law view
| Article 1 |
 |
law view
| Article 2 |
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| (1) |
The governor of the Korea Development Bank (hereinafter referred to as the "governor") shall, within two weeks from the date on which the Korea Development Bank is incorporated, register the incorporation of the Korea Development Bank at the location of its principal office. <Amended by Presidential Decree No. 21516, May 29, 2009> |
| (2) |
Matters falling under any of the following subparagraphs shall be registered when the registration of incorporation is made: <Amended by Presidential Decree No. 15514, Nov. 29, 1997; Presidential Decree No. 21516, May 29, 2009> |
| 3. |
The location of the principal office; |
| 4. |
The location of branches; |
| 5. |
Capital, the total number of stocks to be issued and the face value of a stock; |
| 6. |
The total number and types of stocks issued, and the contents and numbers by type; |
| 7. |
Name, resident registration number, and address of the governor; |
| 8. |
Names and resident registration numbers of directors and auditor; |
| 9. |
Method of giving public notification. |
| (3) |
The Korea Development Bank shall, at the location of it branches or sub-branches, register the particulars of subparagraphs mentioned in paragraph (2) within three weeks from the date of the registration of incorporation. |
law view
| Article 3 |
|
Where the Korea Development Bank establishes a branch, it shall register matters as follows: <Amended by Presidential Decree No. 21516, May 29, 2009>
| 1. |
The location and date of establishment of the branch not later than two weeks at the location of principal office; |
| 2. |
Matters provided under Article 2 (2) 1 through 3, 7, and 9, not later than three weeks at the location of the branch. |
[This Article Wholly Amended by Presidential Decree No. 15514, Nov. 29, 1997]
law view
| Article 4 |
|
| (1) |
Where the Korea Development Bank relocates its principal office, the new location of the principal office and the date on which the principal office is relocated shall be registered not later than two weeks at the former location of the principal office, and matters provided for in each subparagraph of Article 2 (2) shall be registered at the new location of principal office. |
| (2) |
Where the Korea Development Bank relocates its branch, the new location of the branch, and the date on which the branch is relocated shall be registered not later than two weeks at the former location of the branch and its principal office, and matters provided for in Article 2 (2) 1 through 3, 7, and 9 shall be registered at the new location of the branch. <Amended by Presidential Decree No. 21516, May 29, 2009> |
[This Article Wholly Amended by Presidential Decree No. 15514, Nov. 29, 1997]
law view
| Article 5 |
|
In cases of changes in matters provided for in each subparagraph of Article 2 (2), registration of changes shall be made not later than two weeks at the location of the principal office. In cases of changes in matters provided for in Article 2 (2) 1 through 3, 7, or 9, registration of changes shall also be made not later than three weeks at the location of branches. <Amended by Presidential Decree No. 21516, May 29, 2009>
[This Article Wholly Amended by Presidential Decree No. 15514, Nov. 29, 1997]
law view
| Article 6 |
|
| (1) |
If an agent is appointed under Article 15 of the Korea Development Bank Act (hereinafter referred to as the "Act"), the following particulars shall, within two weeks following the appointment, be registered at the location of the principal office or branch for which the agent is appointed: <Amended by Presidential Decree No. 15514, Nov. 29, 1997; Presidential Decree No. 19191, Dec. 28, 2005; Presidential Decree No. 21516, May 29, 2009> |
| 1. |
Name, resident registration number, and address of the agent; |
| 2. |
Deleted; <by Presidential Decree No. 15514, Nov. 29, 1997> |
| 3. |
Restrictions, if any, on the powers of the agent. |
| (2) |
If any change has occurred in any of the particulars of subparagraphs mentioned in paragraph (1), such change shall be registered in accordance with the same paragraph. |
law view
| Article 7 Deleted. <by Presidential Decree No. 14632, Apr. 28, 1995> |
|
law view
| Article 8 |
|
If the authorization of the Financial Services Commission is required for any of the particulars which are to be registered in accordance with Articles 2 through 6, the registration period shall commence on the date when the written authorization is received. <Amended by Presidential Decree No. 14438, Dec. 23, 1994; Presidential Decree No. 14632, Apr. 28, 1995; Presidential Decree No. 16323, May 24, 1999; Presidential Decree No. 20653, Feb. 29, 2008>
law view
| Article 9 Deleted. <by Presidential Decree No. 19191, Dec. 28, 2005> |
|
law view
| Article 10 |
|
| (1) |
The competent registry office for the registration of the Korea Development Bank shall be the district court, branch court of a district court, or registry office that has jurisdiction over the principal office or branch of the Korea Development Bank. <Amended by Presidential Decree No. 15514, Nov. 29, 1997; Presidential Decree No. 21516, May 29, 2009> |
| (2) |
Each registry office shall keep the register book of the Korea Development Bank. |
law view
| Article 11 |
