paragraph (3)) to the Mayor/Do Governor. <Amended by Presidential Decree No. 22493, Nov. 15, 2010>
(3) In accordance with Article 42 (1) of the Act, the office of general administration shall entrust the affairs on administration/disposal of the general property under each of the following subparagraphs to the Korea Asset Management Corporation:
1. General property acquired as a result of national tax payment in kind;
2. The property transferred to the office of general administration, after the use of the property had been abolished pursuant to the main sentence of Article 40 (2) of the Act;
3. The property to be developed in accordance with Article 59 of the Act (including the cases where the head of central government agency entrusts the general property controlled by him/her for the purpose of developing the property, pursuant to Article 42 (3) of the Act);
4. The securities acquired as a result of the investment pursuant to the former part of Article 59-2 (2) of the Act;
5. The securities designated by the office of general administration to be managed in the method of loan pursuant to Article 47;
6. The property donated in kind to the State due to the completion of liquidation of any liquidated corporation provided for in Article 79;
7. Other properties designated by the office of general administration for the purpose of efficient administration/disposal of general property.
(4) In cases where property is delegated or entrusted pursuant to paragraphs (1) through (3), the delegated or entrusted entity shall make indication of the provision on which the delegation or entrustment is based, and the entity shall administer or dispose of the property in the name of the delegated or entrusted entity.
(5) In cases where work concerning administration and disposal of general property is entrusted in accordance with paragraph (3), the details and procedures thereof such as entrustment fee shall be determined by Ordinance of the Ministry of Strategy and Finance.
[This Article Wholly Amended by Presidential Decree No. 22815, Apr. 1, 2011]
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 Article 39 (Reversion of Loan Charges, etc.)   print
(1) "Property prescribed by Presidential Decree" in Article 42 (6) of the Act means property falling under any of the following subparagraphs:
1. Real estate and appurtenances thereto;
2. Securities.
(2) In cases under paragraph (1) 1, the scope of loan charges, proceeds from sale, trust earnings and indemnities (hereafter referred to as "reverted money" in this Article) which can revert to the local government concerned shall be as follows:
1. In cases of loan: 50/100 of loan charges;
2. In cases of sale: Rate that the office of general administration determines by local government within the limits of not less than 20/100, but not more than 30/100 of proceeds from sale, taking into account the administration and disposal records of State property in the preceeding year (in cases where compensation is provided under the Act on Acquisition of and Compensation for Land, etc. for Public Works, 10/100 of such compensation);
3. In cases of parcelling-out trust: 20/100 of trust earnings;
4. In cases of loan trust: 50/100 of trust earnings;
5. In cases of mixed trust: Scope of trust earnings described in subparagraphs 3 and 4, which are divided by each type of parcelling-out and loan;
6. In cases of collection of indemnity: 40/100 of the indemnity.
(3) In cases under paragraph (1) 2, the scope of the proceeds from sale to revert to any entity that falls under any subparagraph of Article 38 (1) shall be within necessary expenses involved in the course of sale. In such cases, the office of general administration may make an additional reversion of agency fees within the limits of 10/100 of the necessary expenses after consultation with the entrusted entity. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(4) The heads of local governments shall appropriate any reverted funds preferentially for the necessary expenses for proper administration of State property.
(5) The heads of local governments may pay property holding and operating funds (referring to the operating funds necessary for the affairs to make overall control over and maintain and administer State property), within the scope of reverted funds, to public officials to whom the affairs of State property administration are delegated, or who take charge of part of the said affairs, pursuant to Article 42 of the Act.
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 Article 40 (Methods of Disposal)   print
(1) If one or more effective bids are made in competitive bidding under Article 43 (1) of the Act, a successful bidder shall be a person who has submitted the highest bidding price.
(2) General property may be disposed of by means of restricted or designated tender pursuant to the proviso to Article 43 (1) of the Act if it falls under any of the following subparagraphs: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where it is necessary to conduct bidding by designating the owners of land adjacent to the property concerned in view of the purpose of use, etc. of that property;
2. Where, in conducting bidding for farmland, it is necessary to designate farmers who are recognized as actual tillers by the Special Self-Governing Province Governor or the head of a Si/Gun/Gu (referring to an autonomous Gu; hereinafter the same shall apply), or to limit those eligible to participate in the bidding to the said farmers;
3. Where property is sold with the purpose of use thereof specified under Article 49 of the Act;
4. Where applications for an optional contract under paragraph (3) are in competition with each other.
(3) General property may be disposed of by means of private contract pursuant to the proviso to Article 43 (1) of the Act if it falls under any of the following subparagraphs. In such cases, the disposal price shall not be less than the estimated amount: <Amended by Presidential Decree No. 22493, Nov. 15, 2010; Presidential Decree No. 22516, Dec. 7, 2010; Presidential Decree No. 22815, Apr. 1, 2011; Presidential Decree No. 23356, Dec. 8, 2011>
1. Where it is necessary that an act of disposal is kept confidential for diplomacy or national defense;
2. Where property is disposed of for the purpose of disaster restoration or relief as any natural disaster or other inevitable cause has occurred;
3. Where property is sold to a person who is entitled to receive the transfer or free loan thereof;
4. Where property is disposed of to a local government for the purpose of the local government's need to directly use it for official or public use;
5. Where property is disposed of to a public institution under Article 4 of the Act on the Management of Public Institutions (hereinafter referred to as "public institution") for the purpose of the public institution's need to directly use it for office work or business purpose;
6. Where property is disposed of to meet the need to implement settlement projects for dispersion of population;
7. Where the sale of property is reserved on the condition that a project of exploitation, filling, reclamation or afforestation of such property is completed pursuant to Article 45 (1) of the Act, the said project is completed by the time prescribed under paragraph (3) of the said Article and then the completed portion is sold to the other party of the reservation;
8. Where the State property to be developed is sold to the special purpose company for development of State-owned land under the former part of Article 59-2 (2) of the Act (hereinafter referred to as "special purpose company for development of State-owned land");
9. Where a concealed State property is sold to the person who has returned the property to State in accordance with Article 78 of the Act;
10. Where the property falling under Article 3 of the Addenda to the amended State Property Act (Act No. 3482) is sold to the person who initially purchased the property from the State (including an heir or a successor of the purchaser);
11. Where the State-owned land within a relocation complex that State has developed or plans to develop for the purpose of relocation, in connection with enforcement of various projects, is sold to the relocating residents;
12. Where a State property is sold to the other nation concerned that needs the property for the purpose of using it as the nation's office of embassy or consulate or other facilities equivalent thereto for diplomatic purposes;
13. Where a State-owned land which is owned by the State and by a person other than the State is sold to the person who co-owns share of the property;
14. Where a State-owned land falling under any of the following categories, if the land is occupied/used by a building on the land owned by a person other than the State and if the State-owned land lacks usefulness, is sold to the owner of the said building and the space of the sold land is not more than twice the floor space of the building:
(a) The State-owned land that has been occupied, since the time prior to January 24, 1989, by a building owned by a person other than the State;
(b) The State-owned land where the land and a building on such land had been owned by the same person, and the ownership of which is transferred to the State in accordance with a court's decision, etc.;
15. Where a property that has been occupied/used directly by a religious group for religious purposes, since the time prior to January 24, 1989, is sold to the occupier/user of such property;
16. Where a State-owned building or structure built on a private land is sold to the private land owner considering the location, scale, shape, purpose of use, etc. of the building or structure;
17. Where a State-owned land is sold, if the land alone lacks usefulness, considering its location, scale, shape, purpose of use, etc., to the owner of a private land which borders the State-owned land;
18. Where falling under any of the following cases of subparagraphs in order to support projects, etc. to be performed pursuant to Acts:
(a) Where a State-owned land, in which those suffering Hansen's disease under subparagraph 4 (c) of Article 2 of the Infectious Disease Control and Prevention Act have settled as a group from the time before December 31, 1986, is sold to the settlers;
(b) Where a State-owned land, which is included in the land to which a public institution is relocating pursuant to Article 18 of the Special Act on Balanced National Development, is sold to the public agency concerned;
