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Laws of the Republic of Korea |
1
CREDIT GUARANTEE FUND ACT
Act No. 2695, Dec. 21, 1974
Amended by Act No. 3190, Dec. 28, 1979
Act No. 3748, Aug. 7, 1984
Act No. 4287, Dec. 31, 1990
Act No. 4541, Mar. 6, 1993
Act No. 4953, Aug. 4, 1995
Act No. 5187, Dec. 30, 1996
Act No. 5403, Aug. 30, 1997
Act No. 5505, Jan. 13, 1998
Act No. 6022, Sep. 7, 1999
Act No. 6073, Dec. 31, 1999
Act No. 6324, Dec. 30, 2000
Act No. 6561, Dec. 31, 2001
Act No. 8234, Jan. 11, 2007
Act No. 8852, Feb. 29, 2008
Act No. 8863, Feb. 29, 2008
CHAPTER GENERAL PROVISIONS
Article 1 (Purpose)
The purpose of this Act is, by establishing the Korea Credit Guarantee
Fund (hereinafter referred to as the "Fund"), to facilitate
the financing
of enterprises by causing the Fund to guarantee the obligations of en-
terprises which have weak capacity to be used
as security, and to con-
tribute to the balanced development of the national economy by es-
tablishing sound credit order through
efficient management and use of
credit information.
(1) For the purpose of this Act, the term "enterprise" means a natural
person or juristic person who runs a business, and his organization.
(2) For the purpose of this Act, the term "credit guarantee" means a
guarantee by the Fund of obligations falling under any of the
following
subparagraphs which enterprises bear:
1. Pecuniary obligations under which an enterprise is to pay to a financial
CREDIT GUARANTEE FUND ACT
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institution by getting loans and other considerations from that fi-
nancial institution;
2. Pecuniary obligations under which an enterprise is to comply with a
claim for indemnity in compensation for discharging a surety
obli-
gation by a financial institution in a case where a financial institution
guarantees an obligation of an enterprise;
3. Debentures raised by an enterprise as provided in Article 8 of the
Securities and Exchange Act; and
4. Other pecuniary obligations of an enterprise as prescribed by the
Presidential Decree, among the obligations of an enterprise.
(3) For the purpose of this Act, the term "financial institution" means
a financial institution falling under any of the following
subparagraphs:
1. A financial institution as provided in Article 2 (1) 2 of the Banking
Act;
2. The Korea Development Bank;
3. The Industrial Bank of Korea;
4. Deleted; 5. Deleted; 6. Deleted; 7. The Export-Import Bank of Korea;
8. The Long-Term Credit Bank under the Long-term Credit Bank Act;
9. A trust company under the Trust Business Act; and
10. Other persons whose business is to provide financing to enterprises
as prescribed by the Presidential Decree.
(4) For the purpose of this Act, the term "creditor" means a creditor of
an obligation for which the Fund provides credit guarantee.
(5) For the purpose of this Act, the term "fundamental property" means
a property built up by the Fund as a base of property of
the Fund by means
of contributions or other ways, in order to achieve the purpose of this Act.
(6) For the purpose of this Act,
the term "credit information" means the
credit information as provided in subparagraph 1 of Article 2 of the Use and
Protection
of Credit Information Act.
CREDIT GUARANTEE FUND ACT
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Article 3 (Preferential Guarantee)
(1) The Fund shall provide preferential guarantees to small-and-medium
enterprises having weak capability to be used as security
as prescribed
by the Presidential Decree and to the funds which correspond to the purpose
as prescribed by the Presidential Decree.
(2) The term "small-and-medium enterprises" in paragraph (1) means
the small-and-medium enterprise as provided in Article 2 of the
Framework
Act on Small and Medium Enterprises.
[This Article Wholly Amended by Act No. 4953, Aug. 4, 1995]
Article 4 (Juristic Personality)
(1) The Fund shall be a juristic person.
(2) The Fund shall be operated as prescribed by this Act, Ordinances issued
under this Act and the articles of incorporation of
the Fund.
Article 5 (Head Office, Branches, Sub-branches and Local Agents)
(1) The Fund shall have its head office in Seoul Special
Metropolitan City.
