ENFORCEMENT DECREE OF THE DISTANT WATER FISHERIES DEVELOPMENT ACT

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Decree is to prescribe matters delegated by the Distant Water Fisheries Development Act and matters necessary for enforcing said Act.

Article 2(Standards for Collaboration with Foreigners) #

"Where the capital stock paid or voting rights held by nationals of the Republic of Korea exceed the criteria prescribed by Presidential Decree" in subparagraph 2 of Article 2 of the Distant Water Fisheries Development Act (hereinafter referred to as the "Act") means the following cases: <Amended on Jul. 6, 2015; Dec. 14, 2021>

1. Where the corporation established by a national of the Republic of Korea jointly with a foreigner (including foreign corporations: hereinafter the same shall apply) is a Korean corporation;

2. Where the corporation established by a national of the Republic of Korea jointly with a foreigner is a foreign corporation in which the capital stock paid or voting rights held by the national of the Republic of Korea exceed 50 percent;

3. Where a national of the Republic of Korea intends to file a report pursuant to Article 6 (7) of the Act after obtaining permission for distant water fisheries under paragraph (1) of that Article and falls under any of the following:

(a) Where the corporation established by a national of the Republic of Korea jointly with a foreigner is a foreign corporation in which the capital stock paid or voting rights held by the national of the Republic of Korea are at least 49 percent;

(b) In cases of a foreign corporation established by a national of the Republic of Korea jointly with a foreigner, for which the equity holdings that the national of the Republic of Korea may hold under the statutes or regulations of the foreign country in which the foreign corporation is established is limited to less than 49 percent, where the capital stock paid or voting rights held by the national of the Republic of Korea exceed 96/100 of the limit of the equity holdings.

ENFORCEMENT DECREE OF THE DISTANT WATER FISHERIES DEVELOPMENT ACT

Article 1(Purpose) #

Article 2(Standards for Collaboration with Foreigners) #

Article 3(Methods of Investing in Business Related to Distant Water Fisheries) #

Article 4(Formulation of Comprehensive Plans for Distant Water Fishing Industry) #

Article 5 #

Article 6 #

Article 7(Reporting for Change of Permitted Matters of Distant Water Fisheries) #

Article 8(Types of Distant Water Fisheries) #

Article 9(New Permission for Distant Water Fisheries) #

Article 10(Subsidization for International Fisheries Cooperation Projects) #

Article 10-2(Fishery-Related International Institutions and Organizations) #

Article 11(Reports on Business Plans Related to Distant Water Fisheries) #

Article 12(Investigation of Business Plans Related to Distant Water Fisheries) #

Article 13(Support for Companies Related to Distant Water Fisheries) #

Article 14(Subsidies and Loans) #

Article 14-2(Repatriation of Graves of Seafarers Who Died Abroad While Employed in Distant Water Fisheries) #

Article 14-3(Fund Raising to Improve Safety of Deep-Sea Fishing Vessels) #

Article 15(Business of Korea Overseas Fisheries Association) #

Article 16(Matters to be Included in Articles of Incorporation of Association) #

Article 16-2(Details of Safety Management Guidelines) #

Article 16-3(Qualification Standards and Number of Persons in Charge of Safety Management) #

Article 17 #

Article 18 #

Article 19(Delegation of Authority) #

Article 20(Entrustment of Business) #

Article 20-2(Criteria for Imposing Penalty Surcharges) #

Article 20-3(Imposition and Payment of Penalty Surcharges) #

Article 20-4(Filing of Objections) #

Article 20-5(Extension of Deadline for Payment of Penalty Surcharges and Payment in Installments) #

Article 21(Standards for Imposing Administrative Fines) #