LOCAL PUBLIC ENTERPRISES ACT

영문법령 불러오는 중…

LOCAL PUBLIC ENTERPRISES ACT — 법갈피

Article 19(Municipal Bonds) #

(1) A local government may issue municipal bonds, the issuance expenses of which shall be borne by special accounts of a relevant local government-directly operated enterprises in any of the following cases:

1. Where it is necessary to appropriate funds to the current working capital;

2. Where it is necessary to appropriate funds to the revolving fund;

3. Where it is necessary to appropriate funds to construction or improvement expenses or to use funds for purchasing similar business.

(2) The Special Metropolitan City, a Metropolitan City, a Special Self-Governing City, Dos, and a Special Self-Governing Province (hereinafter referred to as "City/Do") or a large city other than the Special Metropolitan City, Metropolitan City, or Special Self-Governing City with a population of at least one million (hereinafter referred to as "special case city") may issue municipal development bonds after obtaining approval from a local council in order to secure finances for investment in businesses prescribed in Article 2 or to raise funds for regional development, notwithstanding paragraph (1). <Amended on Jun. 4, 2013; Jan. 30, 2024>

(3) Persons designated by municipal ordinances from among the following persons shall purchase the municipal development bonds:

1. Persons who obtain a license, permission, or authorization from a local government or who apply for or report registration to a local government;

2. Persons who conclude a contract for construction works with a local government or with a corporation to which a local government has invested or contributed to the whole amount of equity capital;

3. Persons who conclude a contract for service or for goods purchase, repair or manufacturing with a local government or with a corporation for which a local government has invested or contributed the whole amount of equity capital.

(4) Procedures for purchasing municipal development bonds, the amount by purchase object, methods of registering bonds, interest rates, redemption and other necessary matters shall be prescribed by municipal ordinance of each City/Do or special case city. <Amended on Jan. 30, 2024>

[This Article Wholly Amended on Aug. 4, 2011]

Article 46(Publication of Status of Business Operation) #

(1) A manager shall submit documents concerning the business operation of a local government-directly operated enterprise to the head of a local government at least twice each business year, as prescribed by municipal ordinances. In such cases, the head of the local government shall give public notice thereof without delay.

(2) A manager shall publicly notify residents of the settlement of accounts, the financial statements, the annual business goals, the outcomes of business performance evaluation, and other important matters concerning the business management, as prescribed by Presidential Decree.

(3) The Minister of the Interior and Safety may standardize significant matters publicly notified by each local government-directly operated enterprise pursuant to paragraph (2), and integrate and disclose such matters (hereafter referred to as "integrated disclosure" in this Article). <Amended on Mar. 23, 2013; Nov. 19, 2014; Jul. 26, 2017>

(4) The Minister of the Interior and Safety may request local government-directly operated enterprises to submit materials necessary for integrated disclosure, and the local government-directly operated enterprises so requested shall comply therewith, except in extenuating circumstances. <Amended on Mar. 23, 2013; Nov. 19, 2014; Jul. 26, 2017>

(5) Where any local government-directly operated enterprise fails to faithfully perform the duty of publicly notifying its business operation under paragraph (2) and the duty of submitting materials for integrated disclosure prescribed in paragraph (4), or publicly notifies any false information or submits false materials, the Minister of the Interior and Safety may notify the head of the relevant local government thereof and demand that the false information, etc. be corrected. <Amended on Mar. 23, 2013; Nov. 19, 2014; Jul. 26, 2017>

(6) Matters necessary for the standards and methods, etc. of integrated disclosure shall be prescribed by Presidential Decree.

[This Article Wholly Amended on Aug. 4, 2011]

Article 58(Appointment and Dismissal of Executive Officers) #

(1) The executive officers of a public corporation shall be directors (classified into permanent directors and non-permanent directors) and auditors, including the president, and the number of such executive officers shall be prescribed by the articles of incorporation.