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Registration shall be made upon application therefor by the governor of the Korea Development Bank. <Amended by Presidential Decree No. 21516, May 29, 2009>
law view
| Article 12 |
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The following documents shall be attached to the application form for registration under Article 2: <Amended by Presidential Decree No. 21516, May 29, 2009>
| 1. |
The articles of incorporation; |
| 3. |
Documents certifying that initial capital has been paid in; |
| 4. |
Documents certifying the qualification of the governor. |
law view
| Article 13 |
|
The following documents shall be attached to the application for registration under Articles 3 through 5: <Amended by Presidential Decree No. 21516, May 29, 2009>
| 1. |
In cases of registration under Article 3, documents certifying the establishment of a branch; |
| 2. |
In cases of registration under Article 4, documents certifying the relocation of the principal office or branch; |
| 3. |
In cases of registration under Article 5, documents certifying the change in the contents of such registration. |
law view
| Article 14 |
|
The following documents shall be attached to the application form for registration under Article 6:
| 2. |
Documents certifying the restrictions, if any, imposed on the powers of the agent under Article 6 (1) 3. |
law view
| Article 15 Deleted. <by Presidential Decree No. 14632, Apr. 28, 1995> |
|
law view
| Article 16 Deleted. <by Presidential Decree No. 21516, May 29, 2009> |
|
law view
| Article 17 |
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When the Korea Development Bank has completed the registration of its incorporation in accordance with Article 2, it shall serve immediate public notice thereof.
law view
| Article 18 (Guarantee of Debts in Foreign Currency) |
|
The term "requirements prescribed by Presidential Decree, such as cases where the Korea Development Bank has difficulty in redemption of a debt if the Korean Government does not guarantee or such" in Article 18-2 (5) of the Act means a case falling under any of the following subparagraphs:
| 1. |
Where the Korea Development Bank has difficulty in redemption of a debt in foreign currency pursuant to Article 18-2 (1) of the Act if the Government does not guarantee; |
| 2. |
Where the terms of borrowing of a debt in foreign currency, which the Korea Development Bank is to newly bear, pursuant to Article 18-2 (3) of the Act become remarkably unfavorable if the Government does not guarantee; |
| 3. |
Where the Minister of Strategy and Finance determines and publicly announces as other cases corresponding to subparagraphs 1 and 2. |
[This Article Newly Inserted by Presidential Decree No. 21516, May 29, 2009]
law view
| Article 18-2 Deleted. <by Presidential Decree No. 16617, Dec. 27, 1999> |
|
CHAPTER III INDUSTRIAL FINANCE BONDS
law view
| Article 19 |
|
law view
| Articles 20 and 21 Deleted. <by Presidential Decree No. 19191, Dec. 28, 2005> |
|
law view
| Article 21-2 |
|
| (1) |
Industrial finance bonds shall be issued by public offering or by contract with a particular person on the transfer or underwriting of bonds. |
| (2) |
The issuance of industrial finance bonds by public offering shall be made by inviting subscription (including public tender) or by sales. |
[This Article Newly Inserted by Presidential Decree No. 15514, Nov. 29, 1997]
law view
| Article 22 |
|
| (1) |
Any person who intends to subscribe for industrial finance bonds shall state on an application for subscription for industrial finance bonds in duplicate the number of industrial finance bonds for which he intends to subscribe, and his address, and shall place his signature and seal thereon. |
| (2) |
The application for subscription for industrial finance bonds shall be prepared by the governor, and shall contain the following particulars: <Amended by Presidential Decree No. 21516, May 29, 2009> |
| 1. |
The name of the Korea Development Bank; |
| 2. |
The total amount of industrial finance bonds to be issued; |
| 3. |
The nominal value of each industrial finance bond; |
| 4. |
The rate of interest on the industrial finance bonds; |
| 5. |
The manner and date of redemption of the industrial finance bonds; |
| 6. |
The manner and date of payment of interest; |
| 7. |
The issue price or minimum level of the issue price of the industrial finance bonds; |
| 8. |
The authorized capital and paid-in capital of the Korea Development Bank; |
| 10. |
The total amount of unredeemed industrial finance bonds, if any. |
| (3) |
Notwithstanding the provisions of paragraph (2) 4, the subscriber shall indicate subscribed interest rates on the application for subscription for industrial finance bonds, unless the interest rate of industrial finance bond is determined. <Amended by Presidential Decree No. 15514, Nov. 29, 1997> |
| (4) |
Notwithstanding the provisions of paragraph (2) 7, the subscriber shall indicate subscribed price on the application for subscription for industrial finance bonds, unless the issue price of an industrial finance bond is determined, or where its minimum level of issue price is determined. <Newly Inserted by Presidential Decree No. 15514, Nov. 29, 1997> |
law view
| Article 23 |
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The provisions of Article 22 shall not apply when the total amount of industrial finance bonds being issued is taken up by contract.
