Article 1(Purpose) #
The purpose of this Act is to contribute to the development of the national economy by establishing the Korea Minting and Security Printing and ID Card Corporation to have it manufacture bank notes, coins, national bonds, public bonds, various kinds of securities, and special products to be used by the Government, local governments, etc. and perform other business related thereto.
[This Article Wholly Amended on Dec. 29, 2009]
Article 2(Legal Personality) #
The Korea Minting and Security Printing and ID Card Corporation (hereinafter referred to as the "Corporation") shall be a juristic person.
[This Article Wholly Amended on Dec. 29, 2009]
Article 3(Offices) #
(1) The location of the main office of the Corporation shall be provided in its articles of incorporation.
(2) If necessary to perform its duties, the Corporation may establish a branch office or subsidiary organizations such as an office, etc., following a resolution by the board of directors.
[This Article Wholly Amended on Dec. 29, 2009]
Article 4(Capital and investment) #
The capital of the Corporation shall be 15 billion won, which shall be contributed in full by the Government.
[This Article Wholly Amended on Dec. 29, 2009]
Article 5(Registration) #
(1) The Corporation shall be duly established upon the completion of establishment registration at the location of its main office.
(2) Matters concerning the registration of incorporation under paragraph (1), the registration of establishment, relocation, registration of modification, etc. of subsidiary organizations and other necessary matters shall be prescribed by Presidential Decree.
(3) For matters required to be registered, the Corporation shall not oppose any third party unless the registration of such matters is completed.
[This Article Wholly Amended on Dec. 29, 2009]
Article 6(Prohibition of use of similar name) #
Any person other than the Corporation under this Act shall be prohibited from using the name, the "KOMSCO" or any other name similar thereto.
[This Article Wholly Amended on Dec. 29, 2009]
Article 7(Prohibition of divulging confidential information) #
No current or former executive officer or employee of the Corporation shall divulge any confidential information he or she has become aware of in the course of performing his or her duties.
[This Article Wholly Amended on Dec. 29, 2009]
Article 8(Restrictions on the right to representation) #
The auditor shall represent the Corporation for matters in which the interests of the Corporation conflict with those of the CEO.
[This Article Wholly Amended on Dec. 29, 2009]
Article 9(Appointment of representative) #
The CEO may select and appoint a representative duly empowered to do all judicial or extrajudicial acts in connection with the business of the Corporation from among employees, as prescribed by the articles of incorporation.
[This Article Wholly Amended on Dec. 29, 2009]
Article 10(Legal fiction as public officials in application of penalty provisions) #
The executive officers of the Corporation and employees prescribed by Presidential Decree shall be deemed public officials in applying penalty provisions under the Criminal Act.
[This Article Wholly Amended on Dec. 29, 2009]
Article 11(Business affairs) #
(1) The Corporation shall perform the following business affairs: <Amended on May 16, 2023; Oct. 1, 2025>
1. Manufacture of bank notes, coins, national bonds, and public bonds;
2. Manufacture of various kinds of securities issued by the Government, local governments, or organizations prescribed by Presidential Decree;
3. Manufacture of various papers required for manufacturing products referred to in subparagraphs 1 and 2;
4. Manufacture and export of products referred to in subparagraphs 1 through 3 ordered by foreign governments or public organizations;
5. Manufacture, sale and export of the following products:
a. Special paper, special printing, and special minting;
b. Card products (including the system for issuance and operation);
c. Security elements to prevent forgery or counterfeiting;
d. Forgery or counterfeiting detection devices and recognition devices of products provided in subparagraphs 1 through 4 and items a through c;
e. Metal craft products; provided, this shall be limited to those with public nature, such as reproductions of national heritage under Article 3 of the Framework Act on National Heritage.
