Foreign Investment and Foreign Capital Inducement Act
Foreign Investment and Foreign Capital Inducement Act
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(continued from previous issue) * Article 15 (Establishment of Foreign Investment Support Center, etc.) (1) The Foreign Investment Support Center (hereinafter referred to as the "Investment Support Center") shall be established under the Korea Trade and Investment Promotion Agency as prescribed by the Korea Trade and Investment Promotion Agency Act (hereinafter referred to as the "Korea Trade and Investment Promotion Agency") in order to provide or conduct, either directly or as a proxy, consultations, guidance, advertisements, research, and civil petitions concerning foreign investment, and conduct various comprehensive support measures for foreign investors and foreign-capital invested companies. (2) Where necessary for the purpose of properly conducting business concerning foreign investment, the head of the Korea Trade and Investment Promotion Agency may request the relevant administrative agencies, corporations or organizations related to foreign investment (hereinafter referred to as "foreign-investment related agencies") to dispatch their public officials or officers and employees to render services at the Investment Promotion Center: provided, that where the services of public officials are required, prior consultation with the competent minister shall be made. (3) The Investment Support Center shall be run mainly by officers and employees of the Korea Trade and Investment Promotion Agency who are equipped with considerable knowledge and experience in foreign investment, and public officials or the officers and employees of foreign investment related agencies who have been dispatched to the Investment Support Center in accordance with the provisions of paragraph (2) (hereinafter referred to as "dispatched officers") shall render their support to business matters of the Investment Support Center. (4) The head of the relevant administrative agency or the head of a foreign-investment related agency to whom a request for the dispatch of public officials or officers or employees has been made in accordance with the provisions of paragraph (2) shall select those who are well-suited for the business matters in question and dispatch them, unless he is justified for not doing so on some special ground, and where he intends to stop the dispatched service before the period of service expires, he shall consult in advance with the head of the Korea Trade and Investment Promotion Agency. (5) The head of the relevant administrative agency or the head of a foreign-investment related agency who dispatches public officials or officers or employees under his jurisdiction in accordance with the provisions of paragraph (2) shall not disadvantageously treat the dispatched officers in terms of their promotions, position transfers, rewards, and welfare measures. (6) Where necessary to conduct the business as prescribed by the provisions of paragraph (1), the head of the Korea Trade and Investment Promotion Agency may request the relevant administrative agency or the foreign-investment related agency to render cooperation, and the head of the agency thus requested shall comply with the request, unless he is justified for not doing so on some special ground. (7) Under the Korea Trade and Investment Promotion Agency, there shall be established a grievance settlement organ to deal with difficulties of foreign-capital invested companies. (8) Necessary matters concerning the organization and operation of the Investment Support Center and the grievance settlement organ shall be prescribed by the Presidential Decree. * Article 15-2 (Ombudsman for Foreign Investment) (1) For the purpose of supporting the settlement affairs of difficulties of foreign-capital invested companies, the ombudsmen for foreign investment may be commissioned from among those persons who have much knowledge and experience on the foreign investment business. (2) The ombudsmen for foreign investment under paragraph (1) of this Article shall be commissioned by the President on the recommendation of the Minister of Commerce, Industry and Energy, after the deliberation of the foreign investment commission under Article 27. * Article 16 (Foreign Investment Promotion Officials of Cities and Dos) (1) A foreign investment promotion office may be established at the Special Metropolitan City, Metropolitan City, or Do for the purpose of rendering support for foreign investment by properly supervising the treatment of civil petitions concerning permission, authorization, licensing, approval, designation, cancellation, report, recommendation, and consultation related to foreign investment (hereinafter referred to as "permission") and establishing cooperative systems with related agencies. (2) Where a cooperation request has been made by a relevant administrative agency or the Investment Support Center with respect to civil petitions concerning foreign investment, foreign investment promotion officials shall cooperate in a positive manner. (3) Relevant matters concerning the functions and business of the foreign investment promotion office, other than those as prescribed by the provisions of paragraphs (1) and (2), shall be prescribed by Presidential Decree. * Article 17 (Special