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Laws of the Republic of Korea |
1
KOREA TECHNOLOGY CREDIT GUARANTEE FUND ACT
Wholly Amended by Act No. 4068, Dec. 31, 1988
Amended by Act No. 4541, Mar. 6, 1993
Act No. 4955, Aug. 4, 1995
Act No. 5188, Dec. 30, 1996
Act No. 5374, Aug. 28, 1997
Act No. 5403, Aug. 30, 1997
Act No. 5505, Jan. 13, 1998
Act No. 5701, Jan. 29, 1999
Act No. 6022, Sep. 7, 1999
Act No. 6705, Aug. 26, 2002
Act No. 7884, Mar. 24, 2006
Act No. 8541, Jul. 23, 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 to make funds more readily available for new
technology businesses and to accelerate the development
of the national
economy by stabilizing and developing the technology credit guarantee
system through the establishment of the Korea
Technology Credit Guar-
antee Fund.
For the purpose of this Act, the definitions of terms shall be as follows:
1. The term "new technology enterprise" means a small and medium en-
terprise (referring to a small and medium enterprise as prescribed
in
Article 2 of the Framework Act on Small and Medium Enterprises;
hereinafter the same shall apply) and a company as prescribed
by
Presidential Decree which develop technologies or commercialize them,
and a industrial technology research partnership established
under
the Act on the Support of Industrial Technology Research Cooperatives;
KOREA TECHNOLOGY CREDIT GUARANTEE FUND ACT
2
2. The term "business enterprise" means an individual or juristic person
engaged in the business, and organizations formed by such
persons;
3. and 4. Deleted; 5. The term "financial institution" means any institution falling under
one of the following items:
(a) Banking institutions referred to in Article 2 (1) 2 of the Banking
Act;
(b) The Korea Development Bank;
(c) The Industrial Bank of Korea;
(d) Deleted;
(e) Deleted;
(f) Deleted;
(g) The Export-Import Bank of Korea;
(h) The Korea Long-term Credit Bank;
(i) Trust companies established under the Trust Business Act; or
(j) Others engaging in the business of financing enterprises, as
pre-
scribed by Presidential Decree;
6. The term "technology credit guarantee" means the guarantee of the
monetary liabilities as prescribed in Presidential Decree, which
are
the monetary liabilities assumed by new technology enterprises to the
finance companies, etc. as they receive a loan of fund
or other benefits,
etc. from specialized credit financial business companies or financial
institutions (hereinafter referred to
as "finance companies, etc."), which
have registered for new technology project financiers under the Spe-
cialized Credit Financial
Business Act, and other monetary liabilities
assumed by new technology enterprises;
7. The term "general credit guarantee" means the guarantee (excluding
technology credit guarantee) of the monetary liabilities of
a business
enterprise whose regular employees are not more than one thousand
and whose total amount of assets is not more than
one hundred billion
won which falls under one of the following items:
(a) The monetary liabilities to banking institutions in connection
with
loans and other financial instruments; or
(b) Other monetary liabilities as prescribed in Presidential Decree;
7-2. The term "re-guarantee" means the guarantee of the Fund
to in-
demnify the original guarantor within the scope of the performed
KOREA TECHNOLOGY CREDIT GUARANTEE FUND ACT
3
amount by the guarantee of Article 28-2 (1) (hereinafter referred to
as the "original guarantee");
8. The term "creditor" means a creditor of the liabilities guaranteed by
the Korea Technology Credit Guarantee Fund;
9. The term "fundamental property" means the property built up with
contributions or in other ways by the Korea Technology Credit
Guar-
antee Fund as a financial basis for its business operations; and
10. Deleted.
Articles 4 through 11 Deleted.
CREDIT GUARANTEE FUND
SECTION 1 Establishment, etc.
Article 12 (Establishment of Fund)
(1) The Korea Technology Credit Guarantee Fund (hereinafter referred
to as the "Fund") shall be established to make funds more readily
avail-
able for business enterprises which lack the ability to furnish adequate
physical security by extending guarantees for the
liabilities which may
be incurred by them.
(2) The Fund shall be constituted as a juristic person.
