Article 1(Purpose) #
The purpose of this Act is to prescribe matters concerning the establishment, operation and management of a Patriots and Veterans Fund to promote the honor and welfare of those subject to application of the Act on the Honorable Treatment of Persons of Distinguished Service to Independence, the Act on the Honorable Treatment of and Support for Persons of Distinguished Service to the State, the Act on Support for Persons Eligible for Veteran’s Compensation, the Act on Honorable Treatment of War Veterans and Establishment of Related Associations, the Act on the Honorable Treatment of Persons of Distinguished Service to the May 18 Democratization Movement and Establishment of Related Organizations, the Act on Honorable Treatment of Persons of Distinguished Service during Special Missions and Establishment of Related Organizations and the Support for Veterans Act, as well as to support business activities performed by the Korean Veterans Association. <Amended on Aug. 4, 2011; Sep. 15, 2011; Jul. 16, 2013; Dec. 22, 2015; Jan. 5, 2021>
[This Article Wholly Amended on Dec. 31, 2008]
Article 2(Definitions) #
The terms used in this Act are defined as follows: <Amended on Aug. 4, 2011; Act No. 11042, Sep. 15, 2011; Act No. 11941, Jul. 16, 2013; Act No. 15617, Apr. 17, 2018; Jan. 5, 2021>
1. The term "loan" means any loan made pursuant to the Act on the Honorable Treatment of Persons of Distinguished Service to Independence, the Act on the Honorable Treatment of and Support for Persons of Distinguished Service to the State, the Act on Support for Persons Eligible for Veteran’s Compensation, the Act on the Honorable Treatment of Persons of Distinguished Service to the May 18 Democratization Movement and Establishment of Related Organizations, the Act on Honorable Treatment of Persons of Distinguished Service during Special Missions and Establishment of Related Organizations and the Support for Veterans Act;
2. The term "compensation fund for counter-espionage operations" means the fund to support and compensate persons involved in counter-espionage operations (including red guerrilla sweep operations; hereinafter the same shall apply);
3. The term "welfare expenses of the persons, etc. of distinguished service to the State" means expenses for supporting various business activities to promote the self-support and welfare of persons covered by the Act on the Honorable Treatment of Persons of Distinguished Service to Independence and the Act on the Honorable Treatment of and Support for Persons of Distinguished Service to the State, and the Act on Support for Persons Eligible for Veteran’s Compensation (hereinafter referred to as "persons, etc. of distinguished service to the State"), and other expenses for rewarding and encouraging exemplary persons of distinguished service to the State;
4. The term "operational support expenses for medical facilities, etc." means expenses for supporting the improvement of welfare of persons receiving medical assistance, elder care assistance, and childcare assistance in veterans hospitals, etc. pursuant to the Act on the Honorable Treatment of Persons of Distinguished Service to Independence and the Act on the Honorable Treatment of and Support for Persons of Distinguished Service to the State (including those receiving medical assistance, elder care assistance, and childcare assistance provided for in the Act on the Honorable Treatment of and Support for Persons of Distinguished Service to the State pursuant to other statutes or regulations) and persons receiving medical assistance pursuant to the Act on Support for Persons Eligible for Veteran’s Compensation (including those receiving medical assistance provided for in the Act on Support for Persons Eligible for Veteran’s Compensation pursuant to other statutes or regulations); and other facility expenses, equipment purchase expenses, and operational support expenses for veterans hospitals, etc.;
5. The term "disaster compensation" means money provided for supporting those covered by the Act on the Honorable Treatment of Persons of Distinguished Service to Independence, the Act on the Honorable Treatment of and Support for Persons of Distinguished Service to the State, the Act on Support for Persons Eligible for Veteran’s Compensation, the Act on the Honorable Treatment of Persons of Distinguished Service to the May 18 Democratization Movement and Establishment of Related Organizations, the Act on Honorable Treatment of Persons of Distinguished Service during Special Missions and Establishment of Related Organizations, and the Act on Honorable Treatment of War Veterans and Establishment of Related Associations who suffer damage due to any natural disaster or other calamity;
6. The term "Veterans Corporation's welfare project expenses" means any project expenses under Article 6 of the Korea Veterans Health Service Act;
7. The term "Korean Veterans Association's business expenses" means any business expenses under Article 4-2 of the Korean Veterans Association Act, which are covered by financial resources referred to in Article 3 (2) 7.
[This Article Wholly Amended on Dec. 31, 2008]
Article 3(Establishment and Revenue Sources of Patriots and Veterans Fund) #
(1) The Government shall establish a Patriots and Veterans Fund (hereinafter referred to as the "Fund") to attain the purposes of this Act.