Cases concerning Treatment of Civil Petitions by Foreign Investors) (1) Where a foreign investor or a foreign-capital invested company has been issued the permission in the left column of attached Table 1, he or it shall be regarded as having been issued the permission in the right column of Table 1. (2) Civil petitions related to foreign investors or to the foreign investments of foreign-capital invested companies prescribed by the Presidential Decree (hereinafter referred to as "civil petitions to be directly treated") may be treated directly by a dispatched officer. In this case, the head of the relevant administrative agency to which the dispatched officer belongs shall entrust the dispatched officer with all rights concerning the treatment of the civil petitions. (3) A foreign investor or a foreign-capital invested company may request the Investment Support Center to vicariously carry out matters of civil petition such as the filling out and submission of application forms relating to civil affairs. The head of the Investment Support Center receiving such a request shall select civil petitions related to the permission appearing on attached Table 1 (hereinafter referred to as "civil petitions to be treated in bulk") and civil petitions related to foreign investment appearing on attached Table 2 which are to be individually treated (hereinafter referred to as "civil petitions to be individually treated"), transfer them to the relevant civil affairs administrative agency for disposition, and notify the foreign investment promotion official under his jurisdiction. (4) The head of a civil affairs administrative agency to whom an application form relating to civil affairs has been transferred in accordance with the provisions of paragraph (3), or who has received an application form relating to civil affairs from a foreign investor or a foreign-capital invested company, shall without delay consult with the head of the relevant administrative agency, and the head of the relevant administrative agency shall submit his opinion within the period as prescribed by the provisions of paragraph (5). If the head of the relevant administrative agency disagrees, he shall explicitly express his reasons for disagreeing, and if the head of the relevant administrative agency has not submitted his opinion within the period as prescribed by the provisions of paragraph (5), he shall be regarded as having no opinion on the matter. (5) Notwithstanding the relevant provisions of other Acts and subordinate statutes, the head of a civil affairs administrative agency or the dispatched officer shall treat civil petitions to be treated in bulk (referring to those civil petitions relating to the permission appearing on the right column of attached Table 1 which he has received individually), civil petitions to be individually treated, and civil petitions to be directly treated, within the treatment period prescribed by the Presidential Decree, and where the head of a civil affairs administrative agency or the dispatched officer has not notified the relevant person of his rejection of the application for permission within the treatment period, the permission shall be regarded as having been granted as of the day immediately following the last day of the treatment period. In this case, if the head of a civil affairs administrative agency or the dispatched officer intends to reject the application for permission within the treatment period, he shall notify the relevant foreign investment promotion official, foreign investor, or foreign-capital invested company in writing of his reasons for rejecting the application under the conditions prescribed by the Presidential Decree. (6) Where permission is regarded as having been granted in accordance with the provisions of the former part of paragraph (5) the head of a civil affairs administrative agency or the dispatched officer shall issue, without delay, upon the request of the foreign investor or foreign-capital invested company concerned, a document certifying the granting of the permission. (7) Where the foreign investor or foreign-capital invested company that was notified of the rejection of his application for permission in accordance with the provisions of the latter part of paragraph (5) eliminates the reasons for the rejection and submits a document which certifies that he satisfies the conditions for the grant of the permission as prescribed by any relevant Act and subordinate statute, the head of a civil affairs administrative agency or the dispatched officer shall grant the permission within the period prescribed by the Presidential Decree. In this case, the head of a civil affairs administrative agency or the dispatched officer shall not refuse to grant the permission for reasons other than the ones given before. (8) The provisions of paragraph (7) shall apply mutatis mutandis to the consultation as prescribed by the provisions of paragraph (4). (9) Where a foreign investor or foreign-capital invested company intends to obtain permission relating to civil petitions to be treated in bulk, civil petitions to be individually treated and civil petitions to be directly treated under paragraphs (2) through (8), he or it shall submit application forms as prescribed by the Ordinance of the Ministry of Commerce, Industry and Energy, notwithstanding the