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Article 1 (Purpose) The purpose of this Act is to contribute to overseas Koreans, preserving national ties and living as exemplary

members in countries of residence by establishing the Overseas Korea Foundation (hereinafter referred to as the “Foundation”).

Article 2 (Definition) The term “overseas Koreans” used in this Act means persons falling under any one of the following subparagraphs: 1.Persons who have the nationality of the Republic of Korea, and stay in a foreign country for a long term or obtain permanent residentship in a foreign country; and 2.Persons who have the lineage of the Korean, regardless of their nationality, and reside and make a living in a foreign country.

Article 3 (Legal Personality) The Foundation shall be a juristic person.

Article 4 (Establishment) (1) The Foundation shall come into existence by completing the registration of incorporation in the location of its principal office. (2) Matters required to be registered at the time of the registration of incorporation pursuant to paragraph (1) of this Article shall be as follows: 1.Objective; 2.Title; 3.Principal office; 4.Names and addresses of officers; 5.Methods of public notices; 6.The total amount of assets; and 7.Methods of investment.

Article 5 (Establishment, etc. of Office) (1) The location of principal office of the Foundation shall be determined by the articles of the Foundation. (2) The Foundation may, if necessary, establish branch offices at the inside and outside of the Republic of Korea after obtaining the approval of the Minister of Foreign Affairs and Trade.

alteration and abolition of internal regulations. (2) Officers other than the chairman and full-time directors prescribed by the articles of the Foundation shall work part-time.Education. (2) Matters concerning detailed scope of the contents of projects stipulated in paragraph (1) 1 through 3 of this Article shall be prescribed by the Presidential Decree. . 2.Investigation and research of the societies of overseas Koreans. and 11.Matters related to workings.Deleted. 10.Matters related to the establishment. obtain in advance the permission of the Minister of Foreign Affairs and Trade.Matters related to modification of the articles of the Foundation.Projects incidental to projects stipulated in subparagraphs 1 through 3.Matters related to officers and employees. 5.Projects which the Government entrusts to the Foundation. (2) The Foundation shall. Article 7 (Projects) (1) The Foundation shall carry out projects as provided in following subparagraphs in order to accomplish the purpose prescribed in Article 1: 1.Objective.Other projects necessary for the accomplishment of purpose prescribed in Article 1 which the Minister of Foreign Affairs and Trade determines after obtaining the approval of the Prime Minister. where intending to modify the articles of the Foundation. Article 8 (Officers) (1) The Foundation shall assign nine or less directors inclusive of one chairman and one auditor in addition. 5. 8. 6. 2.Matters related to the board of directors. 7.Matters related to public notices. culture and publicity activities for overseas Koreans.Interchange of overseas Koreans. 9. 4.Article 6 (Articles of Foundation) (1) Matters as provided in the following subparagraphs shall be recorded in the articles of the Foundation: 1.Matters related to properties and accounting. 3. and 6.Title.Matters related to the principal office and branch offices. 4. 3.

etc.(3) The chairman shall be appointed by the President through the Prime Minister upon the recommendation of the Minister of Foreign Affairs and Trade.A person whose qualification becomes dissatisfied or suspended by the decision of a court or by any other Act.) Officers (excluding part-time directors and auditor. Article 10 (Duty of Officers) (1) The chairman represents the Foundation. hereinafter in this Article the same shall apply) and employees of the Foundation shall not be engaged in any business with . Article 9 (Disqualifications for Officers) Any person falling under any one of the following subparagraphs shall not become officers of the Foundation: 1. but the chairman. Article 11 (Restriction on Holding Concurrent Job by Officers and Employees. (2) Full-time directors partially take charge of affairs of the Foundation under the conditions as prescribed by the articles of the Foundation. and auditor may be consecutively reappointed only one time. and when the chairman has some trouble. and instructs and supervises employees affiliated with the Foundation. presides over affairs of the Foundation.A person not having the nationality of the Republic of Korea. 2.A person who is declared bankrupt. directors. and for whom 3 years have not passed after the execution of sentence is terminated. (6) The term of office of the chairman and directors shall be 3 years. (5) The auditor shall be appointed by the Minister of Foreign Affairs and Trade. shall be appointed by the Minister of Foreign Affairs and Trade upon the recommendation of the chairman.A person who was sentenced to imprisonment without prison labor or heavier. 3. 5. but not yet reinstated. or the non-execution becomes definite. a full-time director designated by the articles of the Foundation shall vicariously carry out duties of the chairman. that of the auditor shall be 2 years. (4) Directors. 4. except for ex officio directors prescribed by the Presidential Decree. (3) The auditor shall inspect execution of projects of the Foundation and audit the accounting of the Foundation. and 6.A minor.An incompetent person or a quasi-incompetent person.