(2) The Fund shall be created out of the following financial resources: <Amended on Jul. 16, 2013; Dec. 22, 2015>
1. Amount of money remaining after the payment of principal and interest on insurance savings, incentives and guarantee insurance money pursuant to Article 2 of the Addenda to the repealed Military Personnel Insurance Act, Act No. 6760;
2. Donations made to promote the self-support and welfare of the persons, etc. of distinguished service to the State;
3. Other money or property donated for the purposes of compensating and supporting the persons, etc. of distinguished service to the State;
4. Money transferred pursuant to Article 23 of the Korea Veterans Health Service Act;
5. Loans made under Article 3-2;
6. Money deposited from the Public Capital Management Fund under the Public Capital Management Fund Act;
7. Money or property donated by companies, etc. financed by the Korean Veterans Association for the purposes of supporting the business activities of the Korean Veterans Association;
8. Contributions from the Government;
9. Money or property donated for the purposes of supporting the business activities under Article 4 of the Act on Honorable Treatment of War Veterans and Establishment of Related Associations;
10. Other receipts.
[This Article Wholly Amended on Dec. 31, 2008]
Article 3-2(Loan) #
If necessary for the management of the Fund, any loan may be made from financial institutions or other Funds, etc. at the expense of the Fund.
[This Article Wholly Amended on Dec. 31, 2008]
Article 3-3 #
Deleted. <Dec. 31, 1993>
Article 4(Revenue of Fund) #
The revenue of the Fund shall be as follows:
1. Money transferred from other accounts and money deposited from the Public Capital Management Fund;
2. Money obtained through withdrawing any loan, deposit or other lent money;
3. Donations, proceeds from the disposal of property donated, and money transferred from the Korea Veterans Health Service;
4. Proceeds and dividends earned from projects to increase Fund reserves;
5. Proceeds from the disposal of Fund property, rents and other interest receipts of various kinds;
6. Loans;
7. Other profits accrued from the management of the Fund.
[This Article Wholly Amended on Dec. 31, 2008]
Article 4-2(Collection of Donations) #
(1) The Minister of Patriots and Veterans Affairs may designate institutions that take charge of the collection of donations pursuant to Article 3 (2) 2 and 3 (hereinafter referred to as "collecting institutions") to collect such donations. <Amended on Mar. 4, 2023>
(2) Requirements for designation of collecting institutions, methods of collection, and other necessary matters shall be prescribed by Presidential Decree.
(3) With respect to the collection of donations under paragraph (1), the Act on Collection and Use of Donations shall not apply.
[This Article Wholly Amended on Dec. 31, 2008]
Article 5(Expenditure of Fund) #
The Fund shall be used to cover the expenses, etc. referred to in the following subparagraphs: <Amended on Jul. 16, 2013; Dec. 22, 2015>
1. Loans, repayments, housing construction expenses, deposits, the compensation fund for counter-espionage operations, operational support expenses for medical facilities, etc., securities purchase expenses, expenses required for projects to increase Fund reserves, loans extended as a part of welfare projects for the persons, etc. of distinguished service to the State, subsidies, welfare expenses of the persons, etc. of distinguished service to the State, disaster compensations, interest payments, investments, contributions, the Veterans Corporation’s welfare project expenses, and the Korean Veterans Association’s business expenses;
2. Redemption of principal and interest on money deposited from the Public Capital Management Fund;
3. Business expenses under each subparagraph of Article 4 of the Act on Honorable Treatment of War Veterans and Establishment of Related Associations;
4. Other Fund creation expenses and incidental expenses necessary for the management of the Fund.
[This Article Wholly Amended on Dec. 31, 2008]
Article 6(Subdivision of Fund) #
In managing the accounting of the Fund, it shall be subdivided into support fund for persons, etc. of distinguished service to the State, support fund for war veterans and veterans, support fund for persons of distinguished service to the May 18 Democratization Movement, and support fund for persons of distinguished service during special missions. <Amended on Aug. 4, 2011>
[This Article Wholly Amended on Dec. 31, 2008]
Article 7(Operation and Management of Fund) #
(1) The Fund shall be operated and managed by the Minister of Patriots and Veterans Affairs. <Amended on Mar. 4, 2023>
(2) The accounting of the Fund shall be performed according to the principles of corporate accounting.
(3) The Fund may deposit its funds with the financial institutions prescribed by Presidential Decree.
