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Selected Statutes of the Republic of Korea |
제22편 통화․국채․금융 신용보증기금법
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. 8635, Aug. 3, 2007
Act No. 8852, Feb. 29, 2008
Act No. 8863, Feb. 29, 2008
Act No. 9458, Feb. 6, 2009
CHAPTER Ⅰ GENERAL PROVISIONS
Article 1 (Purposes)
The purposes of this Act are, 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 enter-
prises which have weak capacity to be used as security, and to contribute
to the balanced development of the national economy by establishing
sound credit order through efficient management and use of credit in-
formation. <Amended by Act No. 3748, Aug. 7, 1984>
Article 2 (Definitions)
(1) For the purpose of this Act, the term enterprise means a natural
person or juristic person who runs a business, and his organization.
<Amended by Act No. 4953, Aug. 4, 1995>
(2) For the purpose of this Act, the term credit guarantee means that the Fund stands guarantee for the debts falling under any of the following subparagraphs which enterprises bear: <AmendedbyActNo.8635,Aug.3.2007>
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1. Pecuniary obligations under which an enterprise is to pay to a financial
institution by getting loans and other considerations from that finan-
cial 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 119 of the
Financial Investment Services and Capital Markets Act;
4. Other pecuniary obligations of an enterprise as prescribed by Presi-
dential 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:
<AmendedbyActNo.4287,Dec.31,1990;ActNo.5505,Jan.13,1998;ActNo.6324,Dec.
30, 2000; Act No. 8635, Aug. 3. 2007>
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; <by Act No. 4953, Aug. 4, 1995>
5. Deleted; <by Act No. 5403, Aug. 30, 1997>
6. Deleted; <by Act No. 4287, Dec. 31, 1990>
7. The Export-Import Bank of Korea;
8. The Long-Term Credit Bank under the Long-term Credit Bank Act;
9. A trust business entity under the Financial Investment Services and
Capital Markets Act;
10. Other persons whose business is to provide financing to enterprises
as prescribed by 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. <Amended by Act No. 4953, Aug. 4, 1995>
(7) For the purpose of this Act, the term reguarantee means a coverage
by the Fund within the scope of the performance amount of a surety
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제22편 통화․국채․금융 신용보증기금법
obligation which an original guarantor guarantees as provided in Article
23-2 (1) (hereinafter referred to as the original guarantee ). <NewlyInserted
by Act No. 4953, Aug. 4, 1995>
(8) For the purpose of this Act, the term guarantee for special purpose
company means that the Fund stands guarantee as prescribed in Article
23-3 (1) for the debts borne by a special purpose company (hereinafter
SPC ) established under the Asset-Backed Securitization Act. <Newly
Inserted by Act No. 9458, Feb. 6, 2009>
Article 3 (Preferential Guarantee)
(1) The Fund shall provide preferential guarantees to small-or-medium
enterprises having weak capability for security as prescribed by Presidential
Decree and to the funds which correspond to the purpose as prescribed
by Presidential Decree.
(2) The term small-or-medium enterprises in paragraph (1) means the
small-or-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, orders 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: <AmendedbyActNo.4953,Aug.4,
1995>
1. Contributions from the Government;
2. Contributions from financial institutions;
3. Contributions from enterprises;
4. Contributions from any person other than those referred to in subpara-
graphs 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 and Medium
Business Administration. <Newly Inserted by Act No. 5187, Dec. 30, 1996>
(3) Financial institutions shall make contributions to the Fund in an
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amount at the rate prescribed by Ordinance of the Prime Minister, within
3/1000 per annum of their loans. <AmendedbyActNo.3190,Dec.28,1979;Act
No. 4953, Aug. 4, 1995; Act No. 6324, Dec. 30, 2000; Act No. 8863, Feb. 29, 2008>
(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. <AmendedbyActNo.
4953,Aug.4,1995;ActNo.5505,Jan.13,1998;ActNo.6324,Dec.30,2000;ActNo.8863, Feb. 29, 2008>
Article 7 (Articles of Incorporation)
(1) The Fund shall provide for matters falling under the following subpara- graphs in its articles of incorporation: <AmendedbyActNo.3190,Dec.28,1979>
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;
11. Other matters as prescribed by 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. <AmendedbyAct
No. 4953, Aug. 4, 1995; Act No. 6324, Dec. 30, 2000; Act No. 8863, Feb. 29, 2008>
Article 8 (Registration)
(1) The Fund shall be registered as prescribed by 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 con- stitute 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.
