INSURANCE BUSINESS ACT

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "INSURANCE BUSINESS ACT"

Transcription

1 INSURANCE BUSINESS ACT Wholly Amended by Act No. 6891, May 29, 2003 Amended by Act No. 7379, Jan. 27, 2005 Act No. 7428, Mar. 31, 2005 Act No. 7971, Aug. 29, 2006 Act No. 8386, Apr. 27, 2007 Act No. 8520, Jul. 19, 2007 Act No. 8572, Aug. 3, 2007 Act No. 8852, Feb. 29, 2008 Act No. 8863, Feb. 29, 2008 Act No. 8902, Mar. 14, 2008 CHAPTER Ⅰ GENERAL PROVISIONS Article 1 (Purpose) The purpose of this Act is to contribute to the sound development of insurance business and the balanced development of the national economy through the solid operations of insurers and the protection of rights and interests of policy holders, the insured and interested persons. Article 2 (Definitions) The definitions of terms used in this Act are as follows: <Amended by Act No. 8520, Jul. 19, 2007; Act No. 8863, Feb. 29, 2008> 1. The term insurance business means the business of receiving money from the insured in return for promising the payment of agreed benefits to the insured for their life or death and for indemnifying damage resulting from any accident, etc. for the insured, and such insurance business is categorized into life insurance business, the business of insurance against loss and the third insurance business; 2. The term life insurance business means the business of receiving money from the insured in return for promising the payment of agreed benefits to the insured for their life or death; 3. The term business of insurance against loss means the business of receiving money from the insured in return for promising the indemnity of loss caused by any accident for the insured (excluding any disease, any injury and any nursing provided for in subparagraph 4) (including the business of receiving remuneration from any debtor and any obligator 1

2 in return for promising them to indemnify damage suffered by any creditor and any claimant to be liable for the fulfillment of liabilities incurred by any trade, any employment, any contract or the fulfillment of obligations in accordance with Acts and subordinate statutes); 4. The term third insurance business means the business of receiving money from the insured in return for promising the payment of agreed benefits to the insured for any disease, any injury and any nursing thereof or for indemnifying damage caused by such disease, such injury and such nursing for the insured; 5. The term insurance company means any person who runs the insurance business after obtaining a license provided for in the provisons of Article 4; 6. The term mutual company means a company incorporated pursuant to this Act for the purpose of running the insurance business with its policy holders being its members; 7. The term foreign insurance company means any insurance company incorporated by any person for the purpose of running the insurance business in a country other than the Republic of Korea in accordance with Acts and subordinate statutes of such country; 8. The term insurance solicitor means any person who is engaged in the business of brokering the conclusion of insurance contracts for his insurance company (including any incorporate body and any foundation, either of which is not a corporation) after having him registered in accordance with the provisions of Article 84; 9. The term insurance agency means any person who is engaged in the business of concluding insurance contracts on behalf of his insurance company (including any incorporate body and any foundation, either of which is not a corporation) after having him registered in accordance with the provisions of Article 87; 10. The term certified insurance broker means any person who is independently engaged in the business of brokering the conclusion of insurance contracts (including any incorporate body and any foundation, either of which is not a corporation) after having him registered in accordance with Article 89; 11. The term solicitation means the act of brokering the conclusion of insurance contracts for any insurance company or concluding insurance contracts on behalf of any insurance company; 2

3 12. The term credit extension means loaning or the purchase of securities (limited to the purchase of securities in the nature of financial support) and direct and indirect financial transactions involving credit risk of insurance companies, which are all prescribed by the Financial Services Commission under the conditions as prescribed by Presidential Decree and insurance companies; 13. The term total assets means the assets obtained by excluding the assets, including undepreciated new contract expenses and business right, etc., prescribed by the Presidential Decree, from the assets indicated on the balance sheet; 14. The terms equity capital means paid-in capital, capital surplus, earned surplus and others equivalent thereto (excluding any recapitalization) that are obtained by subtracting the aggregate amount of items, including business rights, and others equivalent thereto prescribed by Presidential Decree from the aggregate amount of items prescribed by Presidential Decree; 15. The term same borrower means the same individual or the same corporation and any person who shares credit risk with the former, who are each prescribed by Presidential Decree; 16. The term large shareholder means a shareholder falling under any of the following items: (a) Majority shareholder: a person himself, where he and a person specially related to him (hereinafter referred to as a specially related person ) as prescribed by Presidential Decree, hold the greatest number of voting shares of an insurance company, after summing up the total number of stocks they own, no matter whose name the accounts stand in; or (b) Principal shareholder: a person who holds 10/100 or more of the total number of voting shares of an insurance company on his own no matter whose name the accounts stand in, or a person prescribed by Presidential Decree among shareholders who exercise de facto influence on the main matters of management, such as appointment or dismissal of officers, etc. of the insurance company; and 17. The term subsidiary means any other company in the case that any insurance company holds a stake in excess of 15/100 of the total number of voting shares (including equity shares) issued by such company. 3

