CORPORATE RESTRUCTURING INVESTMENT COMPANIES ACT

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CORPORATE RESTRUCTURING INVESTMENT COMPANIES ACT — 법갈피

Article 9(Requirements for Corporate Restructuring Investment Company to Register) #

(1) Any corporate restructuring investment company that intends to make registration in accordance with Article 8 (1) shall meet requirements falling under each of the following subparagraphs:

1. It is required to be a stock company set up under this Act;

2. The capital is required not to be less than 500 million won, the amount of which is not less than what is prescribed by Presidential Decree, at the time that registration is filed;

3. Directors and auditors are required not to fall under disqualifications described in Articles 4 (2) and 17 (2);

4. An assets management company, with which the corporate restructuring investment company has entered into a contract on entrustment of assets operation, is required to be a person consistent with Article 42 and not in a period of business suspension;

5. Contents of registration application documents are required not to be in contravention of this Act or orders issued by this Act;

6. Registration application documents are required not to have false entries or omit the entry of the important fact.

(2) The Financial Supervisory Commission shall, when any corporate restructuring investment company, which has filed a registration application, is found to meet the registration requirements referred to in paragraph (1), enter its registration in the register book and serve a notice thereof, without delay, on such corporate restructuring investment company.

(3) The Financial Supervisory Commission may, where any corporate restructuring investment company, which has filed a registration application, is found not to meet the registration requirements referred to in paragraph (1), deny its registration and where documents appended by the registration application are found to be insufficient, ask the applicant to supplement such documents for a fixed period. In such cases, the Financial Supervisory Commission shall notify, without delay, in writing the applicant, expressly giving reasons thereof.

(4) The Financial Supervisory Commission shall offer the register book of corporate restructuring investment companies, etc. for public perusal.

Article 42(Registration of Assets Management Company) #

(1) Any person who intends to do the business of managing, operating and disposing of assets of a corporate restructuring investment company on the entrustment of such company shall register such business with the Financial Supervisory Commission.

(2) Any person who intends to register the business in accordance with paragraph (1) shall meet requirements falling under each of the following subparagraphs:

1. It is required to be a stock company set up under the Commercial Act;

2. The capital of the company is required not to be less than 500 million won, the amount of which is not less than the amount prescribed by Presidential Decree;

3. The officers of the company are required not to fall under the disqualifications referred to in any subparagraph of Article 4 (2);

4. Of standing executive officers and employees of the company, assets operation specialists are required to be included in accordance with the standards prescribed by Presidential Decree and their number is required not to be less than the number prescribed by Presidential Decree;

5. The company is required to have the financial soundness and what is prescribed by Presidential Decree to soundly manage assets of a corporate restructuring investment company.

(3) Any foreign assets management company (referring to a person who has run the corporate restructuring business or the assets operation business in a foreign country pursuant to Acts and subordinate statutes of such country: hereinafter the same shall apply) shall, where it intends to open its branch office or other business office in the Republic of Korea in order to run the business of an assets management company, file a registration with the Financial Supervisory Commission under the conditions as prescribed by Presidential Decree.

(4) Any branch office or any business office that is registered in accordance with paragraph (3) shall be deemed an assets management company described in this Act.

(5) Any foreign assets management company which meets the requirements of paragraph (2) 2 through 5, may immediately run the business of an assets management company locally without setting up its branch office or its business office in the Republic of Korea.

(6) Necessary matters for any foreign assets management company to get itself entrusted with the business of operating the assets of a corporate restructuring investment company under paragraph (5) shall be determined by Presidential Decree.

(7) Deleted. <Apr. 1, 2009>

CORPORATE RESTRUCTURING INVESTMENT COMPANIES ACT

Article 1(Purpose) #

Article 2(Definitions) #

Article 3(Incorporation Method and Duration) #

Article 4(Promoters) #

Article 5(Articles of Incorporation) #

Article 6(Incorporation Registration) #

Article 7(Organization, etc.) #

Article 8(Registration of Corporate Restructuring Investment Company) #

Article 9(Requirements for Corporate Restructuring Investment Company to Register) #

Article 10(Alteration Registration) #

Article 11(Scope of Business of Corporate Restructuring Investment Company) #

Article 12(Qualifications of Director) #

Article 13(Duties of Director) #

Article 14(Calling of Board of Directors) #

Article 15(Duties of Board of Directors) #

Article 16(Written Resolution) #

Article 17(Qualifications of Auditor) #

Article 18(Duties of Auditor) #

Article 19(Scope of Assets Operation) #

Article 20(Borrowing of Funds and Issue of Bonds) #

Article 21(Limitation Placed on Transactions) #

Article 22(Special Case for Investment Limitation Placed on Creditor Financial Institution) #

Article 23(Special Case for Holding Company) #

Article 23(Special Case for Holding Company) #

Article 24(Preparation of Closing Statements) #

Article 25(Audit Report) #

Article 26(Approval of Closing Statements, etc.) #

Article 27(Keeping and Publication of Closing Statements, etc.) #

Article 28(Cause of Dissolution) #

Article 29(Dissolution Report) #

Article 30(Liquidator) #

Article 31(Report of Liquidator) #

Article 32(Dismissal of Liquidator) #

Article 33(Survey of Current Assets) #

Article 34(Approval of Property List, etc.) #

Article 35(Report on Matters of Violation by Liquidator) #

Article 36(Notice to Creditors) #

Article 37(Termination of Liquidation) #

Article 38(Order Given to Supervise Liquidation) #

Article 39(Special Case for Registration of Liquidator) #

Article 40(Commissioned Registration of Financial Supervisory Commission) #

Article 41(Entrustment of Business of Operating Assets) #

Article 42(Registration of Assets Management Company) #

Article 43(Limitation Placed on Running Other Business by Assets Management Company, etc.) #

Article 44(Standing Rule for Acts Performed by Assets Management Company) #

Article 45(Prohibition on Utilizing Undisclosed Assets Information) #

Article 46(Responsibility of Assets Management Company, etc.) #

Article 47(Management of Entrusted Assets, etc.) #

Article 48(Termination of Assets Operation Entrustment Contract) #

Article 49(Conduct of Business of Collecting Claims) #

Article 50(Entrustment of Business of Having Custody of Assets, etc.) #

Article 51(Business of Having Custody of Assets) #

Article 52(Entrustment, etc. of General Administrative Affairs) #

Article 53(Supervision and Audit, etc.) #

Article 54(Cancellation of Registration of Corporate Restructuring Investment Company) #

Article 55(Cancellation of Registration of Assets Management Company) #

Article 56(Hearings) #

Article 57(Special Case for Accounting Method of Creditor Financial Institution) #

Article 58(Request for Appointing Inspector, Survey and Report, etc.) #

Article 59(Prohibition on Use of Similar Name) #

Article 60(Relation with Other Acts) #

Article 61(Entrustment of Authority) #

Article 62(Penalty Provisions) #

Article 63(Penalty Provisions) #

Article 64(Penalty Provisions) #

Article 65(Joint Penalty Provisions) #

Article 66(Administrative Fines) #