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제22편 통화․국채․금융 신용보증기금법
CHAPTER Ⅱ 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 oper-
ation of the Fund s business as prescribed by this Act, Ordinances issued
under this Act, and the articles of incorporation of the Fund. <Amended
by Act No. 3190, Dec. 28, 1979>
Article 11 (Composition of Committee)
(1) The Committee shall be composed of 12 members falling under the following subparagraphs: <AmendedbyActNo. 3190, Dec.28,1979; ActNo.3748,
Aug. 7, 1984; ActNo. 4953, Aug. 4, 1995; Act No. 5187, Dec. 30, 1996; ActNo. 5505, Jan.
13, 1998; Act No. 6324, Dec. 30, 2000; Act Nos. 8852 & 8863, Feb. 29, 2008>
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 and Medium
Business Administration from among the public officials belonging to
the Small and 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;
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
- 5 -
referred to in subparagraph 6 shall be nominated through consultation
between the Financial Services Commission and the Minister of Knowledge
Economy. <AmendedbyActNo.4541,Mar.6,1993;ActNo.4953,Aug.4,1995;ActNo.
6324, Dec. 30, 2000; Act Nos. 8852 & 8863, Feb. 29, 2008>
(3) The president of the Fund shall become the chairman of the Committee.
(4) The members as referred to in paragraph (1) l and 2 through 5 may
delegate their duties to the officers or staff of the institutions in question.
<Amended by Act No. 3748, Aug. 7, 1984>
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 Presidential Decree.
CHAPTER Ⅲ 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. <AmendedbyActNo.4287,
Dec. 31, 1990>
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.
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제22편 통화․국채․금융 신용보증기금법
(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.
(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. <AmendedbyActNo. 4953,Aug. 4,1995; ActNo.6324, Dec.
30, 2000; Act No. 8863, Feb. 29, 2008>
(2) The managing director and the directors shall be appointed by the Financial Services Commission through the recommendation of the presi- dent of the Fund. <Amended by Act No. 4953, Aug. 4, 1995; Act No. 6324, Dec. 30,
2000; Act No. 8863, Feb. 29, 2008>
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:
<AmendedbyActNo.4953,Aug.4,1995;ActNo.6324,Dec.30,2000;ActNo.8863,Feb.
29, 2008>
1. When he violates this Act, orders 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;
4. When he becomes unable to perform his duties due to his mental or
physical incompetence.
Article 19 (Responsibility, etc. of Prohibition of Concurrent Office)
(1) No officers of the Fund shall engage in any business or occupation other than the business of the Fund without permission of the Financial Services Commission. <Amended by Act No. 4953, Aug. 4, 1995; Act No. 6324, Dec.
30, 2000; Act No. 8863, Feb. 29, 2008>
(2) The officers and employees of the Fund, or persons who were in such
- 7 -
office shall not divulge secrets that they have come to know as a matter
of duty. <Newly Inserted by Act No. 9458, Feb. 6, 2009>
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 Employees)
The employees 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 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 employees of the Fund.
CHAPTER Ⅳ BUSINESSES
Article 23 (Businesses)
(1) In order to achieve the purposes of this Act, the Fund shall carry on the businesses falling under the following subparagraphs: <AmendedbyAct
No. 3190, Dec. 28, 1979; ActNo. 4953,Aug. 4, 1995; ActNo. 6324,Dec. 30, 2000; Act No.
8863, Feb. 29, 2008>
1. Management of its fundamental property;
2. Credit guarantees;
3. Business administration guide;
3-2. Integrated management of credit surveys and credit information;
4. Exercise of rights of indemnification;
5. Investigation and research of credit guarantee system;
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 perform the business of reguarantee and the business
of guarantee for SPC in addition to the businesses listed in paragraph (1).
<Newly Inserted by Act No. 4953, Aug. 4, 1995; Act No. 9458, Feb. 6, 2009>
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 ). <Amended by Act No. 6022, Sep. 7, 1999>
- 8 -
제22편 통화․국채․금융 신용보증기금법
(2) The contract as provided in paragraph (1) shall include matters per-
taining to the ceiling amount of the reguarantee, the period of the reguar-
antee, requirements of the reguarantee, etc. and the contracting method
shall be a blanket contract method to reguarantee the original guarantee
which meets the requirements of reguarantee, within the ceiling amount
of the reguarantee and the period of the reguarantee as stipulated under
the reguarantee contract.