law view
| Article 24 |
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If it is stated in the application for subscription for industrial finance bonds that the industrial finance bonds are validly issued even when the total amount of subscriptions for the industrial finance bonds has not reached the total amount of the industrial finance bonds stated in the application for subscription for industrial finance bonds, the total amount of subscriptions shall be the total amount for the industrial finance bonds. <Amended by Presidential Decree No. 14632, Apr. 28, 1995>
law view
| Article 25 |
|
When the subscription period for industrial finance bonds has been closed, the governor shall, without delay, pay the full amount of each industrial finance bond. <Amended by Presidential Decree No. 21516, May 29, 2009>
law view
| Article 26 |
|
No certificate of industrial finance bonds shall be issued until the total amount of the issued industrial finance bonds is paid up: Provided
, That when the industrial finance bonds are issued under Article 27, this shall not apply.
law view
| Article 27 |
|
| (1) |
Where industrial finance bonds are issued by sales, the sales period shall be fixed in advance. <Amended by Presidential Decree No. 15514, Nov. 29, 1997> |
| (2) |
When industrial finance bonds are issued under paragraph (1), the application for subscription for industrial finance bonds shall not be executed. |
| (3) |
In the certificate for industrial finance bonds issued under paragraph (1), the particulars mentioned in Article 22 (2) 1, 3 through 6, and the serial number of each industrial finance bonds shall be stated. |
law view
| Article 28 |
|
When the Korea Development Bank issues industrial finance bonds by a sale, it shall serve public notice by advertising the sale period and the particulars stated in Article 22 (2) 1 through 7.
law view
| Article 29 |
|
| (1) |
The Korea Development Bank shall cause the ledger of industrial finance bonds to be kept at its principal office. |
| (2) |
In the ledger of industrial finance bond, the following matters shall be entered: <Amended by Presidential Decree No. 14632, Apr. 28, 1995> |
| 1. |
The total number of industrial finance bonds, and the serial number of each bond; |
| 2. |
The date on which the bond certificate is issued; |
| 3. |
The particulars stated in Article 22 (2) 2 through 6. |
| (3) |
When industrial finance bonds are issued in non-bearer form, the following particulars shall, in addition to those stated in paragraph (2), be entered in the ledger of industrial finance bonds: <Amended by Presidential Decree No. 14632, Apr. 28, 1995> |
| 1. |
The name and address of each holder; |
| 2. |
The date of acquisition thereof. |
law view
| Article 30 |
|
Holders of industrial finance bonds shall, at any time during the business hours of the Korea Development Bank, be entitled to request the inspection of the ledger of industrial finance bonds.
law view
| Article 31 |
|
With respect to the transfer of an industrial finance bond in non-bearer form, the transferee shall not defense to the Korea Development Bank or a third party unless and until the name and address of the transferee are entered in the ledger of industrial finance boards and the same name is entered in the certificate thereof.
