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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.
Article 6 (Articles of Foundation)
(1) Matters as provided in the following subparagraphs shall be recorded in the articles
of the Foundation:
1.Objective;
2.Title;
3.Matters related to the principal office and branch offices;
4.Matters related to workings;
5.Matters related to properties and accounting;
6.Deleted;
7.Matters related to officers and employees;
8.Matters related to the board of directors;
9.Matters related to modification of the articles of the Foundation;
10.Matters related to public notices; and
11.Matters related to the establishment, alteration and abolition of internal regulations.
(2) The Foundation shall, where intending to modify the articles of the Foundation,
obtain in advance the permission of the Minister of Foreign Affairs and Trade.

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.Interchange of overseas Koreans;
2.Investigation and research of the societies of overseas Koreans;
3.Education, culture and publicity activities for overseas Koreans;
4.Projects which the Government entrusts to the Foundation;
5.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; and
6.Projects incidental to projects stipulated in subparagraphs 1 through 3.
(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.

Article 8 (Officers)
(1) The Foundation shall assign nine or less directors inclusive of one chairman and one
auditor in addition.
(2) Officers other than the chairman and full-time directors prescribed by the articles of
the Foundation shall work part-time.
(3) The chairman shall be appointed by the President through the Prime Minister upon
the recommendation of the Minister of Foreign Affairs and Trade.
(4) Directors, except for ex officio directors prescribed by the Presidential Decree,
shall be appointed by the Minister of Foreign Affairs and Trade upon the
recommendation of the chairman.
(5) The auditor shall be appointed by the Minister of Foreign Affairs and Trade.
(6) The term of office of the chairman and directors shall be 3 years; that of the auditor
shall be 2 years, but the chairman, directors, and auditor may be consecutively
reappointed only one time.

Article 9 (Disqualifications for Officers)


Any person falling under any one of the following subparagraphs shall not become
officers of the Foundation:
1.A person not having the nationality of the Republic of Korea;
2.A minor;
3.An incompetent person or a quasi-incompetent person;
4.A person who is declared bankrupt, but not yet reinstated;
5.A person who was sentenced to imprisonment without prison labor or heavier, and for
whom 3 years have not passed after the execution of sentence is terminated, or the
non-execution becomes definite; and
6.A person whose qualification becomes dissatisfied or suspended by the decision of a
court or by any other Act.

Article 10 (Duty of Officers)


(1) The chairman represents the Foundation, presides over affairs of the Foundation,
and instructs and supervises employees affiliated with the Foundation.
(2) Full-time directors partially take charge of affairs of the Foundation under the
conditions as prescribed by the articles of the Foundation, and when the chairman has
some trouble, a full-time director designated by the articles of the Foundation shall
vicariously carry out duties of the chairman.
(3) The auditor shall inspect execution of projects of the Foundation and audit the
accounting of the Foundation.

Article 11 (Restriction on Holding Concurrent Job by Officers and Employees, etc.)


Officers (excluding part-time directors and auditor; hereinafter in this Article the same
shall apply) and employees of the Foundation shall not be engaged in any business with
object of profit-making other than their duties, and officers may not hold an additional
post without permission of the Minister of Foreign Affairs and Trade; employees may
not hold an additional post without permission of the chairman.

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.
(2) The board of directors is composed of directors inclusive of the chairman.
(3) The chairman convenes a meeting of the board of directors and serves as chairman
thereof.
(4) The auditor may attend a meeting of the board of directors and state his opinion.

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.

< Public of (Dispatch 14>


The Foundation may, if necessary for accomplishment of its purpose, request a state
agency to dispatch public officials to the Foundation through the Minister of Foreign
Affairs and Trade.

Article 15 Deleted.

Article 16 (Financial Resources for Operation)


The Foundation shall be operated by contributions from the Government, donations
under Article 18, borrowed money under Article 19, and other earnings.
[This Article Wholly Amended by Act No. 6101, Dec. 31, 1999]

Article 17 (Contributions)
(1) The Government shall, to such an extent as the relevant budget per- mits, furnish
contributions which the Foundation needs in order to appropriate for expenses required
for the establishment and operation of the Foundation.
(2) Matters necessary for furnishing and use, etc. of said contribution pursuant to
paragraph (1) of this Article shall be prescribed by the Presidential Decree.

Article 18 (Collection of Donations)


The Foundation may, if deemed necessary, collect donations pursuant to provisions of
related Acts and subordinate statutes after obtaining approval from the Minister of
Foreign Affairs and Trade.

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, foreign governments,
or foreigners) after obtaining approval from the Minister of Foreign Affairs and Trade.

Article 20 (Business Year)


The business year of the Foundation shall correspond to the fiscal year of the
Government.

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. In case where the Foundation intends to modify
the project plan and the budget bill, the same shall also apply.

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 23 (Guidance and Supervision, etc.)


(1) The Minister of Foreign Affairs and Trade shall guide and supervise the Foundation.
(2) The Minister of Foreign Affairs and Trade may, if deemed necessary for guidance
and supervision of the execution of projects pursuant to Article 7, consult with the head
of the relevant central administrative agency.
(3) The Minister of Foreign Affairs and Trade may make Foundation report on matters
necessary for projects, accounts, and properties and make public officials under his
control investigate ledgers and documents of the Foundation and/or other materials.
(4) The Minister of Foreign Affairs and Trade may, if deemed necessary as a result of
report or investigation pursuant to paragraph (3) of this Article, take necessary
measures such as an corrective order, etc.
(5) Public officials executing investigation pursuant to paragraph (3) of this Article shall
show a certificate indicating their authority to the relevant persons.

Article 24 (Observance of Secrecy)


Officers or employees of the Foundation, 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.

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 26 (Application Mutatis Mutandis of Civil Act)


The provisions related to incorporated foundations in the Civil Act shall apply mutatis
mutandis to the Foundation, except for matters as prescribed by this Act.

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 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.

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.
(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.
(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.
(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,
the Minister of Foreign Affairs and Trade shall notify without delay the competent court,
which shall, in turn, proceed with the procedure for the fine for negligence pursuant to
the Non-Contentious Case Litigation Procedure Act. 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, that fine for negligence shall be
collected according to examples of disposition on na- onal taxes in arrears.

ADDENDA
Article 1 (Enforcement Date)
This Act shall come into force one month after the date of its promulgation.
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, and shall make those
members carry out affairs related to the establishment of the Foundation.
(2) Members of the establishment committee shall prepare the articles of the
Foundation and obtain the authorization of the Minister of For- eign Affairs.
(3) Members of the establishment committee shall, when obtaining the authorization
pursuant to paragraph (2) of this Article, complete without delay the registration of
incorporation of the Foundation under a joint signature.
(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.
(5) Members of the establishment committee shall be considered as re- leased from the
commission when transfer of official duties pursuant to paragraph (4) of this Article is
completed.
Article 3 (Expenses for Establishment)
Expenses for the establishment of the Foundation shall be borne by the budget of the
Government.
Article 4 (Succession, 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.
(2) Scope, etc. 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.
(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
under the authority of the Ministry of Foreign Affairs at the same time of establishment
of the Foundation.
Article 5 Omitted.

ADDENDUM
This Act shall enter into force on the date of its promulgation.

ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2000. (Proviso Omitted.)
Articles 2 through 4 Omitted.