Overseas Koreans Foundation Act


Published: 2013-07-16

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
law view
 Article 1 (Purpose)   print
The purpose of this Act is to establish the Overseas Koreans Foundation, with the aim of helping overseas Koreans to maintain national ties while living in the countries of residence as exemplary members of such societies.
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 2 (Definitions)   print
The term "overseas Koreans" referred to in this Act means persons falling under any of the following subparagraphs:
1. Persons who are a national of the Republic of Korea, and stay in a foreign country for a long time or obtain permanent residency in a foreign country;
2. Persons of Korean extraction regardless of their nationality, who reside and live in a foreign country.
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 3 (Legal Personality)   print
The Overseas Koreans Foundation (hereinafter referred to as the "Foundation") shall be a juristic person.
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 4 (Establishment)   print
(1) The Foundation shall come into existence by completing the registration of incorporation in the location of its principal office.
(2) Matters subject to the registration of incorporation pursuant to paragraph (1) shall be as the following subparagraphs:
1. Purpose;
2. Name;
3. Principal office;
4. Name and address of executives;
5. Methods of public notice;
6. Total amount of assets;
7. Methods of investment.
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 5 (Establishment, etc. of Office)   print
(1) The location of the principal office of the Foundation shall be determined by the articles of association.
(2) The Foundation may, if necessary, establish branch offices within and outside the Republic of Korea with the approval of the Minister of Foreign Affairs. <Amended by Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 6 (Articles of Association)   print
(1) The articles of association of the Foundation shall contain matters in the following subparagraphs:
1. Purpose;
2. Name;
3. Matters related to the principal office and branch offices;
4. Matters related to business projects;
5. Matters related to property and accounting;
6. Matters related to executives and employees;
7. Matters related to the board of directors;
8. Matters related to modification of the articles of association;
9. Matters related to public notice;
10. Matters related to the enactment, amendments and repeal of internal regulations.
(2) Where the Foundation intends to modify the articles of association, it shall obtain in advance authorization of the Minister of Foreign Affairs. <Amended by Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 7 (Business Projects)   print
(1) The Foundation shall carry out the business projects prescribed in the following subparagraphs in order to accomplish the purpose prescribed in Article 1: <Amended by Act No. 11690, Mar. 23, 2013>
1. Overseas Koreans exchange projects;
2. Investigation and research projects of overseas Koreans' society;
3. Education, culture and publicity projects for overseas Koreans;
4. Projects which the Government entrusts to the Foundation;
5. Other projects necessary to accomplish the purpose prescribed in Article 1, and determined by the Minister of Foreign Affairs with the approval of the Prime Minister;
6. Projects incidental to those under subparagraphs 1 through 3.
(2) Matters concerning the detailed scope of contents of projects stipulated in paragraph (1) 1 through 3 shall be prescribed by Presidential Decree.
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 8 (Executives)   print
(1) The Foundation shall assign not more than nine directors, including one chairperson and one auditor.
(2) Executives, other than the chairperson and full-time directors prescribed by the articles of association, shall be of part-time position.
(3) The chairperson shall be appointed by the President through the Prime Minister, on the recommendation of the Minister of Foreign Affairs. <Amended by Act No. 11690, Mar. 23, 2013>
(4) Directors, except for ex officio directors prescribed by Presidential Decree, shall be appointed by the Minister of Foreign Affairs, on the recommendation of the chairperson. In this case, more than one person who has a good knowledge of and experience in the affairs regarding overseas Korean shall be included from among those in civic group and academia. <Amended by Act No. 11890, Jul, 16, 2013>
(5) The auditor shall be appointed by the Minister of Foreign Affairs. <Amended by Act No. 11690, Mar. 23, 2013>
(6) The term of office of the chairperson and directors shall be three years and that of the auditor shall be two years. The chairperson, directors, and auditor may be consecutively reappointed only once.
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 9 (Disqualifications of Executives)   print
Any person falling under any of the following subparagraphs shall not become the executives of the Foundation:
1. A person who is not a national of the Republic of Korea;
2. A minor;
3. An incompetent or quasi-incompetent person;
4. A person who was declared bankrupt, and has not yet been reinstated;
5. A person who was sentenced to imprisonment without prison labor or heavier punishment, and for whom three years have not lapsed since the execution of sentence is terminated or the non-execution becomes final and conclusive;
6. A person whose qualification has been forfeited or suspended by the decision of a court or by any other Act.
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 10 (Duties of Executives)   print
(1) The chairperson shall represent the Foundation, preside over the business of the Foundation, and instruct and supervise employees belonging thereto.