(c) Where a person recommended by the public interest legal entity which obtained an approval of incorporation from the competent authority (referring to the Minister of Education, Science and Technology in case of a student dormitory, the Minister of Employment and Labor in case of a factory dormitory; hereafter the same shall apply in this item) pursuant to Article 4 (1) of the Act on the Establishment and Operation of Public-Service Corporations or by the corporation having not less than 50 permanently-hired employees or by the competent authority sells the property on the land for the dormitory to be built for the university students or factory workers to the purchaser recommended by the said legal entity, corporation or competent authority;
(d) Where a property necessary for enforcement of the construction project pursuant to Article 55 of the Tourism Promotion Act is sold to the project enforcer;
(e) Where a State-owned land having no plan to be used in the future, as a disused facility site under the control of the railroad account pursuant to Article 5 of the Act on Special Accounts for Traffic Facilities, the traffic system administration account pursuant to Article 5-2 of the same Act or the harbor account pursuant to Article 7 of the same Act (including the land under the control of the Ministry of Land, Transport and Maritime Affairs among the properties pursuant to Article 40 (2) 3 of the Act), is sold to the person falling under any of the followings:
(i) A de facto farmer who has continuously farmed a real farmland from the time before December 31, 1987 within 1,000 square meters in an urban area or within 3,000 square meters in Eup / Myeon area located in an urban-rural complex typed city (hereinafter referred to as "Eup / Myeon area");
(ii) An owner of the State-owned land (including the owner's heir) as at the time of its acquisition that was acquired to be used for railroad, public transportation or harbor facility and is no longer or becomes not used for such purposes;
(f) Where a State-owned land included in the site for the facility of distribution of agricultural and fishery products pursuant to the Act on Distribution and Price Stabilization of Agricultural and Fishery Products is sold to the Agricultural/Fisheries Cooperatives or their Federations or to the Agricultural and Fishery Marketing Corporation (including a legal entity established through joint investment by a local government with Agricultural/Fisheries Cooperatives or their Federations or with the Agricultural and Fishery Marketing Corporation) with a limit of less than 50 percentage of the entire site space for the distribution facility (2,000 square meters in cases where 50 percentage of the site space is less than 2,000 square meters);
(g) Where a State-owned land located in the area designated/publicly announced as the local specialty production complex pursuant to Article 50 (1) of the Framework Act on Agriculture and Fisheries, Rural Community and Food Industry or as the rural tourism and resort complex pursuant to Article 82 of the Rearrangement of Agricultural and Fishing Villages Act is sold to the project enforcer with a limit of less than 50 percentage of the entire site space for the project concerned;
(h) Where a State-owned land located in suburban areas, as a farmland in the agriculture promotion area pursuant to Farmland Act, is sold with a limit of 10,000 square meters to the person who has been continuously farming for five years or more as at February 28, 2006 after obtaining loans (including obtaining a use permit);
(i) Where a State-owned land, which is about to be included to the private road to be built pursuant to Article 4 of the Private Road Act, is sold to the person who builds such private road;
(j) Where a State-owned land located in an industrial complex or its neighboring residential area pursuant to Article 2 of the Industrial Sites and Development Act is sold, with a limit of 1,400 square meters, to the person who intends to make a child care center at workplace and is recommended by the Minister of Health and Welfare;
(k) Where a State-owned land located in a factory site having the scale eligible for approval of establishment of a factory pursuant to Article 13 of the Industrial Cluster Development and Factory Establishment Act is sold to the person who has obtained approval of establishment, etc. of factory (it shall be limited to the cases where the space of the State-owned land is less than 50 percentage of the entire factory site);
(l) Where a State-owned land, which is to be sold pursuant to Articles 16, 17 and 25 of the Housing Act, is sold to the principle party of the relevant project [it shall be limited to the cases where the space of the State-owned land to be sold is less than 50 percentage of the entire space for the construction of residential houses concerned (this limitation on percentage of disposal of the State-owned land shall not apply to the cases of re-building on the State-owned land possessed as a multi-unit dwelling pursuant to Article 2 of Enforcement Decree of the Housing Act)];
(m) Where a property being used as a site for the school falling under any of the subparagraphs of Article 2 of the Elementary and Secondary Education Act, or a property being used as a site for the university falling under any of the subparagraphs of Article 2 of the Higher Education Act or a property located in the site for the dormitory intended to be built by such university's educational foundation is sold to the aforementioned school, university or educational foundation;
(n) Where a property, the disposal of which for purposes other than for certain business purposes is limited or which shall be sold to certain persons in accordance with other Acts, is sold to the project enforcer of the project concerned or to the person designated by such Acts;
19. Where equity securities of a government-invested corporation are sold to the corporation's investors, such as stockholders of the corporation;
20. Where equity securities of the special purpose company for development of State-owned land are sold to the company's investors, such as stockholders of the company;
21. Where securities are sold, or the sale of securities is entrusted or delegated, to the person falling under any of the following categories:
(a) An investment trader, an investment broker or a collective investment business operator under the Financial Investment Services and Capital Markets Act;
(b) A bank under Article 2 (1) 2 of the Banking Act (including any institution deemed as a bank under Article 5 of the same Act);
(c) An insurance company under the Insurance Business Act;
22. Where equity securities are sold to a legal entity that administrates and operates a fund established by Acts;
23. Where equity securities of a government-invested corporation are sold to the legal entity, partnership or organization publicly announced by the Minister of Strategy and Finance and related to the business of the corporation, to promote the management efficiency of the corporation;
24. Where equity securities of a government-invested corporation are sold to persons affiliated with an employee stock ownership association (hereinafter referred to as "members of an employee stock ownership association" in this Article) in accordance with subparagraph 4 of Article 2 of the Framework Act on Labor Welfare;
25. Where bidding has been unsuccessful twice, or where the contract may be concluded at a price noticeably advantageous to the State;
26. Where it is difficult to put property into competition in terms of the location, type, purpose of use, etc. of the property, or the purpose, character, etc. of the contract concerned.
(4) In cases of selling property off by means of private contract pursuant to paragraph (3) 15 and paragraph (3) 18 (c), (f), (g), (i), (j), if the purchaser of the property fails to use it for the agreed purposes within two years from the date of the sale or the agreed usage is abolished within ten years from the date of the sale, a special agreement shall be registered providing that the sales contract shall be rescinded pursuant to subparagraph 3 of Article 52 of the Act.
(5) Where equity securities are sold to the members of an employee stock ownership association through optional contract in accordance with paragraph (3) 24, the aggregate of both the equity securities already owned by the members of the employee stock ownership association and the equity securities to be acquired by those members through the optional contract shall not exceed 20/100 of the total number of equity securities issued by the government-invested corporation concerned. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(6) A property deemed difficult to be privately contracted without public bidding, due to the dispute de facto or in court or for other reasons, shall be disposed of by the method of a competitive bidding notwithstanding paragraph (3). <Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 41 (Methods of Selling Securities)   print
"Means determined by Presidential Decree" in the proviso to Article 43 (1) of the Act means any of the following subparagraphs:
2. Sale of securities traded on the securities exchange under Article 9 (13) of the Financial Investment Services and Capital Markets Act (hereinafter referred to as "securities exchange");
3. Subscription to a public tender offer under Article 133 of the Financial Investment Services and Capital Markets Act;
4. Exercise of appraisal rights under the Commercial Act;
5. Sale of securities under other Acts and subordinate statutes.
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 Article 42 (Estimated Price of Property to be Disposed of)   print
(1) In cases of disposal of general property, other than securities, the estimated price thereof shall be determined in consideration of the market price. In such cases, the methods of determining the estimated price shall be as follows:
1. Where the registered price is not less than thirty million won (excluding cases under subparagraph 2): The price calculated by taking an arithmetical average of the appraised values of two certified public appraisal corporations;
2. Where the registered price is less than thirty million won or the property is sold to a local government or public institution: The appraised value of one certified public appraisal corporation.
(2) The appraised value of a certified public appraisal corporation referred to in paragraph (1) shall not apply when one year passes from the date of appraisal.