6. Purchase or consignment from the Bank of Korea or sale of commemorative coins or bank notes under any other contract;
7. Affairs entrusted by the Government;
8. Cooperation with domestic and foreign related institutions, enterprises, and organizations for the production of products related to the affairs referred to in subparagraphs 1 through 7 and technology development, etc. (including contracts for the production of products, technical partnerships, etc.);
9. Business affairs incidental to those provided in subparagraphs 1 through 8 and authorized by the Minister of Economy and Finance.
(2) Where the Corporation intends to sell products that can be directly used for the manufacture of products under paragraph (1)1 and 2 from among the products under paragraph (1)5 to persons other than the Government, local governments, or organizations prescribed by Presidential Decree, or export them to persons other than foreign governments or public organizations, it shall obtain prior approval from the Minister of Economy and Finance. <Amended on Oct. 1, 2025>
Article 12 #
Deleted. <Dec. 31, 1996>
Article 13(Support for retirees) #
(1) Where an employee who meets the requirements for honorary retirement as prescribed by the bylaws of the Corporation retires from office, the Corporation may pay additional allowance in addition to the retirement benefit following a resolution of the board of directors.
(2) Where any employee comes to retire due to the mechanization, automation, etc. of the production processes, the Corporation shall actively support the retiree with changing jobs.
[This Article Wholly Amended on Dec. 29, 2009]
Article 14(Relationship to other statutes) #
Except as provided in this Act, matters concerning the organization, management, etc. of the Corporation shall be governed by the Act on the Management of Public Institutions.
[This Article Wholly Amended on Dec. 29, 2009]
Article 15(Disposal of profits and losses) #
(1) The Corporation shall, when it makes profits as a result of closing its accounts each fiscal year, appropriate them in the following order: <Amended on Jul. 25, 2011; Oct. 1, 2025>
1. Making up for carried-over losses;
2. The Export-Import Bank shall reserve at least 1/10 of the profit until the reserve reaches 1/2 of capital;
3. Payment to the National Treasury;
4. Accumulation for specific purposes, if approved by the Minister of Economy and Finance.
(2) The Corporation shall, when it makes profits as a result of closing its accounts each fiscal year, appropriate them in the following order, and the amount that falls short shall be carried forward to the following fiscal year: <Amended on Jul. 25, 2011>
1. Reserves under paragraph (1)4;
2. Earned surplus reserves under paragraph (1)2.
[This Article Wholly Amended on Dec. 29, 2009]
Article 16(Supervision) #
The Minister of Economy and Finance shall guide and supervise affairs related to any of the following matters, among the affairs of the Corporation, within the extent necessary for the performance of its business objectives and the achievement of its management objectives, and may issue orders necessary for supervision: <Amended on Oct. 1, 2025>
1. Matters concerning the implementation of business objectives;
2. Matters concerning the achievement of business objectives;
3. Matters concerning the formulation and execution of the annual operational plan for each year and the management performance thereof;
4. Matters concerning the compilation, execution, and settlement of the budget for each year;
5. Matters concerning executive officers, organization and operating personnel.
[This Article Wholly Amended on Dec. 29, 2009]
Article 17(Dismissal of executive officers) #
When an executive officer of the Corporation falls under any of the following subparagraphs, the person who has the authority to appoint and dismiss such executive officer may dismiss such executive officer:
1. When the executive officer has violated this Act, any order issued under this Act, or the articles of incorporation;
2. Where the executive officer has been adjudged guilty in a criminal case;
3. Where the executive officer has lost or destroyed products prescribed in Article 11;
4. Where the executive officer has been declared bankrupt;
5. Where the executive officer becomes incapable of performing his or her duties due to physical or mental disability.
[This Article Wholly Amended on Dec. 29, 2009]
Article 18(Reporting) #
When the Corporation concludes a basic agreement on the manufacture and delivery of coins with banknotes or modifies important matters concerning the management of the Corporation, it shall immediately report it to the Minister of Economy and Finance. <Amended on Oct. 1, 2025>
[This Article Wholly Amended on Dec. 29, 2009]
Article 19(Penalty provisions) #
(1) Any person who, by violence or intimidation, steals any product prescribed in Article 11(1)1 or 2, which has not been transferred to an institution that has requested the manufacture, shall be punished by imprisonment with labor for life or for not less than 5 years. <Amended on Jan. 21, 2014> (1) Any person who, by violence or intimidation, steals any product prescribed in Article 11(1)3 or 4, which has not been transferred to an institution that has requested the manufacture, shall be punished by imprisonment with labor for not less than 5 years.