provisions of other Acts and subordinate statutes. (10) Even when, with respect to the permission relating to civil petitions to be treated in bulk, some of the requirements for the grant of said permission, such as documents to be attached, have not been met, the head of a civil affairs administrative agency may grant, under the conditions prescribed by the Presidential Decree, permission on the condition that the requirements which have not been met shall be satisfied. (11) Where any Act and subordinate statute other than this Act contain provisions concerning civil affairs which affect the realization of a goal a foreign-capital invested company is able to pursue only with the permission granted in accordance with other Acts and subordinate statutes from the time the foreign investment was reported to the time of the launching of the business, and which do not fall under one of the following categories, the provisions of other such Acts and subordinate statutes shall not apply to the foreign investor or to the foreign investment business of the foreign-capital invested company: 1. Civil petitions to be treated in bulk; 2. Civil petitions to be individually treated; 3. Civil petitions to be directly treated; and 4. Civil petitions relating to permission as prescribed by the provisions, other than the provisions of subparagraphs 1 through 3 above, of this Act. (12) Where a foreign-capital invested company converts farmlands or forests or alters the form and nature of the forests for the purpose of building a factory, the conversion charges as prescribed in Article 41 of the Framework Act on Agriculture and Rural Community or Article 20-3 of the Forestry Act may be reduced or exempted. In this case, the scope of foreign-capital invested companies subject to such reduction or exemption and the ratio thereof shall be prescribed by the Presidential Decree. (13) Relevant matters, other than those prescribed by the provisions of paragraphs (1) through (10), concerning the treatment of civil petitions relating to foreign investment shall be determined by the Presidential Decree. (Continued on next issue) CHAPTER IV FOREIGN INVESTMENT ZONE °· Article 18 (Designation and Development of Foreign Investment Zone) (1) The Special Metropolitan City Mayor, any other Metropolitan City Mayor and a Do governor (hereinafter referred to as the "Mayor/Do governor") may, if necessary for the inducement of foreign investment which meets such standards as prescribed by the Presidential Decree, designate an area in which a foreign investor desires to make an investment as a foreign investment zone (hereinafter referred to as the "foreign investment zone"), after due deliberation of the foreign investment commission under Article 27. In this case, if the said foreign investment zone is intended to be developed into a local industrial complex (hereinafter referred to as the "local industrial complex") as prescribed in Articles 7 and 7-2 of the Industrial Sites and Development Act, a plan for such development shall be established. (2) Where two or more foreign investors intend to obtain the designation of the foreign investment zone from the Mayor/Do governor pursuant to the former part of paragraph (1), the business classification and zone in which they intend to make an investment shall satisfy the standards as prescribed by the Presidential Decree. (3) Where the Mayor/Do governor designates the foreign investment zone under paragraphs (1) and (2), he shall publicly announce the following matters: 1. Official title, location and area of said foreign investment zone; 2. Methods of development or management; 3. Matters subject to the public announcement under Article 7-3 of the Industrial Sites and Development Act (limited to any case in which the said foreign investment zone is developed into a local industrial complex); and 4. Other matters as prescribed by the Presidential Decree. (4) The foreign investment zone shall be developed and managed by the Mayor/Do governor having jurisdiction over such zone in accordance with the Presidential Decree: Provided, That where the foreign investment zone was designated from part or all of a national industrial complex managed by a certain agency, its management work shall be given to that agency. (5) Where any area which is designated as the foreign investment zone requires the formation of a new site for the establishment of a factory, the said foreign investment zone may be developed into a local industrial complex. (6) Where the foreign investment zone is developed into a local industrial complex under paragraph (5) above, any foreign investment zone which is designated under paragraphs (1) and (2) above shall be deemed to have been designated as the local industrial complex. In this case, a plan for development under the latter part of paragraph (1) above shall be deemed to be that which is prescribed in Articles 7 (2) and 7-2 (3) of the Industrial Sites and Development Act, and the public announcement under paragraph (3) above shall be deemed to be that which is prescribed in Article 7-3 of the said Act. (7) Where there is any such designation or public announcement as prescribed in paragraphs (1) through (3) above in developing the foreign investment zone into a local industrial complex under paragraph (5) above, any "area which is designated and publicly