law view
| Article 1 (Purpose) |
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law view
| Article 2 (Scope of Institutions Conducting Financial Business) |
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The term "other institutions prescribed by Presidential Decree from among those conducting financial businesses under Acts" as used in subparagraph 1 (i) of Article 2 of the Act on the Efficient Disposal of Non-Performing Assets, etc. of Financial Institutions and the Establishment of Korea Asset Management Corporation (hereinafter referred to as the "Act") means any of the following subparagraphs: <Amended by Presidential Decree No. 15761, Apr. 1, 1998; Presidential Decree No. 16234, Apr. 9, 1999; Presidential Decree No. 16476, Jul. 23, 1999; Presidential Decree No. 16604, Nov. 27, 1999; Presidential Decree No. 16709, Feb. 14, 2000; Presidential Decree No. 16757, Mar. 24, 2000; Presidential Decree No. 16821, May 29, 2000; Presidential Decree No. 17791, Dec. 5, 2002; Presidential Decree No. 19299, Jan. 27, 2006; Presidential Decree No. 20653, Feb. 29, 2008; Presidential Decree No. 20947, Jul. 29, 2008; Presidential Decree No. 21156, Dec. 3, 2008; Presidential Decree No. 21480, May 6, 2009; Presidential Decree No. 21512, May 28, 2009; Presidential Decree No. 21518, May 29, 2009; Presidential Decree No. 21835, Nov. 20, 2009; Presidential Decree No. 22493, Nov. 15, 2010; Presidential Decree No. 24077, Aug. 31, 2012>
| 1. |
Cooperatives under the Agricultural Cooperatives Act; |
| 2. |
Fisheries cooperatives under the Fisheries Cooperatives Act; |
| 7. |
Deleted; <by Presidential Decree No. 16476, Jul. 23, 1999> |
| 10. |
Deleted; <by Presidential Decree No. 20947, Jul. 29, 2008> |
| 14. |
Deleted; <by Presidential Decree No. 16234, Apr. 9, 1999> |
| 16. |
Community credit cooperatives under the Community Credit Cooperatives Act; |
| 17. |
Deleted; <by Presidential Decree No. 20947, Jul. 29, 2008> |
| 18. |
Companies established by financial institutions in subparagraph 1 (a) through (h) of Article 2 of the Act to acquire or liquidate bonds, which are deemed by the Financial Services Commission necessary to take over the bonds held by the relevant company for efficient liquidation of non-performing loans; |
| 20. |
Local-level credit guarantee foundations under the Regional Credit Guarantee Foundation Act; |
| 21. |
Forestry cooperatives and the federation thereof under the Forestry Cooperatives Act; |
| 25. |
Korea Housing Guarantee Co., Ltd. under the Housing Act; |
| (a) |
Persons who owe financial institutions overdue debt due to deficiency in financial resources; |
law view
| Article 2-2 (Scope of Non-Performing Loans) |
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The term "other claims prescribed by Presidential Decree" as used in subparagraph 2 of Article 2 of the Act means claims set out in the following subparagraphs: <Amended by Presidential Decree No. 20653, Feb. 29, 2008; Presidential Decree No. 21156, Dec. 3, 2008>
| 1. |
Loans for which an allowance for bad debts shall be established under the conditions prescribed by the Financial Services Commission; and |
| 2. |
Other loans deemed particularly necessary to improve the liquidity and soundness of financial institutions, which are approved by the Committee. |
[This Article Newly Inserted by Presidential Decree No. 16476, Jul. 23, 1999]
law view
| Article 2-3 (Scope of Assets Subject to Sale of Financial Institutions) |
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The term "assets prescribed by Presidential Decree" as used in subparagraph 4 (b) of Article 2 of the Act mean assets set out in each of the following subparagraphs: <Amended by Presidential Decree No. 19299, Jan. 27, 2006>
| 1. |
Fixed assets (including lease security deposits; hereafter the same shall apply in this Article) which have been out of use due to merger, conversion or liquidation of financial institutions; and |
[This Article Newly Inserted by Presidential Decree No. 16476, Jul. 23, 1999]
law view
| Article 3 (Methods of and Procedures for Undertaking Disposal of Non-Performing Assets) |
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In cases where any financial institution entrusts the disposal of non-performing assets under Article 3 (2) of the Act (hereinafter referred to as "non-performing asset") to the Korea Asset Management Corporation (hereinafter referred to as the "Corporation") under Article 4 (1) of the Act, the Corporation shall conclude an agreement with the financial institution on matters necessary for the handling of entrusted affairs. <Amended by Presidential Decree No. 16709, Feb. 14, 2000>
law view
| Article 4 (Methods of and Procedures for Aquisition of Non-Performing Assets) |
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| (1) |
The Corporation shall, when a financial institution requests for acquisition of non-performing assets under Article 4 (1) of the Act, conclude an acquisition contract by consulting over the terms of acquisition, such as the acquisition price, with the relevant financial institution and acquire the non-performing assets by the methods used in the following subparagraphs: |
| 1. |
Non-performing loans: Receipt of documents from which a claim originates and transfer of actual rights granted by way of security; and |
| 2. |
Assets for non-business use: Transfer of ownership. |
| (2) |
Apart from the methods under paragraph (1), the Corporation may acquire and liquidate non-performing loans by taking over the whole or part of the non-performing loans of a financial institution under an agreement made between the financial institution, the Corporation and debtor (in cases where a debtor is not the owner of collateral, including the owner of the collateral) and taking transfer of the ownership of the collateral for the non-performing loans for the settlement of the non-performing loans. |