law view
| Article 32 |
|
| (1) |
A pledge on an industrial finance bond in non-bearer form shall not be set up against the Korea Development Bank or other third parties unless and until the name and address of the pledgee are entered in the ledger of industrial finance bonds. |
| (2) |
When a pledge is created in accordance with paragraph (1), the Korea Development Bank shall enter a statement to that effect on the bond certificate. |
law view
| Article 33 |
|
The Korea Development Bank may retire industrial finance bonds by purchasing them to the extent that services provided for in Article 18 of the Act are not impeded. <Amended by Presidential Decree No. 14438, Dec. 23, 1994; Presidential Decree No. 15514, Nov. 29, 1997>
law view
| Article 34 |
|
| (1) |
When the coupon attached to an industrial finance bond in bearer form has been lost, an amount equivalent thereto shall, upon redemption, be deducted from the sum to be repaid. |
| (2) |
The bearer of the coupon stated in paragraph (1) may, at any time, request the Korea Development Bank, in exchange for the coupon, to pay the amount which has been deducted. |
[This Article Wholly Amended by Presidential Decree No. 7986, Feb. 12, 1976]
law view
| Article 35 |
|
| (1) |
Notices or peremptory notices to subscribers for industrial finance bonds shall be sent to the address entered on the subscription application: Provided, That if the subscriber gives the Korea Development Bank another address for the purpose of notices or peremptory notices, they shall be sent there. |
| (2) |
The provisions of paragraph (1) shall apply to notices or peremptory notices sent to persons having title to industrial finance bonds before the bond certificate is issued. |
| (3) |
Notices or peremptory notices to holders of industrial finance bonds in non-bearer form shall be sent to the address appearing on the ledger of industrial finance bonds: Provided, That if the holder gives the Korea Development Bank another address for the purpose of notices or peremptory notices, they shall be sent there. |
| (4) |
Notices or peremptory notices to holders of industrial finance bonds in bearer form may be given by public notice. |
CHAPTER III-2 CRITERIA AND SUPERVISION OF SOUND MANAGEMENT
law view
| Article 35-2 (Definitions) |
|
The definitions of terms used in this Chapter shall be as follows: <Amended by Presidential Decree No. 19191, Dec. 28, 2005>
[This Article Newly Inserted by Presidential Decree No. 16742, Mar. 4, 2000]
law view
| Article 35-3 (Supervision of Sound Management) |
|
| (2) |
The Financial Services Commission may determine detailed matters necessary to exercise supervision under paragraph (1). <Amended by Presidential Decree No. 20653, Feb. 29, 2008> |
[This Article Newly Inserted by Presidential Decree No. 16742, Mar. 4, 2000]
law view
| Article 35-4 (Ceiling on Credit Extension to Same Borrower) |
|
| (1) |
The Korea Development Bank may not extend credit in excess of 25/100 of its equity capital to the same individual or juristic person, and a person belonging to the same enterprise group as such individual or juristic person (hereinafter referred to as the "same borrower"): Provided, That the same shall not apply to any of the following cases: <Amended by Presidential Decree No. 18457, Jun. 29, 2004; Presidential Decree No. 18736, Mar. 8, 2005; Presidential Decree No. 19191, Dec. 28, 2005; Presidential Decree No. 20653, Feb. 29, 2008> |
| 1. |
Where an additional credit is extended to a company for which the reorganization procedure or the composition procedure is under way in accordance with the Debtor Rehabilitation and Bankruptcy Act or of which the normalization of operation is in progress by joint financial institutions as a part of the adjustment of enterprise structure; |
| 2. |
Where an additional credit is extended to a person who acquires a company falling under subparagraph 1 in compliance with acquisition agreement; |
| 3. |
Where a ceiling on the credit extension as referred to in the above main sentence is exceeded due to the following causes, in spite of the absence of any additional credit extension: |
| (a) |
Where the amount of money converted into won currency is increased by the fluctuation of exchange rate; |
| (b) |
Where the equity capital of the Korea Development Bank is decreased; |
| (c) |
Where any alteration is made in the constitution of the same borrower; |
| (d) |
Where any merger or any transfer or taking over of business is made among the enterprises to which are extended credit; |
| (e) |
Where there exists any compelling cause such as the sudden change in economic conditions, which is recognized by the Financial Services Commission; |
| 4. |
Where any credit is extended to an electric source development business operator in accordance with the electric source development business execution plan under the Electric Source Development Promotion Act; |
| 5. |
Where it is necessary to implement an industrial policy such as infrastructure facility business or to stabilize national life, which is recognized by the Financial Services Commission after consultation with the Minister of Strategy and Finance. |
| (2) |