announced as an industrial complex" as referred to in Article 12 (1) of the Industrial Sites and Development Act shall be deemed to be any "area which is designated and publicly announced as the foreign investment zone," and the "time when a national or local industrial complex is designated and publicly announced" as referred to in Article 22 (2) of the said Act shall be deemed to be the "time when the foreign investment zone is designated and publicly announced." (8) The provisions of Article 19 (1) shall not apply where a part or all of a national industrial complex or local industrial complex, the development of which has already been completed, has been designated as a foreign investment zone. (9) Necessary matters concerning the procedures and methods of the designation of the foreign investment zone shall be prescribed by the Presidential Decree. °· Article 18-2 (Cancellation of Designation of Foreign Investment Zone) (1) If a foreign-capital invested company fails to satisfy the standards as prescribed by the Presidential Decree under Article 18 (1) and (2), the Mayor/Do governor shall cancel the designation of the foreign investment zone, after the deliberation of the foreign investment commission under Article 27. (2) Necessary matters concerning the procedures, etc. for the cancellation of the designation of the foreign investment zone under paragraph (1) shall be prescribed by the Presidential Decree. °· Article 19 (Support Measures for Foreign Investment Zones) (1) With respect to responsibility for the costs of the development of a foreign investment zone and to support for harbors, roads, water-supply facilities, railways, communication facilities, and electric facilities that are needed for the efficient formation of a foreign investment zone, the provisions of Articles 28 and 29 of the Industrial Sites and Development Act shall apply mutatis mutandis. (2) With respect to the building of facilities in a foreign investment zone, the traffic generation charge as prescribed by the provisions of Article 18 of the Urban Traffic Readjustment Promotion Act shall be exempted. (3) Support measures concerning medical, educational, and housing facilities which are to be built in a foreign investment zone shall be determined by the foreign investment committee as prescribed by the provisions of Article 27. °· Article 20 (Special Case with respect to Other Acts) (1) Any of the following shall not apply to the partition of land within the foreign investment zone: 1. Article 21-16 of the Act on the Utilization and Management of the National Territory; 2. Article 46 (1) 4 of the Urban Planning Act; 3. and 4. Deleted; and 5. Article 5 (1) 4 of the Act on Special Measures for Construction of the Provisional Administrative Capital. (2) With respect to a foreign-capital invested company which moves into the foreign investment zone, restrictions on the exportation or importation may be relaxed under the conditions as determined by the Minister of Commerce, Industry and Energy, notwithstanding the provisions of Article 14 of the Foreign Trade Act. (3) With respect to a foreign-capital invested company that moves into a foreign investment zone, the following subparagraphs shall not apply: 1. Articles 4 and 12 (2) and (3) of the Act on the Protection of the Business Sphere of Small and Medium Enterprises and Promotion of Their Cooperation; and 2. Article 31 (2) of the Act on the Honourable Treatment of and Support for Persons of Distinguished Services to the State. CHAPTER V EX POST FACTO MANAGEMENT OF FOREIGN INVESTMENT °· Article 21 (Ex Post Facto Management of Foreign Investment) (1) In a case in which a foreign investor falls under any of the following subparagraphs (including a case in which he comes to fall under any of the following subparagraphs due to any capital increase), he shall register a foreign-capital invested company in accordance with the Presidential Decree: 1. Where he has completed the payment of the object of investment; 2. Where he has acquired the existing stocks (referring to having paid for the existing stocks) under Article 6; and 3. Where he has acquired stocks under Article 7 (1) 5. (2) A foreign investor may, even prior to the completion of the payment of the object of investment under paragraph (1) 1 above, register a foreign-capital invested company, if he makes a foreign investment falling under Article 2 (1) 4 (a). (3) Where a foreign investor or foreign-capital invested company falls under any of the following subparagraphs, the Minister of Commerce, Industry and Energy may revoke the permission or cancel the registration: 1. Where a foreign-capital invested company, which is registered under paragraph (1), ceases its business or fails to conduct its business activities for two consecutive years or more; 2. Where a foreign-capital invested company which is registered under paragraph (1) above or a foreign investor who is granted permission under Article 6 (3) fails to comply with a correction order or other necessary measures under Article 28 (4); 3. Where there is any reason for the dissolution of a foreign-capital invested company which is registered under paragraph (1); 4. Where a foreign investor makes an application for the cancellation of registration as prescribed by the Presidential Decree; 5. Where a registration certificate of a