CHAPTER I GENERAL PROVISIONS
Article 1(Purpose) #
The purpose of this Decree is to prescribe matters delegated by the Overseas Agriculture and Forest Resources Development and Cooperation Act and those necessary for the enforcement thereof. <Amended on Jul. 20, 2015>
Article 2(Scope, etc. of Corporations Virtually Controlled by Foreigners) #
(1) "Corporation prescribed by Presidential Decree" in the proviso to subparagraph 1 of Article 2 of the Overseas Agriculture and Forest Resources Development and Cooperation Act (hereinafter referred to as the "Act") means any of the following corporations: <Amended on Jul. 20, 2015>
1. A stock company in which a foreigner who owns not less than 30/100 of the total number of the issued voting stocks of the relevant stock company solely or jointly with specially related persons defined in Article 141 of the Enforcement Decree of the Financial Investment Services and Capital Markets Act appoints or dismisses its representative director or appoints a majority of the total number of directors solely or jointly with the specially related persons and thereby exercises a dominant influence on major decision-making or business execution, such as changing the organizational structure of the relevant stock company or investing in a new business;
2. A corporation other than a stock company, in which a majority of its directors or employees who execute its business are foreigners.
(2) "Overseas agricultural products prescribed by Presidential Decree (including those for raw materials of bioenergy falling under subparagraph 2 (f) of Article 2 of the Act on the Promotion of the Development, Use and Diffusion of New and Renewable Energy) and livestock products" in subparagraph 3 of Article 2 of the Act means agricultural products and livestock products specified in attached Table 1. <Amended on Jul. 20, 2015>
(3) "Overseas forest products prescribed by Presidential Decree (including those for raw materials of bioenergy falling under subparagraph 2 (f) of Article 2 of the Act on the Promotion of the Development, Use and Diffusion of New and Renewable Energy)" in subparagraph 3-2 of Article 2 of the Act means forest products specified in attached Table 2. <Added on Jul. 20, 2015>
(4) "Which is prescribed by Presidential Decree" in subparagraph 4 of Article 2 of the Act means the following: <Added on Jul. 20, 2015>