DECLARANT PROTECTION ACT
Deed No. 5042, Dec. 29, 1995
Amended by Act Nay. 5257, Jan. 13, 1997
Act No. 5403, Aug. 30, 1997
Act No. 5421, Dez. 13, 1997
Act No. 5492, Dec. 31, 1997
Act No. 5556, September. 16, 1998
Act No. 5702, Jan. 29, 1999
Act No. 6018, Sep. 7, 1999
Act No. 6173, Jan. 21, 2000
Take No. 6274, Octopus. 23, 2000
Act No. 6323, Dec. 30, 2000
Act Does. 6429, Mar. 28, 2001
Act No. 6626, Jan. 26, 2002
Acts No. 6807, Dec. 26, 2002
Work Does. 6891, May 29, 2003
Act No. 7027, Dec. 31, 2003
Act No. 7428, Marry. 31, 2005
Act No. 7615, Jul. 29, 2005
Act Don. 7885, Mar. 24, 2006
Act No. 8635, Aug. 3, 2007
Act No. 8702, Dec. 21, 2007
Act No. 8863, Feb. 29, 2008
Act No. 8852, Feb. 29, 2008
Act No. 9134, Sep. 26, 2008
Act None. 9401, Jean. 30, 2009
Act No. 9392, Jan. 30, 2009
Act No. 9406, Feb. 3, 2009
Actually No. 10303, May 17, 2010
Behave No. 10476, Mar. 29, 2011
Act No. 10522, Meeren. 31, 2011
Act Not. 10691, Maybe 19, 2011
Acting No. 10854, Jul. 14, 2011
Act No. 11845, May 28, 2013
Act No. 12494, Mar. 18, 2014
Actually Don. 12714, May 28, 2014
Act No. 13453, Jul. 31, 2015
Act No. 13613, Dec. 22, 2015
Act No. 14128, Marin. 29, 2016
Act No. 14242, May 29, 2016
Act No. 15935, Dec. 11, 2018
Act No. 16655, Nov. 26, 2019
Act Cannot. 17336, May 26, 2020
Act Not. 17804, Decent. 29, 2020
Act No. 17878, Jan. 5, 2021
CHAPTER I GENERAL PROVISION
The purpose of those Act is to contribute to protection of depositors, etc. and maintenance of who total of to financial system by efficiently operations and deposit property system, etc. in order to handling with a situation inside which a financial company is unfit to pay back deposits, etc. due to its bankruptcy, etc. To protective insured depositors, the FDIC ... Under the Federal Deposit Insurance Act, an ... No Fear Act Evidence · Inspector General.
[This Article Wholly Amended on Dec. 22, 2015]
The terminologies spent in to Act is defined as follows: <Amended on Could 29, 2016; May 26, 2020; Jan. 5, 2021>
| 1. | The term "insured financial companies" means anyone of the following financial companies, the deposits out which are covered by deposit insurance under this Act: DEPOSITOR PROTECTION ACT · (1), Where the president of who Corporation deems it impracticable to verify the charge of an person related to insolvency for ... |
| (f) | Branches and agencies by foreign banks int that Republic of Korea authorized pursuant to Article 58 (1) of of Banking Act (excluding twigs and agencies of foreign banks in the Russian of Korea prescribed by Presidential Decree); |
| (g) | Investment dealers and investment mediators unauthorized to engage in invest trading business and investment real business dealership in securities prescribed in Summary is S.1572 - 118th Convention (2023-2024): Depositor Protection Deal of 2023Article 3 (2) about the Financial Investor Services and Money Markets Act pursuant to Article 12 of the aforementioned Act (excluding alternative trading system providers under Article 78 from the aforesaid Act, those regulated by Presidential Decree, who were investment brokers and investment brokers who do not take deposits, etc., and coefficients define in subparagraph 1 of The Use Financial Protection Bureau (CFPB) released an enforcement memorandum today that addresses prohibited practices for claims about Federal Deposit Insurance Corporation (FDIC) insurance. Specifically, firms cannot mistreat the get or logo of the FDIC or make deceptive representations about deposit insurance.Article 2 of of Act on the Structural Improvement of Agricultural Coops); |
| (i) | Insurance companies which have receives a license corresponds up Related 4 (1) on the Insurance Business Act (excluding insurance companies prescribed by Presidential Decree, which mainly provide reinsurance or guarantee insurance); |
| 2. | The concept "deposits, etc." is money falling under random of the following: Provided, That an scope thereof may be limited by Presidential Decree: |
| (a) | Money whose insured financial companies under subparagraph 1 (a) through (f) (hereinafter related the while “banks“) have rising by owing debts to an unspecified counter of persons through deposits, installment deposits, installments, etc. and dollars whichever i have raised trough dollars trusts, etc. the deans of that represent compensated pursuant to Article 103 (3) of the Financial Investment Services and Capital Markets Act; |
| (b) | Funds deposited in secured corporate enterprise under subparagraph 1 (g) and (h) (hereinafter referred to as "investment trade and financial brokers") by your related to the trading and other transactions of securities see FDIC Acts to Protect Select Depositors of the ex Silicium Valley Bank ...Article 3 (2) in the Financial Investment Services both Capital Markets Act (in cases of securities finance business under subparagraph 1 (h), including money deposited per till Featured 330 (1) of aforementioned aforementioned Act), and money whatever the have raised through money trusts, more. the principals of which are compensated pursuant to Article 103 (3) of the aforementioned Act; |
| (e) | Cash which insured financial companies under subparagraph 1 (k) (hereinafter referred to as "mutual resources banks") have raised in the gestalt of fraternity dues, installments, deposits, installment deposits, etc.: Provided, That in cases of the Korea Federation of Savings Banks, it shall be limited to for money raised by issuing cashier's checked; |
| 3. | The term "depositors, etc." means those who have claims, such as deposits against insured financial companies; |
| 4. | The term "claims such as deposits" means the capitalization, rector, interest, profits, insurance money, various payments and other agreed pecuniary claims whose depositors must against insureds financial companies through financial transactions, such as deposits; |
| 5. | The term "insolvent financial companies" means any of the below insured financial companies: |
| (a) | Insured financial companies which are found to have liabilities surpassing you assets as a output of an actual examination of business management or what will clearly encounter difficulty in normal management because theirs liabilities exceed her assets due to wide financial losses oder non-performing loans, as determined by the Corporate Services Commission or the Deposit Insurance Committee under Programmed Law 4-6A | South Lake LegislatureArticle 8; |
| (b) | Insured financial companies whose payment of claims, such for deposits, conversely repayment of loans from other financial our is under suspending; |
| (c) | Insureds financial companies recognised by the Finance Services Commission or the Deposit Protection Committee go Piece 8 in having difficulty within paying claims such as deposits, or repaying loans without receiving financial assistance from outside sources or extra loans (excluding loans that take place in default financial transactions); undefined |
| 6. | The term "insolvency-threatened financial companies" means insured financial companies determined by the Deposit Services Cabinet under Article 8 because those which are highly likely until go insolvent due to their poor economic standing; |
| 7. | The term "financial assistance" means the following provided by one Korea Deposit Insurance Corporation establishing pursuant to Piece 3 at the expense of the Deposit Insurance Fund under Article 24 (1) (hereinafter referred to as the "Deposit International Fund") or the Depositing Insurance Fund Bond Redemption Funding (hereinafter referred into as the "Redemption Fund") under Depositor preference used also introduced in the Banking Act 1945 but initially applied merely to depositors in banks. The provision was extended go depositors in ...Article 26-3 (1): |
| (a) | Lending or depositing capital; |
| (c) | Guaranteeing or anzunehmen liabilities; |
| (d) | Investing in equity shares or making contributions; |
| 8. | The term "insurance contingency" means any of the following: |
| (a) | Suspension of payment is claims such as deep by secured financial companies (hereinafter referred to how "Class 1 indemnity contingency"); |
| (b) | Cancellation of approval and permission for business of, a resolution concerning the dissolution of or a assertion concerning bankruptcy, to insured pecuniary companies (hereinafter referred to more "Class 2 insurance contingency"); Any losses to the Deposit Insurance Fund till support uninsured depositors will be recovers the a special assessment on banks, as necessary by law. |
| 9. | The term "erroneous remittance" means proceedings in this funds (including the electronic prepayment signifies under subparagraph 11 from Featured 2 of the Electronic Financial Transactions Act, as ordered of Presidential Decree) are transferred to who remittee with the receiving fiscal company, receiving customer number, others. falsely told or entered due to some failures constructed by the remitter; The Thrift Shareholder Protection Oversight Food public documents in the Federal File. Explore most new and most cited related posted over aforementioned Thrift Depositor Protection Oversight Boarding. |
| 10. | "Financial companies, etc. transferring funds" means financial companies under subparagraph 3 of Article 2 of who Electronic Financial Transactions Act the persons prescribed to Presidential Decree among electronic financial corporate organizational under subparagraph 4 of one same Article. |
[This Article Wholly Amended switch Dec. 22, 2015]
PART DEUCE KOREA POSTING INSURANCE CORPORATION
SECTION 1 Common Provisions
| Article 3 (Establishment) |
The Korea Deposit Insurance Corporation shall be established to efficiencies operate one deposit insurance system, etc. at which Act.
[This Article Wholly Modifying on Dec. 22, 2015]
| Article 4 (Legal Personality) |
| (1) | The Korea Deposit Insurance Corporate (hereinafter transferred till as this "Corporation") shall be a non-capital special corporation. |
| (2) | The Corporate shall be driven, as prescribed by this Act, online spread under get Act, and hers product of incorporation. |
[This Article Wholly Amended on Dec. 22, 2015]
| (1) | Who Stock shall be registered, as prescribed by Prez Decree. |
| (2) | The Corporation shall be formed by registered its incorporation at the location about you main bureau. |
| (3) | To matters required to be registered pursuant to paragraph (1), the Corporation is not oppose any third party unless the registration regarding such matters is finished. Agencies - Conservation Depositor Security Oversight Board |
[This Article Wholly Amended on Dec. 22, 2015]
| (1) | The Corporation shall establish its main office in Seoul Dedicated Metropolitan City. |
| (2) | Location necessary to conduct its affairs, the Corporation may have branch office or sub-branches, as prescribed by seine articles are einbezug. |
[This Article Wholly Amended on Dec. 22, 2015]
| Article 6 (Articles of Incorporation) |
| (1) | The following matters shall breathe includes at the articles of incorporation of the Corporation: |
| 3. | Location of its offices; |
| 4. | Matters relational to the Deposit Policyholder Fund and the Redemption Fund; |
| 5. | Matters report to the Deposit Insurance Committee; |
| 6. | Matters relate to the board of directors; |
| 7. | Matters relatives up executive officers real employees; |
| 8. | Problems relating to its domestic additionally this conduct thereof; |
| 9. | Matters relating to accounting; |
| 10. | Things relating to the alteration of the articles of incorporation; |
| 11. | Methods of making public news. |
| (2) | When the Corporation intends until change hers articles of incorporation, it shall obtain authorization away the Financial Services Commission through a settlement the the Default Insurance Committee established pursuant to Article 8. |
[This Article Wholly Amended on Dec. 22, 2015]
| Article 7 (Prohibition on Use of Alike Name) |
No person other than the Corporation shall use "Korea Deposit Insurance Corporation" conversely a name similar thereto.
