Enforcement Decree Of The Chambers Of Commerce And Industry Act


Published: 2010-12-28

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 Article 1 (Purpose)   print
The purpose of this Decree is to prescribe the matters delegated by the Chambers of Commerce and Industry Act and other matters necessary for the enforcement thereof. <Amended by Presidential Decree No. 19998, Apr. 5, 2007>
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 Article 2 (Consent to Establishment)   print
(1) Where promoters seek to establish a chamber of commerce and industry under Article 6 (1) of the Chambers of Commerce and Industry Act (hereinafter referred to as the "Act"), they shall prepare a written statement containing the following information and obtain consent thereto from persons eligible for membership of such chamber of commerce and industry: <Amended by Presidential Decree No. 19998, Apr. 5, 2007>
1. Justification for establishment;
2. Jurisdictional area;
3. Summary of work schedules;
4. Budget for the initial business year.
(2) One"s consent to the establishment of a chamber of commerce and industry shall be demonstrated by affixing his/her signature and seal to such written statement as referred to in paragraph (1).
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 Article 3 (Convocation of Inaugural Meeting)   print
(1) Upon the promotion and consent of at least the number of persons referred to in Article 6 (1) of the Act, the promoters shall promptly call the inaugural meeting.
(2) Where the promoters seek to call the inaugural meeting, they shall send a notice of convocation specifying the purpose, date and time, and location of the meeting, together with the draft articles of association, to those who have consented to the establishment of the chamber of commerce and industry, at least 15 days prior to the date fixed for the inaugural meeting.
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 Article 4 (Proceedings of Inaugural Meeting)   print
A majority of those who have consented to the establishment of a chamber of commerce and industry shall constitute a quorum for its inaugural meeting, which shall pass resolutions by the concurrent vote of a majority of those present.
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 Article 5 (Application for Authorization of Establishment)   print
Upon the termination of the inaugural meeting, the promoters shall promptly file an application for authorization for the establishment of the chamber of commerce and industry with the Minister of Knowledge Economy, together with the following documents: <Amended by Presidential Decree No. 20678, Feb. 29, 2008>
1. Articles of association;
2. Minutes of the inaugural meeting;
3. Work schedules;
4. Budget for the initial business year;
5. List of those who have consented to the establishment of the chamber of commerce and industry.
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 Article 6 (Initial Election for Councilors)   print
Upon receipt of authorization for establishment under Article 6 (1) of the Act, the promoters shall hold an election for councilors and special councilors under Article 22 (1) of the Act (hereinafter referred to as "election for councilors") within three months from the date such authorization is granted.
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 Article 7 (Initial General Meeting of Councilors)   print
(1) The promoters shall call a general meeting of councilors immediately after the holding of an election for councilors.
(2) Officers referred to in Article 27 of the Act shall be elected at the general meeting of councilors provided in paragraph (1).
(3) The promoters shall transfer all their duties to the officers elected under paragraph (2), not later than 15 days after the end of the general meeting of councilors.
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 Article 8 (Registration of Establishment)   print
(1) The president of a chamber of commerce and industry elected under Article 7 (2) shall register the establishment of the chamber of commerce and industry not later than one month after the end of the general meeting of councilors.
(2) In applying for the registration of establishment under paragraph (1), a copy of the authorization for the establishment of the chamber of commerce and industry granted by the Minister of Knowledge Economy, along with a copy of the articles of association, shall be attached. <Amended by Presidential Decree No. 20678, Feb. 29, 2008>
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 Article 9 (Application for Authorization for Alteration of Articles of Association)   print
Where a chamber of commerce and industry seeks to obtain authorization for any alteration of its articles of association under Article 7 (2) of the Act, it shall submit to the Minister of Knowledge Economy an application for authorization for the alteration of the articles of association, together with reasons why the articles of association need to be altered and a copy of the minutes of the general meeting of councilors which has passed a resolution for the alteration of the articles of association. <Amended by Presidential Decree No. 20678, Feb. 29, 2008>
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 Article 10 (Method of Calculation of Amount to be Added in Output Tax Amount)   print
The amount to be added in the output tax amount under Article 17 of the Value-Added Tax Act pursuant to Article 10 (3) of the Act shall be obtained by multiplying the tax rate referred to in Article 14 of the Value-Added Tax Act by the value of supply under Article 13 of the same Act as regards the supply of goods or services subject to the application of the zero tax rate under Article 11 of the same Act or exempted from taxation under Article 12 of the same Act.
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 Article 10-2 (Standards for Ex Officio Members)   print
The standards for the output tax amount required in order to be rightly eligible for membership under Article 10 (3) of the Act shall be as follows:
1. For a person having his/her residence in a Special Metropolitan City: 1.7 billion won;
2. For a person having his/her residence in a Metropolitan City: 500 million won;
3. For a person having his/her residence in a Si or Gun: 250 million won.
[This Article Newly Inserted by Presidential Decree No. 22555, Dec. 28, 2010]
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 Article 10-3 (Reduction of or Exemption from Membership Fees for Members Who have Joined Small and Medium Enterprise Cooperatives)   print
Any reduction of or exemption from membership fees under Article 14 (3) of the Act shall be determined by the articles of association of each chamber of commerce and industry within the limit of 35 percent.