(2) The president and auditors shall be appointed or dismissed by the head of a local government, from among persons who have professional knowledge and abilities with regard to the management of local public enterprises, as prescribed by Presidential Decree; provided, in cases of a public corporation established under Article 50 (1), the appointment and dismissal of the president and auditors shall be dealt with in accordance with an agreement concluded between local governments.

(3) In appointing a president and an auditor pursuant to paragraph (2) (excluding a person who is to be appointed as an auditor ipso facto, as prescribed by municipal ordinances or the articles of incorporation), the head of a local government shall appoint a person from among those recommended by the executive officer recommendation committee prescribed by Presidential Decree (hereafter referred to as the "executive officer recommendation committee" in this Article); provided, the head of the local government who intends to hold a confirmation hearing pursuant to Article 47-2 of the Local Autonomy Act may omit the recommendation procedures by the executive officer recommendation committee. <Amended on Mar. 21, 2023>

(4) The head of a local government may dismiss the president during his or her term, depending on the outcomes of his or her management, or reappoint him or her after deliberation by the executive officer recommendation committee, notwithstanding the completion of his or her term. In such cases, the head of the local government shall take the following matters into consideration: <Amended on Jun. 4, 2013; Mar. 21, 2023>

1. Compliance with a performance-based contract concluded under Article 58-2;

2. Results of management evaluation conducted under Article 78 (1) and (2);

3. Results of evaluation of the president’s performance of duties prescribed in Article 78 (4).

(5) The head of a local government may dismiss the president during the president's term of office in any of the following cases: <Added on Dec. 15, 2015>

1. Where the president fails to comply with an order to improve management issued under Article 78-2 (3) without any justifiable reason;

2. Other cases where the president violates any related statutes or regulations seriously and obviously in the course of performing his or her duties.

(6) Matters necessary for establishing criteria, etc. for reappointment or dismissal of the president prescribed in paragraph (4) shall be prescribed by Presidential Decree. <Amended on Dec. 15, 2015>

(7) Directors (excluding a person who is to be appointed as a director ipso facto, as prescribed by municipal ordinances or the articles of incorporation) shall be appointed from among those recommended by the executive officer recommendation committee, but permanent directors are appointed or dismissed by the president and non-permanent directors by the head of the local government. In such cases, matters necessary for the appointment and dismissal of directors shall be prescribed by Presidential Decree. <Amended on Dec. 15, 2015>

(8) Where the executive officer recommendation committee intends to recommend a candidate for executive officers, it shall publicly recruit candidates, as prescribed by Presidential Decree. <Amended on Dec. 15, 2015>

[This Article Wholly Amended on Aug. 4, 2011]

Article 60(Grounds for Disqualification of Executive Officers) #

(1) No person falling under any of the following subparagraphs shall be an executive officer of the Corporation, and no person falling under subparagraph 3 shall be an employee of the Corporation. <Amended on December 15, 2015, on January 7, 2025>

1. Deleted; <Dec. 3, 2019>

2. A minor;

3. A person who falls under any subparagraph of Article 31 of the Local Public Officials Act;

4. A person for whom three years have yet to elapse since he or she was dismissed under Article 58 (4) or (5);

5. A person who has been sentenced to a fine for violating this Act and for whom two years have yet to elapse since such sentence was given;

6. Deleted. <Dec. 15, 2015>

(2) When an executive officer of the Corporation falls under any of the subparagraphs of paragraph (1) (excluding subparagraph 3) and subparagraph 1 of Article 61 of the Local Public Officials Act, or when it is found that he falls under the same at the time of appointment, he or she shall of course retire. <Amended on January 7, 2025>

(3) When an employee of the Corporation falls under any of the subparagraphs of paragraph (1) and subparagraph 1 of Article 61 of the Local Public Officials Act, or when it is found that he falls under the same at the time of appointment, he or she shall of course retire. <Added on January 7, 2025>