(2) The Fund may, as prescribed by its articles of incorporation, have
its branches, sub-branches or local agents
in necessary places.
Article 6 (Acquisition of Fundamental Property)
(1) The fundamental property of the Fund shall be built up with resources
falling under the following subparagraphs:
1. Contributions from the Government;
2. Contributions from financial institutions;
3. Contributions from enterprises; and
4. Contributions from any person other than those referred to in sub-
paragraphs 1 through 3.
(2) The budget of the contributions made by the Government as provided
in paragraph (1) 1 shall be under the jurisdiction of the
Small & Medium
Business Administration.
(4) The scope of loans, the method and time of contribution, and other
necessary matters pertaining to contributions as provided
in paragraph (3)
shall be prescribed by Ordinance of the Prime Minister.
CREDIT GUARANTEE FUND ACT
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Article 7 (Articles of Incorporation)
(1) The Fund shall provide for matters falling under the following sub-
paragraphs in its articles of incorporation:
1. Purpose;
2. Title;
3. Matters pertaining to the head office, branches, sub-branches and local
agents;
4. Matters pertaining to the fundamental property;
5. Matters pertaining to the Operating Committee;
5-2. Matters pertaining to the Board of Directors;
6. Matters pertaining to officers and employees;
7. Matters pertaining to business and the execution thereof;
8. Matters pertaining to accounting;
9. Matters pertaining to the method of public notification;
10. Matters pertaining to the amendment to the articles of incorporation;
and
11. Other matters as prescribed by the Presidential Decree.
(2) Any amendment to the articles of incorporation of the Fund shall
be
made by a resolution of its Operating Committee and shall be subject to
the authorization of the Financial Services Commission.
(1) The Fund shall be registered as prescribed by the Presidential Decree.
(2) The Fund shall exist by completing the registration
of incorporation
in the location of its head office.
(3) Matters which are to be registered under paragraph (1) shall not
constitute a defence against a third party unless registered.
Article 9 (Prohibition of Use of Similar Title)
No person other than the Fund under this Act or other Acts shall use
the title "Korea Credit Guarantee Fund" or any other title
similar thereto.
CHAPTER OPERATING COMMITTEE
Article 10 (Establishment of Operating Committee)
(1) An Operating Committee (hereinafter referred to as the "Committee")
shall
be established in the Fund.
(2) The Committee shall set up fundamental policies concerning the
CREDIT GUARANTEE FUND ACT
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operation of the Fund's business as prescribed by this Act, Ordinances
issued under this Act, and the articles of incorporation
of the Fund.
Article 11 (Composition of Committee)
(1) The Committee shall be composed of 12 members falling under the
following subparagraphs: 1. The president of the Fund;
1-2. One person nominated by the Financial Services Commission from among
the public officials belonging
to such Commission;
1-3. One person nominated by the Minister of Strategy and Finance from
among the public officials belonging
to his Ministry;
1-4. One person nominated by the Administrator of Small & Medium
Business Administration from among the public
officials belonging to
the Small & Medium Business Administration;
2. One person nominated by the Governor of the Bank of Korea from among
the executives belonging to his Bank;
3. One person nominated by the president of the Industrial Bank of Korea
from among the officers belonging to the Industrial Bank
of Korea;
4. One person nominated by the head of a financial institution, designated
by the Financial Services Commission, which is provided
in Article 2
(1) 2 of the Banking Act and is involved in a banking and financing
business for the general public and small-sized
enterprises from among
the officers belonging to the financial institution;
5. Three persons from among the officers or the executives of financial
institutions; and
6. Two persons from among the representatives of associations of en-
terprises.
(2) The members as referred to in paragraph (1) 5 and 6 shall be nominated
by the Financial Services Commission: Provided, That
the members as
referred to in subparagraph 6 shall be nominated through consultation
between the Financial Services Commission
and the Minister of Knowledge
Economy.
6
delegate their duties to the officers or staff of the institutions in question.
Article 12 (Terms of Office for Members)
The terms of office for members under Article 11 (1) 5 and 6 shall be
two years: Provided, That the terms of office for a supplementary
member
shall be the remainder of that of his predecessor.