mits. and officers may not hold an additional post without permission of the Minister of Foreign Affairs and Trade. Article 12 (Board of Directors) (1) The board of directors shall be established in the Foundation in order to deliberate and resolve important matters concerning workings of the Foundation. request a state agency to dispatch public officials to the Foundation through the Minister of Foreign Affairs and Trade. if necessary for accomplishment of its purpose. (4) The auditor may attend a meeting of the board of directors and state his opinion. (3) The chairman convenes a meeting of the board of directors and serves as chairman thereof. borrowed money under Article 19. Dec. < Public of (Dispatch 14> The Foundation may. Article 13 (Appointment and Dismissal of Employees) Employees of the Foundation shall be appointed and dismissed by the chairman under the conditions as prescribed by the articles of the Foundation. Article 16 (Financial Resources for Operation) The Foundation shall be operated by contributions from the Government. 6101. and other earnings. 1999] Article 17 (Contributions) (1) The Government shall. furnish contributions which the Foundation needs in order to appropriate for expenses required for the establishment and operation of the Foundation. Article 15 Deleted. [This Article Wholly Amended by Act No. (2) The board of directors is composed of directors inclusive of the chairman. etc. Article 18 (Collection of Donations) . employees may not hold an additional post without permission of the chairman.object of profit-making other than their duties. to such an extent as the relevant budget per. donations under Article 18. (2) Matters necessary for furnishing and use. 31. of said contribution pursuant to paragraph (1) of this Article shall be prescribed by the Presidential Decree.

Article 19 (Borrowing of Money) The Foundation may borrow money necessary for projects pursuant to Article 7 of this Act (including borrowing money from international organizations. Article 20 (Business Year) The business year of the Foundation shall correspond to the fiscal year of the Government. accounts. (3) The Minister of Foreign Affairs and Trade may make Foundation report on matters necessary for projects. (2) The Minister of Foreign Affairs and Trade may. Article 23 (Guidance and Supervision. the same shall also apply. consult with the head of the relevant central administrative agency.) (1) The Minister of Foreign Affairs and Trade shall guide and supervise the Foundation.The Foundation may. etc. take necessary measures such as an corrective order. collect donations pursuant to provisions of related Acts and subordinate statutes after obtaining approval from the Minister of Foreign Affairs and Trade. (4) The Minister of Foreign Affairs and Trade may. if deemed necessary. if deemed necessary as a result of report or investigation pursuant to paragraph (3) of this Article. and properties and make public officials under his control investigate ledgers and documents of the Foundation and/or other materials. etc. Article 22 (Presentation of Written Settlement of Accounts) The Foundation shall prepare an annual written settlement of accounts concerning revenue and expenditure and present it to the Minister of Foreign Affairs and Trade by the end of February of the next business year. Article 21 (Approval for Project Plan and Budget Bill) The Foundation shall prepare an annual project plan and an annual budget bill under the conditions as prescribed by the Presidential Decree and shall obtain approval from the Minister of Foreign Affairs and Trade. or foreigners) after obtaining approval from the Minister of Foreign Affairs and Trade. foreign governments. (5) Public officials executing investigation pursuant to paragraph (3) of this Article shall . In case where the Foundation intends to modify the project plan and the budget bill. if deemed necessary for guidance and supervision of the execution of projects pursuant to Article 7.