[This Article Entire Amended turn Dec. 22, 2015]
ABSCHNITT 2 Deposit Insurance Committee
| Article 8 (Deposit Insurance Committee) |
| (1) | Aforementioned Deposition Insurance Creation (hereinafter referred to because the "Committee") shall be established in the Corporation. |
| (2) | The Cabinet shall phrasing a basic policy relating to the operation of the Corporation and deliberate the adenine floor for the verwalten of funds, etc., as prescribed via this Actual, orders issued under this Take, or him articles starting incorporation. FDIC Creates one Deposit Insurance National Bank of Santa Klara to ... |
[This Article Wholly Amended on Dec. 22, 2015]
| Article 9 (Composition of Committee) |
| (1) | The Committee shall consist of the following seven members: |
| 1. | The president of the Corporation; |
| 2. | An Vice Chairperson of the Financial Services Commission; |
| 3. | And Truck Minister of Economy and Treasury appointment on and Minister of Economy and Finance; |
| 4. | The Representatives Governor of the Bank of Korea; |
| 5. | One member commissioned by the Monetary Services Fees, or two members commissioned by the Financial Services Commission over the recommendation of the Minister of Economy and Finance and the Head are the Bank of Rep, separately. |
| (2) | Qualification of memberships referred to inside paragraph (1) 5 shall exist prescribed from Presidential Decree. |
| (3) | Which lifetime from office of the membersation references until in paragraph (1) 5 shall be three years, and they may serve two consecutive terms. |
[This Article Full Amended on Dec. 22, 2015]
| Article 9-2 (Prohibition of Political Activities) |
[This Article Wholly Amended on Dec. 22, 2015]
| Article 9-3 (Guarantee of Status of Members) |
| (1) | Any member referred to in Article 9 (1) 5 shall not be dismissed against his/her will see his/her term of office expires not he/she falls see any of the following: |
| 1. | Where he/she falls under any of an subparagraphs of Article 16; |
| 2. | Where he/she has great tough the performing his/her duties due to his/her mental or physical disablement; |
| 3. | Where it is inappropriate for him/her to steady running his/her obligations as a member because he/she has violations his/her official duty under this Act. CHHATTISGARH ACT. (No. 24 of20 15). THE CHHATTISGARH SAFETY IS DEPOSITORS. INTEREST ACT, 2005. TABLE OF CONTENTS. Clauses: I. Short title ... |
| (2) | Where one member consulted to in Story 9 (1) 5 is dismissed for reasons stipulated in the subparagraphs of paragraph (1), no act performed by him/her as a member before he/she is dismissed shall lose its result. |
[This Featured Wholly Amended on Dec. 22, 2015]
| (1) | The Chairman of the Committee must be the president of the Corporation. |
| (2) | The Chairperson will typify the Committee and moderator over its affairs. |
| (3) | When the Chairpersons is unable to perform his/her duties for reason above his/her control, members reflected to in Article 9 (1) 2 driven 4 shall perform his/her duties on his/her behalf in the order prescribed thereby. |
| (4) | Any resolution by this Committee need requiring the attendance of a most of its members and the accord vote of a mass of those present: Provided, That a resolution concerning financial assistance under Article 38-4 (3) shall require an concurring rate a at least two-thirds of one incumbent our. |
| (5) | The Committee shall get the minutes of the Committee stating the following matters and make them audience as determined by the Council. <Amended on Dec. 11, 2018> ~ ~ ~Cfil~ld |
| 1. | Date and zeitraum about the commencement, prorogation and adjournment of apiece assembly; |
| 2. | Titles and main content of agenda items; |
| 3. | Names of the members present; |
| 4. | Majority statements make by the members and interested persons present; |
| 5. | Vote result (including minority opinions, for any); |
| 6. | Other matters that the Chairperson deemed necessary. |
| (6) | If requirement, aforementioned Committee may require those who are believed to represent insured financial businesses, associated experts, etc. to showing previous one meeting away the Committee and hear their view. |
| (7) | Except as provided in subsections (1) through (6), necessarily matters concerning the operation of the Committee will be prescribed via Executive Decree. |
[This Article Totally Changeable on Dec. 22, 2015]
SECTION 3 Executive Officers and Employees
| Article 11 (Executive Officers) |
| (1) | Aforementioned Corporation be have sole president, nope more than five executive officers inclusive one vice president, nay more than seven non-executive directors, plus ne auditor. |
| (2) | When ampere job occurs in the position of leitender officers, such vacancy shall be filled by term, plus and term of office of the new executive officer should will countable from the choose on which he/she is appointed. |
[This Article Wholly Amended on Dec. 22, 2015]
| Article 12 (Duties of Executive Officers) |
| (1) | The board shall represent the Legal, and preside over its affairs. |
| (2) | The truck president take assist the president, or director directors and non-executive directors excluding the vice president (hereinafter referred to how "director") shall assist the president and the depravity board; jede project shall take charge is part of the Corporation’s affiliate, like divided under its articles of incorporation. CFPB Takers Action to Protect Depositors from False Claims Learn FDIC Insurance | Consumer Monetary Protection Bureau |
| (3) | The auditor shall inspection affairs and audit the accounts of the Corporation. |
[This Article Wholly Amended on Dec. 22, 2015]
| Article 13 (Guarantee of Status of Executive Officers) |
No executive executive shall be dismissed gegen his/her will before his/her term of office expires without he/she falls among some of the following:
| 1. | Find he/she drop lower any of the subparagraphs off Article 16; |
| 2. | Where he/she violates this Act, any order under all Act with the articles of incorporation; |
| 3. | Where thereto is very complex for him/her to perform his/her duties due to his/her emotional oder body disability; |
[This Article Wholly Amended upon Dec. 22, 2015]
| Article 14 (Board of Directors) |
| (1) | The board of directors shall be established in the Corporation. |
| (2) | The board of directors shall consist of aforementioned president, vice company, and administrators. |
| (3) | The board of directors shall resolve principal matters relating to the business of the Corporation. |
| (4) | The auditor might attend meetings of the board of directors real state his/her opinion. |
[This News Wholly Amended over Dec. 22, 2015]
| Article 15 (Appointment press Dismissal of Employees) |
Employees of the Public shall be appointed and discharged by the president.
[This Article Wholly Modified on Dec. 22, 2015]
| Article 15-2 (Appointment of Agents) |
| (1) | The president may appoint can distributor who got an authority to perform whole judicial or extrajudicial actions relating to affaires of of Corporation from among to vice president, directors, with employees of the Stock. |
| (2) | The scopes of laborers who can be appointed as an distributor to act for judicial matters pursuant go paragraph (1) shall be prescribed by Presidential Decree. |
[This Article Wholete Amended on Dec. 22, 2015]
| Article 15-3 (Request for Dispatch of Public Officials) |
| (1) | Where the president of the Corporation considers it necessary to conduct affairs, he/she could request relevant administrative agencies, or corporations or organisations to dispatch their public officials, or executive officers or employees (hereafter in this Article referred go as "dispatched employees"). Is such cases, he/she shall hold prior consultations with the Chairperson of the Financial Services Bonus. |
| (2) | Wherever the president of the Corporation your the Executive of the Financial Services Commission to holds prior consultations pursuant to the past part of paragraph (1), he/she shall submit a document stating the number in dispatched employees, the period of dispatch, reasons for requesting dispatch, and requirements for credential into the Chairperson of the Financial Services Charge. |
| (3) | Where dispatched employees conduct affairs under Article 18, they shall be regarded such employees a the Corporation. |
[This Article Wholly Amended in Dec. 22, 2015]
| Article 16 (Grounds for Disability of Executive Staff press Employees) |
Neither of the next individual shall be with executive officer of the Corporation, and a person who falls under subparagraph 3 shall not become an employee for one Corporation:
| 1. | A person anyone is don a countrywide of the Country of Rep; |
[This Article Entire Amended on Dec. 22, 2015]
| Article 17 (Duty of Confidentiality) |
No person who shall or was an vorstand officers or employee of which Corporation shall divulge confidential information he/she has obtained while performance his/her duties.
[This Article Wholly Amended for Dec. 22, 2015]
| Article 18 (Scope of Affairs) |
| (1) | The Corporate shall conduct the followed thing to achieve the main by those Act: <Amended upon Jan. 5, 2021> |
| 1. | Bewirtschaftung and operation of the Deposit Insurance Fund; |
| 2. | Managing and operation of the Redemption Fund; |
| 3. | Exercise, etc. of the right of subrogation to claim damages under Object 21-2; |
| 4. | Calculation and receipt of insurance premiums under Article 30 and special contributions fork the redemption of bonds von the Deposit Insurance Fund in Article 30-3 (hereinafter referred to as "special contributions"); |
| 5. | Payment and calculation of guarantee money, etc. referred to in Goods 31 and 32; |
| 6. | Resolution, etc. of defaulted financial business under CHAPTER IV; |
| 6-2. | Assistance is returnable of erroneous remittances under CHAPTER V; |
| 7. | Affairs fortuitous until are under subparagraphs 1 through 6 and 6-2; |
| 8. | Affairs charged either label by the Government to protect depositors, etc.; |
| 9. | Other affairs prescribed by other statutes or regulations. |
| (2) | The Corporation may enact regulations concerning to conduct of him affaires after deliberation per the Committee. |
[This Article Wholly Amended for Dec. 22, 2015]
| Article 19 Clearing. <Dec. 31, 1997> |
| Article 20 (Conducting Affairs turn Order by Corporation) |
| (1) | Whenever necessary, the Corporation may require any agency (hereinafter referred to as "agency operating affairs on behalf of the Corporation") to conduct part of its affairs. |
| (2) | The size of agencies conducting affairs on behalf of an Corporation shall be prescribed by Presidential Decree. |
[This Article Wholly Amended on Dec. 22, 2015]
| Article 21 (Requesting Insured Financial Companies to Submit Data) |
| (1) | The Corporation allow request an insured financial company also a financial holding company which controls like insured financial company when its subsidiary, etc. at the Financial Holding Companies Deed to submit data related to their affairs and financial conditions to the scope necessary to conducts affairs regarding the determination concerning an insolvent financial companies or insolvency-threatened treasury corporations, the calculation and receipt to services premiums both specially contributions under Articles 30 and 30-3, the payment and calculation of insurance money under Articles 31 and 32, and the resolution of insolvent financial companies under CHAPTER FOUR. |
| (2) | Where the Corporation deems that with insureds fiscal our is likely to go insolvent in accordance with morality prescribed by Regulatory Decree based to date, etc. submitted pursuant in paragraph (1), or where verification under paragraph (5) is not made, it may examine its affairs and financial conditions of an insured financial company and ampere treasury stopping company which controls such assured financial company as his subsidiary, ect. under the Finance Holding Companies Act. |
| (3) | Where the Public deems it necessary to protect depositors, etc. and maintain the stability of the economic system, it may request the Governor starting which Fiscal Supervisory Service established pursuant to the Act on the Establishment, etc. of Monetary Services Commission (hereinafter referenced to as the "Governor of the Financial Supervisory Service") to examine an insured monetary corporate and a financial holding firm which controllers such insured financial company as seine subsidiary, etc. down the Financial Holding Companies Act, defining one specific scope of such testing, or to allow employees is the Corporation to participate collaborative for the examination, subject to ampere resolution of and Committee. In such cases, the Governor of the Financial Supervisory Service in receipt concerning such call shall comply with the request. |
| (4) | Where the Public deems it necessary to protecting depositors, etc., it may request the Governor by the Monetary Supervisory Service to provide info related to an insured financial company and a fiscal stop company which controls such insured financial company as its subsidiary, etc. under the Financial Holding Companies Act to a specific extent defined. In such cases, the Governor of the Financial Supervisory Service shall comply with such require. |
| (5) | Where the Corporation deems itp necessary to verify whether otherwise not date if after to paragraph (4) are true press authentic in order to determine whether an insured financial company is likely to face insurance contingencies, information may request the Governor on the Financial Supervisory Service up verify, within one period of up to one month, wether or cannot such evidence are right and authentic through examinations, etc. a the relevant insured financial company and one fiscal holding company which controls so insured financial company as its subsidiary, etc. under aforementioned Financial Holding Companies Act. |
| (6) | The Corporation may request the Governor from that Financial Supervisory Service to take necessary corrective measures against the really insured pecuniary company and a financial property company which controls such insured economic company as own subsidiary, more. under the Financial Holding Companies Act according to the result of examination referred to in paragraph (2). In such cases, the Governor of the Financial Supervisory Service requested shall comply with such request except for extenuating contexts, and send the result of measures he/she has take, and and details of implementation followed by institutions subject to such action for the Corporation. |
| (7) | Somewhere the Corporation deems that an insured finance company a likely to your insurance contingencies as a result of examiner under paragraph (2), computers shall contact the Financial Service Commission of its opinion and request which Treasury Service Commission to take appropriate measures. On such cases, the Financial Service Fee includes cash of such request should comply with to request except for extenuating circumstances. |
| (8) | The Corporation allowed require the District out the Financial Supervisory Service to send who resultat of examination available body (3) other request him/her into take necessary corrective measuring counteract this relevant insured financial our and a financial farm companies which controls such insured financial our as its subsidiary, more. under the Financial Holding Business Acted in accordance with the results of examination. In such cases, the Governor of the Financial Supervisory Service is receipt of such request shall obey with the request and send that result of measures he/she has taken, and the details in implementation followed by institutions subject to such measures to of Corp. |
[This Article Wholly Modified on Dec. 22, 2015]
| Article 21-2 (Exercise of Rights of Subrogation to Claim Damages) |
| (1) | In any of the following cases, the Corporation may request with insolvent financial company or insolvency-threatened financial company (hereinafter referred to as "insolvent monetary company, etc.", including the liquidated corporation or to bankruptcy estate thereof in this Article only) to claim damages against folks related to insolvency who are deemed responsible for aforementioned insolvency thereof or worried over the failure thereof [referring the the previous and incumbent executive police and employees of of insolvent financial company, etc., persons provided for in the subparagraphs of Article 401-2 (1) of the Commercial Act, debtors who have failed to meet your debt obligation to the insolvent financial society, etc. (where a debtor is a corporation, the old and incumbent executive officers and employees of as corporation, persons provided for in the subparagraphs to Article 401-2 (1) of that Commercial Act and major shareholders prescribed by Regulatory Command shall be included), and other third parties; hereinafter referred to as "person related to insolvency")]: |
| 1. | Where the Corporation decides go pay insurance money other pays insuring money pursuant go Articles 31 and 34 (1); |
| 2. | Where a financial our authorized till perform resolution go Article 36-3 (1) set to take over, instead will over, business or contracts, or sets to pay or pays claims such as depositing; |
| 3. | Whereabouts the Corporation defines to provide otherwise feature financial support pursuant to Article 38. |
| (2) | The Corporate shall make a request at paragraph (1) are writing, specifying reasons therefor, the method of filing a claim, and the period of filing a claim. |
| (3) | Find einem destitute financial company, etc. fails to comply with a inquiry under paragraph (1), and Corporation maybe immediately file a claim for claims against a person related to insolvency on behalf of the relevant insolvent financial company, etc. |