4 Article 3 (Conclusion of Insurance Contracts) No one shall conclude any insurance contract with any person who is not an insurance company, broker the conclusion of any insurance contract or act on behalf of any insurance company: Provided, That the same shall not apply to the case where Presidential Decree prescribes. CHAPTER Ⅱ LICENSE OF INSURANCE BUSINESS, ETC. Article 4 (License for Insurance Business) (1) Any person who intends to run the insurance business shall obtain a license from the Financial Services Commission according to the types of insurance business, which are each prescribed in the following subparagraphs: <Amended by Act No. 8863, Feb. 29, 2008> 1. The types of the life insurance business: (a) Life insurance; (b) Pension insurance (including retirement insurance); and (c) Other types of insurance business, which are prescribed by Presidential Decree; 2. The types of the business of insurance against loss: (a) Fire insurance; (b) Maritime insurance (including air transportation insurance); (c) Automobile insurance; (d) Guaranty insurance; (e) Reinsurance; and (f) Other types of insurance business, which are prescribed by Presidential Decree; and 3. The types of the third insurance business: (a) Injury insurance; (b) Disease insurance; (c) Nursing insurance; and (d) Other types of insurance business, which are prescribed by Presidential Decree. (2) Any person who has obtained a license on whole types of the life insurance business or the business of insurance against loss referred to in paragraph (1) shall be deemed to have obtained the license on whole types of the third insurance business. 4

5 (3) Any person who is entitled to obtain a license for the insurance business shall be limited to any stock company, any mutual company and any foreign insurer, and the branch office in the Republic of Korea of any foreign insurer, which obtains a license for the insurance business under paragraph (1), (hereinafter referred to as the local branch office of foreign insurer ) shall be deemed an insurance company incorporated pursuant to this Act. (4) The Financial Services Commission may lay down terms to the license referred to in paragraph (1). <Amended by Act No. 8863, Feb. 29, 2008> Article 5 (Filing of Application for License, etc.) Any person who intends to obtain a license in accordance with the provisions of Article 4 (1) shall file an application, accompanied by documents falling under each of the following subparagraphs, with the Financial Services Commission: Provided, That in the case that it is intended to add any new insurance type to the types of the insurance business, which are presently run by any insurance company, the document referred to in subparagraph 1 may not be submitted: <Amended by Act No. 8863, Feb. 29, 2008> 1. The articles of incorporation; 2. The business plan for three years after the commencement of the insurance business (including the estimated financial statement); 3. The business operating manual by the type of insurance business intended to run, insurance clauses and methods of calculating insurance premiums and the liability reserve (hereinafter referred to as the basic document ); and 4. Documents prescribed by Presidential Decree other than the documents referred to in subparagraphs 1 through 3. Article 6 (Requirements for License, etc.) (1) Any person who intends to obtain a license for his insurance business (excluding any foreign insurer) shall meet the requirements falling under each of the following subparagraphs: <Amended by Act No. 8520, Jul. 19, 2007> 1. He is required to hold the capital or the fund provided for in the provisions of Article 9 (1) and (2); 2. He is required to be able to protect policy holders and have physical facilities, including data-processing facilities and professional manpower, which are adequate to run his insurance business; 3. His business plan is required to be appropriate and sound; and 4. Large shareholders (including a shareholder who is a specially related 5

