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TRUST BUSINESS ACT — 법갈피

영문법령 / TRUST BUSINESS ACT

TRUST BUSINESS ACT

법률일부개정시행 2008-03-14금융위원회 · 제08908호 · 공포 2008-03-14

CHAPTER Ⅰ GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Act is to serve to develop the national economy through the sound management of trust companies and the protection of beneficiaries.

[This Article Wholly Amended by Act No. 6180, Jan. 21, 2000]

Article 1-2(Definition) #

The term "trust business" in this Act means performing the business of trust in accordance with the provisions of Article 1 (2) of the Trust Act.

[This Article Newly Inserted by Act No. 6180, Jan. 21, 2000]

Article 2(Operation of Trust Company) #

The companies that are engaged in the trust business (hereinafter referred to as the "trust company") in Korea shall be operated in accordance with this Act and orders issued thereunder. <Amended by Act No. 2064, Dec. 31, 1968; Act No. 5502, Jan. 13, 1998>

Article 2-2(Relation with Other Acts) #

This Act shall not apply to the trust management business of copyright provided for in subparagraph 18 of Article 2 of the Copyright Act or the commission and management business of program copyright provided for in Article 20 (1) of the Computer Programs Protection Act.

[This Article Newly Inserted by Act No. 7337, Jan. 17, 2005]

Article 3(Business Authorization) #

(1) The trust business shall not be conducted without obtaining authorization from the Financial Services Commission. <Amended by Act No. 5502, Jan. 13, 1998; Act No. 5700, Jan. 29, 1999; Act No. 5982, May 24, 1999; Act No. 8863, Feb. 29, 2008>

Article 8-2(Qualifications for Officers) #

Any person falling under any of the following subparagraphs shall not become an officer of a trust company, and when he becomes to fall thereunder after he has become one, he shall lose the relevant office: <Amended by Act No. 7337, Jan. 17, 2005; Act No. 7428, Mar. 31, 2005; Act No. 8908, Mar. 14, 2008>

1. A minor, a person of incompetency or of quasi-incompetency;

2. A person who has yet to be reinstated after having been declared bankrupt;

3. A person who has been sentenced to imprisonment without prison labor or heavier one, and for whom 5 years have yet elapsed from the date when the execution of such sentence was terminated (including the case where the said execution is deemed to be terminated) or the said execution is exempted;

4. A person who has been sentenced to a fine or heavier one for committing a violation of the finance-related Acts and subordinate statutes prescribed by this Act, the finance-related Acts and subordinate stat ues prescribed by Presidential Decree (hereinafter referred to as the "finance-related Acts and subordinate statues") or foreign financerelated Acts and subordinate statutes (this means foreign Acts and subordinate statutes equivalent to this Act or the finance-related Acts and subordinate statutes; hereinafter the same shall apply), and for whom 5 years have yet elapsed from the date on which the execution of such sentence is terminated (including the case where the said execution is deemed to be terminated) or the said execution is exempted;

5. A person who is in the period of stay of execution after having been sentenced to a stay of imprisonment without labor or heavier one;

6. A person who has been dismissed or removed by a disciplinary action under this Act, the finance-related Acts and subordinate statutes or foreign finance-related Acts and subordinate statues, and for whom 5 years have yet elapsed after he was dismissed or removed by a disciplinary action;

7. A person who was an officer or employee of a corporation or a company whose license and authorization of business have been cancelled under this Act, the finance-related Acts and subordinate statutes or foreign finance-related Acts and subordinate statutes (limited to any person prescribed by Presidential Decree, who has been directly and correspondingly responsible for the occurrence of the relevant causes for such cancellation), and for whom five years have yet elapsed from the date on which the revocation for the relevant corporation or company was made; and

8. A person who was notified as a retired executive or resigned staff that he/she would have received measures of recommendation of dismissal (including request for dismissal) or request for removal if he/she had held office or had been in office under this Act or the finance-related Acts and subordinate statutes, in whose case five years have not elapsed from the date of such notification (In case where five years from the date of notification exceeds seven years from the date of retirement or resignation, seven years from the date of retirement or resignation shall apply).