law view
| Article 5 (Calculation of Acquisition Price of Non-Performing Assets, etc.) |
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| (1) |
The acquisition price of non-performing assets shall be based on objective prices, such as the price of collateral for non-performing loans or assets of non-business use subject to acquisition appraised by an appraisal business operator under the Public Notice of Values and Appraisal of Real Estate Act, and shall be calculated in consideration of priority claim, real right, the right to lease, etc. <Amended by Presidential Decree No. 19299, Jan. 27, 2006> |
| (2) |
In cases where any inevitable ground exists for which predetermining the price of a non-performing asset under paragraph (1), the terms and conditions regarding the ex-post facto settlement of the difference between the acquisition price and disposal price of the non-performing asset may be attached to the contract at the time of conclusion of an acquisition contract. |
law view
| Article 6 (Priority Order, Criteria, etc. of Acquisition of Non-Performing Assets) |
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| (1) |
The Corporation may preferentially acquire non-performing assets falling under any of the following subparagraphs to efficiently manage the Non-Performing Loan Resolution Fund under Article 38 of the Act (hereinafter referred to as the "Fund") and Corporate Restructuring Fund under Article 43-2 of the Act: <Amended by Presidential Decree No. 21512, May 28, 2009> |
| 1. |
Non-performing assets deemed particularly necessary to be acquired for the sake of public interest, such as the protection of the sound management of financial institutions; |
| 2. |
Non-performing assets, the effect of disposal of which is significant because of large number of interested parties; |
| 3. |
Non-performing assets, the disposal of which is less restricted by public law; and |
| 4. |
Non-performing assets, a swift collection of the sale proceeds of which is possible due to no obstacles to sale. |
| (2) |
When the exercise of mortgage after the acquisition of a non-performing loan is unlikely to yield any tangible results, such as in cases where a claim preferential to a claim (including claims on public charges, such as national tax and local government tax) secured by the mortgage of a financial institution on the collateral of the non-performing loan exceeds the criteria set forth by the operational manual of the Corporation under Article 26 (7) of the Act (hereinafter referred to as "operational manual"), the Corporation shall not acquire it. <Amended by Presidential Decree No. 19299, Jan. 27, 2006> |
law view
| Article 7 (Payment of Acquisition Consideration of Non-Performing Assets) |
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The acquisition price of non-performing assets shall be paid in cash in principle: Provided, That the Corporation may pay all or part of acquisition consideration with the Non-Performing Loan Resolution Fund Bonds under Article 40 of the Act and Corporate Restructuring Fund Bonds under Article 43-3 (2) of the Act (hereinafter referred to as "Bonds") or corporate bonds under Article 33 of the Act, subject to the consultation with financial institutions. <Amended by Presidential Decree No. 21512, May 28, 2009>
law view
| Article 8 (Undertaking or Acquisition of Assets Subject to Self-Rescue Plan of Enterprises Showing Signs of Insolvency) |
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| (1) |
The provisions of Article 3 shall apply mutatis mutandis to cases where the Corporation undertakes the sale of the assets subject to a self-rescue plan of an enterprise showing signs of insolvency under Article 5 (2) of the Act. |
| (2) |
The provisions of Article 4 (1), 5 (1) and Article 7 shall apply mutatis mutandis to cases where the Corporation acquires assets subject to a self-rescue plan of an enterprise showing signs of insolvency under Article 5 (2) of the Act. In such cases, the method of acquisition of such assets shall be as used in each of the following subparagraphs: |
| 1. |
Real estate: Transfer of ownership; |
| 2. |
Securities: Delivery of actual object, or transfer of ownership, such as transfer of title; and |
| 3. |
Affiliated companies: Acquisition of stocks or shares to have control over the relevant company. |
| (3) |
The Corporation may preferentially acquire assets subject to a self-rescue plan of an enterprise showing signs of insolvency which are deemed particularly necessary to be acquired for the public interest according to the criteria set forth by the operational manual. |
law view
| Article 9 (Method for Calculation of Investment Money, etc.) |
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| (1) |
The capital contribution as referred to in Article 9 (4) of the Act shall be calculated under the conditions prescribed in the articles of incorporation of the Corporation, based on the amount of total assets of a financial institution, etc. within the scope of 10/100 of the paid-in capital of each financial institution: Provided, That the financial institutions as referred to in Article 2 may be excluded from financial institutions subject to investment through the resolution of the Committee. <Amended by Presidential Decree No. 16476, Jul. 23, 1999> |
| (2) |
The capital contribution referred to in paragraph (1) shall be paid in cash. |
| (3) |
Any financial institution shall pay the first capital contribution as referred to in paragraph (1) prior to the completion of registration of establishment of the Corporation. |
| (4) |