(3) In case of a general property, other than securities, for which general competitive bidding has been unsuccessful twice, the head of central government agency, etc. may reduce the estimated price by 10/100 each time from the third bidding, with the lowest limit of 50/100 of the first estimated selling price:
1. and 2. Deleted <Presidential Decree No. 22815, Apr. 1, 2011>
(4) In case of securities acquired pursuant to Article 38 (3) 1, any disposal shall not be made to the person who has paid national taxes in kind at a price less than the paid amount: Provided, That it shall not apply to the case of selling off in the method of subparagraph 2 of Article 41. <Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011>
(5) In cases of the sale of general property to a person who exploited, filled, reclaimed or afforested such property under Article 45 of the Act or occupied and improved the property by other justifiable reasons, a price calculated by deducting an amount which is equivalent to the improvement expenses from the price of the property at the time of sale reflecting such improvement shall be proceeds from sale: Provided, That if the original value of the property without the improvement as of the date of appraisal for sale is higher than the price after deducting the improvement expenses, the proceeds from sale shall be determined at a price higher than the original value. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(6) Where general property on which the exploitation, filling, reclamation or afforestation under Article 45 of the Act has been made, or which has been occupied and improved by other justifiable reasons, is sold to the project operator of the public works under the Act on the Acquisition of Land, etc. for Public Works and the Compensation therefor, and where the project operator concerned has paid a sum equivalent to the improvement expenses to the person who has occupied or improved the property, the provisions of paragraph (4) shall apply mutatis mutandis. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(7) The scope of the improvement expenses under paragraphs (5) and (6) shall be determined by Ordinance of the Ministry of Strategy and Finance. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(8) In cases of transfer under Articles 55 (1) 1 of the Act, the registered price of property shall be the price of the property, notwithstanding the provisions of paragraph (1).<Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(9) In cases of disposal of the general property which is necessary to the public works under the Act on Acquisition of and Compensation for Land, etc. for Public Works to the project operator of the said works, the amount of compensation calculated by the said Act may be the disposal price of the general property, notwithstanding the provisions of paragraph (1). <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 43 (Estimated Prices of Listed Securities)   print
(1) In cases of disposal of stocks issued by a listed corporation, their estimated prices shall not be less than those listed in any of the following subparagraphs:
1. The prices calculated by taking a weighted arithmetical average of the final market prices in the securities exchange for the last thirty days of transactions within one year before the reference date of appraisal; and if the number of days recorded with results of transactions is under thirty, the prices computed in consideration of the prices calculated by taking a weighted arithmetical average of the final market prices in the securities exchange for the days transacted and the prices calculated by the method under Article 44 (1): Provided, That if the stocks are disposed of by means of competitive bidding or public sale under Article 9 (9) of the Financial Investment Services and Capital Markets Act, the prices thereof may be computed in consideration of the prices calculated by taking a weighted arithmetical average of the final market prices in the securities exchange for the last thirty days of transactions (if the number of days recorded with results of transactions is less than thirty, the days transacted) within one year before the reference date of appraisal and the prices calculated by the method under Article 44 (1);
2. In cases of subscription to a public tender offer under subparagraph 3 of Article 41, the prices therein;
3. In cases of exercise of appraisal rights under subparagraph 4 of Article 41, the prices calculated under Article 165-5 of the Financial Investment Services and Capital Markets Act;
4. The selling prices of securities under subparagraph 5 of Article 41, if those prices are specified.
(2) In cases of listed securities, other than those provided for in paragraph (1), their estimated prices shall not be less than the prices calculated in consideration of the market prices, earning rates, etc. of those securities transacted in the securities exchange within one year before the reference date of appraisal.
(3) Notwithstanding the provisions of paragraphs (1) and (2), where listed securities are sold in the securities exchange or in a market which the Minister of Strategy and Finance announces as he/she recognizes it being fair with price determination, the prices formed in that securities exchange or market shall be applicable without estimated prices.
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 Article 44 (Estimated Prices of Unlisted Securities)   print
(1) In cases of disposal of equity securities issued by any unlisted corporation, their estimated prices shall not be less than the prices calculated in consideration of the asset value, profit value and relative value of the unlisted corporation computed by the calculation methods determined by Ordinance of the Ministry of Strategy and Finance: Provided, That the Ordinance of the Ministry of Strategy and Finance may provide that the profit value or relative value can be disregarded.
(2) Notwithstanding the provisions of paragraph (1), in cases of equity securities acquired by the national tax payment in kind, their estimated prices may be calculated in consideration of the receiving value of the property for payment in kind or the current prices formed in a market, other than the securities exchange.
(3) With respect to investment made with equity securities issued by any unlisted corporation, their prices shall be determined by the Minister of Strategy and Finance based on the financial status and profitability of the corporation that has issued such securities.
(4) The estimated prices of unlisted securities, other than those provided for in paragraph (1) shall not be less than the prices calculated in consideration of the expected profit or estimated earning rate calculated by the method prescribed by Ordinance of the Ministry of Strategy and Finance.
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 Article 45 (Disclosure of Estimated Prices)   print
The estimated prices referred to in Articles 42 through 44 shall be open to the public: Provided, That in cases of disposal of equity securities, their estimated prices can be closed.
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 Article 46 (Appraisal Bodies of Securities)   print
In calculating disposal prices of securities, the office of general administration or the head of central government agency, etc. may, if necessary, entrust appraisal bodies as follows with the appraisal thereof and consider the results thereof: <Amended by Presidential Decree No. 21765, Oct. 1, 2009; Presidential Decree No. 22815, Apr. 1, 2011>
1. Certified public appraisal corporations;
2. Credit appraisal companies under the Use and Protection of Credit Information Act;
3. Accounting corporations under the Certified Public Accountant Act.
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 Article 47 (Management of Securities)   print
Securities may be managed by means of loan pursuant tothe Financial Investment Services and Capital Markets Act.
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 Article 48 (Pre-Contract for Exploitation, Afforestation, etc.)   print
(1) The period for pre-contracting provided for in Article 45 (1) of the Act shall be prescribed within ten years from the date of the contract: Provided, That if a natural disaster or other unavoidable cause occurs, the head of central government agency may extend the period for the pre-contracting within five years, in consultation with the office of general administration. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) Any person who has made a pre-contract under Article 45 (1) of the Act shall launch the relevant project within one year from the date of the contract.
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 Article 49 (Transfer by Pre-Contract)   print
(1) The equivalent value of the general property transferred under Article 45 (4) of the Act shall not exceed the amount invested in the relevant project.
(2) The equivalent value of the general property referred to in paragraph (1) shall be based on the price at the time of completion of the relevant project, if all of the project is completed, and based on the price at the time of rescission or termination of the pre-contract, if a portion of the project is completed.
SECTION 2 Loans
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 Article 50 (Loans)   print
(1) "Cases stipulated by Presidential Decree" in the main sentence of Article 46 of the Act means cases falling under any of the following subparagraphs: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where loaned property is required by the State or the local government concerned for the purpose of use referred to in any subparagraph of Article 6 (2) of the Act;
2. Where the person concerned falls under any subparagraph of Article 36 (1) of the Act;
3. Where a term or condition of the loan contract is violated.
(2) In cases where a person to whom the affairs on administration/disposal of general property are delegated/entrusted pursuant to Article 42 (1) of the Act intends to exempt loan charges, he/she shall obtain a prior approval from the office of general administration. <Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 51 (Provisions Applicable Mutatis Mutandis)   print
The provisions of Articles 27, 28, 29 (1) through (5), 30, 31, 32 (4) and (5), 33, 34 (2) and 35 shall apply mutatis mutandis to the methods, etc. of making loan contracts as provided for in Article 46 of the Act. In such cases, "administrative property" shall be construed as "general property"; "permit for use" as "loan contract"; "register of permits for use" as "loan contract register"; and "usage fees" as "loan charges." <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 51-2 (Calculation of Loan Deposit)   print
The loan deposit pursuant to Article 47 (2) of the Act shall be calculated in accordance with the following calculation formula:
Loan deposit= Amount to be converted into loan deposit from annual loan charges/ Publicly announced interest rate
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
SECTION 3 Sale
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 Article 52 (Sale)   print
(1) A property deemed and designated, by the office of general administration or the head of central government agency, as necessary to be administered by State pursuant to Article 48 (1) 4 of the Act shall be the property falling under any of the following subparagraphs:
1. A property that needs to be developed pursuant to Article 57 of the Act;
2. A property that needs to be reserved to meet the administrative demand in the future;
3. A property, the disposal of which needs to be restricted since a de facto or in-court dispute is on-going or foreseeable.
(2) "General property as determined by Presidential Decree" under Article 48 (2) of the Act shall mean the property falling under any of the following subparagraphs:
1. A land or a building, the usage of which is abolished after having been used as a public property;
2. A property which consists of a series of lands exceeding 3,000 square meters [referring to a series of lands which are the general properties with their boundary lines contacted with one another (excluding the lands co-owned by State and a person other than State), hereinafter the same shall apply].
(3) In cases where a person delegated/entrusted with an affairs on administration/disposal of a general property pursuant to Article 42 (1) of the Act intends to sell off the general property through a private contract without public bidding because the general property concerned falls under Article 40 (3) 3 through 5, 12 and 18 (i), he/she shall obtain a prior approval from the office of general administration.