Article 13 (Acquisition of Fundamental Property)
(1) The fundamental property of the Fund shall be derived from:
1. Contributions from finance companies, etc.;
2. Contributions from the Government; and
3. Contributions from persons other than prescribed in subparagraphs
1 and 2.
(2) The budget for contributions from the Government pursuant to the
provisions of paragraph (1) 2 shall be handled by the Small
and Me-
dium Business Administration.
4
such a ratio as prescribed by Presidential Decree in connection with the
loans they extend.
(4) The scope of loans, method and time of contribution, and other nec-
essary matters under paragraph (3) shall be prescribed by
Ordinance of the
Prime Minister.
(2) The Fund may, subject to the provisions of the articles of incorpo-
ration have its branches, sub-branches or agencies wherever
necessary.
Article 15 (Articles of Incorporation)
(1) The Fund's articles of incorporation shall be made upon the resolution
of its board of policy, subject to the approval of the
Financial Services
Commission. The same shall apply in case of a change of the articles of
incorporation.
(2) The following matters shall be included in the Fund's articles of
incorporation:
1. Purpose;
2. Name;
3. Matters concerning head office, branches, sub-branches or agencies;
4. Matters concerning the fundamental property;
5. Matters concerning the board of policy;
6. Matters concerning the board of directors;
7. Matters concerning officers and employees;
8. Matters concerning businesses and execution thereof;
9. Matters concerning accounting;
10. Matters concerning the method of giving public notices;
11. Matters concerning the revision of the articles of incorporation; and
12. Other matters as prescribed by Presidential Decree.
Article 16 (Registration)
(1) The Fund shall come into being upon completing the registration of
incorporation at the domicile of its head office.
(2) Matters
concerning registration of incorporation under paragraph (1),
registrations of change of address and other changes, and other matters
necessary for the registration of the Fund shall be prescribed by Presi-
dential Decree.
KOREA TECHNOLOGY CREDIT GUARANTEE FUND ACT
5
(3) Matters which are to be registered under paragraph (2) shall not be
relied upon against the third party until after registration.
SECTION 2 Organs, Officers and Employees
Article 17 (Establishment of Board of Policy)
(1) The board of policy shall be established in the Fund to decide the
basic policy on the business of the Fund.
(2) The board of policy shall consist of the following members:
1. The president of the Fund;
2. One person nominated by the Financial Services Commission from among
the public officials belonging to such Commission;
2-2.
One person nominated by the Minister of Strategy and Finance from
among the public officials belonging to his Ministry;
2-3. One
person nominated by the Administrator of Small and Medium
Business Administration from among the public officials belonging to
such Administration;
3. One person nominated by the governor of the Industrial Bank of Korea
from among the executive officers belonging to such Bank;
4. One person nominated by the head of a financial institution, designated
by the Financial Services Commission, which is provided
for in Article
2 (1) 2 of the Banking Act and is engaged in financial business for
the general public and small business enterprises,
from among the
executive officers belonging to such financial institution;
5. Three persons entrusted by the Financial Services Commission from
among directors and executive officers of financial companies,
etc.;
6. One person entrusted by the president of Korea Chamber of Com-
merce and Industry;
7. One person entrusted by the president of Korea Federation of Small
and Medium Enterprise Cooperatives; and
8. Two technology-related experts entrusted by the Financial Services
Commission subject to consultation with the Minister of Education,
Science and Technology.
(3) The president of the Fund shall be a chairman of the board of policy.
(4) The board members as prescribed in paragraph (2) 1
and 3 through
KOREA TECHNOLOGY CREDIT GUARANTEE FUND ACT
6
5 may delegate their powers and duties to any officer or employee of their
respective institutions.
(5) The term of office for the board members as prescribed in para-
graph (2) 5 through 8 shall be two years: Provided, That the
term of
office for a supplementary board member shall be the residual term of his
predecessor.
(6) Matters necessary for the operation, etc. of the board of policy shall
be prescribed by Presidential Decree.
Article 18 (Board of Directors)
(1) The board of directors shall be established at the Fund.
(2) The board of directors shall consist of a president, a managing
di-
rector, and other directors.