The period for the payment of capital contributions, other than the capital contribution under paragraph (3), shall be determined by the articles of incorporation. |
law view
| Article 10 (Registration of Establishment of Branch Offices, etc.) |
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In cases where the Corporation has established a branch office or business office, it shall register relevant matters based on the following classifications:
| 1. |
The purpose of establishing its branch office or business office within two weeks at the location of the main office; and |
| 2. |
Matters referred to in subparagraphs 1 through 3 (excluding matters concerning the location of other branch offices and business offices) and 6 of Article 12 (2) of the Act, and the name, resident registration number and address of the president, within three weeks at the location of the newly established branch office or business office. |
law view
| Article 11 (Registration of Transfers) |
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| (1) |
In cases where the Corporation has moved the main office, it shall register the purpose of the transfer within two weeks at the former location and the matters referred to in each subparagraph of Article 12 (2) of the Act within three weeks at the new location, respectively. |
| (2) |
In cases where the Corporation has moved its branch office or business office, it shall register the purpose of the transfer within three weeks at the former location and the matters referred to in subparagraph 2 of Article 10 of the Act within four weeks at the new location. |
law view
| Article 12 (Registration of Changes) |
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In cases where there is any change in the matters used in any subparagraph of Article 12 (2) of the Act, such change shall be registered at the registry have any jurisdiction over the main office within two weeks. In such cases, if there is any change in any matter used in subparagraph 2 of Article 10, such change shall be also registered at the registry have any jurisdiction over branch office or business office within three weeks.
law view
| Article 13 (Registration of Appointed Representatives) |
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When the president of the Corporation has appointed a representative under Article 23 of the Act (limited to a representative who has a comprehensive right of representation of the business), the matters in each of the following subparagraphs shall be registered at the registry have any jurisdiction over the main office, branch office or business office where such representative is located within two weeks:
| 1. |
Name, resident registration number and address of the representative; and |
| 2. |
In cases where the right of the representative is restricted, the details of such restrictions. |
law view
| Article 14 (Counting Period of Registration) |
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In cases where any matter on which the authorization or approval by the Financial Services Commission is required to be obtained is included in the matters to be registered under Articles 10 through 13, the period of registration shall be counted from the date on which a relevant letter of authorization or letter of approval arrives. <Amended by Presidential Decree No. 15761, Apr. 1, 1998; Presidential Decree No. 20653, Feb. 29, 2008>
law view
| Article 15 (Applicants for Registration, etc.) |
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| (1) |
The application for registration under Articles 10 through 13 shall be made by the president of the Corporation. |
| (2) |
The application for registration under Articles 10 through 13 shall be accompanied by evidential documents to prove respective causes. |
law view
| Article 16 (Size of Acquisition of Non-Performing Assets Subject to Deliberation and Resolution by Committee, etc.) |
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The term "non-performing assets exceeding the scale prescribed by Presidential Decree" as used in Article 14 (2) 7 of the Act means any of the following subparagraphs:
| 1. |
The amount of acquisition which is not less than ten billion won and meets the criteria set forth by the operational manual; |
| 2. |
Non-performing assets the amount of acquisition of which is not less than five billion won from among the non-performing assets preferentially acquired under Article 6 (1) 1, and which meet the criteria set forth by the operational manual; and |
| 3. |
Real estate purchased under Article 26 (1) 10 of the Act (limited to real estate falling under subparagraphs 1, 3 and 5 of the same paragraph) which is expected to require development, the estimated development cost of which exceeds the estimated acquisition price of the real estate subject to acquisition and which meet the criteria set forth by the operational manual. |
law view
| Article 17 (Qualifications of Commissioned Members of Committee) |
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The members commissioned by the Financial Services Commission under Article 15 (1) 8 of the Act shall be persons who do not fall under the grounds for disqualification of the officers of the Corporation under Article 19 of the Act. <Amended by Presidential Decree No. 15761, Apr. 1, 1998; Presidential Decree No. 20653, Feb. 29, 2008>
law view
| Article 18 (Operation of Committee) |
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| (1) |
With respect to the proceedings of the Committee, a minute book shall be prepared, and the chairperson and all members present shall sign or seal thereon. |
| (2) |
No members of the Committee shall be allowed to attend a meeting to discuss matters in which themselves, their relatives, or any institution or company to which they belong they are directly interested. |