(4) In cases where the head of central government agency, etc. intends to sell off the State-owned land falling under any of the following subparagraphs, he/she shall first consult with the Minister of Land, Transport and Maritime Affairs to decide whether or not the State-owned land is necessary for the use of long-term public rental housing (referring to the rental housing with at least ten years of obligatory rental period, and as a constructed public rental housing pursuant to Article 2 of the Enforcement Decree of the Rental Housing Act):
1. Site for a military camp, a prison or a school, the use of which is abolished;
2. A series of lands exceeding 10,000 square meters.
[This Article Wholly Amended by Presidential Decree No. 22815, Apr. 1, 2011]
law view
 Article 53 (Sale by Specifying Uses)   print
(1) Where general property is sold with the use thereof specified in accordance with Article 49 of the Act, it shall be put to the specified use for not less than ten years from the date of sale.
(2) Where it is deemed necessary in relation to the property sold for a specified use, the office of general administration may request the purchaser to report or to submit materials on the management status of such property, and may direct public officials under its control to audit the status of management or take other necessary measures.
(3) Where general property is sold with the use thereof specified in accordance with Article 49 of the Act, a special agreement shall be registered providing that the relevant sales contract shall be rescinded if any cause provided for in subparagraph 3 of Article 52 of the Act occurs.
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 Article 54 (Period for Payment of Proceeds from Sale)   print
(1) The proceeds from sale under Article 50 of the Act shall be paid in full by a deadline, as prescribed by the head of central government agency, etc., which does not exceed 60 days from the date on which the relevant contract is concluded: Provided, That the same shall not apply in cases falling under any of Article 55 (1) through (4). <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) "When it is permitted by Presidential Decree" in the proviso to Article 50 (1) of the Act means any of the following subparagraphs:
1. When an accident not attributable to a purchaser occurs due to any natural calamity or other disaster referred to in subparagraph 1 of Article 3 of the Framework Act on the Management of Disasters and Safety;
2. When the date of delivery of property and the period for payment of proceeds from sale are prescribed separately at the time of concluding a contract for sale of the property, for the purpose of meeting the need for the State to occupy and use that property continuously for a certain period.
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 Article 55 (Installment Payment of Proceeds from Sale)   print
(1) In accordance with Article 50 (2) of the Act, proceeds from sale may be paid in installments over a period of not more than three years, if the proceeds from sale exceed ten million won.
(2) In accordance with Article 50 (2) of the Act, proceeds from sale may be paid in installments over a period of not more than five years in cases falling under any of the following subparagraphs: <Amended by Presidential Decree No. 22221, Jun. 28, 2010>
1. Where property which will be used directly by a local government for an official or public purpose is sold to the local government concerned;
2. Where property which will be used directly by a public organization provided for in Article 33 for non-profit public activities is sold to the public organization concerned;
3. Where the land occupied and used as the site of a private building since before January 24, 1989, or the land occupied and used as the site of a building for which authorization of completion is granted under the former Act on Special Measures for Rearrangement of Specific Buildings (referring to those enacted by Act Nos. 3533, 6253 and 7698), is sold to the person occupying or using such land;
4. Where the land occupied and used as the site of a private building meeting the standards set by the Mayor/Do Governor for the implementation of a housing redevelopment project pursuant to the Act on the Maintenance and Improvement of Urban Areas and Dwelling Conditions for Residents in a rearrangement zone designated for the implementation of the housing redevelopment project under subparagraph 2 (b) of Article 2 of the same Act is sold by the person who occupies and uses the land at the time of granting authorization to implement the housing redevelopment project to the person who succeeds to the rights and duties under Article 10 of the same Act (including cases where the said land constitutes the land on which the rearrangement basis facilities under subparagraph 4 of Article 2 of the same Act are planned to be installed and so any other State land in the rearrangement zone is sold by the person who occupies and uses the land to the person who succeeds to the rights and duties in accordance with Article 10 of the same Act);
5. Where the land occupied and used as the site of a private building, among those located in a market rearrangement project implementation district provided for in Article 31 of the Special Act on the Promotion of Traditional Marketplaces and Shopping Districts, is sold to the person occupying and using such land;
6. Where the land necessary to develop, establish or operate installations for a venture business cluster under Article 19 (1) of the Act on Special Measures for the Promotion of Venture Businesses is sold to a person who establishes or operates the installations for a venture business cluster;
7. Where the land necessary for development of a technopark under Article 10 (1) of the Act on Special Cases concerning Support of Technoparks is sold to the project operator concerned;
8. Where the State continues to occupy and use the property subject to sale for a fixed period.
(3) In cases falling under any of the following subparagraphs, proceeds from sale may be paid in installments over a period of not more than ten years in accordance with Article 50 (2) of the Act: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where farmland, the size of which is not more than 10,000 square meters, located in the area of Eup/Myeon, among those in agriculture furtherance areas provided for in Article 30 of the Farmland Act, is sold to an actual tiller;
2. Where the land located in the urban development area under Article 3 of the Urban Development Act, which is necessary for an urban development project, is sold to the operator of such project (limited to a legal entity that moves to an area other than the Seoul Metropolitan Area prescribed in Article 11 (1) 7 of the same Act);
3. Where property which will be used by a local government to develop an industrial complex under the Industrial Sites and Development Act is sold to the local government concerned;
3-2. Where a State property to be developed is sold to a special purpose company for development of State-owned land.
(4) In cases falling under any of the following subparagraphs, proceeds from sale may be paid in installments over a period of not more than twenty years pursuant to Article 50 (2) of the Act:
1. Where the land occupied and used as the site of a private building pursuant to paragraph (2) 4 in a rearrangement zone designated for the implementation of a housing redevelopment project under subparagraph 2 (b) of Article 2 of the Act on the Maintenance and Improvement of Urban Areas and Dwelling Conditions for Residents is sold to the person who occupies and uses the land at the time of granting authorization to implement the housing redevelopment project (including cases where the said land constitutes the land on which the rearrangement basis facilities under subparagraph 4 of Article 2 of the same Act are planned to be installed and so any other State land in the rearrangement zone is sold to the person occupying and using such land);
2. Where approval of the President is granted after deliberation by the State Council, in cases falling under any of the following items:
(a) Where the sale of general property is deemed necessary for a settlement project for the dispersion of population;
(b) Where the sale of general property is deemed inevitable due to any natural calamity or other disaster referred to in subparagraph 1 of Article 3 of the Framework Act on the Management of Disasters and Safety.
(5) "Interest determined by Presidential Decree" in Article 50 (2) of the Act means interest calculated by applying the announced interest rate to the remainder of the proceeds from sale under any of paragraphs (1) through (4).
(6) Where proceeds from sale are paid in installments over a period of not more than five years pursuant to paragraph (2) 8, the interest pursuant to paragraph (5) shall be collected from the time the purchaser acquires, or begins to occupy or use, the sold property.
law view
 Article 56 (Transfer, etc. of Ownership)   print
"If it is determined by Presidential Decree" in the former part of Article 51 (2) of the Act means if the proceeds from sale are paid in installments pursuant to Article 55 (2) 1, 2 and 4 through 7, (3) 3 and (4) 1.
SECTION 4 Exchange
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 Article 57 (Exchange)   print
(1) An exchange under Article 54 (1) of the Act shall be made between similar types of property, except in cases falling under any of the following subparagraphs: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where general property is exchanged for public property;
2. Where a worn-out existing official residence is exchanged to acquire a new official residence.
(2) The exchange between similar type of properties under paragraph (1) shall be the cases falling under any of the following subparagraphs: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where an exchange takes place between lands;
2. Where an exchange takes place between buildings;
3. Where a building (including a structure) exists on both or one of two lands, if the principle properties (referring to the property, the value of which is not less than 1/2 of the entire property's value) coincide with each other.