(3) The board of directors shall decide upon important matters con-
cerning the business operations of the Fund.
(4) The president shall call meetings of the board of directors and serve
as a chairman.
(5) A meeting of the board of directors shall be started by the attendance
of a majority of its members, and the resolutions shall
be adopted by
the affirmative vote of a majority of those present.
(6) The auditor may attend and present his opinion at any meeting
of
the board of directors.
Article 19 (Officers)
The Fund shall have as its officers one president, one managing director,
five or fewer directors, and one auditor.
Article 20 (Duties of Officers)
(1) The president shall represent the Fund and thus administer and di-
rect the operations of the Fund.
(2) The managing director shall assist the president and act on behalf
of the president in case of his absence.
(3) The directors shall assist the president and the managing director,
sharing the managerial affairs of the Fund according to
the articles of
incorporation.
(4) The directors shall, in the order of priority as determined in advance
by the president, act for the president and the managing
director, when
both are absent.
(5) The auditor shall audit the operations and the accounts of the Fund.
Article 21 (Appointment of Officers)
KOREA TECHNOLOGY CREDIT GUARANTEE FUND ACT
7
(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 upon the recommendation of the
president
of the Fund.
Article 22 (Officers' Term of Office)
The term of office for the officers shall be three years.
[This Article Wholly Amended by Act No. 5505, Jan. 13, 1998]
Article
23 (Dismissal of Officers)
The Financial Services Commission may dismiss any of the officers of the
Fund where they fall under one of the following subparagraphs:
1. Violation of this Act, orders given under this Act, or the articles of
incorporation;
2. Sentence of imprisonment without prison labor or heavier punishment;
3. Declaration of bankruptcy; or
4. Inability to perform their duties on account of mental or physical dis-
ability.
Article 24 (Prohibition of Concurrent Occupation of Officers)
The officers of the Fund shall not engage in any other business or
occu-
pation without permission from the Financial Services Commission.
Article 25 (Legal Fiction as Public Officer in Application of Criminal Act)
The officers of the Fund shall be deemed to be public
officials in the ap-
plication of Articles 129 through 132 of the Criminal Act.
Article 26 (Appointment of Proxies)
The president of the Fund may appoint proxies from among the man-
aging director, the directors or the employees of the Fund, duly
em-
powered to act on behalf of himself in connection with the operations of
the Fund both in judicial and non-judicial matters.
Article 27 (Appointment and Dismissal of Employees)
The employees of the Fund shall be appointed and dismissed by the pres-
ident
of the Fund.
KOREA TECHNOLOGY CREDIT GUARANTEE FUND ACT
8
SECTION 3 Businesses
Article 28 (Businesses of Fund)
(1) The Fund shall perform the following businesses:
1. Administering the fundamental property;
2. Issuing technology credit guarantee;
3. Issuing general credit guarantee;
4. Providing services of management consulting and technology consulting
to business enterprises;
5. Conducting credit investigations and integrated managements of credit
information;
5-2. Conducting technology appraisal (referring to indicating the amount,
grades, opinions or points, etc. by an integrated appraisal
of the na-
ture of technology, marketability, business prospect, etc. related to
the relevant technology);
6. Exercising its rights of indemnity;
7. Conducting the investigation into and research on the credit guar-
antee system; and
8. Performing, with the approval of the Financial Services Commission,
other activities incidental to the businesses under subparagraphs
1
through 7.
(2) The Fund may perform re-guarantee business in addition to the busi-
nesses of paragraph (1).
(1) When the Fund intends to provide a re-guarantee, it shall conclude a
contract with a credit guarantee foundation prescribed
by the Regional
Credit Guarantee Foundation Act (hereinafter referred to as the "original
guarantor").
9
and period of the re-guarantee for the re-guarantee contract and satis-
fying re-guarantee requirements.
(3) The re-guarantee amount of the Fund shall be the amount calculated
by multiplying the original guarantee amount by a ratio as
prescribed
by Presidential Decree (hereinafter referred to as "re-guarantee ratio").