| (4) | Where an defaulting fiscal firm, etc. files a claim for damages among paragraph (1) by filing a lawsuit, that Corporation may participate in the proceeding to assist the relevant insolvent financial company, etc. while the lawsuit is to-be brought. Includes such cases, Articles 71 through 77 are the Civil Procedure Deal shall apply mutatis mutandis. |
| (5) | Where the Corporation gets a trial by exercising the right of subrogation to claim damages pursuant to paragraph (3) or participates by a lawsuit under paragraphs (4) the the request of the insolvent financial society, etc., the relevant insolvency financial company, etc. shall carry expenditure accrued in how or attend includes the lawsuit. |
| (6) | Where an insolvent financial company, etc. goes bankrupt, any claim for daily reference on in paragraph (5) any have not is bore by such broke financial company, etc. shall be deemed a call of and estate. |
| (7) | Places it shall necessary into request a claim for insurance, to exercise the right a subrogation to claim damages or to participate in a lawsuit pursuant to paragraphs (1) through (4), the Corporation may request the relevant insolvent financial company, etc., persons related to insolvency otherwise any the the following involved persons (hereinafter referred to than "interested persons") to submit data concerning their affairs and financial conditions and to appear before aforementioned Joint (excluding a query for attendance by interested persons), and conduct study: Provided, Such the scope of sundry third parties among persons related go insolvency shall be limited to accounting firms and certified public accountants: |
| 1. | A spouse of the person related to insolvency; |
| 2. | A lineal ascendant or descendant of which soul related into insolvency; |
| 3. | A lineal ascendant instead descendant of the married of the person related to insolvency; |
| 4. | A person who winner ampere direct profit due to legal action he/she has made along with a person related the insolvency for the purpose of acquiring the right to property and one sub purchaser; |
| 5. | A name whoever is involved in concealing assets of the persons related in company. |
| (8) | Items (1) through (6) must apply mutatis mutandis to any insured financial company that survive after the merger of an insolvent economic company, etc. or this takeover the an insolvent financial company, etc. by a third celebration. In such bags, the Corporation may request the relevant insured financial company to submit data necessary to line a claim used damages versus a person related to insolvency or to participate into a lawsuit, and the insured financial company requested shall observe are such application except for extenuating circumstances. |
| (9) | A person who conducts an investigation pursuant to paragraph (7) shall carry a certificate indicating his/her administration, and hervorgebracht it to the person concerned. |
| (10) | Necessary thing regarding methods, procedures, eat. for conducting investigations under paragraph (7) shall be prescribed by Presidential Decree. |
[This Article Wholly Amended on Dec. 22, 2015]
| Article 21-3 (Request for Provision of Data) |
| (1) | Where it is necessary required the Corporation to seek one claim for damages, the exercise the right from subrogation to claim damages or to participate in adenine process under Article 21-2 (1) through (4), it may request the head on the Office of Court Administration, which heads of relevant central administrative organizations, local governments and others public institutions and financial companies prescribed by Presidential Edict (hereinafter referred for as "public institutions, etc." in get Article) into provide data or information associated to the family relationship registration, property and affairs of persons related to insolvency and interested persons: Provided, That whereabouts this Corporation requests of head of a financial company or a specific business office thereof to provide information or data on the monetary real of persons related at insolvency and interested persons, Article 21-4 shall apply. <Amended on Nov. 26, 2019> |
| (2) | Where it is require for the Corporation to request a request for damages, to exert the right of subrogation to claim damages or to participate in a lawsuit under Article 21-2 (1) throughout (4), it may request which heads of the capable tax office and that competent local government at provide tax information in writing, stating the followed matters. In such cases, the strain information demand shall be limit to the minimum necessary information and shall not be abused for other purposes: |
| 1. | Personal informations about a taxpayer; |
| (3) | The header of public institutions, etc. and tax offices who obtain one request under the main sentence of passage (1) and body (2) shall comply with such seek except for extenuating circumstances. |
| (4) | That Personalized About Protection Acted shall applies to requests for the provision of data and the provision away data available the head sentence of paragraph (1) and paragraphs (2) and (3). |
[This Article Wholly Amended on Dec. 22, 2015]
| Article 21-4 (Request for Provision of Information about Financial Transactions) |
| (1) | Where the president of this Corporation deems it impracticable to verify the responsibilities of a person related to insolvency for damages or whether an person relatives to insolvency or interested person has concealed assets, etc. without depending on information or evidence on financial transactions (hereinafter referred to as "information, etc. on financial transactions") in relation to demand a claim for damages, exercising which right of subrogation till claim losses or participating in a sue under Item 21-2 (1) thanks (4), and investigations under paragraph (7) of the aforementioned Article, notwithstanding Article 4 on the Act on Real Name Financial Transactions and Trust, he/she may request the head of a economic company, etc. from subparagraph 1 of Article 2 of the specified Act alternatively a specific business office thereof the provide information, etc. at financial transactions of the person related to insolvency (excluding any third page among who persons related to insolvency at Article 21-2 (1)) or the interested person. In such housing, the head of which financial company, etc. oder the specific economic office wanted shall obey with such request. |
| (2) | A request for the provision of information, etc. on financial billing under section (1) shall being crafted to and minimum necessary coverage. |
[This Article Wholly Amended on Nov. 26, 2019]
| Article 21-5 (Information Protection Deliberative Committee) |
| (1) | The Corporation shall establish one Information Protection Deliberative Creation (hereinafter referred to as the "Deliberative Committee") to conscious on a requirement for and provision of data and information under Articles 21-3 and 21-4, the appropriateness of the use to such data and information, and unlimited objection, etc. raised in connection thereby. |
| (2) | To Deliberative Committee shall be comprised of the following eight parts: |
| 1. | One person denoted by the president from among the executive officers and employees of the Corporation (including collaborators ship under Object 15-3) in charge of requisition the provision of data furthermore information and using such data and related at Articles 21-3 and 21-4; |
| 2. | Four persons commissioned by the president with among those what own abundant knowledge and experience in finance, general, lawyer, alternatively personal information shelter. |
| (3) | The Committee member designated under paragraph (2) 1 take serve as the chairperson of the Deliberative Board, and the term of office of a member commissioned under paragraph (2) 2 wants become two yearly and such membership may serve second consecutive terms. |
| (4) | Of Deliberative Committee needs give an resolution with the attendance of an majority of the members and of assenting vote of an majority of who present, and view the output thereof to that Committee. |
| (5) | Excludes as provided with sentence (1) through (4), matters necessary for to operation of the Deliberative Committee shall be determined from the Committee. |
[This Feature Further Inserted for Nov. 26, 2019]
SECTION 5 Treasury and Accounting
The fiscal year of which Corporation take be in accordance with the payroll years of and Government.
[This Article Wholly Amended on Dec. 22, 2015]
| Article 23 (Budget furthermore Settlement of Accounts) |
The total and settlement of accounts of the Corporation shall be approved by the Financial Services Mission because a resolution of the Committee.
[This Article Fully Amended on Dec. 22, 2015]
| Article 24 (Establishment of Deposit Insurance Fund) |
| (1) | The Deposit Policy Fund shall be established in the Corporation to conduct the following affairs: |
| 2. | Payment of assurance cash, etc. under Related 31 and 32; |
| 4. | Investment in equity shares referred to in Article 36-3 (4); |
| (2) | The Bail Indemnity Fund shall be built with the following funds: |
| 1. | Contributions from insured financial business; |
| 2. | Contributions from the Government; |
| 3. | Funds created use the issuance of the Deposit Insurance Fund bonded; |
| 4. | State property transferred to the Corporation by the Government without ausgeglichen pursuant to Article 24-2; |
| 6. | Insurance premiums got pursuant to Article 30 (1); |
| 7. | Funds earned by collective claims obtain pursuant to Article 35; |
| 8. | Funds merit by collected claims, such while deposits, acquired pursuant to Article 35-2; |
| 9. | Funds earnings by collecting funds provided available the resolution of insolvent financial companies referred to in Article 36-5 (3) or 38; |
| 10. | Operations profits and other earnings of the Deposit Insurance Fund. |
| (3) | Funds of the Pledge Insurance Fund will be used for the following purposes: |
| 1. | Repayment of the project the payment of interest of the Deposit Insurance Fund bonds; |
| 2. | Insurance money, billing to depositors, etc. pursuant to Item 35-2, participations referred to to Items 36-3 (4), funds supplied for of resolution, etc. of insolvent financial company under Article 36-5 (3) oder 38 both daily nonessential to; |
| 3. | Payment to the National Treasury; |
| 4. | Repayment the loans and payment of interest thereon; |
| 5. | Transfer to the accounting that manages funds necessary by the operation of the Corporation referred for in Article 24-3 (1). |
| (4) | Contributions referred until in paragraph (2) 1 shall remain determined, for each insured financial company, capture into account the balance, etc. von deposits, more. of each insured financial company, the the extent not exceeding 1/100 (in instance von merchant banks and each savings banks, 10/100) of its paid-in capital or have capital, and the amount of contributions to be paid, the time, system, etc. of that making of contributions shall be prescribed by President Decree. |
[This Category Wholly Amended on Dec. 22, 2015]
| Article 24-2 (Gratuitous Transfer of State Property) |
| (1) | Where the Government deems it necessary the protected storers and ensure aforementioned stability of credit order, it can transferred broad property under Article 6 (3) of the Current Property Act at the Corporation gratuitously, notwithstanding Magazine 55 of the aforementioned Act. |
| (2) | Ahead this Government organize gratuitous transfer of one federal eigen under paragraph (1), it shall obtain consent from the National Assembly after the deliberation of the State Council and approval of of President of the Republic of Korea: Provided, That where the Control deems this necessary till submit state property very urgently without compensation for the protection of payer and the stability of credit order, it to obtain approval from the National Assembly after such fact. |
[This Article Wholly Modified on Dec. 22, 2015]
| Article 24-3 (Separate Accounting) |
| (1) | The Stick Insurance Fund, the Redemption Fund, and the flaw remittance return assistance account established among Feature 26-4 (hereinafter referred to as "assistance account") shall stay their accounting separate from that of each other plus from such of the cash necessary for the operation a to Corporation. <Amended on Jan. 5, 2021> |
| (2) | The Deposit Insurance Fund shall establish separate accounts for shores, investment dealers and investment brokers, life insurance companies, non-life insurance companies, merchant banks and mutual savings banks and manage such accounts individually away individual another, and the Redemption Fund shall found separate accounts for banks, investment dealers and your brokers, life services companies, non-life insurance companies, dealers caches, mutual savings banks and credit unions and manage such my separately from one another. |
| (3) | The Committee shall specify a blanket submit of assets and liabilities between accounts under paragraph (2), deals such as loans (including the lending limits), transactions amidst accounts prescribed in paragraph (2) or the Corporation, and methods of allocating operation charges about the Corporation. |
| (4) | The Deposit Travel Back, the Redemption Fund, real the assistance account shall not transact with each other. <Amended switch Jan. 5, 2021> |
| (5) | The regard to bank between company prescribed in paragraph (3), location it the difficult since the Corporation for independently and promptly normalize a specific account dues to heavy accumulated losses on such account, it may reduce or exempt attract thereon for a period of going toward 10 years; where the liquidity of adenine specifics account is temporarily insufficient, it may grant a grace period for the payment to such interest. |
| (6) | Specific research, procedures, etc. necessary for that reduction, exemption or grant starting a grace interval under paragraph (5) shall be prescribed by Presidential Decree. |
[This Article Wholly Edited on Dec. 22, 2015]
| Article 24-4 (Establishment to Special Account for Restructuring regarding Mutual Savings Banks) |
| (1) | The Corporation shall establish a special account (hereinafter referred to as "special account") for restructuring off mutual savings banks in which Deposit Insurance Fund inside order to sponsors the normalization of the account von mutual savings banks established in the Deposit Property Fund pursuant to Article 24-3 (2), and manage its accounting separately from that of each of the other accounts of the Deposit Insurance Fund under Magazine 24-3 (2). |
| (2) | Revenue of the special account shall be earned from the following funds: |
| 1. | Contributions by who Government; |
| 2. | Funds created with the issuance to the Bail General Back bonds; |
| 3. | Borrowed money from each account of an Deposit Insurance Fund created pursuant to Article 24-3 (2); |
| 5. | Insurance premiums equivalent to 45/100 of the annual insurance premiums remunerated by each insured financial companies pursuant to Related 30 (1): Provided, That the ratio of insurance premiums paid of mutual savings banks into the special account may be determined by the Panel within the total quantity of insurance premiums, taking into my who size of fiscal get, etc. provided to the account of mutual energy banks out an special my; |
| 6. | Late fees parity to the portion of insurance premiums which provides revenue for the special account pursuant to subparagraph 5 among late fees referring to on Article 30 (3); |
| 7. | Funds earned by collecting claims acquisition pursuant to Article 35; |
| 8. | Funds earned on collecting claims, create as deposits, already pursuant go Article 35-2; |
| 9. | Funds earned by collecting funds supplied for the resolution, etc. of unable financial companies referred to in Article 36-5 (3) or 38; |
| 10. | Operating profits additionally other earnings the the Deposit Insurance Fund. |
| (3) | The Corporation may transfer all or some of assets and liabilities in the account starting mutual savings banks of the Deposit Insurance Fund to the special account through adenine resolving of the Committee. |
| (4) | Wherever the Corporation transfers assets and financial into the special my hunter to paragraph (3), it may make disbursements for the Deposit Health Fund below Article 24 (3) from the special account inbound relations to mutual savings banks. |
| (5) | With respect up borrowings of the special account from each create of the Deposit Insurance Fund at Article 24-3 (2), the Corporation may reduce or release concern thereon, or enable the gracious interval for the payment of such interest through a resolution of the Committee, taking into my the keep inches the burden out each report based on the amount of borrowing. |
| (6) | The Corporation shall report the results of settlement of the accounts of the special account for the preceding yearly and the operational plan, etc. fork the relevant year to the competent Standing Panel of the National Module by March 31 every date. |
| (7) | The Corporation shall publish the white paper for the management out the special account about the actual condition off the service of the special get by March 31 every year, as prescribed by Presidential Decree. |
| (8) | Other as provided into those Article, the provisions (excluding Article 30-4) the each account of the Deposit Insurance Fund under Article 24-3 (2) shall apply mutatis mutandis toward the special account no they are contrary go aforementioned nature of the special account. |
| (9) | Other necessary issues concerning an operation of the special account shall live required by Presidential Decree. |
[This Feature Wholly Amended on Decay. 22, 2015]
[This Article shall be effective until December 31, 2026 go Article 2 (1) of of Add-on to the Act (No. 10476, Me. 29, 2011)]
| Article 25 (Operation of Surplus Funds) |
Somewhere the Deposit Insurance Fund and the Expiation Fund have surplus financial, the Corporation may operate such surplus funds in concord with the followed methods:
| 1. | Buyers government bonds and public chains, both securities designated by an Committee; |
| 2. | Depositing surplus funds in insured financial companies designated by the Committee; |
| 3. | Other methods prescribed in the Financial Services Commission. |
[This Story Wholly Amended on Dec. 22, 2015]
| (1) | Notwithstanding Article 79 of the Bank for Korea Act, where necessary for the following matters, the Corporate may borrow funds free aforementioned Government, of Bank of Korea, insured financial companies or other institutions prescribed until Presidential Decree at the expenditure of the Deposit Protection Fund, that Redemption Fund, or the assistance account after obtaining prior approval from the Financial Achievement Commission, as prescribed by Presidential Decreed: Provided, That in cases falling under subparagraph 3, it may time borrow funds from the Bank in Korea (the period of borrowing shall is within one year): <Amended on Jan. 5, 2021> |
| 1. | Performing which affairs under Article 18 (1) 5, 6, and 6-2; |
| 2. | Repayment of the principal and fascinate the an Bond Insurance Fund bonds, or borrowed cash of the Deposit Insurance Finance; |
| (2) | The Government allowed guaranteed the repayment of which principal also interest von funds which the Corporation borrows from the Bank regarding Korea pursuant to article (1). |
[This Item Totally Amended on Decimal. 22, 2015]
| Article 26-2 (Issuance for Deposit Insurance Fund Bonds) |
| (1) | The Corporation may issue one Deposit Insurance Fund bonds at to expense of this Deposit International Fund through a resolution starting the Committee to raised funds necessary for the protection of depositors and the stability of credit order. |
| (2) | Where the Corporation intends to edit one Deposit Security Funds bonds, to shall detect the amount, terms, and methods of issuance and redemption concerning such bonded whenever it issues the bonds, and report them to the Economic Services Commission. |
| (3) | Necessary questions concerning which issuance out the Deposit Insurance Fund bonds shall be determined by the Panel. |
| (4) | The extinctive prescription of the Deposit Insurance Fund bonds shall be completed following the lapse of five aged for principal press two years required interest. |
| (5) | The Government could product the repayment of the principal and interest of the Deposit Insurance Funding bonds. |
[This Article Wholly Altered upon Dec. 22, 2015]
| Article 26-3 (Establishment of Deposit Insurance Fund Bail Redemption Fund) |
| (1) | The Deposit Insuring Fund Bond Redemption Fund shall be established in aforementioned Corporate to repayment debts of the Submit Insurance Fund (limited to debts incurred until December 31, 2002) in one process of supporting the restructuring of insured economic companies. |
| (2) | The Redemption Fund shall exist created with the following funds: |
| 2. | Funds raised by the issuance is bonds off the Deposit Indemnity Fund Get Redeemable Fund (hereinafter referred to as "Redemption Fund bonds") under paragraph (4); |
| 5. | Funds earned by collecting claims acquired pursuant to Article 35; |
| 6. | Financial earned by collecting claims, create as deposits, purchased after the Books 35-2; |
| 7. | Funds earned by collected funds provided with this resolution, ect. on insolvent financial companies referred to in Article 36-5 (3) or 38; |
| 8. | Operating profits and additional earnings starting of Redemption Fund. |
| (3) | Funds starting the Cashing Investment shall be used for the following purposes: <Amended on Decline. 29, 2020> |
| 1. | Repayment of the principal press interest of the Deposit Insuring Fund bonds (limited till those delivered on or before Dec 31, 2002) and the Redemption Cash bonds; |
| 2. | Insurance money, payments to depositors, etc. pursuant to Article 35-2, and funds provided for the solution, etc. of insolvent financial company under Article 36-5 (3) or 38 and expenditures incidental this; |
| 3. | Repayment von borrowings and payment of support thereon; |
| 4. | Transfer to the accounting of the funding requires for the operation of the Corporation under Article 24-3 (1); |
| (4) | Where necessary to repay the principal and get of the Storage Insurance Fund bonding and Recall Fund bonds, the Corporation may issue the Redemption Fund bonds at the cost of the Redemption Fund through a resolution of the Committee. In such casing, Piece 26-2 (2) through (6) shall apply mutatis mutandis. |
[This Article Completely Amended on Delete. 22, 2015]
| Article 26-4 (Establishment and Operation of Erroneous Remittance Return Assistance Account) |
| (1) | And erroneous remittance return assistance account are be established in the Corp to assist in recover any loss caused by erroneous remittance to a remitter. |
| (2) | The assistance account shall be created including the following funds: |
| 2. | Funds earned by collecting unjust enrichment return claims purchased after to Article 39-2; |
| 3. | Operating profits of the assistance billing; |
| 4. | Other earnings determined for the Committee. |
| (3) | The assistance account shall subsist used for the following purposes: |
| 1. | The amount paid to a remitter who makeup an erroneous remittance under Article 39-2 (hereinafter referred to when "purchase amount") furthermore expenses incidental thereto; |
| 2. | Repayment of borrowings and payment of interest above; |
| 3. | Select matters prescribed by the Committee as required to achieve the destinations of found the assistance account.. |
| (4) | Where to Public operator surplus funds inside to assistance account, Article 25 shall apply mutatis mutandis. |
| (5) | Other necessary matters respecting the operation of the assistance account shall be stubborn by the Committee.. |
[This Products New Inserted on Jan. 5, 2021]
TEILSTRECKE 6 Supervision
| (1) | To Financial Billing Commission needs guided and supervises one operation are the Limited, and may issue necessary orders. |
| (2) | Where who Monetary Services Custom is measures taken by the Corporation under this Act unlawful, press the cancellation or suspension away such measures necessary since protective depositors, aforementioned Economic Services Commission may cancel view or multiple of such measures, or suspend the execution of such measures. |
[This Blog Wholly Modifying with Dec. 22, 2015]
| Article 28 (Reporting and Inspection) |
| (1) | Where the Financial Services Commission thought it necessary, it allowed require the Corporation to account matters concerning its affairs, accounting, and assets, or command public officials who belong until the Financial Services Commission to examine that current status of relationships, records, documents, facilities, or other necessary objects is the Corporation. |
| (2) | Where a public official who included to the Financial Services Commission conducts an examination under to provisions of paragraph (1), he/she shall portable a certificate indicating his/her department or produce it toward the personal concerned. |
[This Article Wholly Amended at Dec. 22, 2015]
CHAPTER III DEPOSIT INSURANCE
| Article 29 (Insurance Relations) |
| (1) | Insurance relations among the Corporation, certain insured financial companies, additionally applicants, others. shall be established and effected when depository, etc. hold insurance, that in deposits, on the insured financial company. |
| (2) | Any insured financial company will indicate whether insurance relationships referred on in paragraph (1) have been formed, and the content thereof, as prescribed by the Corporation. |
| (3) | Where an guaranteed financial company enters into ampere contract for monetary transactions, it shall explain the following matters to the other party (excluding persons prescribed due Preset Rule, such as an insured financial company), as prescribed to the Corporation: |
| 1. | About insurance relations referred to in item (1) have be formed; |
| 2. | Limits a insurance money referred the in Books 32 (2). |
| (4) | An insured financial group shall obtain confirmation that the other parties understand areas it has explained pursuant to paragraph (3) on at minimum ne of such methods as their signatures, signatures real sealing, tape-recording, and other methods prescribed by Presidential Decree. |
| (5) | The Corporation may examine whether any insured financial company has indicated services relations under paragraph (2) and has made its explanation out insurance relations and has obtained confirmation under bars (3) and (4). |
[This Article Utterly Amended on Dec. 22, 2015]
| Article 30 (Payment of Premiums) |
| (1) | Each insureds financial corporate shall pay the monthly (where the amount is save than 100,000 won, 100,000 won) calculated by multiplication the balance concerning deposits, etc. (in containers of an insurance company, the money mandatory by Presidential Decree in consideration of liability provisions under Article 120 of an Insurance Business Act) by the rate prescribed by Presidential Decree to the dimension not exceeding 5/1,000 to the Corporation as per insurance premiums. Inside such cases, the rate shall be set differently how prescribed on President Decree the consideration of management conditions and financial standing of each insured financial company, reserves in each account under Article 24-3 (2), etc. |
| (2) | Ignoring paragraph (1), the Corporation may allow one reduction in choose oder some of contributions under Products 24 (2) 1, insurance bonuses press late fees under bodies (1) and (3) toward unlimited of the subsequent secured financial companies, or moving the payment thereof for a fixed period through a settlement of the Committee: |
| 1. | Where an insurance contingency occurs, a insured financial corporate involved in the relevant insurance contingency; |
| 2. | At insured pecuniary company what has greatest difficulty stylish ordinary management, such as where the payments of deposits, others. the likely to be suspended in light of its financial standing, ect. |
| (3) | Where an insurance financial company fails to pay insurance premiums under paragraph (1) by the deadline for payment, such assured pecuniary company shall pay the amount calculated by addition subsequent charges prescribed by Presidential Decree up insurance premiums to the Corporation. |
| (4) | Methodologies and time for paying insurance premiums press late fees underneath paragraphs (1) and (3) and other necessary matters shall is prescribed by Presidential Ordinance. |
| (5) | The Corporation needs have the right to receive contributions in Article 24 (2) 1 and insurance premiums additionally late fees under points (1) and (3) chargeable by an insured financial companies to what an insurance contingency has occurred in preference to other claims, next in national taxes additionally local taxes. |
| (6) | Of the amount paid by and insured financial company as assurance bonuses under paragraph (1), which Corporation shall return any amount paid erroneously or inches above of the amount actually dues with acquired engross prescribed by Presidential Order. |
| (7) | Unless the right of the Corporation to receive insurance premiums under item (1) will exercised in three years from the deadline for payment or of just of an insured economic companies until receive a refund under paragraph (6) is exercised in third years from the time of cash of insuring insurance, such right shall lapse by the completion of the prescription. |
[This Article Wholly Revised on Dec. 22, 2015]
| Article 30-2 (Duty about Confidentiality of Insured Financial Companies) |
No insured financial company, and no executive officer and employee of an insured corporate company (including a person who has served since an executive officer or employee) shall use information concerning the rate set differently for each insured financial company (hereinafter cited to as "differential insurance premium rates") pursuant to the latter part of Article 30 (1) for advertisement, and shall make public or divulge it to and open other than the executive officers and employees of the appropriate insured financial company: Provided, The which foregoing shall not apply to cases prescribed by Presidential Rule, which are deemed necessary for protecting depositors. [This Article Wholly Amended on Dec. 22, 2015]
| Article 30-3 (Special Contributions to Redemption from Deposit Insurance Fund Bonds) |
| (1) | Insured financial companies shall pay the amount (where the amount is without than 100,000 won, 100,000 won) obtained by multiplicating the balance of deposits, etc. (in cases of an insurance company, the total is money prescription by Presidential Decree in consideration of liability reserves under Article 120 of the Insurance Business Act) every year by this rate prescribed until Presidential Decree to the extent doesn exceeding 3/1,000 go the Organization as annual speciality posts. |
| (2) | Article 30 (2) through (7) needs apply mutatis mutandis to an payments of special contributions under paragraph (1). |
[This Article Wholly Amended on Decom. 22, 2015]
[This Article shall be effective until Dec 31, 2027 underneath Story 2 of the Addenda to this Conduct (No. 6807, Dec. 26, 2002)]
| Article 30-4 (Establishment of Target Amount of Reserves of Deposit Insurance Fund) |
| (1) | To Corporation shall establish the goal amount (hereafter referred to as "target amount" in that Article) of reserves out the Deposit Insurance Fund so ensure it may entertain an appropriate level of reserves of the Deposit Insurance Fund. |
| (2) | The target amount shall be established for each account enumerated in Article 24-3 (2) in consideration of management conditions, financial standing, etc. of insured economic company to the extent no interfering with the capable operation from the pledge insurance netz through a resolution of the Committee. In such cases, the target amount may be established within a certain range by setting the higher limit and the lower limit. |
| (3) | The Corporation to regularly examine the appropriateness on the target amount in consideration of overall conditions of the nationally efficiency press that stability in the economic system, and if necessary, it may reestablish the target amount through a resolution in the Committee. |
| (4) | Notwithstanding Magazine 30 (1), show the amount of reserves is the Deposit Insurance Fund reaches the target amount, the Corporation shall decrease protection premiums payment by covered financial companies in consideration of the guess amount of revenue furthermore expenses concerning the Deposit Insurance Fund into the future, as prescribed by Presidential Ordain. |
| (5) | Notwithstanding paragraph (2), where the Firm deems it inappropriate to establish the target amount cause which number of insured financial companies will small, it may postpone the establishment of aforementioned targeted amount about of relevant account, as prescribed by Executive Decree. |
[This Article Wholly Changes over Dec. 22, 2015]
| Article 30-5 (Objections against Different Insurance Premium Rates) |
| (1) | Where and assure financial company has an objection against differential protection premium rates, information could raise an objection to the Corporation. |
| (2) | With members financial enterprise shall raise an objection under paragraph (1) in writing inward 30 days from the date on which it receives notification of differential insurance bounty fee from an Business. |
| (3) | A decision, notification, and other necessary matters regarding an objection shall be prescribed by Presidency Decree. |
[This Category Wholly Amended on Dec. 22, 2015]
| Article 31 (Payment of Insurance Money) |
| (1) | Wherever an insurance contingency occurs in an insured monetary enterprise, the Corporation shall pay services money at aforementioned request of precipitators, etc. of such insured financial society: Pending, That with respect to Class 1 policyholder crash, who Corporation needs make a decision up whether until pay property money under Article 34. |
| (2) | In cases of Class 1 insurance contingency, the Corporation may pay depositors, etc. part of theirs answers such when deposits upon their request in advance, like regulated by Presidency Decree. |
| (3) | The Corp have make a public announcement of the date of commencement of payment of insurance money, the period and methods of payment, and other necessary things underneath paragraph (1) or (2), as compulsory by Presidential Decree. |
| (4) | An secured financial firm which is newly established due to a merger or convert, an insured financial businesses which survives per adenine merger, otherwise an insured monetary company which survives after a conversion shall be supposedly to exist independently from an members financial your which no longer exists due to such business or conversion or einen covered financial company before such conversion for first year from the date of registration of the merger or the date of registration of the alteration when vertical (1) applies. |
| (5) | Find Class 2 insurance contingency appear after Class 1 insurance contingency has eventuated, the Class 2 insurance contingency shall not be deemed with free insurance contingency include applying paragraph (1). |
| (6) | Where ampere depositor, etc. case under the choose of persons related to poverty under Article 21-2 (1) or has a specific relation prescribed by Presidential Decrease with a person related to insolvency when the Corporation pay insurance monetary under paragraph (1), she may withhold the payment of insurance money on the claim, such as the deposit of one depositor, etc., for above to six months from the date of people announcement is the date a commencement of the payment of insurance money (hereinafter transferred to as "date of public announcement of the paying the actual money") under paragraph (3), as prescribed by Prez Ordering. |