Where a ceiling on credit extension referred to in the main sentence of paragraph (1) is exceeded due to such cause as provided for in paragraph (1) 3, it shall be adjusted to suit the ceiling as referred to in the main sentence of paragraph (1) within one year from the date the ceiling is exceeded: Provided, That in the following cases, the said period may be extended by the Financial Services Commission to a certain time: <Amended by Presidential Decree No. 20653, Feb. 29, 2008> |
| 1. |
Where it is difficult to collect the extended credit within the said period because the deadline for the collection has yet to come; |
| 2. |
Where any cause falling under paragraph (1) 3 (a) or (b) continues to exist for a long time, and if the extended credit is collected, the stabilization of management of the person who is extended such credit might be noticeably impaired; |
| 3. |
Where the Financial Services Commission deems that the soundness of assets of the Korea Development Bank might not be noticeably impaired even if the state of excess of the ceiling continues for a certain period of time, which is similar to any causes referred to in subparagraphs 1 and 2. |
[This Article Newly Inserted by Presidential Decree No. 16742, Mar. 4, 2000]
law view
| Article 35-5 (Ceiling, etc. on Credit Extension to Same Person) |
|
| (1) |
The Korea Development Bank may not extend credit in excess of 20/100 of its equity capital to the same individual or juristic person, respectively. |
| (2) |
The sum total of a large amount of credit extension of the Korea Development Bank (referring to cases where the amount of credit extension to the respective same borrowers exceeds 10/100 of the equity capital of the Korea Development Bank) may not exceed five times the equity capital. |
| (3) |
The provisions of the proviso to Article 35-4 (1) and paragraph (2) of the same Article shall apply mutatis mutandis to the cases of paragraphs (1) and (2). |
[This Article Newly Inserted by Presidential Decree No. 16742, Mar. 4, 2000]
law view
| Article 35-6 (Restrictions on Investments, etc. in Another Juristic Person) |
|
| (1) |
The Korea Development Bank may not acquire stocks in excess of 15/100 of the voting stocks (including contribution quota; hereafter in this Article the same shall apply) issued by another juristic person: Provided, That the same shall not apply to the following cases: <Amended by Presidential Decree No. 19191, Dec. 28, 2005; Presidential Decree No. 20653, Feb. 29, 2008; Presidential Decree No. 21480, May 6, 2009> |
| 1. |
Where the Korea Development Bank acquires the stocks of another juristic person in consequence of investment in the Bank by the Government; |
| 2. |
Where the Korea Development Bank acquires stocks in consequence of stock dividend or free issue of new stocks; |
| 3. |
Where the Korea Development Bank acquires stocks by the convertsion of loans into investments due to the restructuring of enterprises, etc.; |
| 4. |
Where the Korea Development Bank acquires stocks in consequence of the exercise of security right; |
| 5. |
Where the Korea Development Bank acquires stocks in consequence of the participation in the issue of new stocks to be purchased within the scope of its own existing share; |
| 6. |
Where the Korea Development Bank acquires stocks in consequence of converting into stock-related bonds such as bonds with warrants; |
| 7. |
Where the Korea Development Bank acquires stocks by investment in a company of which more than 15/100 of issued voting stocks are owned by the Korea Development Bank (hereinafter referred to as a "subsidiary company") and which belongs to the category of business determined by the Financial Services Commission. In such cases, the total amount (excluding the amount of investments under the provisions of subparagraph 10) of investments in each subsidiary company shall not be in excess of 20/100 of the equity capital of the Korea Development Bank; |
| 10. |
Where it is necessary to achieve the purposes of establishment of the Korea Development Bank, which is approved by the Financial Services Commission. |
| (2) |
The Korea Development Bank shall not perform the following acts in doing business with its subsidiary companies: <Amended by Presidential Decree No. 20653, Feb. 29, 2008> |
| 1. |
Extending credit to its subsidiary companies in excess of the ceiling as determined by the Financial Services Commission; |
| 2. |
Extending credit by taking the stocks of its subsidiary companies as security; |
| 3. |
Extending credit in order to solicit for the purchase of the stocks of its subsidiary companies. |
[This Article Newly Inserted by Presidential Decree No. 16742, Mar. 4, 2000]
law view
| Article 35-7 (Restrictions on Holding, etc. of Securities) |
|
The Korea Development Bank shall not conduct the following businesses: <Amended by Presidential Decree No. 18736, Mar. 8, 2005; Presidential Decree No. 19191, Dec. 28, 2005; Presidential Decree No. 19806, Dec. 29, 2006; Presidential Decree No. 20653, Feb. 29, 2008; Presidential Decree No. 21516, May 29, 2009>
| 1. |
Holding stocks or securities of more than three year maturity in excess of 60/100 of its equity capital: Provided, That this shall not include the following securities: |