(4) In case where the original guarantor has
made a subrogated perfor-
mance, the compensation amount to be paid by the Fund shall be the
amount calculated by multiplying the
amount subrogated by the orig-
inal guarantor, which is not recovered through exercising the right to
indemnity, by the re-guarantee
ratio.
(5) If the original guarantor has recovered the amount of subrogation
through exercising the right to indemnity under the original
guarantee,
the amount calculated by multiplying such recovered amount by the
re-guarantee ratio, shall be returned to the Fund.
(6) The claim for the performance of any re-guaranteed liability shall
be made at the expiration of a period of time as prescribed
by Presidential
Decree from the date of subrogation by the original guarantor, and other
matters necessary for a claim for the
performance of the reguaranteed
liability, shall be prescribed by the Presidential Decree.
(7) Other matters necessary concerning
the relation between the Fund
and the original guarantor in connection with the operation of the re-
guarantee shall be prescribed
by Presidential Decree.
[This Article Newly Inserted by Act No. 4955, Aug. 4, 1995]
Article 29 (Operational Manual)
The Fund shall, upon the resolution of the board of policy, prepare the
operational manual which provides for the following subparagraphs.
The
same shall apply to a change of the operational manual: 1. Matters concerning the method and period of a guarantee under Ar-
ticle 28 (1) 2 and 3, and guarantee fee, etc., fees, and penalities
under Articles 33, 33-2 and 34;
1-2. Matters concerning the re-guarantee, such as method and period of
re-guarantee, category of business restricted on re-guarantee,
etc.;
2. Matters concerning discharge of guarantee liabilities;
3. Matters concerning exercise of the rights of indemnity;
KOREA TECHNOLOGY CREDIT GUARANTEE FUND ACT
10
4. Matters concerning the criteria, procedures, methods, types, etc. of
the technology appraisal under the provisions of Article
28 (3); and
5. Other matters necessary for the performance of the Fund's business
operations.
Article 30 (Criteria of Guarantee)
(1) The Fund shall extend guarantees after a fair and objective survey
of the business prospect and managerial capability of the
business en-
terprises is completed and deemed satisfactory.
(2) The Fund shall make 3/4 or more of the total guarantee amount a
technology credit guarantee.
(1) The ceiling of the aggregate of outstanding guarantee and re-guar-
antee issued by the Fund shall be prescribed by Presidential
Decree,
within the limit of 20 times the sum of the fundamental property of the
Fund and the profits brought forward.
Article 32 (Operational Program)
(1) The Fund shall prepare an operational program for each business
year, upon the resolution of the board of policy and obtain
the approval
of the Financial Services Commission.
KOREA TECHNOLOGY CREDIT GUARANTEE FUND ACT
11
(4) Deleted.
Article 33 (Guarantee Fee, etc.)
(1) The Fund shall charge a guaranteed business enterprise a guarantee
fee with regard to the amount of the guarantee, taking into
consider-
ation the credit rating of the business enterprise concerned according
to the provisions of the Presidential Decree.
In this case, where a new
technology enterprise which has been given a technology credit guar-
antee achieves remarkable business
performance, the Fund may collect
a performance-based guarantee fee from such a business enterprise ac-
cording to a separate agreement
under the provisions of the Presidential
Decree.
(2) Where the Fund's obligation as guarantor has not been relinquished
due to the guaranteed business enterprise's failure to discharge
its li-
ability by the date of maturity, the Fund is entitled to collect an addi-
tional guarantee fee from the business enterprise
concerned with regard
to the amount in default according to the provisions of the Presidential
Decree.
(3) Where the guaranteed business enterprise fails to pay the guarantee
fee by the date of maturity, the Fund may collect an overdue
charge
from the business enterprise concerned according to the provisions of
the Presidential Decree.
Article 33-2 (Fees)
The Fund may receive the fees in performing the duties under Article
28 (1) 4, 5 and 5-2 under the conditions as prescribed by the
Presi-
dential Decree.
[This Article Newly Inserted by Act No. 6705, Aug. 26, 2002]
Article 34 (Penalties)
Where the Fund has paid a guarantee liability, it may collect from the
business enterprise concerned a penalty calculated at a rate
not exceeding
25% per annum of the amount paid by the Fund, according to the Presi-
dential Decree.