Article 13 (Operation of Committee)
Matters necessary for the operation of the Committee shall be prescribed
by the Presidential Decree.
CHAPTER OFFICERS AND STAFF
Article 14 (Officers)
The Fund shall have, as its officers, one president, one managing director,
not more than seven directors, and one auditor.
Article 15 (Duties of Officers)
(1) The president shall represent the Fund and preside over the business
of the Fund.
(2) The managing director shall assist the president and act for the president
in a case where the president is unable to perform
his duties.
(3) The directors shall assist the president and the managing director,
and share the business of the Fund.
(4) In a case where both the president and the managing director are
unable to perform their duties, the director in the order as
designated
in advance by the president shall perform the duties of the president.
(5) The auditor shall audit the business and
accounting of the Fund.
Article 15-2 (Board of Directors)
(1) A board of directors shall be established within the Fund.
(2) The board of directors shall be composed of the president, the
managing
director and directors.
(3) The board of directors shall resolve important matters pertaining to
the business of the Fund.
(4) The president of the Fund shall convene the board of directors and
shall be the chairman of the board of directors.
(5) A majority of the members of the board of directors shall constitute
a quorum and resolutions shall be adopted by affirmative
vote of a majority
of the members present.
CREDIT GUARANTEE FUND ACT
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(6) The auditor of the Fund may attend meetings of the board of directors
and state his opinion.
[This Article Newly Inserted by Act No. 3190, Dec. 28, 1979]
Article 16 (Appointment of Officers)
(1) The president and the auditor shall be appointed by the Financial
Services Commission.
(2) The managing director and the directors shall be appointed by the
Financial Services Commission through the recommendation of
the
president of the Fund.
Article 17 (Terms of office for Officers)
The terms of office for the officers shall be three years.
[This Article Wholly Amended by Act No. 5505, Jan. 13, 1998]
Article
18 (Dismissal of Officers)
The Financial Services Commission shall dismiss an officer of the Fund
in a case where the officer falls under any of the following
subparagraphs:
1. When he violates this Act, Ordinances issued under this Act or the
articles of incorporation of the Fund;
2. When he is adjudged guilty in a criminal case;
3. When he is declared bankrupt; and
4. When he become unable to perform his duties because of his mental
or physical incompetence.
Article 19 (Restriction on Concurrent Office of Officers)
The officers of the Fund shall not engage in any business or occupation
other than the business of the Fund without permission from the Financial
Services Commission.
Article 20 (Responsibilities of Officers)
The officers of the Fund shall be presumed to be public officials in the
application of the penal provisions of the Criminal Act
and other Acts.
Article 21 (Appointment and Dismissal of Staff)
The staff of the Fund shall be appointed or dismissed by the president
of the Fund.
Article 22 (Appointment of Agents)
The President of the Fund may appoint agents who are authorized to do
CREDIT GUARANTEE FUND ACT
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all duties with regard to the business of the Fund on judicial or other
matters, from among the duties of the managing director,
directors and
staff of the Fund.
CHAPTER BUSINESS
Article 23 (Business)
(1) In order to achieve the purpose of this Act, the Fund shall carry on
the business falling under the following subparagraphs:
1. Management of its fundamental property;
2. Credit guarantees;
3. Business administration guide;
3-2. Integrated management of credit surveys and credit information;
4. Exercising of rights of indemnification;
5. Investigation and Researching of credit guarantee system; and
6. Any business incidental to the business as provided in subparagraphs
1 through 5 and approved by the Financial Services Commission.
(2) The Fund may carry out a reguarantee business in addition to the
business as provided in paragraph (1).
Article 23-2 (Reguarantee)
(1) In a case where the Fund intends to give a reguarantee, it shall enter
into a contract with any credit guarantee foundation
established under
the Regional Credit Guarantee Foundation Act (hereinafter referred to
as an "original guarantor").
9
the amount which the original guarantor failed to recover from exercising
the right of indemnification, out of the amount of the
performance by
subrogation, by the reguarantee rate.
(5) If the original guarantor has recovered the amount of subrogation by
exercising the right of indemnification under the original
guarantee, the
amount calculated by multiplying the recovered amount by the reguarantee
rate, shall be returned to the Fund.