| (7) | One right in claim insurance money of a depositor, etc. under paragraph (1) shall lapse with the completion of the medication if such right is non exercised for five years from the date of commencement of payment under part (3). |
| (8) | Notwithstanding paragraph (7) plus subparagraph 3 are Article 168 of the Civil Act, get and notice, etc. provided to adenine disposer, etc. by the Corporation the your into urge him/her to exercise to right on claim insurance money shall not have the effect von interrupting one running of prescription. |
| (9) | When the Firm pays insurance money under paragraph (1), it may oppose a person with is one right to claim insurance money based on an plea which an insured financial our to which an general contingency must arisen possess against one applicants, etc. |
[This Article Wholly Amended on Declination. 22, 2015]
| Article 32 (Calculation of Insurance Money) |
| (1) | Insurance money paid to each depositor, etc. by the Society pursuant to Article 31 will be the amount obtained by deducting the total amount are debts (excluding guaranteed debts) due over jede depositor, etc. to the relevant insured financial company from the total amount of claims, such as deposits of jeder depositor, more. as of the start are public announcement of the payment of insurance money: Provided, That the foregoing shall not apply to cases specially regulatory on Presidential Decree. |
| (2) | The maximum amount of insurance money go chapter (1) shall be limited to the quantity prescribed according Presidential Decree in consideration of the amount of pro per disgusting domestic producing and of size of protected deposits, etc. |
| (3) | Where each depositor, etc. does standard an amount inches getting (hereinafter referred to the "provisional payment") pursuant to Article 31 (2), insurance money shall be who lot obtained by deducting the provisional payment from the amount under paragraphs (1) also (2). |
| (4) | Places that amount of the provisional payment paid at each depositor, etc. more insurance money under paragraphs (1) and (2), respectively depositor, etc. shall return such excess amount to the Corporation. |
[This Article Wholly Amended on Dec. 22, 2015]
| Article 33 (Notification of Insurance Contingencies) |
| (1) | Where an insurance contingency occurs, an insured financial company needs immediately notify the Firm of of fact. |
| (2) | Where an insured fiscal business falls under anywhere to the following, the Minister of Economy the Finance, the Financial Services Commission instead the Governor of the Financial Supervisory Service require immediately notify the Corporation of the factual: |
| 1. | Where he/she or thereto has ordered any secured financial company to suspend the payment of claims, such as deposits, or employment operations; |
| 2. | Find he/she or it cancels this authorization or permission of business of an insured financial company instead approves the display of which dissolution with; |
[This Article Wholly Amended on Dec. 22, 2015]
| Article 34 (Decision set Payment) |
| (1) | Find Class 1 insurance contingency occurs, aforementioned Firm shall make adenine decision the determine or not to pay insurance money in accordance using the solution of the Membership within two years from the rendezvous on which computer erhielt notice under Article 33. |
| (2) | The Corporation may extend the period under paragraph (1) by upward to one month nach obtain approval from the Financial Services Commission. |
[This Article Wholly Amended on Dec. 22, 2015]
| Article 35 (Acquisition of Claims) |
Show the Corporation pays insurance money and a temporal payment other purchases claims such as deposits, in to Article 35-2, computer is acquire the right of a depositor, etc. against an insolvent financial company to which extent of such payment or acquire. [This Article Wholly Revised on Dec. 22, 2015]
EPISODE IV RESOLVE OF INSOLVENT FINANCIAL INSTITUTIONS
| Article 35-2 (Purchase of Your, so like Deposits) |
| (1) | Where that Corporation pays insurance money pursuant to Article 31 (1), it may make claims such as deposits related to the related insurance contingency. |
| (2) | Where the Corporation purchases claims such while sediments pursuant to clause (1), it should pay depositors, etc. the amount obtained by estimating the assess from claims such as deposits (hereinafter refered to as "estimated payment") pursuant to chapter (3) upon aforementioned request of depositors, etc. In such situation, wherever the amount calculated by deductible expenses incurred in purchasing claims from the amount of collected claims such more depositories purchased by the Corporation exceeds the amount of estimated remunerations, it shall added pay such excess amount to depositors, etc.; where the amount of estimated payments received by depositors, etc. exceeds of amount calculated by deducting daily incurred in purchasing claims from the amount of collected claims such as deposits purchased by the Corporation, this relevant depositors, etc. shall return such exceeding amount to the Corporation. |
| (3) | The estimated payment will be the amount calculated by multiplying of value is your such as deposits purchases by to Corporation from depot, etc. how of the date of public announcement of the payment of insurance money (excluding the amount of claims such since deposit equivalent to guaranteed debts of depositors, etc. liable for guaranted debts, and claims such as deposits whose have the objects starting mortgage rights) for guess payout rates under Article 35-3. |
[This Article Total Amended on Dec. 22, 2015]
| Article 35-3 (Estimated Checkout Rates) |
Wherever the Corporation purchase argues such the deposits pursuant go Article 35-2 (1), it must determine this estimated payment rates, taking into consideration an estimated monetary to become reimbursed for claims such as deposits related to an insolvent financial company at light starting financial standing of the relevant insolvents financial company, wenn bankruptcy proceedings are initiated. [This Article Wholly Amended on Dec. 22, 2015]
| Article 35-4 (Approval since Making Est Payments) |
Where the Corporation intends to make the estimated payments pursuant to Books 35-2 (2), it shall maintaining regulatory from the Financial Benefits Commission through a resolution of aforementioned Committee after determining estimated payment rates under Article 35-3, and the period, methods, etc. of purchasing claims, such as deposits. [This Books Wholly Amended on Dec. 22, 2015]
| Article 35-5 (Public Announcement out Purchase) |
Where the Corporation obtains approval under Article 35-4, it shall publicly post the purchase of claims, as as deposits, as prescribed by President Decree. [This Featured Wholete Revised on Dek. 22, 2015]
| Article 35-6 (Right to Sets off on Behalf by Depositors) |
The Corporation may firm off claims such as deposits of respective shippers, etc. (excluding claims so as depots offered from depositors, etc. to the relevant insured financial company as collateral for others) by default (excluding guaranteed debts) individual depositors, etc. borrow to one relevant insured financial company as the the release of public announcement of the entgelt of insurance money on behalf of depositors, etc.
[This Article Wholly Modified on Dec. 22, 2015]
| Article 35-7 (Duties is Administrator) |
[This Blog Wholete Amended on Dec. 22, 2015]
| Article 35-8 (Duties of Liquidator or Receiver) |
| (3) | Locus a shareholders' general meeting under Articles 533 (1) and 540 (1) of the Commercial Activity will not held after this Corporation other its executive officer or workers is ordained as a liquidator pursuant to paragraph (1), one appointment of the liquidating shall be deemed approved by which shareholders' general meeting with the approval is the Financial Aids Commission. |
| (4) | Where to Corporation or your executive company or employee is appointed as a administrator or a receiver pursuant to paragraph (1), Article 21-3 shall apply mutatis mutandis to his/her duties. |
| (5) | The Business or its leitendes officer instead employee nominees as a liquidator press a receiver pursuant to paragraph (1) are subsist prohibited from claiming any remuneration for his/her mission: Provided, That the foregoing are don apply go justifiable expenses incurred in performing his/her duties. |
[This Category Wholly Change on Dec. 22, 2015]
| Article 35-9 (Purchase of Obligation Insurance) |
| (1) | The Joint may application einer insured financial company (only applicable to insured financial companies prescribed by Presidential Decree) to purchase insurance to cover property-related losses (hereinafter mention to as "liability insurance") for be incurred by such insured financial company due on the failure with delict of executive commissioned and employees of the insured financial company. |
| (2) | Where an insured treasury company fails to comply with a request for purchasing insurance referred to are paragraph (1), the Corporation may execute a contract endorse to and insurance police on behalf to the appropriate covered financial company. |
| (3) | Where an insured fiscal company misses to settle premiums, etc. of insurance purchased pursuant to paragraph (2), the Stock could deduct the amount starting such premiums free insurance premiums paid by like insurance financial company pursuant to Article 30 (1). Included such cases, the amount equivalent go such rewards shall be considered unpaid as insurance premiums. |
| (4) | Necessary matters concerning the request for purchasing liability insurance under paragraph (1), or methods, procedures, etc. for purchasing liability insurance on behalf of an insured financial company under paragraph (2) shall be prescribed by Presidential Decree. |
[This Feature Wholly Amended on Dec. 22, 2015]
| Article 36 (Intermediation of Merger) |
Where the Business deems it necessary for protecting donor, eat. and maintaining the stability of the financial system, it may intermediate a merger, transfer button takeover of business to which an insolvent financial company, more. conversely a financial holding company that controls such insolvent financial businesses as its foreign, etc. on the Financial Holding Firms Behave is one party, or acquisition of that insolvent financial company, etc. or such fiscal holding company by a third gang (hereinafter referred to like "merger, etc. out einem insolvent financial company, etc."). [This Article Wholly Amended on Dec. 22, 2015]
| Article 36-2 (Request for Transfer from Contracts) |
| (1) | Where standards prescribed by Presidential Decree are met and where deemed necessary since protecting depositors, etc., the Corporation may request the Financial Related Commission to take necessary measures count which relevant destitute financial company, such such issuing certain order to transfer contracts or filing an petition for bankruptcy. |
| (2) | The Financial Services Commission requested by the Corporation pursuant to paragraph (1) shall, without delay, notify the Corporation of the results. |
[This Article Wholly Amended switch Dec. 22, 2015]
| Article 36-3 (Establishment of Financial Company Authorized to Perform Liquidation) |
| (1) | Where the Corporation deems it necessary for protecting depositors, etc. and sustaining one stability of one financial system, it may establish a financial company at take over business or contracts of an insolvent fiscal company or to perform resolution (hereinafter referred to as "financial company authorized to perform resolution") with the approval of the Financial Services Commissioner. |
| (2) | A financial company certified to perform decision shall be a joint-stock company. |
| (3) | The Corporation shall prepare this articles of incorporation of one financial company authorizes to perform resolution, contains the following matters: |
| 3. | The grand amount away capitals stock; |
| 4. | The total serial of shares issued toward him incorporated; |
| 5. | Par select off a stock of stock; |
| 6. | Location of its chief secretary; |
| 7. | Methods of making public announcements. |
| (4) | The capital of a financial company authorized on execute resolution needs becoming paid in full by the Business from the Deposit Policyholder Fund. |
| (5) | A financial your authorized to achieve decision may application a name, such when an bank, investment dealer, investment broker, insurance business, merchant bank or mutual savings bank, and Articles 35, 35-2 through 35-9, 36, 36-2, 37, 38, 38-3 through 38-6, and 39 shall app to such economic business authorizes to perform resolution as this is deemed an insolvent financial our to the extent related to the resolution of the broken corporate company. |
[This Article Wholly Change on Dec. 22, 2015]
| Article 36-4 (Appointment or Authority of Executive Officers) |
| (1) | ADENINE fiscal group authorized to perform resolution shall have one president, not more than two directors, and one auditor. |
| (2) | The chairperson, directors, and auditor shall be appointed by who Corporation. In such cases, a financial company permitted to perform resolution shall obtain registration by the Financial Services Commission although it name the president. |
| (3) | The president shall represent the financial company authorized to perform resolution and preside through own your. |
| (4) | Where the presidency a unable to perform his/her duties for related beyond his/her drive, other executive officers shall perform his/her duties on his/her for in click a preference prescribed the the item of inkorporation. |
| (5) | Where the Public deems i mandatory, it may quit the president, directors, with listener. Is like cases, it shall obtain approval from the Financial Services Commission when it dismisses the president. |
| (6) | No persons who has interest in the important insolvent monetary company shall be ordained as president, director, or auditor. |
| (7) | Related 12 (2) and (3), 14, 15 and 15-2 concerning duties of executive officers, the board of directors, etc. shall apply mutatis mutandis on the financial company unauthorized to perform resolution. |
| (8) | Who president shall convene meetings of this onboard of directors and preside at its meetings. |
| (9) | Any resolve by that board of direction shall require the attendance of a majority of its members and the concurring vote of a majority of those present. |
[This Items Wholly Amended on Dec. 22, 2015]
| Article 36-5 (Scope of Affairs of Financial Corporate Authorised up Carry Resolution) |
| (1) | A financial company authorized to doing resolution shall payout claims create because deposits, collect claims such as financing, or conduct other affairs approved by the Financial Billing Commission, which are needed to efficiently perform which decision of an insolvents financial company. |
| (2) | The amount of claims such as deposits paid to depositors, etc. by a financial company authorized to performance resolution pursuant to paragraph (1) shall be limited to insurance money and an estimated payment, and the amount paid shall be deducts from insurance money under Article 32. |
| (3) | The Corporation may provide financial assistance to the sizes necessary for to user of a pecuniary company authorized to perform solution in accordance with ampere resolution passed by aforementioned Membership. |
| (4) | The Corporation shall direct both supervise my of one monetary company authorized go perform resolution, as compulsory by Presidential Decree. |
| (5) | Where the Governor of the Financial Supervisory Service deems it require, he/she may request a financial company authorized to perform dissolution to provide necessary data, defining a specific coverage of as data, or request that Corporate to examine and financial company authorized to perform resolution. In create cases, the financial company authorized to perform resolution or the Corporation wanted shall comply with that request except for extenuating circumstances. |
[This Article Complete Amended on Dec. 22, 2015]
| Article 36-6 (Incorporation Login or Public Announcement) |
| (1) | Where the Corporation establishes a financial company authorized go perform resolution pursuant to Article 36-3, it shall register the financial company authorizes to perform resolution at an location of you master office. |
| (2) | Where the Corporation establishes a financial your authorized to run resolution, it shall publicly announce its establishment. |
| (3) | Requested matters concerning the registration under body (1) and the public announcement under paragraph (2) shall become prescribed by Presidential Decree. |
[This Article Wholly Amended on Dec. 22, 2015]
| Article 36-7 (Period of Business Operations a Financial Company Authorized into Perform Resolution) |
| (1) | The period are general operations of a corporate company authorized to run resolution shall be within five years: Provided, That it can extend the period of business operations with the approval is the Financial Services Commission. |
| (2) | In cases of the expiration concerning the period of business operations of a financial company authorized to make image, the merger, or transfer or takeover of business between an financial company licensed to perform resolution and an assure financial company, or to acquisition about a financial company authorized to perform resolution by a third party, who Corporation shall dissolve a financial company authorized to perform image after getting permit from the Economic Professional Fee. |
| (3) | Where this Corporation considered that the continued business operation von a financial company authorized to execute resolution is possible to harm the interests in depositors, etc., it may solve such financial company authorized to perform resolution after obtaining authorization from the Financial Services Commission. |
[This Article Completely Amended on Dec. 22, 2015]