| (3) |
Allowances may be paid to members present at the meeting of the Committee within the budgetary limits of the Corporation. |
| (4) |
Necessary matters concerning the operation of the Committee, other than those prescribed in this Decree, shall be determined by the chairperson through a resolution of the Committee. |
law view
| Article 18-2 (Limits on Guarantees) |
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The term "extent prescribed by Presidential Decree" as used in Article 26 (1) 1-3 (c) of the Act means 300/100 of the aggregate of paid-in capital, legal reserve and business expansion reserve of the Corporation. <Amended by Presidential Decree No. 16709, Feb. 14, 2000>
[This Article Newly Inserted by Presidential Decree No. 16476, Jul. 23, 1999]
law view
| Article 18-3 (Companies Subject to Contribution and Investment) |
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The term "companies prescribed by Presidential Decree" as used in Article 26 (1) 10-3 of the Act means any of the following subparagraphs: <Amended by Presidential Decree No. 20653, Feb. 29, 2008; Presidential Decree No. 20947, Jul. 29, 2008>
| 1. |
Any investment company established in foreign countries for contribution to and investment in overseas non-performing assets (hereinafter referred to as "overseas investment, etc.") and other collective investment organizations corresponding thereto (hereinafter referred to as an "investment company, etc."); |
| 3. |
Special purpose companies established at home and abroad for the purpose of overseas investment, etc. in investment companies, etc.; |
| 4. |
Asset management companies established for the purpose of management of overseas non-performing assets acquired by special purpose companies; and |
| 5. |
Other domestic companies deemed necessary to make overseas investments, etc. by the Financial Services Commission. |
[This Article Newly Inserted by Presidential Decree No. 19299, Jan. 27, 2006]
law view
| Article 19 (Incidental Services Offered by Corporation) |
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The term "service prescribed by Presidential Decree" as used in Article 26 (1) 12 of the Act means service falling under any of the following subparagraphs: <Amended by Presidential Decree No. 15761, Apr. 1, 1998; Presidential Decree No. 20653, Feb. 29, 2008; Presidential Decree No. 21156, Dec. 3, 2008; Presidential Decree No. 21512, May 28, 2009>
| 1. |
Arrangement of mergers and acquisitions to support self-rescue plans of enterprises showing signs of insolvency; |
| 2. |
Consultation and counseling on the use and development of real estate; |
| 3. |
Credit guarantee services approved by the Committee as those for helping persons falling under any provision of subparagraph 29 (b) through (d) of Article 2, by reducing financial costs incurred by high interest rates; and |
| 4. |
Other services approved necessary by the Financial Services Commission as services incidental to achieving the purposes of establishment of the Corporation, such as the disposal of non-performing assets and support for the management normalization of enterprises showing signs of insolvency. |
law view
| Article 20 (Scope, Criteria, etc. of Real Estate for Development) |
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| (1) |
The scope and criteria to determine real estate for development under Article 26 (5) of the Act shall be real estate development of which (referring to improvement of land, such as subdivision, consolidation, alteration of the type of land, or construction, such as new construction, or expansion, and conversion of use; hereinafter the same shall apply) is expected to accelerate its disposal at a reasonable price and which falls into any of the following subparagraphs from among real estate disposal of which is difficult in current conditions or which is difficult to sell at a reasonable price: <Amended by Presidential Decree No. 17816, Dec. 26, 2002; Presidential Decree No. 19299, Jan. 27, 2006> |
| 1. |
In cases of urban areas (referring to urban areas under subparagraph 1 of Article 6 of the National Land Planning and Utilization Act; hereinafter the same shall apply): Real estate the development costs of which do not exceed five times the acquisition price of the real estate for development; and |
| 2. |
In cases of non-urban areas: Real estate the development costs of which do not exceed ten times the acquisition price of the real estate for development. |
| (2) |
Real estate without any obstacle to sale, which falls into any of the following subparagraphs may become real estate for development upon the approval of the Committee, notwithstanding paragraph (1): |
| 1. |
Real estate the development of which may resolve civil petitions raised by a large number of residents living in neighboring areas or contribute to the promotion of convenience of residents; and |
| 2. |
Real estate the development of which is requested by a local government or public organization for the sake of regional development or other public interest. |
| (3) |
For the purposes of the provisions of subparagraphs 1 and 2 of paragraph (1), expenses incurred by development shall not include the increase in the cost arising from inevitable grounds, such as design changes arising from any ground that was unlikely to be predicted in advance. |
law view
| Article 20-2 (Limits on Contribution and Investment) |
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The limit on the total amount of overseas investments, etc. under Article 26 (6) of the Act shall be within 20/100 of the equity capital of the Corporation at the end of the preceding year.