| (b) |
Bonds issued by the State, local governments, or special corporations under any special Acts; |
| (c) |
Monetary stabilization bonds issued by the Bank of Korea; |
| (e) |
Securities acquired through investment by the Government; |
| 2. |
Owning real estate other than real estate for business use: Provided, That this shall not include the acquisition of real estate through the exercise of security right, such as mortgages; |
| 3. |
Owning real estate for business in excess of 60/100 of its equity capital; |
| 4. |
Loaning funds with the object of speculation in goods or securities; |
| 5. |
Loaning funds by taking as security more than 20/100 of stocks issued by other stock companies, by either direct or indirect manners: Provided, That this shall not include loaning to the following juristic persons: |
| (a) |
A juristic person established for the purpose of project finance creating the funds by making cash incomes, etc. anticipated to be generated from the relevant projects as repayment financial resources to implement a specific project requiring considerable time and funds for completion such as creating the social fundamental facilities, house construction or resources development, etc.; |
| (b) |
A juristic person in which the normalization of operation is in progress by joint financial institutions as a part of the adjustment of enterprise structure; |
| 6. |
Loaning funds to officers or employees of the Korea Development Bank or its subsidiary companies: Provided, That this shall not include small-size loaning as determined by the Financial Services Commission. |
[This Article Newly Inserted by Presidential Decree No. 16742, Mar. 4, 2000]
law view
| Article 35-8 (Disposal of Assets for Non-Business Use, etc.) |
|
Where the Korea Development Bank acquires through the exercise of security right any assets of which the acquisition or ownership is prohibited under this Decree, it shall dispose of them as prescribed by the Financial Services Commission. <Amended by Presidential Decree No. 20653, Feb. 29, 2008>
[This Article Newly Inserted by Presidential Decree No. 16742, Mar. 4, 2000]
law view
| Article 35-9 (Building of Risk Control System) |
|
The Korea Development Bank shall prepare business conduct standards and procedures to properly control various risks which might occur in all process of management and shall build and operate a risk control system to systematically manage assets and debts, etc.
[This Article Newly Inserted by Presidential Decree No. 16742, Mar. 4, 2000]
law view
| Article 35-10 (Accounting Standards) |
|
The accounting of the Korea Development Bank shall be conducted in accordance with the accounting standards under Article 13 (1) 1 of the Act on External Audit of Stock Companies and the bank-related accounting standards determined by the Financial Services Commission. <Amended by Presidential Decree No. 19191, Dec. 28, 2005; Presidential Decree No. 20653, Feb. 29, 2008; Presidential Decree No. 21969, Dec. 31, 2009>
[This Article Newly Inserted by Presidential Decree No. 16742, Mar. 4, 2000]
law view
| Article 35-11 (Scope of Supervision over Soundness of Management) |
|
The supervision and inspection of the soundness of management by the Financial Services Commission shall be conducted only with respect to the matters which are not subject to the accounting inspection under Article 22 of the Board of Audit and Inspection Act and to the supervision of duties under Article 24 of the same Act. <Amended by Presidential Decree No. 19191, Dec. 28, 2005; Presidential Decree No. 20653, Feb. 29, 2008>
[This Article Newly Inserted by Presidential Decree No. 16742, Mar. 4, 2000]
law view
| Article 35-12 (Guidance of Sound Management) |
|
| (1) |
The Korea Development Bank shall regularly grade its holding assets according to their soundness to accumulate and hold appropriate bad debt allowances: Provided, That the claims on the State, local governments, or government-invested institutions shall be excluded from the claims subject to the establishment of bad debt allowances. |
| (2) |
The Korea Development Bank shall observe the asset management standards determined by the Financial Services Commission such as the ratio of equity capital to assets weighted by risk pursuant to the standards of the Bank of International Settlements and the ratio of current assets expressed in won currency to current liabilities expressed in won currency. <Amended by Presidential Decree No. 20653, Feb. 29, 2008> |
| (3) |
Where the Financial Services Commission deems that the soundness of management of the Korea Development Bank might be severely impaired for failure to meet the standards of sound management under this Chapter, the Commission may request that the Bank take necessary measures to correct it. <Amended by Presidential Decree No. 20653, Feb. 29, 2008> |
[This Article Newly Inserted by Presidential Decree No. 16742, Mar. 4, 2000]
law view
| Article 35-13 (Public Notice of Management) |
|
The Korea Development Bank shall publicly announce major information and data on the state of its management as prescribed by the Financial Services Commission. <Amended by Presidential Decree No. 20653, Feb. 29, 2008>