(3) The head of central government agency, etc. shall not exchange a general property in cases where the general property falls under any of the following subparagraphs: <Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where disposal of a general property is restricted pursuant to the National Land Planning and Utilization Act or other Acts;
2. Where it is necessary to preserve/administer a property that can be utilized in the future for public facilities such as road/harbor/airport;
3. Where intending to exchange without detailed plan for using the property to be acquired through exchange;
4. Where the price of a property is less than 3/4 of the other property's price (referring to 1/2 in the case of the exchange pursuant to Article 54 (1) 2 of the Act): Provided, That this shall not apply to the cases where the property to be exchanged is a co-owned property;
5. Where the utility of a State property remaining after exchange decreases noticeably.
(4) The head of central government agency, etc. who seeks to exchange general property, shall specify the purpose of exchange, the counterpart to the exchange, the price of property to be exchanged, the method of settlement of the exchange price, etc., as prescribed by Ordinance of the Ministry of Strategy and Finance. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(5) In cases of exchange for public property, it may be made on the basis of an officially assessed individual land price by mutual agreement between the head of central government agency, etc. and the local government concerned or a price assessed by one or more certified public appraisal corporations, notwithstanding the provisions of Article 42 (1). <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(6) In cases where a person delegated/entrusted with an affairs on administration/disposal of a general property pursuant to Article 42 (1) of the Act intends to exchange the general property concerned, he/she shall obtain a prior approval from the office of general administration. <Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011>
SECTION 5 Transfer
law view
 Article 58 (Transfer)   print
(1) "General property as determined by Presidential Decree" under Article 55 (1) 1 of the Act shall mean the property falling under any of the following subparagraphs: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. A general property, previously being used by the State for its affair, continues to be used by a local government, to which the affair concerned is transferred, for the purposes of conducting such affair;
2. A general property being used by a local government for the site of its office. In such case, it shall be limited to the general property, the land of which was previously controlled by the Ministry of Home Affairs and was not transferred to the local government during the years between 1961 and 1965 although qualified for the transfer, being continuously used for the site of the local government office;
3. A general property under the control of the office of general administration which is included in the project site for making road facilities (referring to the urban planing facilities pursuant to the urban administrative plan determined prior to 1992) enforced by the head of local government (excluding the Special Metropolitan City, Metropolitan City, Gyeonggi-do and the local governments under their control) pursuant to Article 86 of the National Land Planning and Utilization Act;
4. A general property under the control of the office of general administration which is included in the roads under Articles 11 through 15 of the Road Act (it shall be limited to such roads included in the said roads before December 31, 2004);
5. A general property necessary to promote the commemoration service under Article 5 of the Special Act on the May Democratization Movement, etc.
(2) "Public organization determined by Presidential Decree" in Article 55 (1) 2 of the Act means any legal entity provided for in Article 33.
(3) "Property determined by Presidential Decree" under Article 55 (1) 4 of the Act means the property falling under any of the following subparagraphs: <Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011>
1. A State-owned building (including its subsidiary facilities) which is located in the land owned by the person other than State. In such case, the transferee, the other party, shall be limited to the owner of the land on which the State-owned building is located;
2. A general property determined to be transferred with approval of the president there on after deliberation of the State Council, in order to smoothly fulfill State's administrative purpose.
(4) When the head of central government agency, etc. consults with the office of general administration pursuant to the main sentence of Article 55 (3) of the Act, it shall make clear the purpose and conditions of transfer, the price of the property to be transferred and the particulars of expenses borne by the transferee. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
law view
 Article 59 (Registration of Special Agreement at Time of Transfer)   print
In cases of transfer under Article 55 (1) 1 of the Act, a special agreement shall be registered providing that the relevant transfer contract shall be rescinded if a cause provided for in Article 55 (2) of the Act occurs.
SECTION 6 Development
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 Article 60 (Development)   print
The development activities under Articles 57 of the Act may be conducted by means of parcelling-out type, loan type and mixed type (referring to a combination of parcelling-out type and loan type). <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
law view
 Article 61 (Trust Contract)   print
(1) If the head of central government agency, etc. seeks to make a trust development under Article 58 of the Act, it shall conclude a trust contract, as prescribed by Ordinance of the Ministry of Strategy and Finance. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) The head of central government agency, etc. shall make clear the terms of a trust contract provided for in paragraph (1) prior to the conclusion of the trust contract, and then consult with, or obtain approval from, the office of general administration pursuant to Article 58 (2) or (3) of the Act. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) "Important matters determined by Presidential Decree" in the latter part of Article 58 (2) of the Act and "important matters determined by Presidential Decree" in the latter part of paragraph (3) of the same Article mean matters falling under any of the following subparagraphs:
1. Selection of trust operators;
2. Period for trust;
3. Trust fees;
4. Limits on the borrowing of funds;
5. Use of facilities;
6. Kinds of development.
law view
 Article 62 (Method of Devolving Profits from Trust Development to State, etc.)   print
(1) A trust operator who is trusted with general property shall finish calculations on the trust business during the trust period, based on the last day of each year, and pay the profits therefrom to the head of central government agency, etc. by the last day of February of the following year. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) Upon expiration of a trust period or cancellation of a trust contract, a trust operator shall finish the last calculations on the relevant trust business and obtain approval therefor from the head of central government agency, etc., and then transfer the trust property to the State by any of the following methods: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. In cases of land and its fixtures, the trust registration shall be cancelled and registration for the transfer of the ownership shall be made in the name of the State: Provided, That fixtures difficult to be registered shall be transferred as they are;
2. Other property resulting from the trust shall be paid in terms of money to the head of central government agency concerned, etc.
law view
 Article 63 (Business Plan for Entrusted Devolvement)   print
(1) Where a person entrusted with the business of administration and disposal of general property pursuant to Article 42 (1) and (3) of the Act (hereinafter referred to as "trustee") intends to obtain approval pursuant to Article 59 (2) of the Act, he/she shall establish a business plan for entrusted development including the entrustment period, entrustment fees, limits on the borrowing of funds, use of facilities, etc. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) The head of central government agency shall, when intending to hold a consultation under Article 59 (3) of the Act, submit a business plan for entrusted development referred to in paragraph (1) to the office of general administration. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) "Important matters determined by Presidential Decree" in the latter part of Article 59 (2) of the Act and "important matters determined by Presidential Decree" in the latter part of paragraph (3) of the same Article mean matters falling under any of the following subparagraphs:
1. Period for entrustment;
2. Entrustment fees;
3. Limits on the borrowing of funds;
4. Use of facilities;
5. Kinds of development.
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 Article 64 (Method of Devolving Profits from Entrustment Development to State, etc.)   print
(1) The ownership of the property developed by a trustee pursuant to Article 59 of the Act shall revert to the State.
(2) A trustee shall finish calculations on the entrustment business during the entrustment period, based on the last day of each year, and pay the profits therefrom to the office of general administration or the head of central government agency. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 64-2 (Private Business Entities)   print
"Private business entities determined by Presidential Decree" under Article 59-2 (1), other than its subparagraphs, of the Act shall mean the corporation (including foreign corporations) other than the person falling under any of the following subparagraphs:
1. State, a local government or a public institution;
2. A public corporation or a foundation established pursuant to a special Act.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
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 Article 64-3 (Asset Management Company)   print
"Asset management company determined by Presidential Decree" under the former part of Article 59-2 (2) of the Act shall mean the corporation falling under any of items of Article 86-2 (5) 2 of the Enforcement Decree of the Corporate Tax Act.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
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 Article 64-4 (Person Having Special Relationship)   print
"Person having the special relationship as determined by Presidential Decree" under Article 59-2 (3), other than its subparagraphs, of the Act shall mean the person falling under any of the following subparagraphs:
1. A corporation, over 30/100 of share ownership of which is owned by the person falling under any of the subparagraphs of Article 59-2 (3) of the Act;
2. A corporation that the person falling under any of the subparagraphs of Article 59-2 (3) of the Act participates in management of the corporation as its largest hareholder.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
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 Article 64-5 (Basic Plan on Development through Participation of Private Sector)   print
"Cases where intending to change important matters, as determined by Presidential Decree, on the basic plan for development through participation of private sector such as criteria and method of selecting negotiation partners" under Article 59-3 (4) of the Act shall mean the cases falling under any of the following subparagraphs:
1. Where intending to change the use of facility with respect to the portion of property for official use;
2. Where, in a development project, intending to change not less than 10/100 of the project's estimated investment amount or facility scale;
3. Where intending to change the matters on criteria and method of selecting negotiation partners;
4. Other cases where intending to change the important matters deemed, by the office of general administration, necessary to obtain deliberation of the Committee and the subcommittees in order to smoothly promote the development project through participation of private sector.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
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 Article 64-6 (Letter of Proposal for Business Plan on Development through Participation of Private Sector)   print
"Matters as determined by Presidential Decree" under Article 59-3 (6) of the Act shall mean any of the following subparagraphs:
1. Matters on a business plan;
2. Matters on examination of feasibility of a business plan;
3. Matters on share ownership, business structure and detailed operations of the special purpose company for development of State-owned land;
4. Matters on purchase price of the State-owned land to be developed;
5. Matters on details of the total business budget and on the financing plan;
6. Matters on criteria for distribution of revenue;
7. Matters on plans for sale in lots/selling off and renting;
8. Matters on roles and responsibilities among business participants;
9. Other matters deemed necessary by the office of general administration.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
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 Article 64-7 (Staffing and Operation of the Evaluation Group for Development through Participation of Private Sector)   print
(1) In order to perform the evaluation affair pursuant to Article 59-3 (7) of the Act, the office of general administration shall organize the evaluation group for development through participation of private sector staffed with persons falling under any of the following subparagraphs (hereinafter referred to as "evaluation group"):
1. From among the public officials falling under the senior civil service group in the Ministry of Strategy and Finance, the Ministry of Land, Transport and Maritime Affairs, and in the Public Procurement Service, a person designated by the head of the institution to which the person belongs;
2. A person commissioned by the Minister of Strategy and Finance, from among the persons falling under any of the following items:
(a) A person in the office of an assistant professor or higher position in the area of development project and its relevant areas;
(b) A doctorial degree holder having professional knowledge on development project who belongs to the government-contributed research institute established pursuant to the Act on the Establishment, Operation and Fostering of Government-Funded Research Institutions;
(c) A certified architect, public accountant or attorney at law, etc. having at least five years of practice who has professional knowledge and experience on development project.