[This Article Newly Inserted by Presidential Decree No. 19299, Jan. 27, 2006]
law view
| Article 20-3 (Establishment and Organization of Overseas Investment Risk Control Committee) |
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| (1) |
The Overseas Investment Risk Control Committee (hereinafter referred to as the "Risk Control Committee") shall be established in the Corporation to control the risks of overseas investments, etc. under Article 26 (6) of the Act (hereinafter referred to as "overseas investment risks"). |
| (2) |
The Risk Control Committee shall deliberate on the following matters: |
| 1. |
Matters concerning the basic plan and guidelines of overseas investment risk control; |
| 2. |
Matters concerning the control and formulation of measures against overseas investment risks; |
| 3. |
Matters concerning the validity of overseas investment, etc. and setting a ceiling for each case; |
| 4. |
Matters concerning contracts with companies involved in overseas investment, etc.; and |
| 5. |
Other matters concerning overseas investment risk control as submitted by the chairperson. |
| (3) |
The Risk Control Committee shall be comprised of seven members, including one chairperson. |
| (4) |
The vice president of the Corporation shall be the chairperson, and five persons commissioned by the president from among those with extensive knowledge and experience in the fields of the financial industry and investment, attorneys-at-law and certified public accountants, and one officer in charge of overseas business shall be the members. |
| (5) |
The term of office of the members shall be two years: Provided, That the term of office of an ex officio member shall be the period during which he/she holds his/her official position. |
[This Article Newly Inserted by Presidential Decree No. 19299, Jan. 27, 2006]
law view
| Article 20-4 (Operation of Risk Control Committee) |
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| (1) |
The Risk Control Committee shall be convened by the chairperson at the request of more than 1/3 of the members on the register or when deemed necessary by the chairperson. |
| (2) |
The resolution of the meetings of the Risk Control Committee shall be adopted by the presence of a majority of the members on the register and the affirmative vote of a majority of the members present. |
| (3) |
Necessary matters concerning the operation of the Risk Control Committee, other than those prescribed in this Decree shall be determined by the chairperson through a resolution of the Risk Control Committee. |
[This Article Newly Inserted by Presidential Decree No. 19299, Jan. 27, 2006]
law view
| Article 21 (Scope, Criteria and Purchasing Procedure of Adjoining Real Estate) |
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| (1) |
The adjoining real estate under Article 27 (2) of the Act shall be real estate inseparably related to real estate for acquisition in terms of land use: Provided, That real estate size and value of which exceed the size and value of the real estate for acquisition shall be excluded. |
| (2) |
In cases where the Corporation intends to purchase adjoining real estate, it shall consult with the owner of the adjoining real estate on the terms of purchase, based on objective prices, such as the price appraised by commercial appraiser under the Public Notice of Values and Appraisal of Real Estate Act. <Amended by Presidential Decree No. 19299, Jan. 27, 2006> |
law view
| Article 22 Deleted.<by Presidential Decree No. 19299, Jan. 27, 2006> |
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law view
| Article 23 Deleted.<by Presidential Decree No. 21049, Sep. 26, 2008> |
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| Article 24 (Form of Bonds) |
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The bonds shall be in unregistered form: Provided, That they may be issued in registered form when requested by a subscriber or bearer.
law view
| Article 25 (Method of Issuance of Bonds, etc.) |
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The Corporation shall issue its bonds by means of the invitation of subscriptions, total acceptance or sale.
