CHAPTER I GENERAL PROVISIONS
Article 1(Purpose) #
The purpose of this Decree is to provide for matters delegated by the Overseas Resources Development Business Act and matters necessary for the enforcement thereof.
[This Article Wholly Amended on Jul. 14, 2011]
Article 2(Scope of corporations under foreigner’s de facto control) #
(1) "Any corporation prescribed by Presidential Decree" in the proviso to subparagraph 1 of Article 2 of the Overseas Resources Development Business Act (hereinafter referred to as the "Act") means a corporation falling under any of the following:
1. A stock company over which a foreigner who holds, independently or jointly with the specially related persons under Article 141 of the Enforcement Decree of the Financial Investment Services and Capital Markets Act, 30/100 or more of the total number of the voting stocks issued by the stock company exercises controlling influence in relation to the stock company’s major decisions or business execution, such as the change of its organization or the investment in a new business, by appointing or dismissing the representative director or appointing a majority of the total directors independently or jointly with the specially related persons;
2. Any corporation, other than a stock company, the majority of directors or employees of which are foreigners.
(2) "Overseas mineral resources prescribed by Presidential Decree" in subparagraph 3 of Article 2 of the Act shall be as listed in Appendix 1. <Amended on Nov. 4, 2014>
[This Article Wholly Amended on Jul. 14, 2011]
Article 3(Methods of developing overseas resources) #
(1) The methods of developing overseas resources listed in Article 3 of the Act shall be as follows:
1. Individual development: A national of the Republic of Korea develops overseas resources by acquiring survey and development rights;
2. Joint venture development: A national of the Republic of Korea develops overseas resources jointly with a foreigner by acquiring survey and development rights;