(6) The claim for the performance of a reguaranteed obligation shall be
made after the passage of the period as prescribed by the
Presidential
Decree from the date of the performance of subrogation by the original
guarantor, and other necessary matters pertaining
to a claim for the
performance of a reguaranteed obligation shall be prescribed by the Pres-
idential Decree.
(7) Other necessary matters pertaining to the relation between the Fund
and the original guarantor in connection with the operation
of reguarantee
shall be prescribed by the Presidential Decree.
[This Article Newly Inserted by Act No. 4953, Aug. 4, 1995]
Article 24 (Operating Manual)
The Fund shall prepare an operating manual containing the method of
guarantee, guarantee-restricted types of industry, period of
guarantee and
fee of guarantee, performance of surety obligations, exercising of rights
of indemnification, method of reguarantee
and period of reguarantee,
reguarantee-restricted types of industry and other matters necessary for
carrying out the business of
the Fund, and the aforementioned shall go
through a resolution of the Committee. This provision shall also apply
in cases where
the Fund intends to modify said manual.
[This Article Wholly Amended by Act No. 4953, Aug. 4, 1995]
Article 25 (Limit of Guarantee,
etc.)
(1) The total amount limit of the credit guarantee and reguarantee of the
Fund, shall be prescribed by the Presidential Decree,
within the limit of
not exceeding twenty times the total amount of the fundamental property
and earnings carried-over by the Fund.
(2) The maximum limit of credit guarantee or reguarantee which the Fund
may give to the same enterprise shall be prescribed by the
Presidential
Decree.
[This Article Wholly Amended by Act No. 4953, Aug. 4, 1995]
Article 26 (Operational Plan)
(1) The Fund shall prepare an operational plan for each fiscal year, go
CREDIT GUARANTEE FUND ACT
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through a resolution of the Committee and obtain approval therefor
from the Financial Services Commission.
Article 27 (Credit Survey)
In a case where the Fund intends to give a credit guarantee as provided in
Article 23 (1) 2 or to investigate the credit of an enterprise
as provided
in subparagraph 3-2 of the same paragraph, the Fund shall investigate
the status of management, outlook of business,
credit status, etc. fairly
and sincerely.
(3) In a case where the principal obligation does not exist within sixty days
from the day of notice as provided in paragraph (1),
the relationship of
a credit guarantee in question shall not exist.
Article 29 (Performance of Surety Obligations)
(1) A creditor may claim for the performance of a surety obligation from
the Fund in a case as prescribed by the Presidential Decree
occurs.
(2) In a case of a claim for the performance of a surety obligation as pro-
CREDIT GUARANTEE FUND ACT
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vided in paragraph (1), the Fund shall perform the principal obligations
and the subordinate obligations as prescribed by the Presidential
Decree.
Article 30 (Exercise of Right of Indemnification)
(1) When the Fund has discharged its surety obligation, the creditor
concerned shall, without delay, deliver to the Fund such documents as nec-
essary for the Fund to exercise the right of indemnification,
and shall coop-
erate fully with the Fund in the exercising of the right of indemnification.
(2) In a case where an enterprise,
for which the Fund performed sub-
rogation falls under any of the following subparagraphs, the Fund may, by
a resolution of the
Board of Directors, suspend the exercise of its right of
indemnification against the enterprise: 1. When it is acknowledged that the property of an enterprise will leave
no room for the remainder after it is appropriated to the
expenses
caused by the exercise of the right of indemnification; and
2. When it is acknowledged that the ability to repay obligations of an
enterprise will be enhanced by suspending the exercise of
the right
of indemnification.
(3) In a case where the Fund has suspended the exercise of its right of
indemnification as provided in of paragraph (2) 2, it may
dispatch its officers
or staff to the enterprise in question and cause them to partici- pate in
the management thereof.
Article 31 (Duties of Creditor)
(1) Deleted.