(2) Members of the evaluation group shall be at least 10 and not more than 30 persons.
(3) Other than the matters provided for under paragraphs (1) and (2), affairs necessary for staffing and operation of the evaluation group shall be determined by the office of general administration after deliberation of the Committee.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
SECTION 7 Contributions In Kind
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 Article 65 (Base Date of Appraisal of Contributions in Kind)   print
In calculating the amount of contribution pursuant to Article 62 of the Act, the base date of appraisal of property shall be determined by the Minister of Strategy and Finance.
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 Article 66 (Acquisition of Equity Securities following Contributions in Kind)   print
"Any case prescribed by Presidential Decree" in the proviso to Article 64 of the Act means any of the following cases:
1. Where the Government makes contributions in kind to any enterprise, the capital of which is composed entirely of investments from the Government;
2. Where the Government makes contributions in kind on condition that the said contributions exchange for the equity securities acquired in return for the contributions so as to ensure the reinstatement of those contributions;
3. Where contributions in kind are made to a financial institution ordered by the Financial Services Commission to reduce its capital pursuant to Article 12 of the Act on the Structural Improvement of the Financial Industry, upon request by the Financial Services Commission.
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 Article 67 (Reinstatement of Property Contributed in Kind)   print
(1) Where contributions in kind are reinstated pursuant to subparagraph 2 of Article 66, the contributions in kind and the equity securities acquired in return for such contributions shall be exchanged on the same conditions as those at the time of making those contributions, irrespective of the market prices thereof at the time of such reinstatement.
(2) The timing of reinstatement under paragraph (1) and other necessary matters shall be determined on the basis of an agreement made between the office of general administration and each corporation.
SECTION 8 Distribution for Government
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 Article 67-2 (Scope of Companies Making Distribution for Government)   print
"Companies as determined by Presidential Decree" under Article 65-2 of the Act shall mean the companies under annexed Table 2.
[This Article Newly Inserted by Presidential Decree No. 23221, Oct. 14, 2011]
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 Article 67-3 (Criteria for Determination of Distribution)   print
"Criteria for determination of distribution as determined by Presidential Decree" under subparagraph 6 of Article 65-3 of the Act shall mean the matters falling under each of the following subparagraphs:
1. Whether or not the Government provides financial support, together with the scale thereof, for the companies making distribution for the Government in accordance with Article 65-2 of the Act (hereinafter referred to as "companies making distribution for the Government");
2. Degree of publicness of the companies making distribution for the Government;
3. Other matters the office of general administration deems necessary to make the distribution for the Government, pursuant to Article 65-2 of the Act, appropriate.
[This Article Newly Inserted by Presidential Decree No. 23221, Oct. 14, 2011]
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 Article 67-4 (Submission of Data of Estimated Government's Distribution Revenue)   print
Pursuant to Article 65-4 (1) of the Act, the companies making distribution for the Government shall submit each year the data under the following subparagraphs 1 through 3 and 5 until each May 31, the data under the following subparagraph 4 until each July 31 to the office of general administration or to the head of central government agency:
1. Major business plans and estimated net profit for the term;
2. A plan for disposal of profits;
3. Status of paid in capital;
4. Performance of net profit for the first half of the fiscal year concerned, and annual estimated net profit for the term;
5. Other data the office of general administration deems necessary to estimate Government's distribution revenue.
[This Article Newly Inserted by Presidential Decree No. 23221, Oct. 14, 2011]
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 Article 67-5 (Submission of the Data concerning Determination of Distribution for Government)   print
Pursuant to Article 65-5 (1) of the Act, the companies making distribution for the Government shall submit until January 31 each year the data falling under each of the following subparagraphs to the office of general administration and to the head of central government agency, respectively:
1. A plan for internal reservation and distribution of earned surplus;
2. Statements of financial position and profit and loss that are completed before financial auditing;
3. Status of paid in capital;
4. Other data the office of general administration deems necessary to determine Government's distribution revenue.
[This Article Newly Inserted by Presidential Decree No. 23221, Oct. 14, 2011]
CHAPTER Ⅴ ADMINISTRATIVE REGISTER AND REPORTING
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 Article 68 (Administrative Register and Inspection)   print
(1) The register of State property provided for in Article 66 (1) of the Act shall be prepared using a form prescribed by the office of general administration according to the classifications and kinds of State property. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) In cases where the business of administration is delegated under Article 28 of the Act or the business of administration/disposal of general property is delegated or entrusted under Article 42 (1) and (2)of the Act, the person to whom that business is delegated or entrusted shall prepare and keep the register referred to in paragraph (1), and the head of central government agency shall prepare and keep the general register with regard thereto. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(3) The office of general administration shall keep the general register by classifying State property as the property owned by the offices of administration, the property owned by those to whom the business of administration/disposal of general property is delegated or entrusted under Article 42 (1) of the Act, and the property owned by the office of general administration. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(4) The head of central government agency, etc. shall select the property subject to an inspection of actual conditions by taking account of the peculiarity, status of utilization, etc. of State property, and perform an inspection of the relevant State property at least once a year. In such cases, the matters to be inspected shall be as follows: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Status of property and land registration;
2. Surrounding environment;
3. Present state of use;
4. Other necessary matters regarding the preservation, administration, etc. of property.
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 Article 69 (Adjustment of Register)   print
(1) Where any variation or change in State property occurs resulting from the acquisition, administrative conversion and disposal of State property or any other cause, the head of central government agency, etc. shall promptly record the details thereof on the register and adjust the annexed drawings. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) Where the Special Self-Governing Province Governor or the head of a Si/Gun/Gu has adjusted the register on the land, forests and fields owned by the State, he/she shall promptly notify these adjustments to the head of central government agency, etc. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 70 (Reporting on Administration and Management of State Property)   print
The matters to be included in a report on the administration and management of State property pursuant to Article 69 (1) of the Act shall be as follows: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. The performance of enforcement and the result of evaluation of the comprehensive plan for State property;
2. Status of the increase and decrease, and holding of State property as at the end of the relevant year;
2-2. Performance of management pursuant to Article 9 of the Act on Regulation of Special Cases of State Property;
3. Other matters recognized by the head of central government agency as important in relation to the duties of administration and disposal of State property.
CHAPTER Ⅵ SUPPLEMENTARY PROVISIONS
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 Article 71 (Indemnities)   print
(1) An indemnity provided for in Article 72 of the Act shall be an amount equivalent to 120/100 of the annual usage fees or annual loan charges calculated under Article 29 (1) through (3). In such cases, if the period for occupation exceeds one fiscal year, the indemnity shall be the aggregate amount of the indemnities calculated for the respective fiscal years.
(2) The head of central government agency, etc. may postpone the collection of an indemnity for a period not exceeding one year from the deadline for its initial payment, if the unauthorized occupant concerned falls under any of the following subparagraphs: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where any serious damage has been caused to the relevant property due to any disaster or loss;
2. Where the unauthorized occupant or his/her cohabiting family member requires long-term treatment due to any disease or serious injury;
3. Where the unauthorized occupant is a recipient of assistances under subparagraph 2 of Article 2 of the National Basic Living Security Act;
4. Other cases recognized as equivalent to subparagraphs 1 and 2.
(3) If the indemnity referred to in paragraph (1) exceeds one million won, the head of central government agency, etc. may allow the person liable for the payment thereof to pay the indemnity in installments over a period of not more than three years on condition that the interest be added, calculated by applying the announced interest rate to the remainder of the indemnity pursuant to Article 72 (2) of the Act. In such cases, the payment dates and amounts of the indemnity to be paid in installments shall be notified together. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(4) Article 36 (3) and (4) shall apply mutatis mutandis to the collection of indemnities.