law view
| Article 26 (Subscription to Bonds, etc.) |
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| (1) |
The Corporation shall, when intending to issue bonds by means of the invitation of subscriptions, prepare and issue a subscription form stating the following matters: |
| 1. |
Name of the Corporation; |
| 2. |
Total amount of bonds issued; |
| 3. |
Par value of bonds by denominations; |
| 4. |
Interest rate of bonds; |
| 5. |
Method and period of redemption of the principal; |
| 6. |
Method and period of payment of interest; |
| 7. |
Issuance price of bonds or minimum issue price thereof; and |
| 8. |
Where any bonds unredeemed, the total amount thereof. |
| (2) |
Any person who intends to apply for the invitation of subscriptions to bonds shall enter the number and amount of bonds to which he/she intends to subscribe and the address of the subscriber in two subscription forms as referred to in paragraph (1) and sign and seal, or sign them for submission to the Corporation. In such cases, if the bonds are issued with their minimum value fixed, he/she shall enter the value of subscription in them. |
law view
| Article 27 (Method of Total Acceptance) |
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| (1) |
The provisions of Article 26 shall not apply to cases where bonds are issued by means of total acceptance. In cases where a person entrusted with an invitation for subscriptions to bonds acquires a portion of the bonds, the same shall apply to the acquired portion of such bonds. |
| (2) |
The Corporation shall, when intending to issue bonds by means of sale, make public the matters in subparagraphs 1 through 6 of Article 26 (1) and the period of sale in advance. |
law view
| Article 28 (Total Amount of Bonds Issued) |
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| (1) |
The Corporation may, when issuing bonds under Article 26, issue bonds even when the total amount of subscriptions to the bonds fails to reach the total amount of issued bonds stated in the subscription form. In such cases, a statement to such effect shall be entered in the subscription form. |
| (2) |
In cases under paragraph (1), the total amount of subscriptions to the bonds shall be the total amount of bonds issued. |
law view
| Article 29 (Payment of Value of Acquired Bonds, etc.) |
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| (1) |
The Corporation shall, when the subscription to bonds is closed, have the total amount of the bonds acquired by subscribers paid without delay. |
| (2) |
A person entrusted with the invitation of subscriptions to bonds may perform the conduct under paragraph (1) in his/her own name on behalf of the Corporation. |
| (3) |
The Corporation shall not issue bonds unless the total amount corresponding to the total amount of bonds issued is paid: Provided, That the same shall not apply to cases where the bonds are issued by means of sale. |
law view
| Article 30 (Matters to be Stated in Bonds) |
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The following matters shall be stated in bonds and the president of the Corporation shall sign his/her name and seal thereon:
| 1. |
Matters set out in subparagraphs 1 through 6 of Article 26 (1) (excluding matters set out in subparagraph 2 of the same paragraph when bonds are issued by means of sale); |
| 2. |
Serial numbers of bonds; and |
| 3. |
Date of issuance of bonds. |
law view
| Article 31 (Bond Ledger) |
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| (1) |
The Corporation shall keep a bond ledger at its main office and state matters in each of the following subparagraphs therein: |
| 1. |
Number of bonds by denominations and issue number of each bond; |
| 2. |
Date of issue of each bond; and |
| 3. |
Matters set out in subparagraphs 2 through 6 of Article 26 (1). |
| (2) |
When a bond is in registered form, the following matters shall be stated, other than those in each subparagraph of paragraph (1): |
| 1. |
Name and address of bond holder; and |
| 2. |
Date of acquisition of bond. |
| (3) |
The holder or bearer of a bond may request the perusal of the bond ledger to the Corporation. |
law view
| Article 32 (Transfer of Bonds in Registered Form) |
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The transfer of a bond in registered form shall not be binding on the Corporation or any third person unless the matters in each subparagraph of Article 31 (2) are stated in the bond ledger.
law view
| Article 33 (Establishment of Pledge Rights on Bonds in Registered Form) |
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| (1) |
In cases where the object of pledge rights are bonds in registered form, such pledge rights shall not be binding the Corporation or any other third party unless the name and address of the pledgee is registered in the bond ledger. |
| (2) |
In cases where pledge rights have been established under paragraph (1), the Corporation shall state such effect on the relevant bonds. |
law view
| Article 34 (Cases of Absence of Interest Coupons) |
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| (1) |
In cases of redemption of a bond in unregistered form issued with interest coupons, if there is any defect in the interest coupons, an amount corresponding to such interest coupons shall be deducted from the amount of redemption. |
| (2) |
The bearer of the interest coupons under paragraph (1) may request for the payment of the amount deducted in exchange for the coupons. |
law view
| Article 35 (Notice to Bond Bearers, etc.) |
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| (1) |
Notices or peremptory notices to subscribers or entitled persons before the issuance of the relevant bonds shall be sent to the address entered in the subscription form. In such cases, if the Corporation is notified of an additional address, they shall be sent to such address. |
| (2) |
Notices or peremptory notices to the holder of a bond in registered form shall be sent to the address stated in the bond ledger. In such cases, if the Corporation is notified of an additional address, they shall be sent to such address. |
| (3) |