[This Article Newly Inserted by Presidential Decree No. 22555, Dec. 28, 2010]
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 Article 11 (Provisions to be Applied Mutatis Mutandis)   print
The provisions of Articles 2 through 9 shall apply mutatis mutandis with respect to the Korea Chamber of Commerce and Industry. In such cases, "election for councilors and special councilors" in Article 6 shall be read as "election for special councilors".
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 Article 12 (Business Year)   print
The business year of each of chambers of commerce and industry and the Korea Chamber of Commerce and Industry shall begin on January 1 and end on December 31 of each year.
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 Article 13 (Guidance, Supervision and Audit)   print
(1) When it is deemed necessary to guide and supervise chambers of commerce and industry in accordance with Article 50 (1) of the Act, the Korea Chamber of Commerce and Industry may require such chambers of commerce and industry to submit necessary materials or documents regarding their work and accounting. <Amended by Presidential Decree No. 19998, Apr. 5, 2007>
(2) Each chamber of commerce and industry shall report the following matters to the Korea Chamber of Commerce and Industry in accordance with Article 50 (2) of the Act:
1. Resolutions by the general meeting of councilors under each subparagraph of Article 19 of the Act;
2. Work schedules and budgetary documents;
3. Statement of settlement of accounts under Article 48 (1) of the Act;
4. Results of elections for councilors and special councilors;
5. Retirement of councilors, special councilors and officers.
(3) If, as a result of an audit under Article 50 (2) of the Act, the Korea Chamber of Commerce and Industry discovers that a chamber of commerce and industry has performed its work or accounting in an illegal or unjust manner, it may direct the chamber of commerce and industry to make corrections. In such cases, the chamber of commerce and industry so directed shall promptly make such corrections and report the results thereof to the Korea Chamber of Commerce and Industry.
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 Article 14 (Exceptions to Prohibition against Use of Similar Name)   print
(1) Any person who is entitled to use the name "chamber of commerce and industry" or "Korea Chamber of Commerce and Industry" or any other similar name with approval of the Minister of Knowledge Economy under the proviso to Article 52 of the Act shall be any foreigner who is engaged in commerce or industry in the Republic of Korea, or any legal entity or organization that has as its main members foreign-capital invested companies referred to in Article 2 of the Foreign Investment Promotion Act, carrying on any business similar to that of a chamber of commerce and industry or the Korea Chamber of Commerce and Industry. <Amended by Presidential Decree No. 20678, Feb. 29, 2008>
(2) Any person who intends to obtain approval under the proviso to Article 52 of the Act shall submit an application for approval to the Minister of Knowledge Economy, along with the recommendation of the Chairperson of the Korea Chamber of Commerce and Industry. <Amended by Presidential Decree No. 20678, Feb. 29, 2008>
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 Article 15 (Delegation of Authority)   print
Authority described in the following subparagraphs that belongs to the Minister of Knowledge Economy under Article 55 of the Act shall be delegated to a Special Metropolitan City Mayor, Metropolitan City Mayor or Do Governor (referring to a Special Metropolitan City Mayor, Metropolitan City Mayor or Do Governor who has jurisdiction over the location of the main office of a chamber of commerce and industry if the chamber of commerce and industry has as its jurisdictional area the administrative areas of two or more Special Metropolitan Cities, Metropolitan Cities, Sis and Guns which adjoin each other): <Amended by Presidential Decree No. 20678, Feb. 29, 2008>
1. Authorization for the establishment of chambers of commerce and industry under Article 6 of the Act;
2. Authorization for any alteration of the articles of association of chambers of commerce and industry under Article 7 (2) of the Act;
3. Demand to take steps for reelection of officers of chambers of commerce and industry under Article 49 (1) of the Act.
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 Article 16 Deleted.<by Presidential Decree No. 22555, Dec. 28, 2010>   print
ADDENDA
(1) (Enforcement Date) This Decree shall enter into force on January 1, 2003.
(2) (Repeal of Other Decree) The Decree on Election of Councilors of the Chambers of Commerce and Industry is hereby repealed.
ADDENDUM<Presidential Decree No. 19998, Apr. 5, 2007>
This Decree shall enter into force on the date of its promulgation.
ADDENDA<Presidential Decree No. 20678, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 7 Omitted.
ADDENDA<Presidential Decree No. 22555, Dec. 28, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2011.
Article 2 (Transitional Measures concerning Status of Members)
Where any person who has been elected as a councilor of a chamber of commerce and industry pursuant to Article 22 of the Act before this Decree enters into force, but who has become disqualified from being an ex officio member in accordance with the amended provisions of Article 10-2, acquires membership of such chamber of commerce and industry pursuant to Article 11 of the Act within six months from the enforcement date of this Decree, he/she shall be deemed to have been an ex officio member of the chamber of commerce and industry until the date of acquisition of such membership.