(3) The amount of reguarantee of the Fund shall be calculated by multiplying
the amount of original guarantee by such rate as prescribed by Presi-
dential Decree (hereinafter referred to as reguarantee rate ).
(4) In a case where the original guarantor has performed subrogation,
the coverage amount which the Fund is to pay shall be calculated by multi-
plying the amount which the original guarantor has failed to recover from
exercising the right of indemnification, out of the amount of the perfor-
mance 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 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 Presidential 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 Presidential Decree.
[This Article Newly Inserted by Act No. 4953, Aug. 4, 1995]
Article 23-3 (Guarantee for SPC)
(1) Where an SPC pools and repackages corporate bonds (including con- vertible bonds and bonds with warrant) of enterprises, loans
or property rights prescribed by Presidential Decree into securitized assets, the Fund may guarantee the liability to be borne by
the SPC in cases falling under any of the following subparagraphs:
1. Issuance of securitized bonds;
2. Granting of credit to the SPC by financial institutions, the National
Agricultural Cooperative Federation under the Agricultural Cooper-
- 9 -
atives Act and the National Federation of Fisheries Cooperatives under
the Fisheries Cooperatives Act.
(2) The maximum limit of securitized assets of the same enterprise, which
an asset holder (refers to the person under subparagraph 2 of Article 2
of the Asset-Backed Securitization Act) can underwrite with regard to the
operation of guarantee for SPC by the Fund shall be prescribed by Presi-
dential Decree.
(3) The Fund may be entrusted by an SPC that is given guarantee with
the management of securitized assets or other businesses as prescribed
in Articles 10 (1) and 23 (1) of the Asset-Backed Securitization Act.
(4) Where it is recognized as necessary for the efficient operation of the
Fund and the appropriate diversification of risks, the Financial Service
Commission may lay down and notify separate guidelines.
[This Article Newly Inserted by Act No. 9458, Feb. 6, 2009]
Article 24 (Manual of Business Methods)
The Fund shall prepare a manual for business methods necessary for the performance of duties stating the matters in the following
subparagraphs, and shall have it resolved for adoption by the Committee. The same shall apply when alteration thereof is intended:
1. Matters concerning credit guarantee in the following items:
(a) Method of guarantee;
(b) Type of business for which guarantee is restricted;
(c) Period of guarantee;
(d) Guarantee fee;
(e) Performance of guarantee obligations;
2. Exercise of right to indemnity;
3. Matters concerning reguarantee in the following items:
(a) Method of reguarantee;
(b) Period of reguarantee; and
(c) Type of business for which reguarantee is restricted;
4. Matters concerning guarantee for SPC in the following items:
(a) Debts subject to guarantee;
(b) Assets subject to securitization;
(c) Plan for managing risks;
(d) Maximum limit of securitized assets that can be underwritten for
the same enterprise as prescribed in Article 23-3 (2);
5. Other matters necessary for the performance of businesses of the Fund.
[This Article Newly Inserted by Act No. 9458, Feb. 6, 2009]
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제22편 통화․국채․금융 신용보증기금법
Article 25 (Limit of Guarantee, etc.)
(1) The limit of total amount of credit guarantee, reguarantee and guarantee for SPC of the Fund shall be prescribed by Presidential
Decree within twenty times the sum total of the fundamental property of the Fund and carried- over earnings. <Amended by Act No. 9458, Feb. 6, 2009>
(2) The maximum limit of credit guarantee or reguarantee which the Fund
may give to the same enterprise shall be prescribed by 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 through a resolution of the Committee and obtain approval therefor from the Financial Services Commission. <Amended by Act No. 4953, Aug. 4,
1995; Act No. 6324, Dec. 30, 2000; Act No. 8863, Feb. 29, 2008>
(2) The Fund shall submit the operational plan to the Financial Services Commission for its approval as provided in paragraph (1) by not less than one month prior to the commencement of the corresponding year. <Amended
by Act No. 4953, Aug. 4, 1995; Act No. 6324, Dec. 30, 2000; Act No. 8863, Feb. 29, 2008> (3) Any modification of the operational plan shall be resolved by the Com- mittee and approved by the Financial Services Commission. <AmendedbyAct
No. 4953, Aug. 4, 1995; Act No. 6324, Dec. 30, 2000; Act No. 8863, Feb. 29, 2008>
(4) When the Fund prepares or modifies the operational plan, it shall express matters which it intends to guarantee preferentially as provided in Article 3.