Article 35 (Formation of Guarantee Relationships)
(1) Where the Fund has decided to give a guarantee to a business en-
KOREA TECHNOLOGY
CREDIT GUARANTEE FUND ACT
12
terprise, it shall give notice to that effect to the business enterprise
concerned and its proposed creditor.
(2) The guarantee relationship of the Fund shall become enforceable
only when a primary obligation comes into effect between the
business
enterprise and its creditor following receipt of the notice under para-
graph (1).
(3) The guarantee relationship shall take no effect, unless the primary
obligation is put into effect within 60 days from the date
when the no-
tice under paragraph (1) is given to the parties concerned.
Article 36 (Discharges of Guarantee Liability)
(1) The creditor may call upon the Fund to discharge its guarantee li-
ability in any of the cases as prescribed by the Presidential
Decree.
(2) Upon receipt of the request for the discharging of its guarantee li-
ability as provided for in paragraph (1), the
Fund shall pay off the pri-
mary liability involved, together with any incidental liabilities as pre-
scribed by the Presidential
Decree.
Article 37 (Exercise of Right to Indemnity)
(1) Where the Fund discharges its guarantee liability, the Fund may
exercise the right to indemnity.
(2) Where the Fund has discharged its guarantee liability, the creditor
concerned shall without delay deliver to the Fund such documents
as
may be necessary to the Fund in exercising its right to indemnity arising
therefrom, and fully cooperate with the Fund in exercising
such right.
(3) The Fund may, if a business enterprise which has discharged its
guarantee liability falls under any of the following
subparagraphs, sus-
pend the exercise of the right to indemnity through the resolution of the
board of directors:
1. Where it is deemed improbable that the property of the business
enterprise will, after being appropriated for the expenses incidental
to the exercise of right to indemnity, still leave a balance; and
2. Where it is deemed probable that the debt-servicing ability of the
business enterprise will be enhanced by the suspension of the
ex-
ercise of right to indemnity.
(4) Where the Fund has suspended the exercise of its right to indem-
nity according to the provisions of paragraph (3) 2, it may
dispatch its
officers or employees of the Fund to the business enterprise concerned
to participate in the management thereof.
KOREA TECHNOLOGY CREDIT GUARANTEE FUND ACT
13
Article 37-2 (Selling of Claim for Indemnity)
When the Fund deems it necessary for a smooth recovery and manage-
ment of the claim for indemnity, it may sell such claim for indemnity
to
a person falling under any of the following subparagraphs, by going
through a resolution of the board of directors:
1. Corporate restructuring investment company under the Corporate
Restructuring Investment Companies Act;
2. Specialized corporate restructuring company or corporate restructuring
association under the Industrial Development Act; and
3. Other persons specialized in the trade and management of the insol-
vent loans, who are prescribed by the Presidential Decree.
[This Article Newly Inserted by Act No. 6705, Aug. 26, 2002]
Article 38 (Duties of Creditor)
In case of falling under any of the following subparagraphs, a creditor
as prescribed by the Presidential Decree shall give the
Fund immediate
notice to that effect:
1. Where the primary obligation has come into effect;
2. Where the liability involved has been in part or wholly extinguished;
3. Where the debtor concerned has forfeited the benefit of the term;
4. Where the debtor concerned has defaulted his liability; or
5. Where other events which may affect the guarantee liability have
occurred.
Article 39 (Restriction on Guarantee)
The Fund may not grant a guarantee to enterprises which fall under any
of the following subparagraphs (excluding the guarantee to
replace a
previous one) within three years from the date the Fund discharges its
guarantee liability: Provided, That the above
restriction shall not apply
where the Fund suspends exercising its right to indemnity under Article
37 (3) 2 or gives a guarantee
in order to secure its indemnity upon the
resolution of the board of directors:
1. A business enterprise which has failed to meet the indemnities of
the Fund; and
2. A business enterprise which is operated or represented by the direc-
tors, or the managing partners of such an enterprise as described
in subparagraph 1 and prescribed by the Presidential Decree.