[This Article Newly Inserted by Presidential Decree No. 16742, Mar. 4, 2000]
law view
| Article 35-14 (Establishment, etc. of Model Uniform Contractual Clauses for Financial Transactions) |
|
| (1) |
Where the Korea Development Bank intends to establish or alter model uniform contractual clauses for financial transactions, it shall submit a prior report to the Financial Services Commission. <Amended by Presidential Decree No. 20653, Feb. 29, 2008> |
| (2) |
The Financial Services Commission may, if necessary to maintain sound financial transaction order, recommend that the Korea Development Bank alter the model uniform contractual clauses established under paragraph (1). <Amended by Presidential Decree No. 20653, Feb. 29, 2008> |
| (3) |
The Financial Services Commission may determine the time and procedures of report on the establishment and alteration of the model uniform contractual clauses under paragraph (1) and other necessary matters. <Amended by Presidential Decree No. 20653, Feb. 29, 2008> |
| (4) |
The Korea Development Bank shall publicly announce contractual conditions of financial transactions, etc. as prescribed by the Financial Services Commission. <Amended by Presidential Decree No. 20653, Feb. 29, 2008> |
[This Article Newly Inserted by Presidential Decree No. 16742, Mar. 4, 2000]
CHAPTER Ⅳ SUPPLEMENTARY PROVISIONS
law view
| Articles 36 through 37-2 Deleted. <by Presidential Decree No. 21516, May 29, 2009> |
|
law view
| Article 37-3 (Methods for Dividends in Kind) |
|
| (1) |
When the Korea Development Bank intends to distribute a part of net profits of closing accounts as dividends in kind pursuant to the provisions of Article 43 (3) of the Act, it shall do so with the contributions in kind to the Korea Development Bank. |
| (2) |
Article 62 of the State Property Act shall apply mutatis mutandis to the value computation of dividends in kind under the provisions of paragraph (1). <Amended by Presidential Decree No. 21641, Jul. 27, 2009> |
[This Article Newly Inserted by Presidential Decree No. 19191, Dec. 28, 2005]
law view
| Article 37-4 (Management of Unique Identifying Information) |
|
| 1. |
An affair concerning supervision and orders in accordance with Article 47 of the Act as well as follow-up measures therefor; |
| 2. |
An affair concerning inspection or a request for submitting reports in accordance with Article 49 (1) of the Act as well as follow-up measures therefor. |
[This Article Newly Inserted by Act No. 23488, Jan. 6, 2012]
law view
| Article 38 |
|
The Financial Services Commission may establish procedures necessary for an application for any authorization required to be obtained under the Act, and for the supervision of the Korea Development Bank. <Amended by Presidential Decree No. 14438, Dec. 23, 1994; Presidential Decree No. 16323, May 24, 1999; Presidential Decree No. 20653, Feb. 29, 2008>
law view
| Article 39 (Detailed Standards of Authorization) |
|
[This Article Newly Inserted by Presidential Decree No. 21516, May 29, 2009]
law view
| Article 40 (Methods of Computation of Equity Capital of Korea Development Bank Holding) |
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[This Article Wholly Amended by Presidential Decree No. 21516, May 29, 2009]
law view
| Article 41 (Formation and Operation of Committee to Monitor Implementation of Privatization) |
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| (1) |
A term of office of members (hereinafter referred to as "nongovernmental members") of the Committee to monitor Implementation of Privatization (hereinafter referred to as the "Committee") commissioned by the Chairman of the Financial Services Commission pursuant to Article 50-6 (3) 6 of the Act shall be two years and they may be reappointed only once. |
| (2) |
If there is a vacancy in non-governmental members, a new member shall be commissioned and his/her term of office shall be reckoned from the date on which he/she has been commissioned. |
| (3) |
Meetings of the Committee shall be divided into a regular meeting and special meeting; it shall be the principle that a regular meeting is called once a half year, and a special meeting shall be called at the request of the chairman of the Committee (hereinafter referred to as the "Chairman") or at the request of a majority of the incumbent members. |
| (4) |
The Committee shall take the minutes of the meeting and open them to the public as prescribed by the Committee. |
| (5) |
In addition to the matters prescribed in paragraphs (1) through (4), matters necessary for operation of the Committee shall be determined by the Chairman through a resolution of the Committee. |
[This Article Newly Inserted by Presidential Decree No. 21516, May 29, 2009]
ADDENDUM
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 5497, Jan. 27, 1971>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 7986, Feb. 12, 1976>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 8613, Jul. 2, 1977>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 10022, Sep. 10, 1980>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 14438, Dec. 23, 1994>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDUM <Presidential Decree No. 14632, Apr. 28, 1995>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 15514, Nov. 29, 1997>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 16323, May 24, 1999>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 16617, Dec. 27, 1999>
