Article 1(Purpose) #
The purpose of this Decree is to provide for matters mandated by the Act on Special Measures for the Redemption of Independence Public Bonds (hereinafter referred to as the "Act") and those necessary for the enforcement of said Act.
Article 2(Reporting of independence public bonds) #
(1) A person who intends to have his or her independence public bonds redeemed shall submit the original independence public bonds along with a written report when he or she files the report under Article 3(1) of the Act.
(2) Where the Minister of Economy and Finance or the head of a diplomatic mission of the Republic of Korea receives a report under paragraph (1), he or she shall issue a receipt of the report and a copy of independence public bonds checked with the original independence public bonds to a person who has filed the report. <Amended on Dec. 23, 1994; Feb. 29, 2008; Dec. 30, 2025>
(3) The head of a diplomatic mission of the Republic of Korea who receives a report pursuant to paragraph (1) shall send the written report and the original independence public bonds to the Minister of Economy and Finance. <Amended on Dec. 23, 1994; Feb. 29, 2008; Dec. 30, 2025>
(4) The period for filing a report under the proviso of Article 3(3) of the Act shall be three years from the enforcement date of this Decree; provided, the period for filing a report for persons who are unable to file a report within the aforesaid period for filing the report because they reside in an area north of the military demarcation line or in a country without diplomatic relations with the Republic of Korea at the time this Decree enters into force shall be three years from the date prescribed by the Minister of Economy and Finance. <Added on Jun. 30, 1994; Dec. 23, 1994; Feb. 29, 2008; Dec. 30, 2025>
Article 3(Redemption) #
(1) The Minister of Economy and Finance shall verify the authenticity of independence public bonds reported pursuant to Article 2 and determine the amount of redemption money pursuant to Article 4 of the Act. <Amended on Dec. 23, 1994; Feb. 29, 2008; Dec. 30, 2025>
(2) Where the Minister of Economy and Finance determines the amount of redemption money pursuant to paragraph (1), he or she shall notify the relevant person who has filed a report and the institution which is to pay redemption money pursuant to Article 9, respectively. <Amended on Dec. 23, 1994; Feb. 29, 2008; Dec. 30, 2025>
Article 4(Composition of Committee) #
(1) The Independence Public Bond Redemption Committee (hereinafter referred to as the "Committee") under Article 5(1) of the Act shall be composed of not more than nine members including one chairperson.
(2) Among public officials in general service belonging to the senior executive service of the Ministry of Economy and Finance, a person designated by the Minister of Economy and Finance shall serve as the chairperson of the Committee, and the following persons shall serve as the members thereof: <Amended on Dec. 23, 1994; Apr. 1, 1998; Jun. 30, 2001; Jun. 12, 2006; Feb. 29, 2008; Aug. 13, 2010; Mar. 23, 2013; Nov. 19, 2014; Jul. 26, 2017; Dec. 30, 2025>
1. One person designated by the Minister of Foreign Affairs at the request of the Minister of Economy and Finance from among foreign service officers in positions in Grades 6 through 9;
2. One person designated by the Minister of the Interior and Safety at the request of the Minister of Economy and Finance from among public officials in Grade 3, public officials in Grade 4, or public officials in general service belonging to the senior executive service of the National Forensic Service;
3. One person designated by the Minister of Justice at the request of the Minister of Economy and Finance from among public officials in Grade 3, public officials in Grade 4, or public officials in general service belonging to the senior executive service of the Ministry of Justice or public prosecutors;
4. One person designated by the Governor of the Bank of Korea at the request of the Minister of Economy and Finance from among executive officers and employees of the Bank of Korea;
5. One person designated by the President of Korea Minting, Security Printing and ID Card Operating Corporation at the request of the Minister of Economy and Finance from among executives and employees of Korea Minting, Security Printing and ID Card Operating Corporation;
6. Not more than three persons appointed by the Minister of Economy and Finance from among persons who have extensive knowledge of and abundant experience in relevant affairs and are engaged in diverse fields of society, such as academic circles and legal circles.
Article 5(Functions of Committee) #
The Committee shall deliberate on the following matters:
1. Verification of the authenticity of independence public bonds;
2. Determination of the amount of redemption money for independence public bonds reported;
3. Procedures relating to the reporting of independence public bonds and to affairs concerning the redemption thereof;
4. Other important matters concerning the reporting and redemption of independence public bonds.
Article 6(Duties of chairperson) #
(1) The chairperson shall convene and preside over meetings and exercise overall control of the business affairs. <Amended on Jan. 5, 2021.>
(2) Where any accident occurs to the chairperson, a committee member designated by the chairperson shall act on behalf of the chairperson.
(3) Where it is necessary to deliberate on matters under the subparagraphs of Article 5, the chairperson may require the Committee to have witnesses and other relevant persons attend its meetings.
Article 7(Administrative secretary) #
(1) The Committee shall have one administrative secretary and two clerks in order to conduct its general affairs.
(2) The executive secretary and clerks shall be appointed by the Minister of Economy and Finance from among public officials belonging to the Ministry of Economy and Finance. <Amended on Dec. 23, 1994; Feb. 29, 2008; Dec. 30, 2025>
Article 8(Cooperation with related agencies and institutions) #
(1) In order to verify the authenticity of independence public bonds reported, the Minister of Economy and Finance may require a specialized institution to perform authentication and examine other evidence. <Amended on Dec. 23, 1994; Feb. 29, 2008; Dec. 30, 2025>
(2) Where it is necessary to conduct affairs concerning the redemption of independence public bonds, the Minister of Economy and Finance may request related administrative agencies and other organizations to submit documents, state opinions, and provide other necessary cooperation. <Amended on Dec. 23, 1994; Feb. 29, 2008; Dec. 30, 2025>
Article 9(Payment of redemption money) #
(1) The Minister of Economy and Finance may require the Bank of Korea or public officials belonging to the Ministry of Foreign Affairs (hereinafter referred to as "agency that pays redemption money") to pay redemption money of independence public bonds pursuant to Articles 66(1) and 114(1) of the Budget and Accounts Act. <Amended on Dec. 29, 1989; Dec. 23, 1994; Feb. 29, 2008; Mar. 23, 2013; Dec. 30, 2025>
(2) An agency that pays redemption money pursuant to paragraph (1) shall report the result of the payment of redemption money in each quarter to the Minister of Economy and Finance within 30 days after the end of each quarter. <Amended on Dec. 23, 1994; Feb. 29, 2008; Dec. 30, 2025>
Article 10(Payment of allowance) #
The Committee may pay an allowance or actual expenses to persons who are not public officials among members who attend its meetings, persons who attend its meetings and state opinions, and institutions that perform authentication and examine other evidence within the budget.