Article 40 (Principles for Accounting)
(1) The accounting of the Fund shall be based on Korean Financial Ac-
KOREA TECHNOLOGY CREDIT GUARANTEE FUND ACT
14
counting Standards.
(2) The fundamental property of the Fund shall, in the accounting, be
deemed to be its capital.
Article 41 (Fiscal Year)
The fiscal year of the Fund shall correspond to that of the Government.
Article 42 (Budget)
(1) The Fund shall compile a budget indicating income and expenditure
of each business year, and it shall, upon the resolution of
the board of
policy, obtain approval therefor from the Financial Services Commission.
(2) If the Fund intends to obtain the approval under paragraph (1), it
shall submit a draft budget to the Financial Services Commission,
at least
one month prior to the commencement of each fiscal year.
Article 43 (Settlement of Accounts)
The Fund shall prepare a statement of accounts, a balance sheet, an
income statement and a statement of fundamental property for
each
business year, and submit them to the Financial Services Commission, upon
the resolution of the board of policy, within two
months following the end
of each business year.
Article 44 (Utilization of Reserve Funds)
Extra moneys comprising the fundamental property which is not cap-
ital necessary for the management of business shall be administered
in
a manner falling under each of the following subparagraphs: Provided,
That in case of subparagraphs 3 and 4, the approval of
the Financial
Services Commission shall be obtained: 1. Deposit with a financial institution;
2. Purchase of state bonds, local government bonds and other bonds
guaranteed by the Government, local governments or financial in-
stitutions;
3. Subscription or purchase of stock (including investment certificate),
KOREA TECHNOLOGY CREDIT GUARANTEE FUND ACT
15
debentures or other securities; and
4. Other manners necessary to achieve the purpose of the Fund.
Article 45 (Coverage of Loss)
(1) When there has arisen any gross revenue at the book-closing of the
Fund, its entire amount shall be reserved.
(2) When there has arisen any loss at the book-closing of the Fund,
it shall be covered by the reserve under paragraph (1), and
when such
reserve is insufficient, the Government may cover it.
[This Article Wholly Amended by Act No. 6705, Aug. 26, 2002]
CHAPTER
SUPPLEMENTARY PROVISIONS
Article 46 (Supervision)
(1) Deleted.
(2) The Financial Services Commission may supervise the businesses of
the Fund and give the Fund orders deemed necessary for the
supervision.
Article 47 (Report and Inspection)
(1) The Financial Services Commission may, if it is deemed necessary
for achieving the purpose of the Fund, request the Fund, financial
in-
stitutions entrusted by the Fund with the duties (hereafter referred
to as the "trustee" in this Article), finance companies,
etc. making contri-
butions to the Fund, to submit reports, or instruct the public officials
belonging to the Financial Services
Commission to examine the status of
operations, books and documents or other necessary matters: Provided, That
with regard to the
trustees, it shall be limited only to the entrusted duties,
and with regard to the finance companies, etc. making contributions
to
the Fund, such reporting or inspection shall be limited only to the matters
relating to the contribution.
Article 47-2 (Entrustment of Duties)
KOREA TECHNOLOGY CREDIT GUARANTEE FUND ACT
16
(1) The Fund may, under the conditions as prescribed by the Presidential
Decree, entrust a part of its duties to the financial institutions,
the
Korea Asset Management Corporation under the Act on the Efficient Dis-
posal of Non-Performing Assets, etc. of Financial Institutions
and the
Establishment of the Korea Asset Management Corporation, or the credit
information dealers under the Use and Protection
of Credit Information
Act (hereafter in this Article referred to as the "credit information
dealers").
[This Article Newly Inserted by Act No. 6705, Aug. 26, 2002]
Article 48 (Liability for Damage, etc.)
(1) If any officer of the Fund has caused any damages to the Fund due
to contravention of Acts and subordinate statutes or its articles
of
incorporation, or negligence of duties, he shall be jointly and severally
liable to the Fund for the resultant damage.
(2) If any person engaged in guarantee business of the Fund has inten-
tionally or by gross negligence inflicted damage on the Fund
in con-
nection with his business conduct, he shall be liable for the damage. In
this case, such liability may be reduced unless
the damage is caused by
intention.