| (1) |
(Enforcement Date) This Decree shall enter into force on the date of its promulgation. |
ADDENDA <Presidential Decree No. 16742, Mar. 4, 2000>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Transitional Measures concerning Ceiling on Credit Extension)
| (1) |
Where the Korea Development Bank has extended credit in excess of the ceiling as referred to in the amended provisions of Articles 35-4 (1) and 35-5 (1) at the time this Decree enters into force, it shall withdraw the excess credit extension to meet the amended provisions by December 31, 2004, and shall submit the detailed plan for such withdrawal to the Financial Supervisory Commission within one month from the date this Decree takes effect and obtain approval from the Commission. |
| (2) |
Where the Korea Development Bank has extended credit in excess of the ceiling as referred to in the amended provisions of 35-5 (2) at the time this Decree enters into force, it shall withdraw the excess credit extension to meet the amended provisions by December 31, 2000, and shall submit the detailed plan for such withdrawal to the Financial Supervisory Commission within one month from the date this Decree takes effect and obtain approval from the Commission. |
Article 3 (Transitional Measures concerning Holding of Stocks Issued by Another Juristic Person)
Stocks held by the Korea Development Bank in excess of 15/100 of stocks (including contribution quota) issued by another juristic person at the time of the entry into force of this Decree and not falling under the amended provisions of Article 35-6 (1) 1 through 9 shall be deemed to be held with approval from the Minister of Finance and Economy in accordance with the amended provisions of Article 35-6 (1) 10.
ADDENDA <Presidential Decree No. 18457, Jun. 29, 2004>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2004. (Proviso Omitted.)
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 18736, Mar. 8, 2005>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDUM <Presidential Decree No. 19191, Dec. 28, 2005>
This Decree shall enter into force on January 1, 2006: Provided, That the amended provisions of Article 35-4 (1) 1 shall enter into force on April 1, 2006.
ADDENDA <Presidential Decree No. 19806, Dec. 29, 2006>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2007.
Articles 2 through 6 Omitted.
ADDENDA <Presidential Decree No. 20653, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on date of its promulgation. (Proviso Omitted.)
Article 2 Omitted.
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. 21516, May 29, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on June 1, 2009.
Article 2 (Special Cases concerning Computation of Equity Capital)
Notwithstanding subparagraph 1 of Article 35-2, where the Korea Development Bank is divided into Korea Development Bank Holdings and the Korea Policy Banking Corporation under the Korea Policy Banking Corporation Act pursuant to Article 50 (1) of the Act, when the credit offering limit under the provisions of Articles 35-4 through 35-6 is applied, the equity capital of the Korea Development Bank shall, limited to five years from the date of division, be computed by adding all the decreased part out of the own equity capital at the time of division.
Article 3 (Consultation According to Burden of Debts in Foreign Currency)
| (1) |
With respect to debts in foreign currency pursuant to Article 18-2 (1) of the Act (hereafter referred to as "debts in foreign currency" in this Article) which are expected to be newly borne by the Korea Development Bank by each quarter from the enforcement date of the partly amended Korea Development Bank Act (Act No. 9703), until the first time to sell the stake in Korea Development Bank Holdings possessed by the Government, the Korea Development Bank shall consult matters referred to in the following subparagraphs with the Minister of Strategy and Finance and the Financial Services Commission in advance pursuant to Article 6 the Addenda to the partly amended Korea Development Bank Act (Act No. 9703). The same shall also apply in cases where it intends to modify them: |
| 3. |
The term of redemption. |
| (2) |
The Korea Development Bank shall, in order to smoothly have consultation pursuant to paragraph (1), present matters concerning the present status of redemption in the previous quarter, the balance of debts and estimated amount of redemption in the relevant quarter on debts in foreign currency to the Minister of Strategy and Finance and the Financial Services Commission within 15 days from the first day of each quarter by quarters. |
ADDENDA <Presidential Decree No. 21641, Jul. 27, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 31, 2009. (Proviso Omitted.)
Articles 2 through 15 Omitted.
ADDENDA <Presidential Decree No. 21969, Dec. 31, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 8 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.
Article 2 Omitted.
