CHAPTER I GENERAL PROVISIONS
Article 1 #
The purpose of this Act is to promote the industrial revival and the stability of the national economy by appropriately disposing of property devolving upon the State.
Article 2 #
The property devolving upon the State as prescribed in this Act refers to all the property transferred to the Government of the Republic of Korea pursuant to Article 5 of the Initial Financial and Property Settlement Agreement concluded on September 11 of Dangun Year 4281 between the Government of the Republic of Korea and the Government of the United States of America; provided, farmland shall be treated separately pursuant to the Farmland Reform Act.
Any property directly, indirectly, wholly, or partially owned by Japanese nationals, enterprises, organizations, associations, or agencies thereof, organizations of the Japanese Government, or organizations controlled by the Japanese Government as of August 9, Dangun Year 4278, among the property items located in the regained area north of 38 degrees North latitude, shall be treated as property devolving upon the State prescribed in the preceding paragraph and such property shall be governed by this Act. <Added on Dec. 31, 1956>
In cases of profit-making enterprises or other associations, etc. established in the Republic of Korea prior to August 9, Dangun Year 4278, whose stocks or shares belonged to any institution, national, or organization of Japan, it shall be deemed that such stocks or shares have devolved upon the State (hereinafter referred to as "stocks or shares devolving upon the State").
In cases of incorporated foundations or incorporated associations established in the Republic of Korea prior to August 9, Dangun Year 4278, in whose case the right regarding directors of the board of directors or employees belonged to any institution, national, or organization of Japan, it shall be deemed that such right regarding directors of the board of directors or employees have been devolved upon the State (hereinafter referred to as "right regarding directors of the board of directors or employees devolved upon the State").