6 person to the majority shareholder; hereafter the same shall apply in this Article) prescribed by Presidential Decree are required not to fall under any of the subparagraphs of Article 13 (1) and to have full equity-investment abilities and sound financial standings with no history of disrupting the sound economic order. (2) Any foreign insurer that intends to obtain a license for the insurance business shall meet requirements falling under each of the following subparagraphs: 1. It is required to hold the business fund provided for in the provisions of Article 9 (3); 2. It is required to run the insurance business abroad in accordance with foreign Acts and subordinate statutes, which is the same as the insurance business it intends to run in the Republic of Korea; 3. It is required to hold assets and have the sound financial standing as well as the business soundness, which are internationally recognized as adequate for it to run the insurance business in the Republic of Korea; and 4. It is required to meet the requirements referred to in paragraph (1) 2 and 3. (3) Every insurance company shall keep the requirement referred to in paragraph (1) 2 fulfilled under the conditions as prescribed by Presidential Decree even after it obtains a license for the insurance business: Provided, That the same shall not apply to the case where any insurance company fails to keep such requirements fulfilled for the purpose of ensuring the soundness of its management and protecting the interests of policy holders, etc. after obtaining approval from the Financial Services Commission under the conditions as prescribed by Presidential Decree. <Amended by Act No. 8863, Feb. 29, 2008> (4) Any person who intends to be a large shareholder (excluding a person prescribed by Presidential Decree) after acquiring stocks of any insurance company shall meet from among the requirements prescribed by Presidential Decree for sound management from among, and shall obtain prior approval from the Financial Services Commission. <Amended by Act No. 8520, Jul. 19, 2007; Act No. 8863, Feb. 29, 2008> (5) The Financial Services Commission may order any share acquired without obtaining approval in accordance with paragraph (4) to be disposed of within the fixed term of six months. <Amended by Act No. 8863, Feb. 29, 2008> 6

7 (6) Any person who has acquired any share without obtaining approval in accordance with paragraph (4) shall be prohibited from exercising his voting right on such share. (7) Necessary matters concerning detailed requirements for license, approval and order referred to in paragraphs (1) through (5) shall be prescribed by Presidential Decree. Article 7 (Preliminary License) (1) Any person who intends to apply for a license (hereafter in this Article referred to as principal license ) in accordance with the provisions of Article 4 may apply to the Financial Services Commission for a preliminary license in advance. <Amended by Act No. 8863, Feb. 29, 2008> (2) The Financial Services Commission shall, upon receiving any application filed in accordance with paragraph (1), examine the application and notify the applicant of whether a preliminary license shall be granted or not within the term of three months from the date on which it receives the application: Provided, That the term of three months may be extended under the conditions as prescribed by Ordinance of the Prime Minister. <Amended by Act No. 8863, Feb. 29, 2008> (3) The Financial Services Commission may lay down terms to any preliminary license referred to in paragraph (2). <Amended by act No. 8863, Feb. 29, 2008> (4) When any person who has been granted a preliminary license files an application for a principal license after fulfilling the terms laid down to the preliminary license, the Financial Services Commission shall grant him such principal license. <Amended by Act No. 8863, Feb. 29, 2008> (5) Standards for the preliminary license and necessary matters concerning the preliminary license shall be prescribed by Ordinance of the Prime Minister. <Amended by Act No. 8863, Feb. 29, 2008> Article 8 (Company Name or Title) (1) Every insurance company shall indicate principal types of the insurance business that it runs in its company name or title. (2) Any person who is not an insurance company shall be prohibited from using any letter indicating insurance company in his company name or title. Article 9 (Capital or Fund) (1) Every insurance company may commence its insurance business only after it makes a payment of not less than 30 billion won in capital or 7

8 fund: Provided, That in the case that any insurance company intends to run part of the types of the insurance business provided for in the provisions of Article 4 (1), the amount of the capital or the fund may be otherwise prescribed by Presidential Decree within the amount of not less than 5 billion won. (2) Notwithstanding the provisions of paragraph (1), any insurance company that solicits people to enter into insurance contracts using communications means such as telephone, mail and computer communications under the conditions as prescribed by Presidential Decree may commence its insurance business after it pays an amount equivalent to not less than two thirds of the capital or the fund required under paragraph (1). (3) In the case that any foreign insurer intends to run the insurance business in the Republic of Korea, its business fund prescribed by the Presidential Decree shall be deemed the capital or the fund required under paragraph (1) or (2). Article 10 (Prohibition on Concurrent Operation of Insurance Business) Every insurance company shall be prohibited from concurrently running the life insurance business and the business of insurance against loss: Provided, That the same shall not apply to the types of the insurance business, which fall under any of the following subparagraphs: 1. The reinsurance of the life insurance business and the reinsurance of the third insurance business; 2. The types of the insurance business, which are prescribed by Presidential Decree and allowed to be concurrently run in accordance with other Acts and subordinate statutes; and 3. Any insurance that is added to the types of the third insurance in accordance with the standards set by Presidential Decree. Article 11 (Prohibition on Concurrent Operation of Other Business) (1) Every insurance company shall be prohibited from running any business other than the insurance business with the exception of the business falling under each of the following subparagraphs: <Amended by Act No. 8863, Feb. 29, 2008> 1. The financial business that is prescribed by Presidential Decree and is allowed to be run by every insurance company in accordance with relevant Acts and subordinate statutes; 2. The financial business that is prescribed by Presidential Decree and 8