(4) Any act in which any executive officer or employee who resigns from his or her office pursuant to paragraph (2) or (3) has been involved prior to his or her resignation shall not lose its effect. <Amended on Jan. 7, 2025>

(5) Upon receipt of a request from the Corporation, the head of a local government may request the Commissioner General of the Korean National Police Agency to inquire into criminal history records under Article 6 of the Act on the Lapse of Criminal Sentences, with the consent of the relevant person, only for information necessary to verify the grounds for disqualification falling under any subparagraph of paragraph (1), and provide the request to the Corporation. <Added on Jan. 7, 2025>

[This Article Wholly Amended on Aug. 4, 2011]

[Title Amended on Jan. 7, 2025]

Article 63-6(Demand for Disciplinary Actions) #

(1) A public corporation may take disciplinary actions against executive officer officers and employees of the public corporation, as specified by its articles of incorporation.

(2) Where a person who holds an authority to take disciplinary action in a public corporation takes any disciplinary action against an executive officer or employee on grounds of receiving money, valuables, or entertainments, or of embezzlement or misappropriation of public funds, he or she may impose a surcharge in addition to disciplinary action in an amount not exceeding five times the amount of money, valuables, and entertainments received or the amount of public funds embezzled or misappropriated.

(3) Where any executive officer or employee of a public corporation has received a criminal penalty or has fulfilled his or her liability for compensation, etc. under any other statutes on grounds of receiving money, valuables, or entertainments, or of embezzlement or misappropriation of public funds (including cases where any confiscation or additional collection has been made), the sum of the amount corresponding to the fine, compensation money, and the amount confiscated or additionally collected and the amount specified in paragraph (2) shall not exceed five times the amount of money, valuables, or entertainments received, or the amount of public funds embezzled or misappropriated.

(4) Where a person who holds an authority to take disciplinary action in a public corporation fails to take necessary measures despite that the imposition of a disciplinary action or surcharge for a disciplinary action prescribed in paragraph (1) or (2) is required, the head of a local government may request the authority holder of the public corporation to take a disciplinary action or to impose a surcharge for the disciplinary action.

(5) No disciplinary action or surcharge for a disciplinary action may be imposed if three years (or five years, in cases of receipt of money, valuables or entertainments, or embezzlement or misappropriation of public funds) have elapsed from the date of occurrence of the ground therefor.

[This Article Added on Dec. 15, 2015]

Article 63-7(Measures against Persons Who Commit Misconduct) #

(1) Each public corporation shall endeavor to strengthen ethical management, such as transparent and impartial personnel operation.

(2) Where an executive officer of a public corporation has committed or is suspected of having committed any misconduct prescribed by Presidential Decree (hereinafter referred to as "misconduct"), such as misconduct providing or receiving money or valuables, a sex offense, or employment misconduct, and where such misconduct is deemed to have discouraged ethical management under paragraph (1), the head of the competent local government shall request an investigation agency, such as the prosecution or the police, and an audit and inspection agency such as the Board of Audit and Inspection (hereafter referred to as "investigation agency, etc." in this Article) to conduct an investigation or an audit and inspection in regard to the relevant executive officer of the public corporation. In such cases, the head of the local government may suspend the duties of the relevant executive officer or request the president of the public corporation to do so.

(3) Where necessary as a result of the investigation or the audit and inspection conducted by an investigation agency, etc. under paragraph (2), the Minister of the Interior and Safety may request the head of the competent local government to dismiss the relevant executive officer of the public corporation concerned, and the head of the local government may dismiss the executive officer or request the president of the public corporation to do so.

(4) Where the conviction of an executive officer of a public corporation becomes final in relation to employment misconduct from among types of misconduct and where the executive officer is subject to aggravated punishment under Article 2 of the Act on the Aggravated Punishment of Specific Crimes, the head of the competent local government may disclose the executive officer’s personal information, the fact of his or her misconduct, etc., following deliberation and resolution by a deliberative and decision-making body of the local government which is prescribed by Presidential Decree.