foreign-capital invested company is transferred or lent to any other person; and 6. Where the registration of a foreign-capital invested company is effected in disguise of the payment of the object of investment. °· Article 22 (Restrictions on Disposal of Capital Goods) (1) A foreign investor or foreign-capital invested company shall, if intending to transfer or lend capital goods which are introduced with their customs duties, etc. exempted under Article 9, or use them for purposes other than those reported, make report to the Minister of Commerce, Industry and Energy in advance, except as prescribed by the Presidential Decree. (2) Where a report is made under paragraph (1), the Minister of Commerce, Industry and Energy shall, without delay, issue a certificate of acceptance of said report to the reporter. (3) Except for cases that meet the criteria prescribed by the Presidential Decree, a foreign-capital invested company that has been registered shall not conduct the following actions: 1. Conducting, beyond its allowed limit, business in which foreign investment is restricted in accordance with the provisions of Article 4 (3); and 2. Acquiring, beyond the allowed limit, stocks of a domestic company that conducts business in which foreign investment is restricted in accordance with the provisions of Article 4 (3). (4) A foreign investor or a foreign-capital invested company shall not use its investment funds for purposes other than those which the investor has already reported or gotten permission for. °· Article 23 (Transfer of Stocks) (1) Where a foreign investor intends to transfer such stocks as acquired under Articles 5 through 7 to any other person, or intends to decrease the number of stocks he owns due to a decrease in his own capital, he shall, in advance, make report to the Minister of Commerce, Industry and Energy in accordance with the Presidential Decree. (2) Where the permission is revoked or the registration is cancelled under any subparagraph of Article 21 (2), a foreign investor shall transfer the stocks owned by him to a national or corporation of the Republic of Korea within six months after being so revoked or cancelled: Provided, That if there exists any unavoidable reason, the transfer period may be extended within six months, with the approval of the Minister of Commerce, Industry and Energy. (3) Where a foreign investor who fails to make such registration as prescribed in Article 21 (1) does not comply with a correction order as prescribed in Article 28 (4), he shall transfer the stocks owned by him to a national or corporation of the Republic of Korea within six months from the day on which the period of execution of that correction order expires: Provided, That if there exists any unavoidable reason, the transfer period may be extended within six months, with the approval of the Minister of Commerce, Industry and Energy. °· Article 24 (Collection and Preparation of Statistics on Foreign Investment) (1) The Minister of Commerce, Industry and Energy may request the Mayor/Do governor, the head of the Korea Trade and Investment Promotion Agency and a foreign-capital invested company to provide necessary materials and statistics for analyzing the effect of foreign investment on national economy, such as the economic growth, balance of international payments and employment. (2) The Mayors/Do governors, the head of the Korea Trade and Investment Promotion Agency, and foreign-capital invested companies requested to provide materials and statistics as prescribed in paragraph (1) shall comply with such request unless there is a justifiable reason. (3) The public officials who collect and prepare materials and statistics on foreign investment in accordance with paragraphs (1) and (2) shall not reveal business secrets of the companies concerned. CHAPTER VI CONTRACTS FOR INTRODUCTION OF TECHNOLOGY °· Article 25 (Report on Contracts for Introduction of Technology) (1) A national or corporation of the Republic of Korea shall, if making a contract for the introduction of technology as prescribed by the Presidential Decree with any foreigner, make report to the Minister of Commerce, Industry and Energy in accordance with the Ordinance of the Ministry of Commerce, Industry and Energy. The same shall also apply to any modification of the contents of such contract for the introduction of technology as so reported. (2) Where a report is made under paragraph (1), the Minister of Commerce, Industry and Energy shall issue a certificate of acceptance of said report to the reporter within any such period as prescribed by the Presidential Decree. (3) A contract for the introduction of technology subject to any such report as prescribed in paragraph (1) shall come into effect within six months after the report is made, and where a contract for the introduction of technology which has already been reported fails to come into effect within that period, the effect of such report shall be deemed void: Provided, That this shall not apply in case any period for which the contract comes into effect is, in advance, approved by the Minister of Commerce, Industry and Energy. (4) If the introduction of technology falls under any of subparagraphs of Article 4 (2), the introduction of technology shall not be conducted. °· Article 26 (Tax Reduction and Exemption with respect to Contract for