show a certificate indicating their authority to the relevant persons. Article 29 (Fine for Negligence) (1) A person who violates the provisions of Article 25 shall be punished by a fine for negligence not exceeding 2 million won. Article 26 (Application Mutatis Mutandis of Civil Act) The provisions related to incorporated foundations in the Civil Act shall apply mutatis mutandis to the Foundation. the Minister of Foreign Affairs and Trade shall notify without delay the competent court. (4) When a person placed under the disposition of the fine for negligence under paragraph (2) of this Article raises an objection pursuant to paragraph (3) of this Article. or persons who were officers or employees of the Foundation may not reveal secrets which they come to know in the course of performing their duties. (3) A person having grievance against the disposition of the fine for negligence pursuant to paragraph (1) of this Article may raise an objection to the Minister of Foreign Affairs and Trade within 30 days after the date on which that person received the notification concerning said disposition. Article 27 (Presumption as Public Official in Application of Penalty) Officers and employees of the Foundation shall be presumed as being public officials in applying Articles 129 through 132 of the Criminal Act. Article 24 (Observance of Secrecy) Officers or employees of the Foundation. (2) The fine for negligence pursuant to paragraph (1) of this Article shall be imposed and collected by the Minister of Foreign Affairs and Trade under the conditions as prescribed by the Presidential Decree. except for matters as prescribed by this Act. Article 25 (Prohibition of Use of Similar Title) Any person other than the Foundation under to this Act may not use the title “Overseas Korea Foundation” or other titles similar thereto. . Article 28 (Penal Provisions) A person who violates the provisions of Article 24 shall be punished by imprisonment for not more than 2 years or a fine not exceeding 5 million won.

complete without delay the registration of incorporation of the Foundation under a joint signature.eign Affairs. and shall make those members carry out affairs related to the establishment of the Foundation. in turn. of official duties related to overseas Koreans and of each competent Ministry pursuant to paragraph (1) of this Article shall be prescribed by the Presidential Decree. OVERSEAS KOREA FOUNDATION ACT (5) When an objection is not raised and the fine for negligence is not paid within the period pursuant to paragraph (1) of this Article. (4) Members of the establishment committee shall hand over official duties to the chairman of the Foundation without delay after the registration of incorporation of the Foundation. (3) Budget of each competent Ministry for official duties related to overseas Koreans to which the Foundation succeeds pursuant to paragraph (1) of this Article shall be placed . etc. proceed with the procedure for the fine for negligence pursuant to the Non-Contentious Case Litigation Procedure Act. (2) Members of the establishment committee shall prepare the articles of the Foundation and obtain the authorization of the Minister of For.onal taxes in arrears.which shall. (5) Members of the establishment committee shall be considered as re. that fine for negligence shall be collected according to examples of disposition on na. (2) Scope. when obtaining the authorization pursuant to paragraph (2) of this Article. ADDENDA Article 1 (Enforcement Date) This Act shall come into force one month after the date of its promulgation. (3) Members of the establishment committee shall. etc. of Official Duties related to Overseas Koreans) (1) The Foundation shall succeed to official duties related to overseas Koreans of each competent Ministry at the same time of its establishment. Article 3 (Expenses for Establishment) Expenses for the establishment of the Foundation shall be borne by the budget of the Government.leased from the commission when transfer of official duties pursuant to paragraph (4) of this Article is completed. Article 4 (Succession. Article 2 (Preparations for Establishment) (1) The Minister of Foreign Affairs shall appoint 7 or less members of the establishment committee within 30 days after the enforcement date of this Act.

) Articles 2 through 4 Omitted. 2000. ADDENDA Article 1 (Enforcement Date) This Act shall enter into force on January 1. ADDENDUM This Act shall enter into force on the date of its promulgation. Article 5 Omitted.under the authority of the Ministry of Foreign Affairs at the same time of establishment of the Foundation. . (Proviso Omitted.