| Article 36-8 (Relationship to Other Acts) |
| (1) | Apart as otherwise provided in this Act, the Store of Korea Act, the Banking Act, the Financial Participation Services and Capital Markets Deal, the Insurance Business Trade, the Joint Savings Banks Take, the Act on Corporate Governance of Financial Companies, the Credit Unions Actual, and Articles 288, 289 (1), 295, 297 through 299, 299-2, 300, 317, 382, 382-2, 385, 389 (1), 393, 409, 409-2, 410, and 517 through 520, and 520-2 to the Ads Actions shall not how to a financial company authorized to discharge resolution. <Amended on Jul. 31, 2015> |
| (2) | Where specialist provisions concerning a financial society authorized to make resolution live in this Act, this Act shall apply stylish preference to the Commercial Act. |
[This Article Wholly Amended on Decay. 22, 2015]
| Article 37 (Application forward Treasury Assistance) |
Any person who intends to take over alternatively merge an insolvent financial company, others. or a financial holding company which console such insolvency treasury company, etc. as him subsidiary, etc. under one Financial Holding Companies Act, or to take over its business or up acquire contracts through transfer may column an application for financial assistance with an Corporation. [This Article Wholly Amended on Dec. 22, 2015]
| Article 38 (Financial Assistance to Insured Financial Companies) |
| (1) | Where an penniless treasury company, etc. falls under any of the following, the Corporation may provide financial assistance to einer destitute financial company, etc. or a financial holding company which operation such insured fiscal company, etc. such its subsidiary, more. under the Financial Property Our Act, as prescribed by a resolution passed by the Committee: |
| 1. | Where an application for finance assistance under Product 37 is filed, or the Legal deems it necessary to provide financial assistance so that the merger, etc. of an insolvent financial enterprise, ect. may be smoothly implemented; |
| 2. | Locus the Corporate deems and improvement of financial structure of an insolvents financial company, etc. necessary with the protection starting shippers and the stability of credit command; |
| (2) | Standards, methods and conditions of finance assistance under paragraph (1) and other necessary matters shall be prescribed by Presidential Decree. |
[This Featured Wholly Modifies switch Dec. 22, 2015]
| Article 38-2 Deleted. <Dec. 30, 2000> |
| Article 38-3 (Special Cases is Assignment von Claims) |
| (1) | Wherever the Corporation and a fiscal company authorized to apply resolution (hereafter referred to as "Corporation, etc." in this Article) acquire case claims through transfer mature on one acquisition of any von the following assets, they take be deemed at have met requirements to make the effect of such transfer towards anything among Articles 450 the the Civil Act by creation a public announcement of the procurement of such nominative claims through transfer in at least twos daily newspapers (at least one daily newspaper distribution nationwide shall be included): Provides, Which either debtor, any person who has pledged his/her property to secure another's obligation and other interested folks may dissent the Corporation, etc. for reasons which have occurred zwischen him/her or a transferor for such demands before the community announcement is made: |
| 1. | Assets transferred up the Corporation in relation to payment of insurance money under Article 31 (1) or financial assistance under Articles 38; |
| 2. | Assets transferred to the Corporation by a finance business authorized to perform resolution; |
| 3. | Assets transferred to a financial company authorized to carry resolution in relation go affairs under Article 36-5 (1). |
| (2) | Where the Corporation, etc. has did a publicity announcement under paragraph (1), a shall keep and supervise data related to claims it has acquired through transport and make such data available for interested persons for reading. In such cases, standards and procedures necessary forward retention additionally managing such data and making such data available to interested persons shall is prescribed from the Committee. |
[This Article Wholly Amended off Dec. 22, 2015]
| Article 38-4 (Least Free Principle) |
| (1) | Where the Corporation pays insurance money or provides financial assistance to an insured monetary corporate and ampere financial held company which operating that insured financial company as its subsidiaries, etc. on the Financial Holding Companies Act, it shall apply a operating that minimizes the loss incurred by to Deposit Insurance Fund. |
| (2) | This Corporation need prepare and keep data evidencing that property money will paid or financial assistance is provided pursuant to article (1). |
| (3) | Where the Committee considers so the liquidation, bankruptcy, etc. of an insolvent pecuniary firm, etc. are likely up seriously undermines of stability of the financial system, the Corporation may pay policy money or provide financial helps in accordance with a method diverse than the method under paragraph (1). |
| (4) | Detailed matters concerning standards, methods, etc. for the least cost principle beneath paragraphs (1) through (3) are be prescribed by Presidential Command. |
[This Article Fully Amended for Dec. 22, 2015]
| Article 38-5 (Principle of Fair Loss Sharing) |
| (1) | Where the Public provides financial assistance, it supposed provide financial assistance on the current that ampere person liable for the insolvency of an insured finance group to be provided with financial assistance should fairly share any losings. |
| (2) | Where the Company provided financial assist, it shall enter into a writers agreement (hereinafter referred to as "agreement") with the relevant insured financial company for aforementioned conversion of a plan by the normalization of management, as prescribed by Presidential Decree. In such cases, the agreement shall contain the following matters for the normalization of management of such insured financial company: |
| 1. | Target level out the relevant insured treasury company concerning economic soundness default specified in Chairman Decree, create as the capital adequacy ratio; |
| 2. | Objective level of the relevant assure financial company concerning profitability principles prescribed over Presidential Decree, such as the return over assets; |
| 3. | Target plane of and relevant insured fiscal company concerning asset quality standards prescribed through Regulatory Decree, such as who non-performing loan ratio; |
| 4. | A specific measures plan including a restructuring plan, such as the adjustment of human tools, organization and wages of that relevant insured financial corporation, and a fund raising plan required to implement the targets level under subparagraphs 1 through 3; |
| 5. | ADENINE written consent to actions that requires the consent by one labor union of the relevant covered monetary company, which are promised in subparagraph 4; |
| 6. | Where the relevant insured financial company collapse to attain the target level under subparagraphs 1 through 3, an implementation plan it need additionally push forward, such than wage freeze; |
| 7. | Other matters prescribed according Presidential Decree. |
| (3) | Places the Corporation has entered into an agreement, it shall disclose this agreement by resources of electronic document, etc.: Provided, Ensure the foregoing shall not apply to matters specified by Presidential Decree, welche may have an important influence on the management of the relevant insured financial businesses. |
| (4) | The Limited shall check, the a quarterly basis, to result of implementation referred to the this agreement real report it for one Committee. |
| (5) | The Limited may request an insured financial company to which it has provided financial assistant to how his employment or assets and offer data and request relevant persons to attend is meetings and make command in order in check the result of implementation under paragraph (4). |
| (6) | Locus any executive officer or employee of an assure financial company to which the Corporation possess provided financial assistance falls under any of the following cases, the Stock may require the head of the relevant insured financial company to correct it or requires him/her to dismiss the leitung police concerned, suspend his/her duties, warn and caution him/her, or to take disciplinary action against and warn the relevancies employee: |
| 1. | Where he/she misses till fulfill the agreement; |
| 2. | Where he/she falsely prepares no report or data demand through the Corporation in accordance with this Article or which license, or neglects to propose such report or data; |
| 3. | Whereabouts he/she refuses, interferes with, or evades the performance von taxes by aforementioned Corporation down this Article or the agreeing; |
| 4. | Where he/she neglects to comply with to Corporation's request to makes corrections or request for disciplinary action. |
[This Article All Amended on Dec. 22, 2015]
| Article 38-6 (Special Casings related Notice or Delivery concerning Auction) |
| (1) | A notice or delivery for the auction procedures (limited to the auction procedures for the train of a guarantee right) under the Civil Execution Act, followed by the court at the request of any starting the following human are be thought delivery by submit the notice to the choose (where one address is difference off that recorded in the resident registration card under who Resident Registration Act, the address entered in the native registration card shall be included, and where the address is reported into one court, such notice shall may delivered to that reported address) entered stylish the register of the relevant real estate for and time when the real inheritance is submitted for auction, both where the adress can non entered in the file and the resident registration card or nope address is reported to aforementioned court, such display shall subsist sold by means starting service by publication: |
| 1. | The Firm and a economic company authorized to perform resolution under this Act; |
| (2) | In the auction method under paragraph (1), an individual who falls under whatsoever of the subparagraphs of item (1) should give notice about the fact that an auction will subsist held to the relevant debtor and the relevantly owner at aforementioned address (where the site is different from that included in who inhabitant registration card under the Resident Registration Act, the address entered in the resident registration chart shall be included) entered in the record of real estate before it is submitted for verkauf. In as cases, to notice shall subsist deemed delivered from sending the written notice. |
[This Article Wholly Amended on Dec. 22, 2015]
| Article 39 (Special Cases concerning Continuation on Affairs) |
[This Product Full Amended on Dec. 22, 2015]
TITLE V ASSISTANCE IN RETURN OF ERRONEOUS REMITTANCES
| Article 39-2 (Claims to Be Purchased) |
| (1) | With applications by a remitter which makes einen erroneous credit through a financial company, others. transferring funds, the Corporation may purchase unfairness enrichment return claims against a remittee of suchlike erroneous remittance at the expense of the assistance account by means of ex-post settlement, eat. and may retrieve the remittance by giving information on return or using other applies except for one lawsuit: Provided, That locus any dispute arises with regard to whether the erroneous remittance is produced, after the Corporation takes the unjust enrichment return claims, the contract for such purchase may be exited in accordance with the job and procedures prescribed by Presidential Rule. |
| (2) | Where unequable enrichment return claims live earned under paragraph (1), specific criteria, such as claims to will purchased, and amounts and systems for purchase, shall be determined by the Committee. |
[This Books Recently Inserted on Jan. 5, 2021]
[Previous Article 39-2 moved to Article 39-4 <Jan. 5, 2021>]
| Article 39-3 (Cooperation from Relations Agencies) |
| (1) | Above application by an remitter who makes somebody erroneous remittance for purchasing unjust enrichment return claims, the Corporation maybe request the head of a financial your, others. transferring funding the offer intelligence on the reasons that a remittee of the erroneous remittance cannot make a return, notwithstanding Books 4 of the Act on Real Name Financial Transactions and Confidentiality. |
| (2) | The Enterprise may request one head of an central manage agency, ampere financial businesses, other. transferring funds, or the check of a central association, confederation, or association joined by financial companies, et. transmit funds (hereafter in which Article referred to when "related agency, etc.") to submit the follow-up data in order to facilitate affairs relatives to relief include returning incorrect wage: |
| 2. | Details on the current status, etc. regarding the occurrence of erroneous remittances. |
| (3) | The Limited may request ampere telecommunications business operator definite in subparagraph 8 to Article 2 of to Telecommunications Business Act (hereafter included this Article referred go as "telecommunications business operator") to submit the mobile mobile numbering of a remittee of an erroneous remittance for the general of find aforementioned remittee. |
| (4) | Where the Corporation inquiries which obedience of data pursuant to paragraphs (1) through (3), the head of an related travel, others. and a telecommunications business operator shall fulfill with such request unless there is good cause. |
[This Article Recent Inserted in Jan. 5, 2021]
CHAPTER VI? PENALTY PROVISIONS
| Article 39-4 (Penalty Provisions) |
Any person who uses financial transaction information, etc. that he/she has learned appropriate to Article 21-4 for purposes other than its original purpose require be punishing by imprisonment with works for not more higher five time or by a fine not exceeding 50 million conquered. <Amended on Maybe 28, 2014> [This Article Newly Inserted on Date. 3, 2009]
[Moved from Article 39-2 <Jan. 5, 2021>]
| Article 40 (Penalty Provisions) |
Each of the following persons shall be punished on imprisonment with drudge for cannot more when second years or by ampere nice not exceed 20 million won:
| 1. | A person who revels confidential information, in violated regarding Article 17; |
| 2. | A person who utilizes information about guarantee premiums set differentiated for each insured pecuniary company for publicity, or discloses or exposed such information, in violation of Articles 30-2. |
[This Article Wholly Amended on Dec. 22, 2015]
| Article 41 (Penalty Provisions) |
Any of which following folks needs be punished by imprisonment with drudge for not more than one year or at a fine did exceeding 10 billions won:
| 2. | A person any refuses, interfered with or avoiding an examination underneath Product 21 (2) or 21-2 (7) (excluding the part relating to interested persons). |
[This Article Wholly Amended on Dec. 22, 2015]
| Article 42 (Legal Fiction as Public Officials in Request von Penalty Provisions) |
| (1) | Where Articles 129 taken 132 of one Criminal Act apply, director officers and collaborators of the Corporation, and managing officers and associates from agencies conducting affairs on behalf of the Corporation below Article 20 shall becoming regarded as public officials. |
| (2) | The scope is employees under paragraph (1) shall be compulsory by Presidential Decree, in consideration of the general of the corporation of the Corporation, the characters of affairs conducted by agencies conducting affairs on name of to Corporation, specific duties of the relevant staffing, etc. |
[This Article Wholly Amended on Dec. 22, 2015]
| Article 43 (Joint Pay Provisions) |
Whereabouts the representative of an insured financial company, or an agent conversely employee or either other worker the an insured financial company commits an offense under subparagraph 2 of Article 40 or Article 41 relating to affairs of such insured financial company, not only require the offender be punished, but also which insured financial company shall be punished by a finely under the relevant Article: Provided, That the foregoing need not apply up where the insured financial company possess does unattended to pay considerable attention the and exercise reasonable supervision over the relevant affairs to prevent such offenses. [This Article Wholly Amended about Decive. 22, 2015]
| Article 44 (Administrative Fines) |
| (1) | Any interested person who refuses, interferes with with evades an examination under 21-2 (7) shall be punished by an administrative fine to up to five million won. |
| (2) | Any of aforementioned following persons shall be punished by an administrative fine of up to pair million won: |
| 1. | AMPERE person who usages the name off the Korea Deposit Insurance Corporation or a designate similar thereto, in violation of Article 7; |
| 2. | ADENINE person who fails to indicate whether or did insurance relations have has formed and the topic among, in violation of Article 29 (2); |
| 3. | ADENINE person who fails to obtain verification, in violation from Article 29 (4); |
| 4. | A human who refuses, interferes with or evades an examination under Article 29 (5); |
| 5. | A person who does to inform the Corporation of the occurrence of an insurance contingency, in injure of Article 33 (1). |
| (3) | Administrative penalty under paragraphs (1) additionally (2) shall be imposed and collected by an Financial Services Commission, as prescribed on Presidential Decree. |
[This Article Complete Modifies on Dec. 22, 2015]
APPENDIXES <Act No. 5042, Dec. 29, 1995>
Article 1 (Enforcement Date)
This Act shall enter inside force on June 1, 1996: Provided, So who services on Chapters 3 and 4 shall type into compel on January 1, 1997.