Introduction of Technology) With respect to a contract for the introduction of technology, taxes such as corporate tax or income tax may be reduced or exempted in accordance with the Restriction of Special Taxation Act. CHAPTER VII SUPPLEMENTARY PROVISIONS °· Article 27 (Foreign Investment Commission) (1) For the deliberation of the following matters, a foreign investment commission (hereinafter referred to as the "Commission") shall be established under the Ministry of Finance and Economy: 1. Important matters concerning the basic policy and institutions for foreign investment; 2. Integration and adjustment of counterplans by each competent Ministry concerning the improvement of foreign investment environment; 3. Matters concerning criteria for the reduction or exemption of taxes with respect to foreign-capital invested companies; 4. Matters concerning cooperation with and the adjustment of different views of central administrative agencies, Special Metropolitan City, Metropolitan Cities or Dos with respect to foreign investment; 5. Matters concerning support measures for local governments as prescribed by the provisions of Article 14; 6. Matters concerning the designation of and the support for foreign investment zones as prescribed by the provisions of Articles 18 and 19; and 7. Other important matters concerning the inducement of foreign investment. (2) The Minister of Finance and Economy shall be the chairman of the Commission, and the following persons shall be its members: 1. The Minister of Foreign Affairs and Trade, the Minister of Government Administration and Home Affairs, the Minister of Science and Technology, the Minister of Culture and Tourism, the Minister of Agriculture and Forestry, the Minister of Commerce, Industry and Energy, the Minister of Information and Communication, the Minister of Environment, the Minister of Labor, the Minister of Construction and Transportation, the Minister of Maritime Affairs and Fisheries, and the Minister of Planning and Budget; 2. Relevant Mayors/Do governors; and 3. Heads of relevant administrative agencies as prescribed by the Presidential Decree. (3) For the review and handling of matters deliberated by the Commission and for the treatment of matters entrusted by the Commission, a foreign investment subcommittee (hereinafter referred to as "the Subcommittee") shall be established. (4) The Minister of Commerce, Industry and Energy shall report the current state of promotion of the improvement of foreign investment environment under paragraph (1) 2 to the Commission. (5) Necessary matters concerning the composition and operation of the Commission and the Subcommittee, other than those prescribed in paragraphs (1) through (3), shall be prescribed by the Presidential Decree. °· Article 28 (Report, Investigation, and Correction) (1) The Minister of Commerce, Industry and Energy and the competent Minister may have foreign investors, foreign-capital invested companies, persons who introduce technology, the head of the Korea Trade and Investment Promotion Agency, the heads of the relevant financial institutions, and other interested parties make report on such matters as deemed necessary for foreign investment and technology introduction under this Act. (2) The Minister of Commerce, Industry and Energy may, if deemed necessary for the enforcement of this Act, have public officials under his control or heads of relevant administrative agencies make investigation into the following matters: 1. Matters concerning the introduction, use and disposal of funds (including objects of investment; hereafter the same shall apply in this Article) and capital goods which a foreigner invests; 2. Circumstances concerning the introduction of technology; and 3. Matters concerning the implementation of such contents as permitted or reported in accordance with this Act. (3) A person who makes investigation under paragraph (2) shall carry an identification verifying his authority and show it to the related persons. (4) In the following cases, the Minister of Commerce, Industry and Energy may issue a correction order to a person who introduces or uses funds or capital goods invested by a foreigner, a person who introduces technology and other interested persons or take other necessary measures: 1. Where such matters as permitted or reported under this Act are not implemented or are illegally or unjustifiably implemented; and 2. Where the fact falling under any subparagraph of Article 4 (2) is detected. (5) Where a person, who introduces funds and capital goods for foreign investment, fails to clear the capital goods through customs or take possession of them within the storage period prescribed by the Customs Duties Act, the superintendent of customs may sell them in accordance with the Presidential Decree. °· Article 29 (Examination and Confirmation of Capital Goods Introduced) (1) Where a foreign investor or a foreign-capital invested company has introduced capital goods that meet the criteria prescribed by the Presidential Decree, such as capital goods introduced into this nation under this Act that are subject to a reduction or exemption of taxes, he may have the appropriate minister examine and confirm the capital goods introduced. (2) With respect to capital goods examined and confirmed by the appropriate minister in accordance with the provisions