CHAPTER I GENERAL PROVISIONS
Article 1(Purpose) #
The purpose of this Act is to contribute to the smooth supply of sites for public works and the stabilization of the land market by prescribing necessary matters regarding the reservation and supply of public land.
Article 2(Definitions) #
The definitions of terms used in this Act shall be as follows: <Amended on Dec. 18, 2012; Aug. 9, 2017>
1. The term "public land" means any land that falls under any of the following categories:
a. Land required to carry out public works provided for in Article 4 of the Act on Acquisition of and Compensation for Land for Public Works Projects;
b. Land used to adjust land supply and demand in order to stabilize the land market;
c. Land reclaimed or to be reclaimed pursuant to subparagraph 4 of Article 2 of the Public Waters Management and Reclamation Act;
d. As part of property belonging to the state provided for in Article 5 of the State Property Act or to the public provided for in Article 4 of the Public Property and Commodity Management Act, land which is managed by the Korea Land and Housing Corporation under the Korea Land and Housing Corporation Act (hereinafter referred to as the "Korea Land and Housing Corporation") after being entrusted by the State or a local government pursuant to related statutes or regulations;
e. Land held by the Korea Land and Housing Corporation and is transferred to a land bank account pursuant to Article 9 to serve the public interest, such as long-term lease and supply at a low price;
f. Other lands recognized as public land by the Committee for Deliberation on Public Land Reservation pursuant to Article 7;
2. The term "reservation" means the acquisition and management of public land under this Act;
3. The term "land bank" means any land bank account established in the Korea Land and Housing Corporation pursuant to Article 9(1) to ensure supply of reserved public land;
4. The term "land banking" means any business carried out by the Korea Land and Housing Corporation through the operation of the land bank, as set forth in the subparagraphs of Article 11;