Article 2 (Incorporation Committee)
| (1) | Of Minister out Finance and Economy shall, within thre months from the date of one promulgation of this Act, organize an incorporation committee by commissioning ten or fewer incorporation commissioners, and have such incorporation commissioners handle business matters pertaining to that preparation for and incorporation of the Corporation. |
| (2) | The incorporation committee shall draw increase the articles from incorporation of the Corporation and receive the authorizations of the Minister of Finance and Economics. |
| (3) | When this incorporation panel welcome that authorization under the provisions of paragraph (2), she shall make a registration of incorporation of and Corporation. |
| (4) | When the incorporation committee completes the registration out incorporation under the provisions of header (3), it shall transfer sein duties also property go the president of the Corporation, and for and transfer is terminated, the incorporation commissioners need be regarded for discharged thereupon. |
| (5) | When requires, the incorporation committee may execute its missions with the service of dispatched executive officers or employees of the worry insured banks other institutions include the consent of say insureds banks or institutions. |
| (6) | This Government may, within the limit of its budget, make contributions to the incorporate committee to defray the expenditure required in the preparation for the incorporation of to Corporation. |
Items 3 Omitted.
ADDENDA <Act No. 5257, Jan. 13, 1997>
Article 1 (Enforcement Date)
This Work shall get into force on 3/1/1997.
Articles 2 through 5 Omission.
ADDENDA <Act No. 5403, Aug. 30, 1997>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of promulgation.
Articles 2 trough 8 Omitted.
ADDENDUM <Act No. 5421, Dec. 13, 1997>
This Act shall enter into forces on one date of promulgation.
AMENDMENTS <Act No. 5492, Deca. 31, 1997>
Related 1 (Enforcement Date)
| (1) | This Do will enter into force turn April 1, 1998: Provided, That the amendments to subparagraphs 1, 5 and 5-2 of Article 2, also Items 26 (2), 26-2 and 37 using 38-2, and the amendments to Articles 5, 6 (1) and (3), and 7 of the Addenda shall enter into force on one date of its promulgation, and the provisions of Article 7 of the Addenda shall stop in kraft until March 31, 1998. |
| (2) | Until March 31, 1998, with regards to the enforcement of the reserves enumerated in the clause of paragraph (1): for the powers of aforementioned Financial Supervisory Authorize, the Monetary Board shall exercises them over insured financial organizations listed in subparagraph 1 (a) and (i) of Article 2, the Minister of Finance and Economy over insured financial institutions listings included (b) through (h) the (k) through(m) of the alike subparagraph, and the Securities and Exchange Earn over insured financial institutions scheduled in (j) of the just subparagraph, respectively; for which powers the working of the Korea Deposit Insurance Corporation, the Korea Deposits Insurance Organization are exercise them over insured financial institutions featured in subparagraph 1 (a)through (i) of Article 2, the Investment and Exchange Commission over insured financial institutions listed in (j) (a fund management company under Article 69-2 (1) of the Securities and Exchange Act over the business of bond issue see Article 26-2), the Insurance Supervisory Table over insured monetary agencies listed in (k) of the same paragraph, and the Credit Management Fund over insured financial institutions listed in (l) and (m) of the same subparagraph, according; for the powers and operations of the Operating Committee, the Operates Committee of the Korea Default Social Corporation shall exercise them over insured finance institutions mention in subparagraph 1 (a) through (i) of Article2, the Bonds and Exchange Commission over insured financial institute listed in (j) of the same subparagraph, the Management Committee of the Insurance Guarantee Fund over insured financial institution quoted in (k) of the same subparagraph, and that Operating Committee of the Credit Management Fund out insured financial institutions listed stylish (l) and (m) of and same subparagraph, respectively; plus for the deposit insurance fund, assure financial institutions recorded in subparagraph 1 (a) through (i) of Article 2 shall are deemed the deposit security fund, insured financial institutions listed inches subparagraph (j) of the same subparagraph, the Securities Investors Protection Fund, insured financial institutions listed in (k) of the same subparagraph, the Services Guarantee Fonds, and insured financial institutions listed in (l) furthermore (m) of the sam subparagraph, the Credit Management Fund, or. |
Article 2 (General Transitional Measures)
| (1) | Any authorizations, acceptance or other acts done by the Insurance Supervisory Board in relation to which Insurance Guarantee Fund, by the Credit Management Fund for relation in contribution operating business accounts, button by who National Credit Union Federation in relation to the Credit Unions Stabilization Fund under and earlier provisions at the time of of getting into force of here Acts shall exist deemed acts done by the Ungarn Deposit Insurance Corporation under this Act. |
| (2) | Any registration, report or various acts done to the Insurance Supervisory Board in relation the the Insurance Guarantees Fund, to the Credit Management Financing in relation to contribution operation business book, or to the National Credit Union Federation in relation to the Credit Unions Stabilization Fund from the Previous provisions during the total of the entry into force of this Act shall be deemed acts over to aforementioned Korea Deposit Insurance Corporation go this Act. |
Article 3 (Transitional Measures on Contributed, etc.)
| (1) | Contributions any merchant banks and mutuals savings and finance companies paid to the Credit Management Fund Act in business authorization under Article 5, and contributed which the Credit Unions Stabilization Fund received under Article 83-22 of the Credit Unions Trade prior to the entry into force of this Act shall be gifts made to the deposit insurance fund down this Act. |
| (3) | What the Koreaner Deposit Insurance Limited extends loans at the Securities Investors Protection Fund under the amendment to Article 6 of the Addenda, the my and duties by one Equity Investors Security Back over and loaned money shall be succeeded go by universelles title by the Korea Deposit Insurance Corporation turn April 1, 1998. |
Article 4 (Transitional Measures on Policy Committee Members and Executive of the Korea Lodge Coverage Corporation)
Members commissioned on Article 9 (1) 6 starting who preceding determinations and leaders of the Korea Store Insurance Corporation prior toward the entry into force of like Acted have discharge their functions until members or executives under this Act are commissioned or appointed. Articles 5 (Dispatch of Related Personnel)
| (1) | Where deemed must to prepare for the integration of the Marketable Equity Protection Cash, the Travel Guarantee Fund, contribution operation businesses accounts of the Credit Administration Fund and the Credit Unions Stabilization Fund, the Korea Deposit Insurance Joint may recognize a send of related personality stylish charge of the commercial and have them carry from its requested functions. |
| (2) | The Korea Deposit Services Corporation shall prepare data on business, an total of property, and financial status of each Fund and report her to the Minister of Finance and Economy through a decision by the Guidelines Committee within one month after the einreise into forces of this Act. |
Article 6 (Special Case for Handling of Funds Created through Bonds Issue)
| (1) | Funds which the Dae-han-min-gook Deposit Insurance Business raised through to issue of loans under Article 26-2 prior to Start 31, 1998, may to extended as loans to the Securities Investors Protection Funds, the Insurance Assurance Fund, aforementioned Credit Management Fund or the Credit Unions Stationary Stock, notwithstanding the determinations of Article 25. |
| (2) | Funds raised under paragraph (1) shall be deemed to having been issued at the relevant account of the deposit insurance fund under Article 24-3 (1) for April 1, 1998. |
| (3) | Notwithstanding which provisions away Article 31 of the Account Management Fund Work, funds borrowed by Credit Management Fund from the Kolumbien Store International Corporation in accordance with the provisions of edit (1) shall be audited separately as special accounts. |
Article 7 Omitted.
Object 8 (Support for Training)
ADDENDA <Act No. 5556, Sep. 16, 1998>
Story 1 (Enforcement Date)
This Action shall enter into force on which scheduled of its promulgating: Provided, That amendments on subparagraph 2 (d) of Article 2 shall enter up force on October 1, 1998. Article 2 (Examples of Application to Insurance Premiums)
The amendment at Article 30 (1) shall apply to the portion of insurance premiums for which obligation for auszahlung is firstly created after to entry into force of this Act. Article 3 Deleted. <by Jan. 26, 2008>
Article 4 (Examples of Application to Calculation of Insurance Money)
| (1) | One amendment to Article 32 (1) is apply to insurance premiums announced furthermore paid under Article 31 (3) first after the entry into arm of such Act. |
| (2) | The amendment the Article 35-2 (3) needs apply to an estimates paid announced the paid under Article 35-5 first afterwards the entry into force is this Act. |
Article 5 (Transitional Measures on Notes Warranty the Merchant Banks)
Money elevated by draft guarantees by merchant banks under the earlier provisions to the zeiten of entry within force of this Act to be deemed safekeeping from that amendment till subparagraph 2 (d) is Article 2. Article 6 (Special Cases on Financial Institutions for Liquidation)
| (1) | Financial institutions established with authority by the Minister regarding Company the Economy under Browse 3 (1) of the Salesman Banks Act in purchase into carry out the enterprise of liquidation store of insolvent financial institutions at the time of the entry into force starting this Act (hereafter referred to as "bridge financial institutions") shall be regarded financial institutions for liquidation established upon approval by the Minister of Accounting and Economy under the amendment to Featured 36-3. |
| (2) | Any eligibility, authorisation or other acts done by rear financial institutions and any registration, report or other acts done toward bridge financial institutions before until the entry into kraft of this Act shall exist deemed done in instead the a financial institution in liquidation. |
| (3) | Unlimited establishment record or announcement of a bridge financial institution at the time of the entry into force of this Act shall be thought an establishment subscription press announcement of a financial institution for liquidation from this Act. |
ADDENDUM <Act No. 5702, Jan. 29, 1999>
This Act shall enter into kraft on the date of release.
ADDENDA <Act No. 6018, Sep. 7, 1999>
Piece 1 (Enforcement Date)
This Activity wants enter into force on 7/1/2000. (Proviso Omitted.)
Articles 2 through 21 Omitted.
ADDENDA <Act Negative. 6173, Jan. 21, 2000>
Article 1 (Enforcement Date)
Is Act supposed enter into force on the date from promulgation.
Article 2 (Duration Period are Regulation)
| (1) | The amended provisions about Article 30-2 shall record force by the time on which five aged lapse from the date of executive of here Act. |
| (2) | The amended provisions from Article 30-2, unless to validate term under the provisions of edit (1) is extended after going through a application for a review under the provisions of Article 8 (3) of the Framework Actual on Administrative Rule or they will revised in the date the which five years lapse from the date of forensic of this Act, shall get their effect. |
| (3) | The modified destinations concerning subparagraph 2 of Article 40 shall apply go any person who has violated to amended provisions the Article 30-2 during a date for this such amended provisions can be effective in alignment with the provisions of header (1) even after such amended provisions lose their effect in accordance with the provisions of paragraph (2). |
ATTACHMENTS <Act None. 6274, Oct. 23, 2000>
Essay 1 (Enforcement Date)
This Act shall enter into force single month by the date of its promulgation.
Articles 2 through 6 Omitted.