of paragraph (1), the examination and confirmation shall be regarded as the importation approval under the Foreign Trade Act. °· Article 30 (Relation with Other Acts and International Treaties) (1) Except as otherwise provided by this Act, matters concerning foreign exchange and foreign trade of this Act shall be governed by the Foreign Exchange Transactions Act. (2) Notwithstanding the proviso of Article 462-2 (1) of the Commercial Act, a foreign-capital invested company may pay dividends with its newly issued stocks up to the total amount of its profits to be divided, where a special resolution as prescribed by the provisions of Article 434 of the Commercial Act has been passed. (3) Where a foreign investor makes an investment in kind with such capital goods as prescribed in Article 2 (1) 7 (b) of this Act, the written confirmation of the completion of investment in kind in which the Commissioner of the Customs Service confirms the implementation of investment in kind and the type, volume and price of objects thereof shall be deemed to be a written report of investigation of an investigator under Article 203 of the Non-Contentious Case Litigation Procedure Act, notwithstanding the provisions of Article 299 of the Commercial Act. (4) Where a technology evaluation agency prescribed by the Presidential Decree has evaluated the price of an industrial property right under Article 2 (1) 7 (d), the evaluation contents shall be regarded as having been appraised by a publicly certified appraiser in accordance with the provisions of Article 299-2 of the Commercial Act. (5) A national or corporation of the Republic of Korea that intends to operate a business jointly with a foreign investor who makes report under Article 5 (1) may designate the first day of every month as the reevaluation day and conduct reevaluation, under the Assets Reevaluation Act, of the objects of investment concerned, notwithstanding the provisions of Article 4 of the Assets Reevaluation Act. (6) This Act shall not be interpreted as revising or limiting the contents of international treaties which the Republic of Korea has contracted and promulgated. °· Article 31 (Delegation of Authority) The Minister of Commerce, Industry and Energy or any other competent Minister may, in accordance with the Presidential Decree, delegate or entrust part of his authority as prescribed by this Act to the Commissioner of the National Tax Service, the Commissioner of the Customs Service, the head of the Korea Trade and Investment Promotion Agency and the head of a foreign-investment related agency as prescribed by the Presidential Decree. CHAPTER VIII PENAL PROVISIONS °· Article 32 (Penal Provisions) A person who has instituted the illegal transfer of foreign currency funds into a foreign country on the occasion of an external remittance, foreign investment, or technology introduction as prescribed by this Act (in case of a company, including its representative), shall be sentenced to imprisonment for not less than one year or to a fine not less than twice and not more than ten times the amount of the illegal transfer. In this case, the foreign currency funds illegally transferred shall be confiscated, and if confiscation is not possible, the corresponding value shall be collected. °· Article 33 (Penal Provisions) A person who has not reported on the disposal of capital goods in violation of the provisions of Article 22 shall be sentenced to imprisonment for not more than five years or to a fine not exceeding fifty million won. °· Article 34 (Penal Provisions) A person who has submitted false documents with respect to applying for permission or reporting information prescribed by this Act shall be sentenced to imprisonment for not more than three years or to a fine not exceeding thirty million won. °· Article 35 (Penal Provisions) A person who falls under one of the following categories (in case of a company, including its representative), shall be sentenced to imprisonment for not more than one year or to a fine not exceeding ten million won: 1. A person who has acquired existing stocks without making the necessary report in violation of the provisions of Article 6 (1); 2. A person who has acquired existing stocks of a defense industry company without having obtained the necessary permission in violation of the provisions of Article 6 (3); 3. A person who has not complied with, or has refused, interfered with, or avoided an investigation as prescribed by the provisions of Article 28 (2); and 4. A person who has not complied with a correction order as prescribed by the provisions of Article 28 (4). °· Article 36 (Joint Penal Provisions) Where the representative of a corporation or an agent, full-time or part-time employee of a corporation or individual person has committed, with respect to business matters of the corporation or individual person, a violation as prescribed by the provisions of Articles 32 through 35, the corporation or individual person shall be sentenced to the fine prescribed by the provisions of the respective Articles, in addition to the punishment of the person who has actually committed the violation. ADDENDA °· Article 1 (Enforcement Date) This Act shall enter into force on July 1, 2001. °· Articles 2 through 4 Omitted. Attached Table 1 and 2 Omitted.

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