(2) In a case where, among creditors, a person as prescribed by the Presi-
dential Decree falls under any of the following subparagraphs,
he shall no-
tify the Fund of that effect without delay: 1. When a principal obligation exists;
2. When part or whole of an obligation is extinguished;
3. When a debtor loses the benefit of a time limit;
4. When a debtor does not discharge his obligations; and
5. When there occurs such other cause as may affect the surety obligations.
(3) and (4) Deleted.
12
as provided in paragraph (1), shall comply with the requests of the Fund,
unless they have justifiable cause not to do so.
(3) Necessary matters pertaining to an occupation such as integrated
management of credit information, analysis and evaluation of
credit, etc.
shall be prescribed by the Presidential Decree.
[This Article Newly Inserted by Act No. 3190, Dec. 28, 1979]
Article 32 (Entrusting of Business)
(1) The Fund may entrust financial institutions, the Korea Asset Manage-
ment Corporation under the Act on the Efficient Disposal
of Non-Per- forming
Assets, etc. of Financial Institutions and the Establishment of the Korea
Asset Management Corporation, or
credit information dealers under the
Use and Protection of Credit Information Act (hereafter referred to as the
"credit information
dealer" in this Article), with part of its busi- ness under
the conditions as prescribed by the Presidential Decree: Pro- vided,
That
in case of the credit information dealer, the business that may be entrusted
shall be limited to those permitted under the
Use and Protection of Credit
Information Act.
Article 33 (Guarantee Fee, etc.)
(1) The Fund shall collect the guarantee fee for the guarantee amount
from the enterprises to which the Fund has given the credit
guarantee,
taking into consideration their credit standing, etc. as prescribed by the
Presidential Decree.
(2) The Fund shall collect the reguarantee fee for the reguarantee amount
from the persons to whom the Fund has given the reguarantee,
as pre-
scribed by the Presidential Decree.
[This Article Wholly Amended by Act No. 4953, Aug. 4, 1995]
Article 34 (Penalty)
In a case where an enterprise given a credit guarantee does not discharge
its obligations by the time limit, and so the Fund is
not relieved of its
responsibility to discharge the surety obligation, the Fund shall collect a
CREDIT GUARANTEE FUND ACT
13
penalty from the enterprise in question for the outstanding amount of the
obligation out of the surety obligation, as prescribed
by the Presidential
Decree.
Article 35 (Amount of Damages)
In a case where the Fund discharges its surety obligation, it shall collect
the amount of damage from the enterprise in question,
at a rate not
exceeding twenty five percent per annum for the discharged amount of
the surety obligation.
CHAPTER ACCOUNTING
Article 36 (Principles of Accounting)
(1) The accounting of the Fund shall be in accordance with generally
accepted accounting standards of enterprises.
(2) The fundamental property of the Fund shall be assessed in terms of its
capital.
Article 37 (Fiscal Year)
The fiscal year of the Fund shall correspond to that of the Government.
Article 38 (Budget)
(1) The Fund shall compile a budget of the total income and the total
expenditure for each business year, and it shall, after a
resolution of the
Committee, obtain approval therefor from the Financial Services Com-
mission.
(2) The Fund shall submit the budget bill to the Financial Services
Commission for its approval, as provided in paragraph (1), not
less than
one month before the commencement of the corresponding year.
Article 39 (Settlement of Accounts)
The Fund shall prepare a report on the settlement of accounts, a balance
sheet, a profit and loss statement and a statement of fundamental
property
CREDIT GUARANTEE FUND ACT
14
for each fiscal year and submit them to the Financial Services Commission,
after a resolution of the Committee, within two months
after the end of
the current year.
Article 40 (Utilization of Fundamental Property)
(1) The fundamental property of the Fund shall be appropriated for the
expenditure necessary for the business operation of the Fund
and the
surplus cash shall be used in accordance with the following subparagraphs:
Provided, That the matters provided in subparagraphs
3 and 4 shall be
subject to the approval of the Financial Services Commission: 1. Deposit in financial institutions;
2. Purchase of state bonds and municipal bonds, and bonds the payment
of which is guaranteed by the government, a local government
or a
financial institution;
3. Underwriting or purchase of stocks (including investment certificates),
debentures and other securities; and
4. Other methods necessary for the achievement of the purpose of this
Act.