(4) The Fund may purchase the following securities using its funds:
1. Securities directly issued or guaranteed by the State, a local government, or a financial institution against the failure to repay debts;
2. Other securities prescribed by Presidential Decree.
(5) The Fund may perform the project to increase Fund reserves and the project to improve the welfare of the persons, etc. of distinguished service to the State.
(6) The Minister of Patriots and Veterans Affairs may entrust the projects referred to in paragraph (5) to the Korea Veterans Health Service under the Korea Veterans Health Service Act or any public corporation or a company, at least 1/2 of the capital of which is composed of investments from the Korea Veterans Health Service, or have a legal entity established by using the resources of the Fund perform such projects. <Amended on Mar. 4, 2023>
(7) The Minister of Patriots and Veterans Affairs may invest in or contribute Fund property in kind to the legal entity, etc. referred to in paragraph (6) to carry out the projects provided for in paragraph (5). In such cases, the determination of the price of such property shall be made pursuant to Article 44 of the State Property Act. <Amended on Jan. 30, 2009; Mar. 4, 2023>
(8) In cases under paragraph (6), Article 22 of the Korea Veterans Health Service Act shall apply mutatis mutandis with respect to products manufactured by the relevant legal entity.
(9) Necessary matters regarding the operation and management of the Fund shall be prescribed by Presidential Decree.
[This Article Wholly Amended on Dec. 31, 2008]
Article 8(Fiscal Year of Fund) #
The fiscal year of the Fund shall be in accordance with the fiscal year of the Government.
[This Article Wholly Amended on Dec. 31, 2008]
Article 9(Use of Fund by its Financial Resources) #
The use of the Fund by its financial resources shall be prescribed by Presidential Decree.
[This Article Wholly Amended on Dec. 31, 2008]
Article 10(Fund Management Council) #
(1) A Council on Management of the Project Fund for Patriotic Martyrs and Patriots and the Patriots and Veterans Fund (hereinafter referred to as the "Council") shall be established within the Ministry of Patriots and Veterans Affairs to deliberate on matters concerning the operation and management of the Fund under this Act and the Project Fund for Patriotic Martyrs and Patriots under Article 27 of the Act on the Honorable Treatment of Persons of Distinguished Service to Independence. <Amended on Mar. 4, 2023>
(2) Necessary matters regarding the organization and operation of the Council shall be prescribed by Presidential Decree.
[This Article Wholly Amended on Feb. 6, 2009]
Article 11 #
Deleted. <Jan. 20, 2004>
Article 12(Accounting Agency of Fund) #
(1) The Minister of Patriots and Veterans Affairs shall appoint a Fund revenue collection officer, a Fund financial officer, a Fund disbursing officer and a Fund accounting official from among public officials under his or her control to take charge of the affairs of revenue and expenditure of the Fund. <Amended on Mar. 4, 2023>
(2) The appointment of a Fund revenue collection officer, a Fund financial officer, a Fund disbursing officer and a Fund accounting official under paragraph (1) may be substituted by the designation of positions established at government offices under the control of the Minister of Patriots and Veterans Affairs. <Amended on Mar. 4, 2023>
[This Article Wholly Amended on Dec. 31, 2008]
Article 13(Establishment of Fund Account) #
The Minister of Patriots and Veterans Affairs shall open a Patriots and Veterans Fund account with the Bank of Korea. <Amended on Mar. 4, 2023>
[This Article Wholly Amended on Dec. 31, 2008]
Article 14 #
Deleted. <Jan. 20, 2004>
Article 15 #
Deleted. <Jan. 20, 2004>
Article 16(Disposal of Deficits) #
If deemed impossible to collect the principal and interest on any loan extended from the Fund, the Minister of Patriots and Veterans Affairs may treat such loan as an amount of loss, after deliberation by the Council, as prescribed by Presidential Decree. <Amended on Jul. 16, 2013; Mar. 4, 2023>
[This Article Wholly Amended on Dec. 31, 2008]
Article 17(Interest Rate of Fund) #
The interest rate of funds managed by the Fund shall be prescribed by Presidential Decree.
[This Article Wholly Amended on Dec. 31, 2008]
Article 18(Entrustment of Payment Services) #
(1) The Minister of Patriots and Veterans Affairs may entrust loan services among the payment services of the Fund to communications agencies or financial institutions provided for in Article 7 (3). <Amended on Mar. 4, 2023>
(2) The Minister of Patriots and Veterans Affairs shall, upon entrustment of loan services to communications agencies or financial institutions pursuant to paragraph (1), direct the competent Fund disbursing officer to provide necessary funds. <Amended on Mar. 4, 2023>
[This Article Wholly Amended on Dec. 31, 2008]
Article 19 #
Deleted. <on Dec. 31, 2008>