(2) Full-time directors shall assign the duties of the Foundation among themselves as determined by the articles of association, and where the chairperson is unable to perform his/her duties due to unavoidable grounds, the full-time director determined by the articles of association shall act for the chairperson.
(3) The auditor shall inspect the business and accounting of the Foundation.
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 11 (Restriction on Concurrent Holding of Posts by Executives and Employees, etc.)   print
Executives (excluding part-time directors and auditor; hereafter the same shall apply in this Article) and employees of the Foundation shall not be engaged in any profit-making business other than their duties, and executives and employees may not hold an additional post without permission of the Minister of Foreign Affairs, and the chairperson, respectively. <Amended by Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 12 (Board of Directors)   print
(1) A board of directors shall be established in the Foundation in order to deliberate on and resolve important matters concerning the business of the Foundation.
(2) The board of directors shall be comprised of directors, including the chairperson.
(3) The chairperson shall convene and chair meetings of the board of director.
(4) The auditor may attend meetings of the board of directors and state his/her opinion.
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 13 (Appointment and Dismissal of Employees)   print
Employees of the Foundation shall be appointed and dismissed by the chairperson, as determined by the articles of association.
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 14 (Dispatch of Public Officials)   print
The Foundation may request a state agency through the Minister of Foreign Affairs to dispatch public officials to the Foundation, if necessary for the accomplishment of its purpose. <Amended by Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 15 Deleted. <by Act No. 6101, Dec. 31, 1999>   print
law view
 Article 16 (Financial Resources for Operation)   print
The Foundation shall be operated with financial resources in the following subparagraphs:
1. Contributions from the Government under Article 17;
2. Donated money and valuable goods under Article 18;
3. Borrowed money under Article 19;
4. Contributions or subsidies from the Korea Foundation Fund under the Korea Foundation Act;
4. Deleted; <Act No. 11890, Jul. 16, 2013>
5. Other revenues.
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 17 (Contributions)   print
(1) The Government shall grant contributions necessary for the Foundation to appropriate to the expenses incurred in establishing and operating the Foundation, within budgetary limits.
(2) Matters necessary for granting, use, etc. of contributions under paragraph (1) shall be prescribed by Presidential Decree.
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 18 (Collection of Donated Money and Valuable Goods)   print
The Foundation may, if deemed necessary, collect donated money and valuable goods pursuant to related Acts and subordinate statutes with the approval of the Minister of Foreign Affairs. <Amended by Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 19 (Borrowing of Funds)   print
The Foundation may borrow funds necessary for the projects under Article 7 (including borrowing from international organizations, foreign governments, or foreigners) with the approval of the Minister of Foreign Affairs. <Amended by Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 20 (Business Year)   print
The business year of the Foundation shall correspond to the fiscal year of the Government.
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 21 (Approval of Project Plans and Budget Bills)   print
The Foundation shall prepare a project plan and budget bill for each business year as prescribed by Presidential Decree, and obtain approval of the Minister of Foreign Affairs. The same shall apply where the Foundation intends to modify such project plan and budget bill. <Amended by Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 22 (Submission of Settlement of Accounts)   print
The Foundation shall prepare a settlement of accounts concerning revenue and expenditure for each business year and submit it to the Minister of Foreign Affairs by the end of February of the next business year. <Amended by Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 23 (Guidance, Supervision, etc.)   print
(1) The Minister of Foreign Affairs shall guide and supervise the Foundation. <Amended by Act No. 11690, Mar. 23, 2013>
(2) The Minister of Foreign Affairs may, if deemed necessary for the guidance and supervision of the performance of projects pursuant to Article 7, consult with the heads of relevant central administrative agencies. <Amended by Act No. 11690, Mar. 23, 2013>
(3) The Minister of Foreign Affairs may require the Foundation to make a report on matters necessary for business, accounting, and property, or require affiliated public officials to inspect account books, documents or other articles of the Foundation. <Amended by Act No. 11690, Mar. 23, 2013>
(4) The Minister of Foreign Affairs may, if deemed necessary as a result of report or inspection under paragraph (3), take necessary measures, such as corrective orders, etc. <Amended by Act No. 11690, Mar. 23, 2013>
(5) Public officials conducting an inspection under paragraph (3) shall produce a certificate indicating their authority to interested parties.