(2) Notwithstanding the provisions of paragraph (1), the Fund may
contribute a part of its fundamental property to the Small Business
Corporation that is established pursuant to the Promotion of Small and
Medium Enterprises and Encouragement of Purchase of Their
Products
Act. In this case, the Fund shall consult with the Minister of Strategy
and Finance thereabout and obtain approval therefor
from the Financial
Services Commission.
[This Article Wholly Amended by Act No. 3190, Dec. 28, 1979]
Article 41 (Coverage of Loss)
(1) In case where any profits are realized in the account settlement of the
Fund, their total amount shall be reserved.
(2) In case where any losses are incurred in the account settlement of the
Fund, they shall be covered by the reserves under paragraph
(1), and if
the relevant reserves are insufficient, the Government may cover them.
[This Article Wholly Amended by Act No. 6324,
Dec. 30, 2000]
CREDIT GUARANTEE FUND ACT
15
CHAPTER SUPPLEMENTARY PROVISIONS
Article 42 (Supervision)
The Financial Services Commission may supervise the business of the Fund
and issue such orders as deemed necessary for its supervision.
(1) If it is deemed necessary to achieve the purpose of this Act, the Financial
Services Commission may request the Fund, financial
institutions entrusted
by the Fund with the business of the Fund (hereinafter referred to as the
"trustee") or the financial institutions
making contributions to the Fund
to submit reports, or cause public officials belonging to the Financial
Services Commission to
inspect the status of business, books and documents
or other necessary matters pertaining to the Fund: Provided, That in the
case
of the trustee, such report and inspection shall be done within the
limit of the entrusted matters, and in case of the financial
institutions
making contributions to the Fund, such report and inspection shall be done
within the limit of their contribution
matters, respectively.
Article 44 (Liability)
(1) In a case where an officer of the Fund violates Acts and subordinate
statutes or the articles of incorporation or neglects his
duties, he shall
be jointly and severally liable to the Fund for damages resulting therefrom.
(2) In a case where a person involved
in the credit guarantee business
of the Fund, inflicts damage on the Fund in connection with the conduct
of his duty intentionally
or by gross negligence, he shall be liable for such
damage. In this case, his liability may be mitigated, except in a case
where
the damage is inflicted intentionally.
Article 45 Deleted.
The Fund may not provide a stand guarantee (excluding any guarantee
for recovery of an existing guarantee) to any enterprise falling
under any
CREDIT GUARANTEE FUND ACT
16
of the following subparagraphs, within three years after the guaranteed
obligation is discharged: Provided, That this shall not
apply to such cases
where it suspends the exercise of the right of indemnification as provided
in Article 30 (2) 2, or it provides
a guarantee through a resolution of the
board of directors for the purpose of collecting a claim for compensation:
1. An enterprise from which the Fund has failed to collect its claim for
compensation after the Fund discharged its surety obligation;
and
2. An enterprise which is operated or whose representative is a person
as prescribed by the Presidential Decree among those who are
direc-
tors or business-conducting employees of such enterprises as provided
in subparagraph 1.
[This Article Wholly Amended by Act No. 4287, Dec. 31, 1990]
Article 47 Deleted.
Necessary matters pertaining to the enforcement of this Act shall be
prescribed by the Presidential Decree.
CHAPTER PENAL PROVISIONS
Article 49 (Penal Provisions)
A person who violates the provisions of Article 9 shall be punished by
a fine not exceeding five million won.
Article 1 (Enforcement Date)
This Act shall enter into force on March 1, 1975.
Article 2 (Abrogation of Acts)
The Small and Medium Enterprises Credit Guarantee Act and the Ex-
porters Credit Guarantee Act shall be abrogated at the time when
this
Act enters into force.
Article 3 (Preparations for Establishment of Fund)
(1) The Minister of Finance shall appoint commissioners for the estab-
lishment
of the Fund and cause him to administer business pertaining
to the establishment of the Fund.
(2) The commissioners for the establishment of the Fund, shall prepare
the articles of incorporation of the Fund, and shall get
the authorization
of the Minister of Finance.
CREDIT GUARANTEE FUND ACT
17
(3) The commissioners for the establishment of the Fund shall, upon the
approval as provided for in paragraph (2), effect registration
without delay
as provided in the provisions of Article 8.