[This Article Newly Inserted by Act No. 6180, Jan. 21, 2000]

Article 17-8(Restrictions on Exercise of Voting Rights on Trust Property) #

(1) Any trust company shall, where it falls under any of the following subparagraphs, exercise its voting rights, notwithstanding the provisions of Article 17-7 (1), in a manner not affecting the content of a resolution made by the number of stocks arrived at by a deduction of the number of stocks forming a trust property from the number of stocks participating in a general meeting of shareholders of a corporation that has issued the stocks forming a trust property: Provided, That the same shall not apply to the case where a corporation that has issued the stocks forming a trust property is obviously expected to incur a loss to such trust property due to a merger, a transfer or takeover of business, the appointment of officers and other matters corresponding thereto:

1. Where a person falling under any of the following items aims at incorporating a corporation which has issued the stocks forming the relevant trust property into an affiliated company under subparagraph 3 of Article 2 of the Monopoly Regulation and Fair Trade Act (hereinafter referred to as an "affiliated company"):

(a) A trust company, or a person in a special relation as prescribed by Presidential Decree with it; and

(b) A person prescribed by Presidential Decree who exercises the de facto power of controlling a trust company;

2. Where a corporation that has issued the stocks forming a trust property is in a relation falling under each of the following items with the relevant trust company:

(a) Where it is in a relation of an affiliate company; and

(b) Where it is in a relation as prescribed by the Presidential Decree, which exercises the de facto power of controlling the trust company; and

3. Where there exist some concerns about inflicting harms to the protection of beneficiaries or the proper operation of trust properties, and which is prescribed by Presidential Decree.

(2) Any trust company shall, where the stocks forming a trust property come to fall under any of the following subparagraphs, not be allowed to exercise the voting rights with respect to the relevant stocks:

1. Where it has acquired the stocks in excess of 15/100 of the total sum of stocks issued by the same stock company, the relevant stocks in excess; and

2. Where a corporation which has issued the stocks forming a trust property has a trust company acquire under a trust contract in order to secure its own stocks, the stocks of a relevant corporation.

(3) A trust company shall not commit an act for the purpose of being acquitted of the application of the provisions of paragraphs (1) and (2), such as a cross-exercise of voting rights under a contract, etc. with a third party.

(4) The Financial Services Commission may, where a trust company exercises the voting rights with respect to the stocks forming a trust property in contravention of paragraphs (1) through (3), order a disposition of the relevant stocks. <Amended by Act No. 8863, Feb. 29, 2008>

(5) The provisions of the proviso of paragraph (1) shall not apply to any trust company belonging to a business group subject to mutual investment limit under Article 9 (1) of the Monopoly Regulation and Fair Trade Act. <Amended by Act No. 7337, Jan. 17, 2005; Act No. 7615, Jul. 29, 2005>

[This Article Newly Inserted by Act No. 6180, Jan. 21, 2000]

Article 43(Fine for Negligence) #

(1) Any person falling under each of the following subparagraphs shall be punished by a fine for negligence not exceeding ten million won:

1. Person who has violated the provisions of Article 8 (1) or (2);

2. Person who has violated the provisions of Article 17-10;

3. Person who has failed to submit a report or the data under Article 19 or 25, or submitted by falsity;

4. Person who has made an accounting settlement in contravention of Article 20 (2);

5. Person who has failed to make a public announcement under Article 25-2 (4) or 25-3, or made by falsity; and

6. Person who has refused, obstructed or evaded the inspection under Article 26 (1) (including the case of application mutatis mutandis by Article 31 (2)) or 33 (2).

(2) The fine for negligence under paragraph (1) shall be imposed and collected by the Financial Services Commission under the conditions as prescribed by Presidential Decree. <Newly Inserted by Act No. 5502, Jan. 13, 1998; Act No. 5700, Jan. 29, 1999; Act No. 5982, May 24, 1999; Act No. 8863, Feb. 29, 2008>

(3) Persons who have objections against the disposition of a fine for negligence under paragraph (2) may file an objection with the Financial Services Commission within thirty days since accepting the notification of relevant disposition. <Newly Inserted by Act No. 5502, Jan. 13, 1998; Act No. 5982, May 24, 1999; Act No. 8863, Feb. 29, 2008>

(4) Where the person who has been subjected to the disposition of a fine for negligence under paragraph (2) has filed an objection under paragraph (3), the Financial Services Commission shall notify without delay the competent court of the relevant fact, and the court so notified shall hold a trial on the fine for negligence as prescribed by the Non-Contentious Case Litigation Procedure Act. <Newly Inserted by Act No. 5502, Jan. 13, 1998; Act No. 5982, May 24, 1999; Act No. 8863, Feb. 29, 2008>

(5) Where an objection is not filed within the period under paragraph (3), nor the fine for negligence is paid, the fine for negligence shall be collected following the procedures for the recovery of national taxes in arrears.