(5) Where the conviction of an executive officer or employee of a public corporation becomes final in relation to employment misconduct from among types of misconduct and where a person has passed an examination for employment, or has been promoted or appointed, due to the relevant employment misconduct, the head of the competent local government may request the president of the public corporation to revoke his or her passing scores, promotion, or appointment or to take unfavorable personnel action against him or her (hereafter referred to as "revocation of passing scores, etc." in this Article). In such cases, the president of the public corporation shall notify the relevant person of the details thereof and the reasons therefor to give him or her the opportunity to vindicate himself or herself.

(6) Matters necessary for the specific details of and procedures, etc. for disclosure of a list under paragraph (4) and those necessary for the criteria for and details of revocation of passing an examination, etc., the procedures for vindication, etc. under paragraph (5) shall be prescribed by Presidential Decree.

[This Article Added on Dec. 3, 2019]

Article 65-3(Examination of Feasibility of New Investment Project) #

(1) If the president of a public corporation intends to conduct a new investment project of a size not less than the one prescribed by Presidential Decree, he or she shall examine the necessity of the project, the feasibility of a project plan, etc. (hereinafter referred to as "examination of the feasibility of a new investment project") according to the methods and procedures prescribed by Presidential Decree, and report thereon to the head of the competent local government and obtain a resolution from a local council of the local government. <Amended on Dec. 29, 2015; Dec. 3, 2019>

(2) Notwithstanding paragraph (1), any of the following projects shall be excluded from the examination of the feasibility of a new investment project, according to the procedures prescribed by Presidential Decree. In such cases, the president of a public corporation shall, without delay, report the details of the project excluded from such examination and the reasons therefor to the head and council of the competent local government: <Added on Dec. 3, 2019>

1. A project which has undergone any of the following study, appraisal, etc. or has been excluded therefrom:

(a) A preliminary feasibility study under Article 38 (1) of the National Finance Act;

(b) An investment appraisal under Article 37 of the Local Finance Act (limited to an investment appraisal conducted by the head of the local government that established the relevant public corporation);

2. A new investment project jointly implemented by at least two public corporations established by different local governments respectively, for which the president of at least one of the public corporations undergoes all the procedures under paragraph (1) and the council of the local government that established the other public corporation agrees not to conduct a separate examination of the feasibility of a new investment project;

3. A project which needs to be implemented urgently to prevent, and support recovery from, a disaster under subparagraph 1 of Article 3 of the Framework Act on the Management of Disasters and Safety;

4. A project which shall be implemented in accordance with statutes and regulations;

5. A project satisfying all of the following requirements which needs to be implemented as a national policy in order to ensure balanced regional development, cope with urgent economic and social situations, etc.:

(a) A project for which a detailed plan, including the purpose, scale, and implementation method of the project, is formulated;

(b) A project determined by a meeting of the State Council because it needs to be implemented as a national policy.

(3) The examination of the feasibility of a new investment project shall be entrusted to an institution designated and publicly notified by the Minister of the Interior and Safety, which is a specialized institution satisfying the requirements prescribed by Presidential Decree, such as professional human resources, and examination and research capability. <Added on Dec. 29, 2015; Jul. 26, 2017; Dec. 3, 2019>

[This Article Added on Jun. 4, 2013]

Article 78(Evaluation of Management and Guidance) #

(1) The Minister of the Interior and Safety shall evaluate the management of local public enterprises, as prescribed by Presidential Decree, in consideration of the basic management principles for local public enterprises prescribed in Article 3, and take necessary measures according to the outcomes of said evaluation; provided, the Minister of the Interior and Safety may request the heads of local governments to evaluate the management of local public enterprises, when he or she deems it necessary. <Amended on Mar. 23, 2013; Jun. 4, 2013; Nov. 19, 2014; Jul. 26, 2017>

(2) The evaluation of management prescribed in paragraph (1) shall include the evaluation with respect to the attainment of management goals, the efficiency of business, the nature of public interest and customer services, etc. of any local public enterprise.