Article 27 (Credit Survey)
In a case where the Fund intends to stand credit guarantee (including guarantee for SPC; the same shall apply hereinafter) as provided
in Article
23 (1) 2 or to investigate the credit of an enterprise as provided in subpara- graph 3-2 of the same paragraph, the Fund shall investigate
the status of management, outlook of business, credit status, etc. fairly and sincerely.
<AmendedbyActNo.4953,Aug.4,1995;ActNo.6324,Dec.30,2000;ActNo.9458,Feb.
6, 2009> [This Article Wholly Amended by Act No. 3748, Aug. 7, 1984]
Article 28 (Establishment of Guarantee Relationship)
(1) In a case where the Fund decides to stand credit guarantee for an enterprise, it shall issue a notice to the enterprise in question and to the person who is to be a creditor of the enterprise: Provided, That where the Fund guarantees debentures as provided in Article 2 (2) 3 and guaran- tees debts borne by an SPC following issuance of securitized bonds as
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provided in Article 23-3 (1) 1, it need not issue a notice to the underwriter
of the debentures or the underwriters of securitized bonds. <AmendedbyAct
No. 9458, Feb. 6, 2009>
(2) The relationship of a credit guarantee shall exist when the principal
obligation between the notified enterprises and the creditors of the enter-
prise as provided in paragraph (1), exists.
(3) In a case where the principal obligation does not exist within 60 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 such cases as prescribed by Presidential Decree.
(2) In a case of a claim for the performance of a surety obligation as pro- vided in paragraph (1), the Fund shall perform the principal
obligations and the subordinate obligations as prescribed by Presidential Decree.
Article 30 (Exercise of Right of Indemnification)
(1) When the Fund has discharged its surety obligation, the creditor con- cerned shall, without delay, deliver to the Fund such
documents as necessary for the Fund to exercise the right of indemnification, and shall cooperate fully with the Fund in the exercising
of the right of indemnification.
(2) In a case where an enterprise for which the Fund has 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: <AmendedbyActNo.4287,Dec.31,1990>
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 for in paragraph (2) 2, it may dispatch its
officers or employees to the enterprise in question and cause them to partici-
pate in the management thereof.
Article 31 (Duties of Creditor)
(1) Deleted. <by Act No. 3190, Dec. 28, 1979>
(2) In a case where a creditor specified by Presidential Decree falls under
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제22편 통화․국채․금융 신용보증기금법
any of the following subparagraphs, he shall notify the Fund of that effect
without delay: <Amended by Act No. 3190, Dec. 28, 1979>
1. When a principal obligation exists;
2. When the whole or a part 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;
5. When there occurs such other cause as may affect the surety obligations.
(3) and (4) Deleted. <by Act No. 3190, Dec. 28, 1979>
Article 31-2 (Integrated Management of Credit Information)
(1) and (2) Deleted. <by Act No. Act No. 9458, Feb. 6, 2009>
(3) Necessary matters pertaining to an occupation such as integrated man-
agement of credit information, analysis and evaluation of credit, etc. shall
be prescribed by Presidential Decree. <NewlyInsertedbyActNo.3748,Aug. 7,
1984; Act No. 4953, Aug. 4, 1995> [This Article Newly Inserted by Act No. 3190, Dec. 28, 1979]
Article 32 (Entrustment of Business)
(1) The Fund may entrust financial institutions, the Korea Asset Manage- ment Corporation under the Act on the Efficient Disposal of Non-Performing 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 business under conditions prescribed by Presidential Decree: Provided, That credit in- formation dealers shall be entrusted with the business permitted under the Use and Protection of Credit Information Act. <AmendedbyActNo.6324,
Dec. 30, 2000>
(2) The person entrusted with the business of the Fund as provided in paragraph (1) may act on behalf of the Fund in both judicial and ex- trajudicial areas, with respect to the Fund s business: Provided, That credit information dealers shall act on behalf of the Fund only in the extraju- dicial area. <NewlyInsertedbyActNo.3190,Dec.28,1979;ActNo.4953,Aug.4,1995;
Act No. 6324, Dec. 30, 2000>
Article 33 (Guarantee Fee, etc.)