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 24 (Responsibility to Confidentiality)   print
Persons who are or were executives or employees of the Foundation shall not divulge confidential information which comes to their knowledge by virtue of their duties.
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 25 (Prohibition of Use of Similar Title)   print
No person, other than the Foundation under this Act, shall use the title "Overseas Koreans Foundation" or other titles similar thereto.
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 26 (Application Mutatis Mutandis of the Civil Act)   print
Except as prescribed by this Act concerning the Foundation, provisions relating to incorporated foundations of the Civil Act shall apply mutatis mutandis to the Foundation,
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 27 (Legal Fiction as Public Officials in Application of Penalty)   print
Executives and employees of the Foundation shall be deemed public officials in the application of Articles 129 through 132 of the Criminal Act.
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 28 (Penal Provisions)   print
Any person who divulges confidential information which comes to their knowledge by virtue of their duties, in violation of Article 24, shall be punished by imprisonment for not more than two years, or by a fine not exceeding five million won.
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
law view
 Article 29 (Fines for Negligence)   print
(1) Any person who uses the title Overseas Koreans Foundation or other titles similar thereto, in violation of Article 25, shall be punished by a fine for negligence not exceeding two million won.
(2) The fine for negligence under paragraph (1) shall be imposed and collected by the Minister of Foreign Affairs, as prescribed by Presidential Decree. <Amended by Act No. 11690, Mar. 23, 2013>
[This Article Wholly Amended by Act No. 10096, Mar. 17, 2010]
ADDENDA
Article 1 (Enforcement Date)
This Act shall come into force one month after the date of its promulgation.
Article 2 (Preparations for Establishment)
(1) The Minister of Foreign Affairs shall appoint seven or less members of the establishment committee within 30 days after this Act enters into force, and shall require those members to carry out affairs related to the establishment of the Foundation.
(2) Members of the establishment committee shall prepare the articles of the Foundation and obtain the authorization of the Minister of Foreign Affairs.
(3) Members of the establishment committee shall, when obtaining the authorization pursuant to paragraph (2) of this Article, complete without delay the registration of incorporation of the Foundation under a joint signature.
(4) Members of the establishment committee shall hand over official duties to the chairperson of the Foundation without delay after the registration of incorporation of the Foundation.
(5) Members of the establishment committee shall be considered as released from the commission when the transfer of official duties under paragraph (4) of this Article is completed.
Article 3 (Expenses for Establishment)
Expenses for the establishment of the Foundation shall be borne by the budget of the Government.
Article 4 (Succession, etc. of Official Duties related to Overseas Koreans)
(1) The Foundation shall succeed to official duties related to overseas Koreans from each competent Ministry as soon as the Foundation is established.
(2) Scope, etc. of official duties related to overseas Koreans and of each competent Ministry pursuant to paragraph (1) of this Article shall be prescribed by Presidential Decree.
(3) Budget of each competent Ministry for official duties related to overseas Koreans to which the Foundation succeeds pursuant to paragraph (1) of this Article shall be transferred to the Ministry of Foreign Affairs as soon as the Foundation is established.
(4) Conducts done by or to the competent Ministry concerning official duties related to overseas Koreans prior to the establishment of the Foundation shall be deemed conducts done by or to the Foundation.
Article 5 Omitted.
ADDENDUM <Act No. 5640, Jan. 21, 1999>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 6101, Dec. 31, 1999>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2000. (Proviso Omitted.)
Articles 2 through 4 Omitted.
ADDENDUM <Act No. 7401, Mar. 24, 2005>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 7428, Mar. 31, 2005>
Article 1 (Enforcement Date)
This Act shall enter into force one year after the date of its promulgation.
Articles 2 through 6 Omitted.
ADDENDUM <Act No. 10096, Mar. 17, 2010>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 11690, Mar. 23, 2013>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 7 Omitted.
ADDENDUM <Act No. 11890, Jul. 16, 2013>
This Act shall enter into force six months after the date of its promulgation.