(3) When necessary for the evaluation of management prescribed in paragraph (1), the Minister of the Interior and Safety may request local public enterprises to submit relevant data, such as the list of customers, etc. In such cases, the local public enterprises, in receipt of such request, shall comply therewith, except in extenuating circumstances. <Added on Jun. 4, 2013; Nov. 19, 2014; Jul. 26, 2017>

(4) The Minister of the Interior and Safety may evaluate the management performance of the presidents of local public enterprises, as prescribed by Presidential Decree, apart from the evaluation of management prescribed in paragraphs (1) and (2). In such cases, public interest shall be taken into consideration. <Amended on Mar. 23, 2013; Jun. 4, 2013; Nov. 19, 2014; Jul. 26, 2017>

(5) The Minister of the Interior and Safety or the Mayor/Do Governor (excluding the Special Metropolitan City Mayor and a Special Self-Governing Province Governor; hereafter the same shall apply in this paragraph) may provide guidance, counselling, or recommendations to local public enterprises (limited to local public enterprises of a Si/Gun/autonomous Gu in cases of the Mayor/Do Governor) necessary for efficient management. <Amended on Mar. 23, 2013; Jun. 4, 2013; Nov. 19, 2014; Jul. 26, 2017>

(6) Where a local public enterprise falls under any of the following subparagraphs, the Minister of the Interior and Safety may adjust the results of management evaluation under paragraph (1), take measures, such as a caution or warning, against the relevant local public enterprise, or request the head of a local government to adjust the evaluation of the relevant local public enterprise. In such cases, deliberation by a policy committee for local public enterprises under Article 78-5 shall be conducted: <Added on Jan. 11, 2022>

1. Cases where it fails to submit data necessary for management evaluation under paragraph (3) or prepares and submits false data;

2. Cases prescribed by Presidential Decree where unfair personnel management, irregularities, etc. hinder ethical management.

(7) The head of a local government, in receipt of a request under paragraph (6), shall adjust the evaluation rates of the relevant local public enterprise, except when there is a compelling reason not to do so, and may request the president of the relevant public corporation or the president of the public agency to take personnel action, etc. against the relevant persons, if necessary. <Added on Jan. 11, 2022>

[This Article Wholly Amended on Aug. 4, 2011]

Article 78-2(Analysis of Management and Order to Improve Management) #

(1) When the head of a local government evaluates the management under the proviso of Article 78 (1), he or she shall submit a report on the evaluation of management, financial statements, and other documents prescribed by Presidential Decree to the Minister of the Interior and Safety within one month after the evaluation of management is completed. <Amended on Mar. 23, 2013; Nov. 19, 2014; Jul. 26, 2017>

(2) Where any of the following local public enterprises is considered to require special measures based on the outcomes of management evaluation prescribed in the main clause of Article 78 (1) or analysis of documents, etc. under paragraph (1), the Minister of the Interior and Safety may analyze their management and make public the results thereof, as prescribed by Presidential Decree: <Amended on Mar. 23, 2013; Nov. 19, 2014; Jul. 26, 2017>

1. A local public enterprise which has continuously posted the current net loss for at least three consecutive business years;

2. A local public enterprise which records a sharp fall in operating revenues over the preceding year without any special ground;

3. A local public enterprise which is required to restructure its management through the scaling back of its business size, the liquidation of a corporation or privatization, etc. in light of circumstances surrounding its management;

4. Other local public enterprises prescribed by Presidential Decree.

(3) When the Minister of the Interior and Safety deems it necessary based on the outcomes of the management analysis prescribed in paragraph (2), he or she may order the head of a local government, the president of a public corporation or the president of a public agency to take measures to improve its management, such as dismissal of the executive officers of the relevant local public enterprise and its reorganization. <Amended on Mar. 23, 2013; Nov. 19, 2014; Jul. 26, 2017>

(4) In receipt of an order prescribed in paragraph (3), the head of a local government, the president of a public corporation, or the president of a public agency shall comply therewith without delay, except in extenuating circumstances.