Article 49 (Prohibition of Use of Similar Name)
No person except the Fund under this Act shall use the name "Korea Tech-
nology Credit Guarantee Fund" or any other name similar
thereto.
Article 50 (Request to Furnish Data)
(1) The Fund may request the State, local governments, the National
Pension Service under the National Pension Act, the National
Health In-
surance Corporation under the National Health Insurance Act, the Korea
Labor Welfare Corporation under the Industrial
Accident Compensation
Insurance Act, and other public organizations to furnish data necessary
for performing the businesses referred
to in Article 28 (1) 5 and 6.
(2) The party who has been requested to furnish the data under the
provisions of paragraph (1) shall comply with it unless there
exists any
special ground.
[This Article Newly Inserted by Act No. 7884, Mar. 24, 2006]
KOREA TECHNOLOGY CREDIT GUARANTEE FUND ACT
17
CHAPTER PENAL PROVISIONS
Article 51 (Penal Provisions)
Any person who violates the provisions of Article 49 shall be punished
by a fine not exceeding five million won.
ADDENDA
Article 1 (Enforcement Date)
This Act shall come into force on April 1, 1989.
Article 2 (Preparations for Establishment)
(1) The Minister of Finance may entrust a Committee for Establishment
to perform affairs relating to the establishment of the Fund
before the
enforcement date of this Act.
(2) A member of the Committee for Establishment entrusted under the
provisions of paragraph (1) shall immediately prepare the articles
of
incorporation and obtain authorization from the Minister of Finance and
Economy. In this case, where it has obtained such authorization
of the
Minister of Finance and Economy, it shall be deemed that the resolution
of the board of policy according to the provisions
of Article 15 (1) has
been adopted.
(3) A member of the Committee for Establishment shall complete a
registration according to Article 16 upon the authorization under
para-
graph (2).
(4) A member of the Committee for Establishment shall, upon com-
pleting the registration under paragraph (3), without delay, transfer
its
business to the President of the Fund.
Article 3 (Succession to Property, Rights and Duties)
(1) The property, rights and duties vested in the technology credit guar-
antee fund established under the previous provisions, at the time when
this Act enters into force shall be taken over as a whole
by the Fund
under this Act.
(2) The property taken over by the Fund under the provisions of par-
agraph (1) shall be deemed to be its fundamental property as
provided
for in Article 13.
KOREA TECHNOLOGY CREDIT GUARANTEE FUND ACT
18
Article 4 (Transitional Measures on Legal Act, etc. under Previous Pro-
vision)
Contributions toward the Korea Technology Credit Guarantee Fund, the
issuance of guarantees and other legal acts already put into
effect under
the previous provisions, at the time when this Act enters into force, shall
be deemed to have been made effective
under the provisions of this Act.
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso
Omitted.)
Articles 2 through 5 Omitted.
ADDENDUM
This Act shall enter into force on the date 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 January 1, 1998.
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 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 into force of this Act, authorization or other actions
taken by ad-
ministrative agencies, or various reports or other actions submitted to
administrative agencies under the previous
provisions, shall be deemed to
KOREA TECHNOLOGY CREDIT GUARANTEE FUND ACT
19
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 term of office of the auditor
of the Korea Technology Credit Guarantee
Fund, the Credit Guarantee
Fund, the Korea Long-term Credit Bank, or the Export-Import Bank of Korea
shall be ...
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 March 1, 2000.
Articles 2 and 3 Omitted.
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force three months after the date of its prom-
ulgation.
Article 2 (Applicability to Composition of Board of Policy)
The amendments to Article 17 (2) 2-2, 5 and 7 shall apply from the mem-
bers first nominated or commissioned under the same amendments after
this Act enters into force.
Article 3 (Transitional Measures for Technology Credit Guarantee)
In case where a general credit guarantee before the enforcement
of this
Act falls under the requirement for the technology credit guarantee after
the enforcement of this Act, it shall be regarded
as the technology credit
guarantee.
Article 4 Omitted.
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 43 Omitted.
KOREA TECHNOLOGY CREDIT GUARANTEE FUND ACT
20
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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