Notices or peremptory notices to the holder of a bond in unregistered form shall be issued by means of public notice. |
law view
| Article 36 (Reporting) |
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The Corporation shall, upon completion of the issuance of bonds, report the details thereof to the Financial Services Commission each time. <Amended by Presidential Decree No. 15761, Apr. 1, 1998; Presidential Decree No. 20653, Feb. 29, 2008>
law view
| Article 37 (Scope of Assets Subject to Self-Rescue Plan of Enterprise Showing Signs of Insolvency to be Acquired by Fund) |
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| (1) |
"Assets subject to self-rescue plans for enterprises showing signs of insolvency to be prescribed by Presidential decree" as used in Article 41 (2) 1 of the Act mean assets subject to self-rescue plans the amount of acquisition of which is not less than five billion won and which meet the criteria set forth by the operational manual. |
law view
| Article 38 (Handling of Personally Identifiable Information) |
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To conduct the following affairs, the Financial Services Commission (limited to affairs under subparagraphs 5 and 6; in the case of affairs under subparagraph 6, a person who is entrusted with the management of the affairs of the Financial Services Commission pursuant to Article 48 (2) of the Act shall be included herein) or the Corporation may, in extenuating circumstances, handle materials in which any resident registration number, passport number, driver's license number, or alien registration number is stated pursuant to Article 19 of the Enforcement Decree of the Personal Information Protection Act:
| 3. |
Lease, operation, etc. of movable assets, real estate, and affiliated companies under Article 28 of the Act; |
[This Article Newly Inserted by Presidential Decree No. 23488, Jan. 6, 2012]
ADDENDA
Article 1 (Enforcement Date)
This Decree shall enter into force on November 23, 1997: Provided, That the provisions of Articles 5 and 6 of the Addenda shall enter into force on the date of its promulgation.
Article 2 (Repeal of other Acts and Subordinate Statutes)
The Decree on the Korea Assets Management Corporation shall be repealed.
Article 3 (Disposal of Residual Property of Fund)
| (1) |
The term "standards of disposal taking the rate of contribution, etc. into consideration" as used in the main sentence of Article 2 (5) of the Addenda to the Act means that a person who has contributed under Article 39 (1) 1 (referring to subparagraph before deletion pursuant to the amended Act, Act No. 7058, of the Framework Act on the Management of Charges) through 3 and 3-2 of the Act (hereinafter referred to as the "contributing agency") distributes the residual property at the rate of the total amount of a contribution, etc. made during the period for management of the Fund. |
| (2) |
The residual property of the Fund shall be returned in cash according to the rate of contribution to the Fund: Provided, That in cases where an agreement with the contributing agency is reached, it may be returned in kind by a method determined by the Committee. |
| (3) |
The Corporation shall, when intending to return the residual property of the Fund, prepare a list of property and a balance sheet of the Fund in advance and obtain approval of the Committee therefor, and upon returning the residual property, it shall report to the Committee without delay, after preparing a written report on the settlement of accounts: Provided, That in cases where it returns part of the residual property of the Fund before completion of the period for management of the Fund pursuant to the proviso to Article 2 (5) of the Addenda of the Act, it may draw up a statement of accounts within two months after completion of the relevant fiscal year and report it to the Committee. |
Article 4 (Transfer of Reserve to Capital)
| (1) |
The reserve under Article 6 (2) of the Addenda of the Act shall be an amount obtained by deducting the book value of the assets in possession, taxes and public charges to be imposed, and liability-natured reserves to be appropriated from the sum of surplus profits and value of appraisal of the assets in possession as of the date preceding the date of registration of establishment of the Corporation (hereinafter referred to as "date of registration of establishment"). In such cases, the value of appraisal of the assets in possession shall be as classified in each of the following subparagraphs: |
| 1. |
Real estate: The value appraised and assessed by an appraisal business operator under the Public Notice of Values and Appraisal of Lands, etc. Act within three months before the date of registration of establishment; and |
| 2. |
Assets other than real estate: The value assessed by a method which is generally accepted to be fair and proper as the criteria or practice of corporate accounting on the date preceding the date of registration of establishment. |
| (2) |
The reserve under paragraph (1) shall revert to the Korea Development Bank on the date of registration of establishment and be considered to have been invested in the Corporation by the Korea Development Bank. |
| (3) |
Other necessary matters concerning the transfer of the reserve into the capital under paragraph (1) shall be determined by the articles of incorporation. |
Article 5 (Special Cases of Payment of Initial Investment and Contribution, etc.)
With respect to the initial investment and contribution under Articles 9 and 22, financial institutions subjects of investment and contributions, calculation method of investment an contribution, time of payment, etc. shall be determined by the Establishment Committee under Article 3 of the Addenda of the Act (hereinafter referred to as the "Establishment Committee").
Article 6 (Special Cases of Preparation for Issuance of Bonds)
Before the Corporation completes the registration of establishment, necessary matters concerning the issuance of the Bonds, such as application for the guarantee of obligations for the redemption of the principal and interest of the Bonds under Article 40 (4) of the Act shall be determined by the Establishment Committee.
