ACT ON THE EFFICIENT DISPOSAL OF NON-PERFORMING ASSETS, ETC. OF FINANCIAL COMPANIES AND THE ESTABLISHMENT OF KOREA ASSET MANAGEMENT CORPORATION

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Act is to prescribe matters necessary for facilitating the efficient disposal of non-performing assets held by financial companies, etc. and for supporting efforts to normalize the management of enterprises showing signs of insolvency, and is to improve the soundness of financial companies, etc., promote the resilience of economic actors, and enhance the values of public assets by establishing the Korea Asset Management Corporation that supports the disposal of non-performing assets and the normalization of individual debtors and enterprises and that performs business affairs related to the management, disposal, development, etc. of assets owed by State agencies, etc., thereby contributing to the development of the financial industry and the national economy. <Amended on Aug. 17, 2021>

[This Article Wholly Amended on May 19, 2011]

Article 2(Definitions) #

The terms used in this Act are defined as follows: <Amended on Mar. 31, 2011; May 29, 2016; Nov. 26, 2019; Aug. 17, 2021>

1. The term "financial companies, etc." means those falling under one of the following items:

(a) Those which obtain authorization under Article 8 (1) of the Banking Act;

(b) The Korea Development Bank established under the Korea Development Bank Act;

(d) The Export-Import Bank of Korea established under the Export- Import Bank of Korea Act;

(e) Nonghyup Bank established under the Agricultural Cooperatives Act;

(f) Suhyup Bank established under the Fisheries Cooperatives Act;

(g) Such other institutions as prescribed by Presidential Decree from among those conducting financial services under other Acts;

2. The term "non-performing loans" means the principal of loans and interest thereon, payment guarantee, and other equivalent loans as prescribed by Presidential Decree which arise from credit transactions by financial companies, etc. and fall under any of the following items:

ACT ON THE EFFICIENT DISPOSAL OF NON-PERFORMING ASSETS, ETC. OF FINANCIAL COMPANIES AND THE ESTABLISHMENT OF KOREA ASSET MANAGEMENT CORPORATION

Article 1(Purpose) #

Article 2(Definitions) #

Article 3(Management of Non-Performing Assets by Financial Companies. etc.) #

Article 4(Entrustment, Acquisition, etc. for Disposal of Non-Performing Assets) #

Article 5(Support for Normalization of Enterprises Showing Signs of Insolvency) #

Article 6(Establishment) #

Article 7(Legal Personality) #

Article 8(Offices) #

Article 9(Capital) #

Article 10(Stocks) #

Article 11(Articles of Incorporation) #

Article 12(Registration) #

Article 13(Prohibition of Use of Similar Denominations) #

Article 14(Establishment of Operation Committee) #

Article 15(Composition of Committee) #

Article 16(Operation of Committee) #

Article 17(Executive Officers) #

Article 18(Duties of Executive Officers) #

Article 19(Disqualification for Executive Officers) #

Article 20(Guarantee of Executive Officer's Status) #

Article 21(Restriction on Power of Representation of President, etc.) #

Article 22(Board of Directors) #

Article 23(Exercise of Rights and Appointment of Representatives) #

Article 24(Appointment or Discharge of Employees) #

Article 25(Prohibition of Concurrent Holding of Offices) #

Article 26(Business Affairs) #

Article 27(Promotion of Disposition of Real Estate) #

Article 28(Lease, Operation, etc. of Movables, Real Estate, and Affiliated Companies) #

Article 29(Fiscal Year) #

Article 30(Business Plan, Budget, and Closing Accounts) #

Article 31(Revenue and Expenditure) #

Article 32(Appropriation of Loss and Profit) #

Article 33(Issuance of Debentures) #

Article 34(Borrowing of Funds) #

Article 35(Operation of Surplus Funds) #

Article 36(Request for Submission of Materials) #

Article 37(Relationship to Other Statutes) #

Article 38(Establishment of Non-Performing Loan Resolution Fund) #

Article 39(Creation of Fund) #

Article 40(Issuance, etc. of Non-Performing Loan Resolution Fund Bonds) #

Article 41(Management and Operation of Fund) #

Article 42(Operation Plan, etc. of Fund) #

Article 43(Accounting of Fund) #

Article 43-2(Establishment of Restructuring Fund) #

Article 43-3(Financial Resources of Restructuring Fund) #

Article 43-4(Management and Operation, etc. of Restructuring Fund) #

Article 44(Special Cases concerning Requisite to Set up against Assignment of Nominative Claim) #

Article 45(Special Cases concerning Furnishing Security for Auction) #

Article 45-2(Special Cases concerning Notice and Service of Auction) #

Article 45-3(Special Cases concerning Acquisition of Real Estate) #

Article 46(Tax Assistance, etc.) #

Article 47(Supervision) #

Article 48(Reports, Examination, etc.) #

Article 49(Penalty Provisions) #

Article 49-2(Administrative Fines) #

Article 50(Legal Fiction as Public Officials in Application of Criminal Act) #