(4) The commissioners for the establishment of the Fund shall, upon
completing the registration as provided in paragraph (3), transfer
its
business without delay to the president of the Fund.
Article 4 (Succession of Rights and Obligations)
(1) The rights and obligations of the Funds established under Chapter
4 of the Emergency Order for Economic Stability and Growth
and the
Small and Medium Enterprises Credit Guarantee Act at the time when
this Act enters into force, shall be succeeded by the
Fund as prescribed
by this Act.
(2) The property succeeded by the Fund as provided in paragraph (1)
shall be deemed to be its fundamental property as provided in
Article 6.
Article 5 Deleted.
(1) The Industrial Bank of Korea (hereinafter referred to as the "Agent")
shall act for the Fund, until the Fund is established
as prescribed by this
Act.
(2) The Agent may, with the approval of the Minister of Finance, entrust
the business of the Fund to the financial institutions
as provided in
Article 2 (3) 1 through 8.
(3) Necessary matters pertaining to such entrustment as provided in
paragraph (2) shall be prescribed by the Minister of Finance.
Article 7 (Transitional Measures)
The contributions to the funds, issuance of credit guarantees and other
legal relationships already effected under Chapter 4 of
the Emergency
Order for Economic Stability and Growth, the Small and Medium En-
terprises Credit Guarantee Act and the Exporters
Credit Guarantee Act
at the time when this Act enters into force shall be regarded to have been
effected under this Act.
ADDENDUM
This Act shall enter into force on January 1, 1980.
ADDENDUM
This Act shall enter into force on the date of its promulgation: Provided,
CREDIT GUARANTEE FUND ACT
18
That, the revised provisions of Article 33 shall enter into force on the sixtieth
date following the day of its promulgation.
ADDENDUM
This Act shall enter into force on the date of its promulgation.
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso
Omitted.)
Articles 2 through 5 Omitted.
ADDENDA
(1) (Enforcement Date) This Act shall enter into force on the date of its
promulgation.
(2) (Transitional Measures Concerning Joint and Several Liability of
Directors, etc. of Juristic Person) Those who are liable jointly
and severally
for discharging an obligation to which the Fund has given guarantee as
provided in previous Article 45, at the time
this Act enters into force, shall
be subject to the previous provisions.
ADDENDUM
This Act shall enter into force on the date of its promulgation.
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 8 Omitted.
ADDENDA
(1) (Enforcement Date) This Act shall enter into force on April 1, 1998.
(Proviso Omitted.)
(2) (Transitional Measures relating to Dispositions) At the time of the entry
CREDIT GUARANTEE FUND ACT
19
into force of this Act, authorization or other actions taken by administrative
agencies, or various reports or other actions submitted
to administrative
agencies under the previous provisions, shall be deemed to be actions taken
by or submitted to administrative
agencies under this Act.
(3) (Transitional Measures relating to Term of Office of Auditor) At the time
of the entry into force
of this Act, the tenure of the auditor of the Technol-
ogy Credit Guarantee Fund, the Credit Guarantee Fund, the Korea Long-
term
Credit Bank, or the Export-Import Bank of Korea shall be two years,
notwithstanding the amended provisions of Articles 10, 11, 16
and 21.
(4) and (5) Omitted.
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on March 1, 2000.
Articles 2 and 3 Omitted.
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA
(1) (Enforcement Date) This Act shall enter into force on the date of its
promulgation.
(2) (Application Example to Composition of Committee) The amendments
to Article 11 (1) 5 and 6 shall be applicable to the members
commissioned
under the same amendments on and after the enforcement of this Act.
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDA
(1) (Enforcement Date) This Act shall enter into force on the date of its
promulgation.
(2) (Application Example concerning Contribution to Small Business Cor-
poration) Part of the fundamental property that the Fund
can contribute
to the Small Business Corporation pursuant to the amended provisions of
CREDIT GUARANTEE FUND ACT
20
Article 40 (2) shall be limited to the contribution that the Fund received
from the Small Business Corporation in April 2001.
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso
Omitted.)
Articles 2 through 7 Omitted.
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
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