(1) The Fund shall collect guarantee fee for guarantee amount from the enterprise that has been provided with credit guarantee, taking into consid- eration credit standing, etc. as prescribed by Presidential Decree. In such cases, where the enterprise that was provided with credit guarantee has
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achieved remarkable management results, the Fund may receive fee for
achievement from such enterprise according to a separate agreement.
<Amended by Act No. 9458, Feb. 6, 2009>
(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 Presidential Decree.
(3) When an enterprise that was provided with credit guarantee has failed
to pay guarantee fee within the period for payment of guarantee fee, the
Fund shall receive guarantee fee in arrears for the unpaid guarantee fee
as prescribed by Presidential Decree. <Newly InsertedbyActNo. 9458, Feb. 6,
2009> [This Article Wholly Amended by Act No. 4953, Aug. 4, 1995]
Article 33-2 (Fee)
The Fund may charge a fee for the performance of the businesses listed in Article 23 (1) 3, 3-2 and 6 as prescribed by Presidential Decree.
[This Article Newly Inserted by Act No. 9458, Feb. 6, 2009]
Article 34 (Penalty)
In a case where an enterprise that has been provided with a credit guarantee does not discharge its obligations by the time limit, and the Fund is not relieved of its responsibility to discharge the surety obligation, the Fund shall collect a penalty from the enterprise in question for the outstanding amount of the obligation out of the surety obligation, as prescribed by Presidential Decree. <Amended by Act No. 4953, Aug. 4, 1995>
Article 35 (Damages)
In a case where the Fund discharges its surety obligation, it shall collect the amount of damages from the enterprise in question, at a rate not exceeding twenty five percent per annum for the discharged amount of the surety obligation.
CHAPTER Ⅴ ACCOUNTING
Article 36 (Principles of Accounting)
(1) The accounting of the Fund shall be in accordance with generally accepted accounting standards of enterprises. <AmendedbyActNo.4287,Dec.
31, 1990>
(2) The fundamental property of the Fund shall be assessed in terms of its capital.
Article 37 (Fiscal Year)
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제22편 통화․국채․금융 신용보증기금법
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. <AmendedbyActNo.4953,Aug.4,1995;ActNo.6324,Dec.30,2000;ActNo.
8863, Feb. 29, 2008>
(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. <Amended
by Act No. 4953, Aug. 4, 1995; Act No. 6324, Dec. 30, 2000; Act No. 8863, Feb. 29, 2008> (3) In a case where the Fund intends to modify the budget, it shall obtain approval therefor from the Financial Services Commission after a resolution of the Committee. <Amended by Act No. 4953, Aug. 4, 1995; Act No. 6324, Dec. 30,
2000; Act No. 8863, Feb. 29, 2008>
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 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. <AmendedbyActNo.4953,Aug.4,1995;ActNo.6324,Dec.30,2000;
Act No. 8863, Feb. 29, 2008>
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: <Amended
by Act No. 4953, Aug. 4, 1995; Act No. 6324, Dec. 30, 2000; Act No. 8863, Feb. 29, 2008>
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;
4. Other methods necessary for the achievement of the purposes of this
Act.
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제22편 통화․국채․금융 신용보증기금법
(2) Notwithstanding the provisions of paragraph (1), the Fund may contrib-
ute 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. <NewlyInsertedbyActNo.8234,Jan.11,2007;ActNos.8852&8863,Feb.
29, 2008> [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, the total amount of such profits 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 shall cover them.
<Amended by Act No. 9458, Feb. 6, 2009> [This Article Wholly Amended by Act No. 6324, Dec. 30, 2000]
CHAPTER Ⅵ SUPPLEMENTARY PROVISIONS
Article 42 (Supervision)
The Financial Services Commission may supervise the businesses of the
Fund and issue such orders as deemed necessary for its supervision.
<AmendedbyActNo.4953,Aug.4,1995;ActNo.6324,Dec.30,2000; ActNo. 8863, Feb.
29, 2008>
Article 43 (Report and Inspection)
(1) If it is deemed necessary to achieve the purposes of this Act, the Financial Services Commission may request the Fund, financial institutions entrusted by the Fund with the businesses 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. <Amended by
Act No. 4953, Aug. 4, 1995; Act No. 6324, Dec. 30, 2000; Act No. 8863, Feb. 29, 2008>
- 16 -
(2) The Financial Services Commission may entrust the Governor of the
Financial Supervisory Service with the inspection as provided in para-
graph (1). <AmendedbyActNo. 4953, Aug.4, 1995; ActNo. 5505, Jan. 13, 1998; Act
No. 6324, Dec. 30, 2000; Act No. 8863, Feb. 29, 2008>
Article 43-2 (Supply of Data and Request for Cooperation)
(1) The Fund may request the State, local governments, the National Pension Service under the National Pension Act, the National
Health Insurance Corporation under the National Health Insurance Act, the Korea Workers Compensation and Welfare Service under the
Industrial Accident Compensation Insurance Act and other public organizations prescribed by Presidential Decree for the supply of
data necessary for the performance of the businesses under Article 23 (1) 2 through 3, 3-2, and 4 trough
6.