[This Article Wholly Amended on Aug. 4, 2011]

[Title Amended on Dec. 29, 2015]

Article 78-4(Establishment and Operation of Evaluation Institute of Regional Public Corporation) #

(1) In order to support the evaluation of management of local public enterprises, research on related policies, education of executive officers and employees thereof, etc. in a professional manner, the Evaluation Institute of Regional Public Corporation (hereinafter referred to as the "Evaluation Institute") shall be established.

(2) The Evaluation Institute shall be a corporation, and shall be duly formed upon the completion of the registration of their establishment at a place where its principal office is located.

(3) In order to support the performance of the services of the Evaluation Institute, local governments or local public enterprises may make contributions to the Evaluation Institute. In such cases, matters necessary for the payment, use, management, etc. of the contributions shall be prescribed by Presidential Decree.

(4) The Evaluation Institute shall have a board of directors and one auditor.

(5) The board of director shall be comprised of not more than 12 directors, including one chairperson.

(6) The chairperson shall be appointed by the board of directors, following recommendation of the board of directors and approval from the Minister of the Interior and Safety. <Amended on Jul. 26, 2017>

(7) The term of office of the chairperson shall be three years and may be renewed only once.

(8) Other matters necessary for the establishment and operation of the Evaluation Institute, such as the terms of office of directors and an auditor and the methods of appointing them, shall be prescribed by the articles of incorporation.

(9) The Minister of the Interior and Safety shall guide and supervise the Evaluation Institute, and may request the Evaluation Institute to report the matters concerning its services or order to submit its data, etc., where necessary. <Amended on Jul. 26, 2017>

(10) Unless otherwise prescribed by this Act, the provisions of the Civil Act that are relevant to an incorporated foundation shall apply mutatis mutandis with regard to the Evaluation Institute.

[This Article Added on Dec. 29, 2015]

[Previous Article 78-4 moved to Article 78-5 <Dec. 29, 2015>]

Article 80(Changes in Organization of Public Corporations and Public Agencies) #

(1) A public corporation or a public agency may, where necessary for the efficient business operation, change its organization from a public corporation to a public agency, or from a public agency to a public corporation, without undergoing liquidation procedures.

(2) Where the president of a public corporation or the president of a public agency intends to make an organizational change prescribed in paragraph (1), he or she shall obtain approval for matters relating to the organizational change from the head of the competent local government, and undergo a resolution thereon by the council of the local government, along with a draft of the municipal ordinance on the organizational change. <Amended on Dec. 3, 2019>

(3) Where a public corporation invested by a person, other than a local government, intends to change its organization prescribed in Article 53 (2), it shall convert the amount invested by the person other than the local government to the investment of the local government, after obtaining resolution of a general assembly meeting adopted by concurrence of all shareholders before resolution of the council is adopted under paragraph (2).

(4) The president of a public corporation or the president of a public agency shall notify the interested parties, including creditors, of the fact of the organizational change within 20 days from the date on which the council adopts the resolution prescribed in paragraph (2).

(5) Where a public corporation or a public agency obtains a resolution prescribed in paragraph (2), the former public corporation or the former public agency shall file a registration of the dissolution, and the substitute public corporation or substitute public agency shall file a registration of incorporation at the location of its principal office.

(6) The substitute public corporation or the substitute public agency shall succeed, by universal title, to all property, claims and obligations, employment relationship, and other rights and obligations belonging to the former public corporation or the former public agency on the date of registration of its establishment prescribed in paragraph (5).

(7) Except as prescribed in paragraphs (1) through (6), matters necessary for the methods and procedures for making organizational changes shall be prescribed by Presidential Decree.