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 Article 72 (Collection of Overdue Charges, etc.)   print
(1) If, with regard to State property, the usage fees, additional dues imposed for the negligence of administration, loan charges, proceeds from sale, exchange funds and indemnities (excluding any interest accrued thereon where the payment of such indemnities is made in installments) are not paid by their respective due dates as provided for in Article 73 of the Act, the head of central government agency, etc. shall notify the person liable for the payment thereof to pay them with overdue charges calculated by applying a percentage described in each of the following subparagraphs for a fixed period not exceeding 15 days. In such cases, if the amounts referred to in the former part and the overdue charges are not paid within the notified period, notice of payment shall be made again within the limits of two occasions, but the deadline of payment under the final notice shall be within three months from the date of payment notice as referred to in the former part, and thereafter notice of demand shall be made at least once per year: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where the period of arrears is less than one month: 12 percent per annum;
2. Where the period of arrears is not less than one month but less than three months: 13 percent per annum;
3. Where the period of arrears is not less than three months but less than six months: 14 percent per annum;
4. Where the period of arrears is not less than six months: 15 percent per annum.
(2) If the notified amount is paid by the payment deadline notified under the former part of paragraph (1), the overdue charges from the date of notice to the date of payment shall not be collected.
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 Article 72-2 (Consultation of the Urban Administration Plan)   print
In cases where the head of central government agency concerned or the head of a local government intends to consult pursuant to Article 73-2 (1) of the Act, he/she shall consult with the person under any of the following subparagraphs:
1. In cases of the general property under the control of the office of general administration: The office of general administration;
2. In cases of the State property other than subparagraph 1: The head of central government agency who controls the State property concerned.
[This Article Newly Inserted by Presidential Decree No. 22815, Apr. 1, 2011]
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 Article 73 (Additional Amount in Repayment for Faulty Collection)   print
"Interest determined by Presidential Decree" in Article 75 of the Act means the interest calculated by applying the announced interest rate.
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 Article 74 (Disclosure of Information)   print
Pursuant to Article 76 (1) of the Act, the office of general administration shall disclose the following information so as to facilitate the understanding of citizens thereon:
1. Acquisition, disposal and holdings of State property;
2. Status of State property, the use of which can be permitted or which can be loaned or sold;
3. Status of important policies, etc. relating to State property.
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 Article 75 (Reporting on Concealed Property, etc.)   print
(1) Any concealed State property subject to the payment of compensation or the transfer as provided for in Article 77 of the Act shall be the State property which is registered or recorded in the name of any person, other than the State, in the certified transcript of the register or in the public cadastre, and the registration or record of which is not perceived by the State.
(2) Any unowned real estate subject to the payment of compensation or the transfer as provided for in Article 77 of the Act shall be the property which has not been registered or recorded in the certified transcript of the register or in the public cadastre, or the owner of which is not known, and the registration or record of which is not perceived by the State: Provided, That property for the public use shall be excluded.
(3) A report on the concealed property, etc. pursuant to Article 77 of the Act shall be submitted to the Mayor/Do Governor or the head of a Si/Gun/Gu having jurisdiction over the location of the property concerned, as prescribed by Ordinance of the Ministry of Strategy and Finance: Provided, That the property prescribed by Ordinance of the Ministry of Strategy and Finance among unowned real estate shall be directly surveyed by the relevant Special Self-Governing Province Governor or head of a Si/Gun/Gu, who shall report the results of such survey to the Mayor/Do Governor (excluding the Special Self-Governing Province Governor) concerned. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(4) The Mayors/Do Governors and the heads of Sis/Guns/Gus shall keep registers on disposal of concealed property, etc., as prescribed by Ordinance of the Ministry of Strategy and Finance, and record necessary matters therein.
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 Article 76 (Payment of Reward)   print
(1) If any concealed property, etc. is recognized and reported by a person, other than a local government, and its reversion is to be made to the State, the person who reported the concealed property, etc. shall be rewarded with not more than 10/100 of the value of such property, etc. pursuant to Article 77 of the Act.
(2) The reward under paragraph (1) shall be limited to 30 million won, and the rate and upper limit of reward for each kind of concealed property, etc. shall be determined by Ordinance of the Ministry of Strategy and Finance.
(3) In cases where a local government is rewarded under Article 77 (2) of the Act, the property may be transferred in accordance with the classification falling under each of the following subparagraphs: <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
1. Where the concealed property is found/reported: A property may be transferred within the limits of 30/100 of the price of the property which the office of general administration designates and the local government reports;
2. Where an unowned real estate falling under any of the following items is found/reported: A property may be transferred within the limits of 15/100 of the price of the property which the office of general administration designates and the local government reports:
(a) The property that has not registered, from the beginning, in a certified copy of the register or in cadastral records, other than the property for public use (including disused roads and waterways;
(b) The property that has not gone through ownership-acquisition procedures because there is no interested persons with respect to the land created by reclamation of public waters, etc.
(4) If two or more persons reported any concealed property, etc., the reward shall be made to the person who first reported it: Provided, That if the reported size is different, posterior reporters may be rewarded for the difference of the size only.
(5) In cases under paragraphs (1) and (3), the provisions of Article 42 shall apply mutatis mutandis to the value determination of the property concerned.
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 Article 77 (Special Provisions concerning Voluntary Restitution of Concealed Property, etc.)   print
(1) Any concealed State property subject to sale as provided for in Article 78 of the Act shall be the State property which is registered or recorded in the name of any person, other than the State, in the certified transcript of the register or in the public cadastre.
(2) If any concealed State property is sold to a person who has returned such property to the State under Article 78 of the Act, the periods of installment payments of the proceeds from sale and the proceeds from sale for one payment in full, depending upon each cause for such return, shall be as shown in annexed Table 3. <Amended by Presidential Decree No. 23221, Oct. 14, 2011>
(3) In cases of voluntary return as referred to in paragraph (2), the day of return shall be the day of receiving an application for registration for transfer of the ownership of the concealed property to be returned.
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 Article 78 (Liability for Compensation)   print
If an offense falling under any of Article 79 (1) of the Act and Article 4 (3) and (4) of the Act on Liability of Accounting Personnel, etc. is committed, the head of central government agency shall notify the details thereof without delay to the office of general administration and the Board of Audit and Inspection. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 79 (Scope of Corporations subject to Application of Special Provisions concerning Liquidation)   print
(1) The corporations to which the application of the Commercial Act is restricted under Article 80 of the Act shall be the enterprises, the equity securities of which are reverted to the State by any Act or as a result of contribution acceptance, etc. and which are designated by the office of general administration (hereinafter referred to as "liquidated corporations").
(2) The office of general administration shall, upon designation of a liquidated corporation, publicly announce the fact without delay.
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 Article 80 (Special Provisions concerning Liquidation)   print
(1) The scope to which, for liquidated corporations, the application of the Commercial Act is restricted under Article 80 of the Act shall be as follows:
1. Appointment of a liquidator and auditor;
2. Approval of the inventory of property and balance sheet provided for in Article 533 of the Commercial Act;
3. Transfer and acquisition of business, reduction of capital amount and amendments of articles of incorporation;
4. Approval of expenses of liquidation, settlement of accounts and completion of liquidation;
5. Determination of distribution and method of distribution of remaining property;
6. Convocation of a general meeting of stockholders or members;
7. Appointment of a document keeper and determination of the method of keeping documents.
(2) The office of general administration shall determine the matters referred to in each subparagraph of paragraph (1) after hearing opinions of the relevant agencies and those who have profound learning and experience in the business of corporate liquidation.
(3) With respect to any provisions inconsistent with this Decree among those of subordinate statutes (excluding those of Acts) concerning liquidation of liquidated corporations, this Decree shall prevail.
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 Article 81 (Liquidation Procedures for Corporations Located in Areas North of Military Demarcation Line)   print
(1) Public announcement provided for in Article 81 (3) of the Act shall be made by publishing the following matters in the Official Gazette and daily newspapers with nationwide circulation:
1. Name of the corporation concerned and details of its property;
2. Purport that stockholders, creditors or other rightful persons shall be excluded from proceeds of the liquidation, if they fail to report within six months from the public announcement.