(2) The Fund may request enterprises for cooperation to efficiently manage
the overall credit information under Article 23 (1) 3-2.
(3) Those who have been requested for the supply of data or for cooperation
under paragraphs (1) and (2) shall comply with the request unless there
is any special reason to the contrary.
[This Article Newly Inserted by Act No. 9458, Feb. 6, 2009]
Article 44 (Liability)
(1) In a case where an officer of the Fund violates Acts and subordinate statutes or the articles of incorporation of the Fund 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. <Amended by Act No. 3190,
Dec. 28, 1979; Act No. 4287, Dec. 31, 1990>
Article 45 Deleted. <by Act No. 4953, Aug. 4, 1995>
Article 46 (Prohibition of Guarantee)
The Fund may not provide a stand guarantee (excluding any guarantee for recovery of an existing guarantee) to any enterprise falling under any 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
- 17 -
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;
2. An enterprise which is operated or represented by a person as prescribed by Presidential Decree among those who are directors or
business- con-
ducting employees of such enterprises as provided in subparagraph 1.
[This Article Wholly Amended by Act No. 4287, Dec. 31, 1990]
Article 47 Deleted. <by Act No. 6561, Dec. 31, 2001>
Article 48 (Enforcement Decree)
Necessary matters pertaining to the enforcement of this Act shall be pre- scribed by Presidential Decree.
CHAPTER Ⅶ PENAL PROVISIONS
Article 49 (Penal Provisions)
(1) Any person who has divulged secrets in violation of Article 19 (2) shall be punished by imprisonment of not more than two years,
or a fine not exceeding ten million won.
(2) Any person who has violated Article 9 shall be punished by a fine not exceeding five million won.
[This Article Wholly Amended by Act No. 9458, Feb. 6, 2009]
ADDENDA
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 establish- ment 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.
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제22편 통화․국채․금융 신용보증기금법
(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. <by Act No. 6324, Dec. 30, 2000>
Article 6 (Vicarious Execution of Business)
(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 <Act No. 3190, Dec. 28, 1979>
This Act shall enter into force on January 1, 1980.
ADDENDUM <Act No. 3748, Aug. 7, 1984>
This Act shall enter into force on the date of its promulgation: Provided,
- 19 -
That, the revised provisions of Article 33 shall enter into force on the sixtieth
date following the day of its promulgation.
ADDENDUM <Act No. 4287, Dec. 31, 1990>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 4541, Mar. 6, 1993>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso
Omitted.)
Articles 2 through 5 Omitted.
ADDENDA <Act No. 4593, Aug. 4, 1995>
(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 <Act No. 5187, Dec. 30, 1996>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 5403, Aug. 30, 1997>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 8 Omitted.
ADDENDA <Act No. 5505, Jan. 13, 1998>
(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 administrative
- 20 -
제22편 통화․국채․금융 신용보증기금법
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 <Act No. 6022, Sep. 7, 1999>
Article 1 (Enforcement Date)
This Act shall enter into force on March 1, 2000.
Articles 2 and 3 Omitted.
ADDENDA <Act No. 6073, Dec. 31, 1999>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Act No. 6324, Dec. 30, 2000>
(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 <Act No. 6561, Dec. 31, 2001>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDA <Act No. 8234, Jan. 11, 2007>
(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
Article 40 (2) shall be limited to the contribution that the Fund received
from the Small Business Corporation in April 2001.
- 21 -
ADDENDA <Act No. 8635, Aug. 3, 2007>
Article 1 (Enforcement Date)
This Decree shall enter into force one and half years after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 44 Omitted.
ADDENDA <Act No. 8852, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso
Omitted.)
Articles 2 through 7 Omitted.
ADDENDA <Act No. 8863, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDUM <Act No. 9458, Feb. 6, 2009>
This Act shall enter into force three months after the date of its promul- gation.
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