9 authorized by the Financial Services Commission as possible for every insurance company to run it concurrently; 3. The business that falls under each of the following subparagraphs and is prescribed by Presidential Decree as incidental business: (a) The business related to the insurance business (including the business of brokering or vicariously brokering transactions belonging to the insurance business for other insurance company); (b) The business of exploiting manpower, assets or facilities and equipment in possession of any insurance company; and (c) The business, for which it is not required to obtain any license, authorization, approval or registration, etc. under other Acts and subordinate statutes. (2) Any insurance company shall, if it intends to run any business other than the insurance business in accordance with paragraph (1), perform the accounting of such other business separately from the insurance business under the conditions as prescribed by Presidential Decree. Article 12 (Opening of Local Offices, in Republic of Korea by Foreign Insurers, etc.) (1) Any foreign insurer or any person who is running the business of insurance subrogation, insurance brokerage and other insurance-related business abroad (hereinafter referred to as foreign insurer, etc. ) may open its or his office in the Republic of Korea (hereinafter referred to as local office ) for the purpose of surveying the insurance market, gathering information and performing other work similar thereto. (2) Every local office shall be prohibited from performing the act falling under each of the following subparagraphs: 1. The act of running the insurance business; 2. The act of brokering or vicariously brokering the conclusion of insurance contracts; and 3. The act that is prescribed by Presidential Decree as being in contravention of the purpose of opening the local office. (3) Every local office shall use the letter office in its name. (4) The Financial Services Commission may, when any local office violates any disposition taken or any order given under this Act, order such local office to suspend its business for the fixed term of at least six months or shut down such local office. <Amended by Act No. 8863, Feb. 29, 2008> 9

10 CHAPTER Ⅲ INSURANCE COMPANY SECTION 1 Officers and Employees Article 13 (Qualifications for Officers) (1) Any person falling under any of the following subparagraphs shall be disqualified as an officer of any insurance company (referring to any director, any auditor or any person who is prescribed by Presidential Decree as being equal to such officer; hereafter in this Chapter, Article 76 (3) and subparagraph 2 of Article 130 the same shall apply): <Amended by Act No. 7428, Mar. 31, 2005; Act No. 8520, Jul. 19, 2007; Act No. 8863, Feb. 29, 2008> 1. A minor, an incompetent or quasi-incompetent person; 2. A person who was declared bankrupt and who has yet to be reinstated; 3. A person who has been sentenced to imprisonment without prison labor or to a heavier punishment, and five years have yet passed since the expiration of the term of sentence, or since the decision to exempt such sentence has been made (including a case that the execution of such sentence is deemed terminated); 4. A person who has been sentenced to a fine or a heavier punishment under this Act, foreign Acts and subordinate statutes equivalent thereto and finance-related Acts prescribed by Presidential Decree and for whom five years have yet to expire from the date on which the execution of such sentence was terminated or exempted (including the case that the execution of such sentence is deemed terminated); 5. A person who is in a stay period after having been sentenced to a stay of the execution of the imprisonment without prison labor or a heavier punishment; 6. A person who has worked as an officer or an employee for a company or a corporation, whose business authorization and license, etc. have been revoked in accordance with this Act or finance-related Acts prescribed by Presidential Decree, and for whom five years have yet to expire from the date on which such business authorization and license, etc. were revoked (limited to any person who is prescribed by Presidential Decree as directly responsible for incurring the grounds of revoking such authorization and license, etc.); 7. A person who is working or has worked as an officer or an employee for a financial institution (referring to the financial institution provided for in subparagraph 1 of Article 2 of the Act on the Structural Improvement of the Financial Industry) that has been subject to timely 10

11 corrective measures taken by the Financial Services Commission in accordance with the provisions of Article 10 (1) of the same Act or an administrative disposition, including a decision, which is taken and made by the Financial Services Commission, to transfer insurance contracts in accordance with the provisions of Article 14 (2) of the same Act (hereinafter referred to as timely corrective measures, etc. ), and two years have yet passed since the date on which such financial institution was subjected to the timely corrective measures, etc. (limited to any person who is prescribed by Presidential Decree as directly responsible for incurring the grounds of ordering such timely corrective measures, etc.); 8. A person who has been dismissed or dismissed after facing a disciplinary action in accordance with this Act, foreign Acts and subordinate statues corresponding this Act and finance-related Acts prescribed by Presidential Decree and for whom five years have yet to expire from the date on which he was dismissed or dismissed after facing such disciplinary action; and 9. A retired officer or a resigned employee, who has been served a notice that if the retired officer or the resigned employee still works on as an officer or an employee, he would have been dismissed or dismissed after facing a disciplinary action in accordance with Article 135 or finance-related Acts prescribed by Presidential Decree and for whom five years have yet to expire from the date on which he was served such notice (in the case that five years from the date on which he was served the notice exceed seven years from the date on which he retired or resigned, the number of years shall be made seven years from the date on which he retired or resigned). (2) Officer of every insurance company shall be persons who are not feared to undermine the public interests and the sound management of the insurance business and disrupt the order of transactions. (3) Specific matters concerning qualification requirements for officers referred to in paragraph (2) may be prescribed by Presidential Decree. (4) In the case that any person who is selected and appointed as an officer of any insurance company falls under each subparagraph of paragraph (1) or is found to fall under each subparagraph of paragraph (1) at the time of his selection and appointment, he shall be rightly dismissed. (5) Any act performed by any officer prior to his dismissal under paragraph (4) shall not lose its effect. 11