(2) Where the State entrusts registration for ownership transfer on the real estate of a corporation, according to the latter part of Article 81 (2) of the Act or as a result of the distribution of the remaining property resulting from the completion of liquidation procedure, a written acceptance by the party who is obliged to register as provided for in Article 36 (1) of the Registration of Real Estate Act is not required to be accompanied under Article 81 (4) of the Act, and a written form determined by the office of general administration after hearing opinions of the relevant agencies and those who have profound learning and experience in the business of corporate liquidation shall replace a written instrument proving the ground for registration provided for in Article 40 (1) 2 of the Registration of Real Estate Act.
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 Article 82 (Buying Insurance Policy)   print
(1) The head of central government agency shall take out non life insurance on buildings, in each of which the total floor area is not less than 1,000 square meters, ships, airplanes and the appurtenances thereof, which are State property, and other important machinery and appliances among those provided for in Article 5 (1) 3 of the Act. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
(2) If the use of the buildings, ships, airplanes, machinery or appliances provided for in paragraph (1) is permitted or such property is loaned, whether it is paid for, the head of central government agency may have the person so permitted or loaned take out non life insurance thereon, or pay the insurance premium borne by the said head of central government agency, in advance. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
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 Article 83 (Payment of Budgetary Incentives to Public Officials in Charge of Administration of State Property)   print
If public officials, who take charge of all or some affairs of State property administration delegated under Articles 28 and 42 of the Act, contribute to increasing revenues or to saving budget by improving institution or by other methods, the office of general administration and the head of central government agency may pay incentive allowances out of the budget to such public officials under Article 49 of the National Finance Act. <Amended by Presidential Decree No. 22815, Apr. 1, 2011>
ADDENDA
Article 1 (Enforcement Date)
This Decree shall enter into force on July 31, 2009: Provided, That the amended provisions of Article 74 shall take effect on January 1, 2010.
Article 2 (Repeal of other Decree)
The Enforcement Decree of the Act on the Contribution In-Kind of State Property is hereby repealed.
Article 3 (Applicability to Methods of Permit for Use)
The amended provisions of Article 27 (2) and (5) shall apply to administrative property for which a bid announcement is made on or after the date this Decree enters into force (including cases where State property is put out to bidding, but the person to be granted permission for the use thereof is not determined, before this Decree enters into force, and then a bid announcement therefor is made again after this Decree enters into force).
Article 4 (Applicability to Alteration, etc. in Rates of Usage Fees)
The amended provisions of Article 29 (1) and (3) shall apply to administrative property, the use of which is permitted (including cases where the usage fees for the following year are imposed and notified during the period for which the use of administrative property is permitted) on or after the date this Decree enters into force.
Article 5 (Applicability to Adjustment of Usage Fees)
The amended provisions of Article 31 shall apply to administrative property for which the usage fees for the following year are imposed and notified on or after the date this Decree enters into force.
Article 6 (Applicability to Estimated Price of Property to be Disposed of)
The amended provisions of Article 42 (1) shall apply to general property, the estimated disposal price of which is determined on or after the date this Decree enters into force.
Article 7 (Applicability to Period of Payment, and Installment Payment, of Proceeds from Sale)
The amended provisions of Articles 54 (1) and 55 (1) shall apply to general property for which a sales contract is concluded on or after the date this Decree enters into force.
Article 8 (Special Cases for Delegation of Authority concerning Property Already Sold)
The office of general administration shall delegate to the Commissioner of the National Tax Service its authority on sale of the miscellaneous property determined to be sold by the Commissioner of the National Tax Service before the amended State Property Act, Act No. 2950 enters into force, notwithstanding the provisions of Article 38 of this Decree.
Article 9 (Special Cases for Installment Payment of Proceeds from Sale)
Where proceeds from sale are paid in installments pursuant to Article 55 (1), the remainder of the proceeds from sale shall be paid with interest at six percent per annum until the office of general office publishes its announced interest rate.
Article 10 (Transitional Measures following Enforcement of the Act on Land Survey, Waterway Survey and Cadastral Records)
"Subparagraph 19 of Article 2 of the Act on Land Survey, Waterway Survey and Cadastral Records" in the amended provisions of Article 8 (1) 6 shall be construed as "subparagraph 1 of Article 2 of the Cadastral Act" until December 9, 2009.
Article 11 (Transitional Measures concerning Announced Interest Rate, etc.)
Notwithstanding the amended provisions of Articles 30 (3), 55 (5), 71 (3) and 73, the previous provisions of Articles 27 (3), 44-2 (4), 56 (2) and 56-2 shall apply until the office of general administration publishes its announced interest rate.
Article 12 (Transitional Measures concerning Scope of Public Organizations)
With respect to legal entities designated as public organizations as at the time this Decree enters into force, the usage fees may be exempted pursuant to the previous provisions until the period permitted for use and benefit expires, notwithstanding the amended provisions of Article 33.
Article 13 (Transitional Measures following Enforcement of the Korea Land and Housing Corporation Act)
(1) "Korea Land and Housing Corporation established pursuant to the Korea Land and Housing Corporation Act" in the amended provisions of Article 38 (1) shall be construed as "Korea Land Corporation established pursuant to the Korea Land Corporation Act" until September 30, 2009.
(2) "Korea Land and Housing Corporation under the Korea Land and Housing Corporation Act" in the amended provisions of subparagraph 25 of annexed Table 1 shall be construed as "Korea National Housing Corporation under the Korea National Housing Corporation Act and Korea Land Corporation under the Korea Land Corporation Act" until September 30, 2009.
Article 14 Omitted.
Article 15 (Relationship to other Acts and Subordinate Statutes)
If the former Enforcement Decree of the State Property Act or the former Enforcement Decree of the Act on the Contribution In-Kind of State Property, or the provisions thereof, are cited in other Acts and subordinate statutes as at the time this Decree enters into force, and if any provisions corresponding thereto exist in this Decree, this Decree or the corresponding provisions hereof in lieu of the former provisions shall be deemed to be cited.
ADDENDA <Presidential Decree No. 21765, Oct. 1, 2009>
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. 22151, May 4, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 5, 2010.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 22221, Jun. 28, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2010.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 22493, Nov. 15, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 18, 2010.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 22516, Dec. 7, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on December 9, 2010.
Articles 2 through 8 Omitted.
ADDENDA <Presidential Decree No. 22815, Apr. 1, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on April 1, 2011.
Article 2 (Applicability concerning Public Announcement of Ownerless Real Estate)
The amended provisions of Article 7 (2) shall apply from the first public announcement after enforcement of this Decree.
Article 3 (Case of Application to Lowering Usage Fee)
The amended provisions of Article 29 (1) 5 and 6 shall apply from the first usage permit after enforcement of this Decree or from the charge/notice of usage fee for the next year during the period of usage permit.
Article 4 (Applicability concerning Exempting Local Government from Usage Fee or Loan Charge)
The amended provisions of Articles 32 (4) and (5) and Article 51 shall apply from the first usage permit or the first loan contract for State property after enforcement of this Decree.
Article 5 (Applicability concerning Degression of Estimate Price pursuant to General Competitive Bidding)
The amended provisions of Article 42 (3) shall apply from the first general property subject to the general competitive bidding after enforcement of this Decree.
Article 6 (Applicability concerning Restriction on Disposal of Securities Paid as National Tax Payment in Kind)
The amended provisions of Article 42 (4) shall apply from the first security subject to be sold after enforcement of this Decree.
Article 7 (Applicability concerning Preparation of State Property Administration and Management Report)
The amended provisions of subparagraphs 1 and 2-2 of Article 70 shall apply from the State property administration and management report to be prepared for the portion of 2012 fiscal year.
Article 8 (Special Cases for Calculation of Loan Deposit)
Notwithstanding the amended provisions of Article 51-2, the publicly announced interest rate shall be six percentage until the office of general administration makes a public announcement.
Article 9 (Transitional Measures concerning Office Term of Members of the Committee for Examination on State Property Policies)
The term of office of the committee members commissioned in accordance with the previous provisions of Articles 17 (1) 6 and 18 (2), at the time this Decree enters into force, shall be until one day before the enforcement date of this Decree.
Article 10 Omitted
ADDENDA <Presidential Decree No. 23221, Oct. 14, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on October 15, 2011.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 23356, December. 8, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on December 8, 2011. <Proviso Omitted>
Article 2 Omitted.