Article 1(Purpose) #
The purpose of this Act is to ensure the efficient construction, management, and operation of Incheon International Airport and to foster it into a global airport specialized enterprise, thereby contributing to smooth air transportation and the development of the national economy.
[This Article Wholly Amended on Mar. 25, 2009]
Article 2(Corporate personality) #
The Incheon International Airport Corporation (hereinafter referred to as the "Corporation") shall be a corporation.
[This Article Wholly Amended on Mar. 25, 2009]
Article 3(Offices) #
(1) The seat of the Corporation's principal office shall be prescribed by its articles of incorporation.
(2) The Corporation may, if deemed necessary to perform its business, open its branches or offices, following the resolution of the board of directors.
[This Article Wholly Amended on Mar. 25, 2009]
Article 4(Stocks) #
(1) The Corporation's capital shall consist of its stock.
(2) The State or a local government may invest movable or immovable property necessary for the business of the Corporation in the Corporation in kind.
[This Article Wholly Amended on Mar. 25, 2009]
Article 5(Registration) #
(1) The Corporation shall be established at the time when it registers such establishment at the location of its main office.
(2) Necessary matters concerning the registration of establishment of the Corporation under paragraph (1), the registration of installation, transfer, or alteration of its branch or offices, and other registration of the Corporation shall be prescribed by Presidential Decree.
(3) With respect to matters requiring registration, the Corporation may not oppose any third party without making registration thereof.
[This Article Wholly Amended on Mar. 25, 2009]
Article 6(Prohibition of use of similar names) #
Anyone who is not the Corporation provided for in this Act shall be prohibited from using the Incheon International Airport Corporation or any other similar names.
[This Article Wholly Amended on Mar. 25, 2009]
Article 7 #
Deleted. <Mar. 25, 2009>
Article 8(Appointment of agents) #
The President may appoint an agent having authority to perform all judicial or extrajudicial acts in connection with the affairs of the Corporation, from among its employees, as prescribed by its articles of incorporation.
[This Article Wholly Amended on Mar. 25, 2009]
Article 9(Prohibition of divulging confidential information) #
No person who is or was an executive officer or employee of the Corporation shall divulge or misuse confidential information that comes to his or her knowledge in the course of performing duties.
[This Article Wholly Amended on Mar. 25, 2009]
Article 10(Projects) #
(1) The Corporation shall implement the following projects in order to achieve the purpose referred to in Article 1: <Amended on Mar. 29, 2016; Feb. 13, 2024>
1. Development of Incheon International Airport among airport development projects under subparagraph 9 of Article 2 of the Airport Facilities Act;
2. Management, operation, maintenance, and repair of Incheon International Airport and development projects for the adjacent areas necessary therefor;
3. Management and operation of roads connected with Incheon International Airport;
4. Research and investigation on the construction, management and operation of Incheon International Airport;
5. Projects incidental to those listed in subparagraphs 1 through 4, as prescribed by Presidential Decree;
6. Telecommunications business related to airport services;
7. Consulting services related to construction, operation, etc. of airports;
8. Construction, management, and operation of overseas airports and development projects of their neighboring areas;
9. Other projects entrusted by the State or local governments in connection with the construction, management, and operation of Incheon International Airport.
(2) The Corporation may invest in projects necessary for efficiently promoting the projects referred to in paragraph (1) within its budgetary limits, following a resolution of the board of directors.
[This Article Wholly Amended on Mar. 25, 2009]
Article 11(Free lease of the State property) #
(1) Where the Government deems it necessary for the Corporation to efficiently implement the projects under the subparagraphs of Article 10 (1), the Government may lease the State property to the Corporation without compensation therefor, or allow the Corporation to use or to make profits from such property, notwithstanding the provisions of the State Property Act.
(2) Notwithstanding the State Property Act, the Corporation may construct buildings or other permanent facilities on the State property for which it has received a loan or permission for using and profiting pursuant to paragraph (1).
[This Article Wholly Amended on Mar. 25, 2009]
Article 12(Sublease of the State property) #
(1) If deemed necessary for the efficient implementation of the projects under the subparagraphs of Article 10 (1), the Corporation may sublease the State property leased, or allowed to use or to make a profit under Article 11.
(2) When the Corporation intends to sublease any State property pursuant to paragraph (1), it shall obtain approval therefor from the Minister of Land, Infrastructure and Transport. The same shall also apply to any modification thereof. <Amended on Mar. 23, 2013>
(3) No person to whom State property is subleased under paragraph (1) shall lease or allow any other person to use, or make a profit from, such property.
(4) Any person who has obtained a sublease of State property pursuant to paragraph (1) shall construct a building or other permanent facilities on the property; provided, he or she may construct a building or other permanent facilities on the property, if the Minister of Land, Infrastructure and Transport deems it necessary for administrative purposes or for the performance of duties of the Corporation to be reverted to the State. <Amended on Mar. 23, 2013>
[This Article Wholly Amended on Mar. 25, 2009]
Article 13(Subsidies) #
The Government may partially subsidize expenses incurred in the projects of the Corporation, finance treasury fund to the Corporation, or assume bonds issued by the Corporation within its budgetary limits.
[This Article Wholly Amended on Mar. 25, 2009]
Article 14(Issuance of bonds) #
(1) The Corporation may issue bonds, following a resolution of the board of directors.
(2) The amount of bonds to be issued shall not exceed 4 times the aggregate capital and reserve of the Corporation.
(3) The Government may guarantee the repayment of the principal and interest of bonds issued by the Corporation.
(4) The period of extinctive prescription of bonds shall be 5 years for the principal and 2 years for interest.
[This Article Wholly Amended on Mar. 25, 2009]
Article 15(Borrowing of funds) #
The Corporation may borrow necessary funds and goods (including borrowing funds and import of goods from overseas countries), following a resolution of the board of directors.
[This Article Wholly Amended on Mar. 25, 2009]
Article 16(Guidance and supervision) #
The Minister of Land, Infrastructure and Transport may guide and supervise the Corporation with respect to the following matters and affairs related thereto, to enhance public nature and public interests of the operation of Incheon International Airport: <Amended on Mar. 23, 2013>
1. Matters concerning the security of airport facilities and aviation safety;
2. Matters concerning convenience and safety of the users of airport facilities.
[This Article Wholly Amended on Mar. 25, 2009]
Article 17(Report to National Assembly) #
The Corporation shall report matters concerning the construction, management, and operation of Incheon International Airport and major project plans to the National Assembly at least once a year. <Amended on Feb. 13, 2024>
[This Article Wholly Amended on Mar. 25, 2009]
Article 18(Relationship to other statutes) #
Except as provided in this Act or the Act on the Management of Public Institutions, the provisions governing the stock company of the Commercial Act and the Act on the Improvement of Managerial Structure and Privatization of Public Enterprises shall apply to the Corporation; provided, Article 292 of the Commercial Act shall not apply to the Corporation.
[This Article Wholly Amended on Mar. 25, 2009]
Article 19(Penalty provisions) #
A person who has violated Article 9 shall be punished by imprisonment with labor for up to 2 years or by a fine not exceeding 20 million won: <Amended on Nov. 28, 2017>
[This Article Wholly Amended on Mar. 25, 2009]
Article 20(Administrative fines) #
(1) Any person who violates Article 6 shall be punished by an administrative fine not exceeding 5 million won.
(2) Administrative fines under paragraph (1) shall be imposed and collected by the Minister of Land, Infrastructure and Transport. <Amended on Mar. 23, 2013>
[This Article Wholly Amended on Mar. 25, 2009]