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Foundation Act

Korea Foundation Act

Article 1 (Purpose)

The purpose of this Act is to contribute to encouraging a better understanding of Korea and to promoting international friendship in the international community. by establishing the Korea Foundation to carry out various projects for exchange between the Republic of Korea and foreign countries [This Article WhollyAmendedbyActNo. 9878』 Dec. 30, 2009J

Article 2 (Juristic Personality)

The Korea Foundation (hereinafter referred to as the 'Foundation') shall be a juristic person [This Article Wholly Amended by Act No. 9678, Dec. 30, 2009]

Article 3 (Incorporation)

Article 4 (Office)

Article 5 (Articles of Association)

Article 6 (Projects)

Article 7 (Executives)

Article 8 (Disqualification for Executives)

Article 9 (Duties of Executives)

Article 10 (Restriction on H 이 ding of Concurrent Positions by Executives and Employees)

Article 11 (Board of Directors)

Article 12 (Appointment and Dismissal of Employees)

Any employee of the Foundation shall be appointed and dismissed by the chairperson as prescribed by the articles of association.
[This Article Wholly Amended by Act No. 9878, Dec. 30, 2009]

Article 13 (Creation and Operation of Fund)

Article 14 (Financial Resources of Fund)

Article 15 (Contributions)

Article 16 (Fund - Raising)

Article 17 (Gratuitous Lending, etc. of National Property, etc.)

If it is necessary for the establishment and operation of the Foundation. the Government may without consideration, lend any state property to the Foundation or allow the Foundation to use it or to make any profit from it
[This Article Wholly Amended by Act No. 9878, Dec. 30. 2009]

Article 18 (Borrowing of Fund)

Article 19 (Business Year)

The business year of the Foundation shall coincide with the fiscal year of the Government
[This Article Wholly Amended by Act No. 9878. Dec. 30. 2009)

Article 20 (Approval of Business Plan and Draft Budget)

The Foundation shall prepare the business plan and draft budget for each business year as prescribed by Presidential Decree, and obtain approval thereof from the Minister of Foreign Affairs and Trade. The same shall also apply where the Foundation intends to modify them
[This Article Wholly Amended by Act No. 9878, Dec. 30. 2009]

Article 21 (Submission of Financial Statement)

The Foundation shall prepare a statement of revenue and expenditure accounts for each business year, and submit it to the Minister of Foreign Affairs and Trade by not later than the end of February in the following business year.
[This Article Wholly Amended by Act No. 9878, Dec. 30. 2009]

Article 22 (Confidentiality)

No person who is or was an executive or employee of the Foundation, shall divulge any confidential information which he/she has become aware of in the course of performing his/her duties
[This Article Wholly Amended by Act No. 9878, Dec. 30, 2009]

Article 23 (Prohibition of Use of Similar Title)

No person. other than the Foundation prescribed by this Act, may use the title "Korea Foundation" or similar thereto.
[This is Article Wholly Amended by Act No. 9878. Dec. 30. 2009]

Article 24 (Application Mutatis Mutandis of Civil Act)

Except as provided by this Act, the provisions of the Civil Act concerning incorporated foundations shall apply mutatis mutandis to the Foundation.
[This Article Wholly Amended by Act No. 9878, Dec. 30, 20091]

Article 25 (Legal Fiction as Public Officials in Application of Penal Provisions)

Executives and employees of the Foundation shall be deemed as public officials in application of Articles 129 through 132 of the Criminal Act
[This Article Wholly Amended by Act No. 9878, Dec. 30, 2009j]

Article 26 (Penal Provisions)

Any person who violates Article 22, shall be punished by imprisonment for not more than two years or by a fine not exceeding five million won
[This Article Wholly Amended by Act No. 9878, Dec. 30, 2009]

Article 26.2 (Fines for Negligence)

ADDENDA

ADDENDA (Act No. 5639, Jan. 21, 1999)

ADDENDA (Act No. 6589, Dec. 31 , 2001)

ADDENDA (Act No. 6590, Dec. 31 , 2001)

ADDENDA (Act No. 7058, Dec. 31 , 2003)

ADDENDUM (Act No. 7400, Mar. 24, 2005)

ADDENDA (Act No. 7428, Mar. 31, 2005)

ADDENDA (Act No. 7908, Mar. 24, 2006)

ADDENDUM (Act No. 8168, Jan. 3, 2007)

This Act shall enter into force three months after the date of its promulgation

ADDENDUM (Act No. 9878, Dec. 30, 2009)

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