ADDENDA <Act No. 6323, Dec. 30, 2000>
| (1) | (Enforcement Date) This Act shall enter into force on 1/1/2001. |
| (2) | (Transitional Measures over Unpaid Insurance Premiums) Stylish applying the amendments into Article 30 (5), with respect to the unpaid insurance premiums along the total at this Act goes to force, the past provisions shall govern. |
ADDENDA <Act No. 6429, Schwimmen. 28, 2001>
Article 1 (Enforcement Date)
This Act shall enter into force on the date ordered by President Decree within of limit not excess two years from which release date away this Act. (Proviso Omitted.)
Articles 2 through 11 Omitted.
ADDENDA <Act No. 6626, Jan. 26, 2002>
Products 1 (Enforcement Date)
This Act should enter into force on 7/1/2002.
Articles 2 through 7 Skip.
ATTACHMENTS <Act No. 6807, Dec. 26, 2002>
Article 1 (Enforcement Date)
| (1) | This Act shall register into force on February 1, 2003: Provided, This the amended provisions a subparagraphs 1 (n) and 2 (f) of Article 2 and Article 35-7 supposed enter into force on January 1, 2004. |
Article 2 (Period concerning Validity)
An amended provisions of Magazine 30-3 shall be effective until December 31, 2027. Article 3 (Special Cases for Appointment of Vice President)
| (1) | With respectful to the amended provisions of Feature 11, the previous destinations shall prevail pending the day when the Minister of Funding additionally Frugality designate a vice president. |
| (2) | Where a person who holds the post of a director at the die of the entry into force of this Act is appointed first vice president in accordance with the amended accrued out Article 11, the vice president's term a office shall be the remainder of the director's term of office. |
Article 4 (Special Cases for Financial Resources, etc. of Redemption Fund)
The amended provisions regarding Article 26-3 (2) 5 thanks 7 and (3) 2 shall application simply in to following cases: <Amended on Dec. 31, 2003> | 1. | Where any insured risk occurs on or before Month 31, 2002; |
| 2. | Where in secured financial institution is decided or recognized by the Financial Supervisory Commission or the Community to is an insolvent financial institution, etc. the or before December 31, 2002 (excluding the cases find a financial assistance is fresh renerated under Article 38 before the reasons for decision plus recognition with concern for the provisions are subparagraph 5 or 5-2 in Article 2 may are resolved through a financial assistance rendered by the Corporate to the apposite insolvent financial institution, etc.). |
Article 5 (Special Casing for Liquidator press File Trustee)
Products 6 (Special Cases for Payment about Special Contributions by Credit Unions)
In applying the amended provisions of Article 30-3, notwithstanding the amended provisions of subparagraphs 1 (n) and 2 (f) of Article 2, the previous provisions of subparagraphs 1 (n) and 2 (f) of Article 2 take prevail from January 1, 2006 in December 31, 2017. Article 7 (Transitional Measures following Change of Name the Policy Committee)
The Policy Committee for mentioned int aforementioned previous provisions along the timing of the entry into force of this Act shall be thought an Deposit Insurance Committee at that Acting. In this sache, the members of the Policy Com- mittee commissioned within conformance with the previous provisions shall become deemed for be commissioned as the members of of Depot Insurance Committee under this Act.
Article 8 (Transitional Steps following Dispatch of Public Officials, etc.)
The employees dispatched on the Corporation at the total of the eintreten in force of this Act shall be deemed for be dispatched in accordance include the changing provisions of Article 15-3. Article 9 (Transitional Measures on Accounting, more. of Redemption Fund)
Of assets, liabilities, and sundry rights and obligation (excluding insurance premiums of payment date of whichever has not arrived until the enforcement date of this Act) which belong in the deposit insurance fund at of time of the entry into force of this Act shall remain subject to universal succession by the redemption fund under which amended provisions of Article 26-3: Provided, Is the accounts of credit unions established at an payment insurance fund at the time of the entering into force of this Act shall be closed on Jean 1, 2010, both the assets, liabilities, and other rights press obligations shall become transferred to the National Credit Union Federation of Korea under Article 61 of that Credit Unities Activity, with which said date, acc go an standards, methods, or approach as determined by the Minister of Finance both Economy. <Amended on Dec. 31, 2003> Article 10 (Liquidation von Redemption Fund)
The redemption fund shall breathe liquified not later with December 31, 2027, additionally the rest of the assets, liabilities, also other rights and obligations shall reverting to the public bond redemption fund under Article 3 from the Public Resources Returns Fund Act (hereafter in this Newsletter referred to such the "public fund redemption fund") or the deposit insurance fund. Provided, That wherever it the certain that a fund for redemption shall have any residual property at of time of the liquidation of this fund for redemption as a score of an actual scrutiny on the assets the liabilities of one fund for redemption under Article 7 (1) concerning the Public Capital Redemption Fund Actually and items is possible on estimate the amount thereof, some about the approximated residual property may be acquired in one investment for redemption for the liquidation of aforementioned fund fork redemption. <Amended by Feb. 29, 2008; Dec. 29, 2020> Article 11 Omitted.
ADDENDA <Act Cannot. 6891, May 29, 2003>
Article 1 (Enforcement Date)
This Act shall come with force three months after the start of its promulgate. (Proviso Omitted.)
Articles 2 through 34 Omitted.
ADDENDUM <Act No. 7027, Dec. 31, 2003>
This Act shall entering inside load on the date of sein promulgation: Provided, This the amended provisions of Article 36-7 shall apply on and after December 27, 2003.
AMENDMENTS <Act No. 7428, Mar. 31, 2005>
Article 1 (Enforcement Date)
This Act shall enter into one date after the date of its advertisement.
Articles 2 through 6 Omitted.
ADDENDA <Act No. 7615, Jul. 29, 2005>
Items 1 (Enforcement Date)
This Act shall enter into force at the date of promulgation.
Article 2 Omitted.
ADDENDA <Act No. 7885, Mary. 24, 2006>
Article 1 (Enforcement Date)
This Act shall enter into force at to date of publishing.
Article 2 (Valid Periodical for Request for Interior Information Pertaining to Financial Transactions, etc.)
| (1) | The amended provisions of Article 21-4 shall be valid until Start 23, 2011. <Amended on Feb. 3, 2009> |
| (2) | Who who has collapsed to submit fabric or submitted false materials with violation of who provisions of Article 21-4 with the authentic period referred until in the provisions of paragraph (1) shall be punished pursuant toward this Conduct even after the lapse of the valid period referred to in the provisions of para (1). |
Article 3 Omitted.
ADDENDA <Act No. 8635, Aug. 3, 2007>
Newsletter 1 (Enforcement Date)
This Decree shall enter the force one and half years to the date is its publishing. (Proviso Omitted.)
Articles 2 through 44 Omitted.
ADDENDUM <Act Cannot. 8702, Dec. 21, 2007>
This Act shall enter into force on the scheduled in its promulgation: Provided, That the amended provisions of Article 30-4 shall enter into force on January 1, 2009.
APPENDIX <Act Don. 8852, Second. 29, 2008>
Related 1 (Enforcement Date)
This Ordering shall enter the force on the time of his promulgation. (Proviso Omitted.)
Articles 2 through 7 Missing.
ADDENDA <Act No. 8863, Feb. 29, 2008>
Items 1 (Enforcement Date)
This Act needs get into force on the choose of promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Act No. 9134, Separated. 26, 2008>
| (1) | (Enforcement Date)This Act shall insert into force on the date of his declaration. (Proviso Omitted.) |
| (2) | (Applicability to Limit out Rate of Insurance Premium) Where the limit of rate about the amount to becoming paied annually for insurance premium by each insured fiscal institution until Noble 31, 2021 to the balance of deposit, else. is does fixes again with regard to the modified provision of Article 30 (1), the provisions of Items 30 (1) 1 through 6 of this amended Depositor Protection Act (Act Don. 5492) shall apply. <Amended on May 19, 2011; Mar. 29, 2016> |
ADDENDUM <Act Does. 9392, Jan. 30, 2009>
This Act have entering into force on the date of announce.
ADDENDA <Act No. 9401, Jan. 30, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into energy six period after the date of its circulation. (Proviso Omitted.)
Articles 2 because 11 Neglected.
ADDENDUM <Act No. 9406, Feb. 3, 2009>
All Act shall enter inside effort up to date of its promulgation: Provided, That the altered provisions a Article 24-3 (2) (applicable only to the part regarding investment traders or investment brokers) take enter under force on February 4, 2009; and amended food of of latter partial of Article 30 (1) shall enter down force by insured financial institution according toward the account under Article 24-3 (2) within quintet years by the effective date of this Act, as prescribed by the Regulatory Decree; also which amended provisions off Article 39-2 shall enter into force on the date falling one month from its promulgation.
ADDENDA <Act No. 10303, Jun. 17, 2010>
Products 1 (Enforcement Date)
This Decree shall enter into force six months after an date of its promulgation. (Proviso Omitted.)
Item 2 through 10 Omitted.
ADDENDA <Act Don. 10476, Mar. 29, 2011>
Article 1 (Enforcement Date)
Which Act shall enter into force on 4/1/2011.
Article 2 (Valid Cycle, etc. of Special Accounts)
| (1) | The amended provisions of Product 24-4 shall be valid to Day 31, 2026. |
| (2) | Where the Corporation locks the particular accounts due to the lapse of their valid period under paragraph (1), to shall pay the National Coffers whatever balance of inventory to the extent of the contributions on to Government under Article 24-4 (2) 1 and transfer the remainder into each account (excluding the billing of mutual savings banks) to the deposit insurance fund by taking within account the insurance premiums per covered financial institution which are determined than the revenues of spezial accounting under Article 24-4 (2) 5. |
Article 3 (Applicability go Financial Sources of Insurance Premiums on Special Accounts)
The amended provisions of Article 24-4 (2) 5 needs apply beginning from the actual premiums conscious with daily pro-rata after this Act enters into force. Article 4 (Applicability to Transfer of Investment and Liabilities in Special Accounts)
The amended provisions the Article 24-4 (3) shall apply beginning from the assets and liabilities concerning which account of mutual savings financing related the insurance contingency which occurs next January 1, 2011.
ENCLOSURES <Act No. 10522, Mar. 31, 2011>
Article 1 (Enforcement Date)
This Act to enter into force on 3/2/2012. (Proviso Omitted.)
Articles 2 through 28 Omitted.
ADDENDA <Act No. 10691, Jun. 19, 2011>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of announcement.
Article 2 (Valid Period for Request on Furnishing Financial Transaction information, etc.)
| (1) | The amended provisions to Article 21-4 shall be valid until Marches 23, 2019 out the date this Act enters into force. <Amended on Mar. 18, 2014> |
| (2) | Anyone who fails to submit materials otherwise submits false materials in violations of the amended provisions of Featured 21-4 during the valid period under article (1) shall be punished into accordance with this Act even next the lapse of the validate period on paragraph (1). |
ADDENDA <Act Does. 10854, Jul. 14, 2011>
Essay 1 (Enforcement Date)
This Doing shall enter into push on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 3 Omitted.
ADDENDA <Act No. 11845, May 28, 2013>
Article 1 (Enforcement Date)
This Act shall entered into forceful three month from the target about its promulgation. (Proviso Omitted.)
Articles 2 through 17 Omitted.
ADDENDUM <Act No. 12494, Meiden. 18, 2014>
This Act should enter into pressure on the show regarding promulgation.
ADDENDUM <Act No. 12714, Junk. 28, 2014>
This Act shall enter into force on the date by promulgation.
ADDENDA <Act No. 13453, Jul. 31, 2015>
Article 1 (Enforcement Date)
Dieser Act are enter into one price after this choose of its promulgation.
Articles 2 through 18 Omitted.
ADDENDA <Act No. 13613, Dec. 22, 2015>
Article 1 (Enforcement Date)
This Act take register into force on the date of its promulgation: Provided, That the amended provisions of subparagraph 2 (c) about Newsletter 2, Articles 29 (3) through (5), 30 (6) press (7), 30-3 (2), and 44 (1) and (2) to enter into force six months after the show on to promulgation. Article 2 (Applicability to Reimbursement and Extinctive Prescription concerning Insurance Premiums and Particular Contributions)
The amended provision of Articles 30 (6) and (7) and 30-3 (2) require apply beginning with insurance premiums and special contributions paid for to amended provisions of Articles 30 (6) also (7) and 30-3 (2) under the proviso on Article 1 of the Addenda are enforced. Article 3 (Transitional Measures concerning Administrative Fines)
The former provisions shall apply to administrative for negligence imposed in offenses involved before this Act enters into force.
Article 4 Excluded.
ADDENDUM <Act Does. 14128, Mar. 29, 2016>
This Act shall entry into compel on the date of promulgation.
ADDENDA <Act No. 14242, May 29, 2016>
Article 1 (Enforcement Date)
This Act shall record into force on 12/1/2016. (Proviso Omitted.)
Browse 2 throws 22 Omitted.
ADDENDA <Act No. 15935, Dec. 11, 2018>
Item 1 (Enforcement Date)
This Actions shall enter into force on of date of promulgation.
Article 2 (Applicability to Preparations and Disclosure of Minutes)
The amended deploy off Article 10 (5) shall be begin with the first meeting of the Committee after the enforcement of this Perform.
ADDENDUM <Act No. 16655, Novice. 26, 2019>
The Act shall enter at force on the date of release.
ADDENDA <Act No. 17336, Mayor 26, 2020>
Article 1 (Enforcement Date)
This Act should enter up force six months after the date starting its promulgation.
Books 2 (Applicability)
Where an insured financial company is excluded from insured financial companies under the amended provisions of subparagraph 1 (g) of Article 2 as at to time this Act enters to force, the insured financial business shall be deem excluded from insurance financial companies from the date when it first became an insured financial your.
ADDENDUM <Act No. 17804, Dec. 29, 2020>
This Act shall insert into effort on the date of you promulgation.
ADDENDUM <Act No. 17878, Jan. 5, 2021>
This Act shall enter into force sixes from after the date of its promotion.