[This Article Added on Dec. 15, 2015]

LOCAL PUBLIC ENTERPRISES ACT

Article 1(Purpose) #

Article 2(Scope of Application) #

Article 3(Basic Principle of Management) #

Article 4(Enactment and Enforcement of Statutes or Regulations Governing Local Public Enterprises) #

Article 5(Establishment of Local Government-Directly Operated Enterprises) #

Article 6(Application of Local Autonomy Act) #

Article 7(Manager) #

Article 8(Authority of Manager) #

Article 9(Obligations of Manager) #

Article 9-2(Formulation of Medium- to Long-Term Business Management Plans of Local Government-Directly Operated Enterprises) #

Article 10(Relationship between Manager and Head of Local Government) #

Article 10-2(Employees of Enterprise) #

Article 11(Enterprise Management Regulations) #

Article 12(Delegation of Authority) #

Article 13(Special Accounting) #

Article 14(Autonomous Accounting System) #

Article 15(Business Year) #

Article 16(Principles of Accounting) #

Article 17(Investment) #

Article 18(Long-Term Loans) #

Article 19(Municipal Bonds) #

Article 20(Temporary Loans) #

Article 20-2(Advances) #

Article 21(Calculation of Cost) #

Article 22(Fees) #

Article 23(Preparation of Budget) #

Article 24(Classification of Budgets) #

Article 25(Details of Budgets) #

Article 26(Submission of Budget Bill) #

Article 27(Expenditures to Earn Revenue) #

Article 28(Execution of Budgets) #

Article 29(Diversion of Budgets) #

Article 30(Carrying Forward of Budgets) #

Article 31(Reserve) #

Article 32(Special Cases concerning Disbursement of Expenses not Requiring Cash) #

Article 33(Receipts, Disbursements, and Custody of Cash) #

Article 34(Overall Control of Account) #

Article 34-2(Support for Development and Operation of Budget and Accounting Information Processing System) #

Article 35(Settlement of Accounts) #

Article 36(Report on Condition of Accounting) #

Article 37(Accounting of Gains) #

Article 38(Accounting of Losses) #

Article 39(Revolving Fund) #

Article 40(Acquisition and Disposal of Important Assets) #

Article 41(Management of Enterprise Assets) #

Article 42(Contracts) #

Article 43(Provisions on Delegation) #

Article 44(Special Cases concerning Association of Local Governments) #

Article 45(Special Provisions concerning Organization) #

Article 46(Publication of Status of Business Operation) #

Article 47(Adjustment of Business) #

Article 48(Obligation for Compensation) #

Article 49(Establishment) #

Article 50(Joint Establishment) #

Article 51(Corporate Personality) #

Article 52(Offices) #

Article 53(Investment) #

Article 54(Investment in other Corporations) #

Article 55(Exercise of Shareholder’s Rights of Local Government) #

Article 56(Articles of Incorporation) #

Article 57(Registration) #

Article 57-2(Dissolution) #

Article 58(Appointment and Dismissal of Executive Officers) #

Article 58-2(Performance-Based Contracts with President) #

Article 59(Term of Office and Duties) #

Article 60(Grounds for Disqualification of Executive Officers) #

Article 61(Restrictions on Executive Officers and Employees Concurrently Holding Second Office) #

Article 62(Board of Directors) #

Article 63(Appointment and Dismissal of Employees) #

Article 63-2(Education and Training for Executive Officers and Employees) #

Article 63-3(Remuneration of Executive Officers and Employees) #

Article 63-4(Exercise of Right and Selection and Appointment of Agent) #

Article 63-5(Common Standards for Personnel Management) #

Article 63-6(Demand for Disciplinary Actions) #

Article 63-7(Measures against Persons Who Commit Misconduct) #

Article 63-8(Personnel Audit) #

Article 64(Business Year) #

Article 64-2(Principles of Accounting) #

Article 64-3(Establishment of Medium- to Long-Term Financial Management Plans) #