(3) Any person who steals or embezzles the products referred to in paragraph (1) shall be punished by imprisonment with labor for not less than 3 years.
(4) Any person who steals or embezzles the products referred to in paragraph (2) shall be punished by imprisonment with labor for not less than 2 years.
(5) Attempts to commit an offense under paragraph (1) through (4) shall be punished.
[This Article Wholly Amended on Dec. 29, 2009]
Article 20(Penalty provisions) #
(1) When any executive officer or employee of the Corporation has damaged or destroyed any product prescribed in Article 11(1)1 or 2, he or she shall be punished by imprisonment with labor for not more than 10 years or a fine not exceeding 100 million won. <Amended on Jan. 21, 2014>
(2) When any executive officer or employee of the Corporation manufactures any product prescribed in Article 11(1)1 in violation of the notes of any size, pattern, and denomination, in violation of Article 49 of the Bank of Korea Act, he or she shall be punished by imprisonment with labor for not more than 3 years or by a fine not exceeding 30 million won. <Amended on Jan. 21, 2014>
(3) When any executive officer or employee of the Corporation committed a crime referred to in paragraph (1), he or she shall be punished by imprisonment without labor for not more than one year or by a fine not exceeding 10 million won: <Amended on Jan. 21, 2014>
(4) When any executive officer or employee of the Corporation has lost a product prescribed in Article 11(1)1, he or she shall be punished by imprisonment without labor for not more than 1 year or by a fine not exceeding 10 million won: <Amended on Jan. 21, 2014>
[This Article Wholly Amended on Dec. 29, 2009]
Article 21(Penalty provisions) #
Any current or former executive officer or employee who divulges confidential information he or she has become aware of in the course of performing his or her duties in violation of Article 7, shall be punished by imprisonment with labor for not more than 3 years or by a fine not exceeding 30 million won. <Amended on Jan. 21, 2014>
[This Article Wholly Amended on Dec. 29, 2009]
Article 21-2(Penalty provisions) #
Where the Corporation sells or exports products without obtaining approval in violation of Article 11(2), the executive officer or employee involved therein shall be punished by imprisonment with labor for not more than one year or by a fine not exceeding 10 million won. <Amended on Jan. 21, 2014>
[This Article Wholly Amended on Dec. 29, 2009]
Article 22(Penalty provisions) #
Where the Corporation falls under any of the following subparagraphs, any executive officer or employee involved therein shall be punished by a fine not exceeding 1 million won: <Amended on Oct. 1, 2025>
1. Where the relevant executive officer or employee performs duties other than those prescribed in the subparagraphs of Article 11(1);
2. Where the relevant executive officer or employee has performed affairs incidental to those provided in Article 11(1)1 through 8 without obtaining authorization by the Minister of Economy and Finance;
3. Where the relevant executive officer or employee has violated an order issued by the Minister of Economy and Finance under Article 16.
[This Article Wholly Amended on Mar. 31, 2020]
Article 23(Administrative fines) #
(1) Any person who uses the name "the KOMSCO" or any other name similar thereto in violation of Article 6 shall be subject to an administrative fine not exceeding 5 million won.
(2) The Minister of Economy and Finance shall impose and collect administrative fines under paragraph (1), as prescribed by Presidential Decree. <Amended on Oct. 1, 2025>
[This Article Added on Mar. 31, 2020]