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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 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 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 15 Deleted.
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.
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.