TRUST BUSINESS ACT

Article 1(Purpose) #

Article 1-2(Definition) #

Article 2(Operation of Trust Company) #

Article 2-2(Relation with Other Acts) #

Article 3(Business Authorization) #

Article 3-2(Public Announcement of Authorization, etc.) #

Article 3-3(Requirements for Authorization) #

Article 4 #

Article 5 #

Article 6(Invalidation of Authorization) #

Article 7(Corporate Name) #

Article 8(Matters for Authorization) #

Article 8-2(Qualifications for Officers) #

Article 9(Scope of Business) #

Article 10(Limitation on Trusted Properties) #

Article 11 #

Article 12(Distinction between Trust Property and Trustee's Own Property) #

Article 12-2(Accounting Audit of Trust Property) #

Article 12-3(Auditor's Liability for Compensation for Damages) #

Article 12-4(Development of Interest Conflict Prevention System) #

Article 13(Incidental Business) #

Article 14 #

Article 15(Restriction on Operation of Trustee's Own Fund) #

Article 15-2(Restriction on Operation of Trust Fund) #

Article 15-3(Operation of Surplus Fund) #

Article 16(Duty to Deposit) #

Article 17(Preference of Beneficiaries) #

Article 17-2(Issuance of Beneficiary Certificate) #

Article 17-3(Particulars to be Entered on Beneficiary Certificate) #

Article 17-4(Transfer and Exercise of Right to Benefit) #

Article 17-5(Succession to Rights and Obligations of Truster) #

Article 17-6(Purchase of Benefit Certificates) #

Article 17-7(Exercise of Rights over Stocks Acquired from Trust Property) #

Article 17-8(Restrictions on Exercise of Voting Rights on Trust Property) #

Article 17-9(Public Announcement concerning Exercise of Voting Rights) #

Article 17-10(Books and Documents concerning Trust Property, etc.) #

Article 18(Business Year) #

Article 19(Obligation to Submit Reports) #

Article 20(Public Notice of Balance Sheet and Accounting Settlement) #

Article 21(Aggravation of Deposit Responsibility to Reserve Funds) #

Article 22(Restrictions on Holding of Concurrent Office by Officers, etc.) #

Article 23 #

Article 24 #

Article 24-2(Supervision of Trust Company) #

Article 24-3(Guidance for Sound Management) #

Article 24-4(Internal Control Standards) #

Article 25(Report and Submission of Document, etc.) #

Article 25-2(Modification, etc. of Standard Contractual Terms and Conditions, etc.) #

Article 25-3(Public Announcement of Management Status) #

Article 26(Inspection, etc.) #

Article 26-2(Sanction, etc. against Officers and Employees) #

Article 27(Notification of Contents of Measure on retired Executive, etc) #

Article 28(Suspension of Business) #

Article 29 #

Article 29-2(Revocation of Authorization) #

Article 29-3(Exclusion of Application) #

Article 29-4(Authorization for Foreign Financial Institutions) #

Article 29-5(Application of Acts to Foreign Financial Institutions) #

Article 29-6(Revocation of Authorization, etc.) #

Article 30(Effect of Merger) #

Article 31(Change of Purposes) #

Article 32(Effect of Cancelling Business License) #

Article 33(Supervision of Liquidation) #

Article 34(Appointment of Liquidator) #

Article 35(Special Case of Appointment of Liquidator) #

Article 36(Remuneration for Liquidator) #

Article 37(Dismissal of Liquidator) #

Article 37-2(Entrustment of Authority) #

Article 37-3(Hearings) #

Article 37-4(Matters to Be Entered in Trust Contract) #

Article 37-5(Order Given to Transfer Trust Contract) #

Article 38(Cases of Composition, Bankruptcy and Compulsory Composition) #

Article 38-2(Share of Expenses) #

Article 39(Penal Provisions) #

Article 40(Penal Provisions) #

Article 41(Penal Provisions) #

Article 42(Joint Penal Provisions) #

Article 43(Fine for Negligence) #

Article 44 #