Article 7 Omitted.
ADDENDA<Presidential Decree No. 15761, Apr. 1, 1998>
| (1) |
(Enforcement Date) This Decree shall enter into force on the date of its promulgation. |
| (2) |
(Transitional Measures concerning Scope of Persons Engaged in Supervision in Supervisory Agencies in Application of Penal Provisions) Notwithstanding the amended provisions of Article 10, the previous provisions shall apply, in the application of the penal provisions, to activities conducted by a person engaged in supervision in a supervisory agency before this Decree enters into force. |
| (4) |
(Transitional Measures concerning Dispositions, etc.) Authorization granted by administrative agencies, etc. or other activities or various reports or other activities against administrative agencies in accordance with the previous provisions as at the time this Decree enters into force shall be deemed activities conducted by administrative agencies or activities against administrative agencies in accordance with this Decree. |
ADDENDA<Presidential Decree No. 16234, Apr. 9, 1999>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDUM<Presidential Decree No. 16476, Jul. 23, 1999>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM<Presidential Decree No. 16604, Nov. 27, 1999>
This Decree shall enter into force on the date of its promulgation.
ADDENDA<Presidential Decree No. 16709, Feb. 14, 2000>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDA<Presidential Decree No. 16757, Mar. 24, 2000>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2000. (Proviso Omitted.)
Articles 2 through 6 Omitted.
ADDENDUM<Presidential Decree No. 16821, May 29, 2000>
This Decree shall enter into force on the date of its promulgation.
ADDENDA<Presidential Decree No. 17791, Dec. 5, 2002>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA<Presidential Decree No. 17816, Dec. 26, 2002>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2003.
Articles 2 through 17 Omitted.
ADDENDUM<Presidential Decree No. 19299, Jan. 27, 2006>
This Decree shall enter into force on January 30, 2006.
ADDENDA<Presidential Decree No. 20653, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That each amendment to Presidential Decrees the date of which has not arrived even though they have been promulgated before the enforcement of this Decree from among the Presidential Decrees to be amended pursuant to Article 2 of the Addenda shall enter into force on the date of the relevant Presidential Decree enters into force.
Article 2 Omitted.
ADDENDA<Presidential Decree No. 20947, Jul. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on February 4, 2009. (Proviso Omitted.)
Articles 2 through 28 Omitted
ADDENDUM<Presidential Decree No. 21049, Sep. 26, 2008>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM<Presidential Decree No. 21156, Dec. 3, 2008>
This Decree shall enter into force on the date of its promulgation.
ADDENDA<Presidential Decree No. 21480, May 6, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 8, 2009.
Articles 2 and 3 Omitted.
ADDENDA<Presidential Decree No. 21512, May 28, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of subparagraph 29 (d) of Article 2 shall enter into force on October 2, 2009.
Article 2 (Disposal of Residual Property of Corporate Restructuring Fund)
| (1) |
For the purpose of the main sentence of Article 2 (3) of the Addenda of the amended Act on the Efficient disposal of Non-Performing Assets, etc. of Financial Institutions and the Establishment of Korea Asset Management Corporation (Act No. 9670), the Corporation shall prepare a list of properties of Corporate Restructuring Fund and balance sheets and obtain prior approval from the Committee, in order to devolve residual property of Corporate Restructuring Fund on the National Treasury, and thereafter prepare the report on the settlement of accounts, without delay, after the devolvement on the National Treasury and report it to the Committee: Provided, That, for the purpose of the proviso to Article 2 (3) of the Addenda of the amended Act on the Efficient disposal of Non-Performing Assets, etc. of Financial Institutions and the Establishment of Korea Asset Management Corporation (Act No. 9670), the Corporation may prepare the report on the settlement of accounts within two months from the end of the pertaining fiscal year and then report to the Committee if part of the residual property of Corporate Restructuring Fund is devolved on the National Treasury before the expiration of the terms of management. |
| (2) |
The residual property of Corporate Restructuring Fund shall be devolved on the National Treasury in cash: Provided, That if the consultation is made with the Minister of Strategy and Finance, the property may be devolved on the National Treasury in kind. |
ADDENDA<Presidential Decree No. 21518, May 29, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on June 1, 2009.
Articles 2 and 3 Omitted.
ADDENDA<Presidential Decree No. 21835, Nov. 20, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 22, 2009.
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. 23488, Jan. 6, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Article 2 Omitted.
ADDENDA<Presidential Decree No. 24077, Aug. 31, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 1, 2012. (Proviso Omitted.)
Articles 2 through 9 Omitted.