12 Article 14 (Prohibition on Officers Holding Concurrent Offices) Every standing officer of insurance companies shall be prohibited from concurrently working as a managing director for other profit-making corporation: Provided, That the same shall not apply to the case falling under each of the following subparagraphs: <Amended by Act No. 7428, Mar. 31, 2005; Act No. 8520, Jul. 19, 2007> 1. Where he becomes an officer or an employer of a financial holding company incorporated pursuant to the Financial Holding Companies Act, which runs an insurance company as a subsidiary; 2. Where he is selected and appointed as a receiver under the Debtor Rehabilitation and Bankruptcy Act; 3. Where he becomes an officer or an employer of any subsidiary (excluding the case prescribed by Presidential Decree); and 4. Where he is prescribed by Presidential Decree as not being feared to be in conflict of interest with policy holders. Article 15 (Selection and Appointment, etc. of Outside Directors) (1) Every insurance company (limited to insurance companies prescribed by Presidential Decree in light of their assets, etc.; hereafter in this Article the same shall apply) shall have not less than three directors (hereinafter referred to as outside directors ) who are not engaged in the regular duties at the board of directors and do not fall under any of the subparagraphs of paragraph (4), and the number of outside directors shall exceed a half of the total number of directors. <Amended by Act No. 8520, Jul. 19, 2007> (2) Every insurance company shall set up a committee with the mandate to recommend candidates for outside directors in accordance with the provisions of Article of the Commercial Act (hereinafter referred to as the outside director candidate recommendation committee ). In this case, the number of outside directors shall make up not less than half of the number of the total members of the outside director candidate recommendation committee. <Amended by Act No. 8520, Jul. 19, 2007> (3) Outside directors shall be selected and appointed at the general meeting of shareholders or the general meeting of members (hereinafter referred to as the general meeting of shareholders, etc. ) from among persons recommended by the outside director candidate recommendation committee. (4) A person who falls under any of the following subparagraphs shall not be an outside director of an insurance company, and an outside di- 12

13 rector shall lose his position when he comes to fall thereunder: <Amended by Act No. 8520, Jul. 19, 2007> 1. A minor, incompetent or quasi-incompetent; 2. A person who was sentenced bankrupt and has not been reinstated; 3. A person who was sentenced imprisonment without labor or heavier punishment and for whom 2 years have not passed since the execution of such sentence was completed or the exemption of the execution of such sentence was made definite; 4. A person for whom 2 years have not passed after he was dismissed or removed from the office pursuant to this Act; 5. Large shareholders of the insurance company; 6. A person who is or has been a full-time officer or an employee of the insurance company or an affiliated company thereof (referring to an affiliated company pursuant to the Monopoly Regulation and Fair Trade Act; the same shall apply hereinafter) for last 2 years; 7. Spouse, a lineal ascendant or descendant of a full-time officer of the insurance company; 8. A person who is or has been a full-time officer or an employee of a corporation, for last 2 years, which has important business relationship prescribed by Presidential Decree with the insurance company, or which is a competitor or collaborator of the insurance company; 9. A full-time officer or an employee of a company for which a full-time officer or an employee of the insurance company is working parttime; or 10. A person who has difficulty in faithfully performing the duties as an outside director, or who may exercise influence over the insurance company as prescribed by Presidential Decree. (5) In the case that the composition of the board of directors is not in conformity with the requirement referred to in paragraph (1) on the grounds of resignation or death of any outside director, etc., the composition of the board of directors shall be brought into conformity with the requirement referred to in paragraph (1) at the regular general meeting of shareholders that is held for the first time since the date on which such grounds accrue. Article 16 (Audit Committee) (1) Every insurance company (limited to insurance companies prescribed by the Presidential Decree in light of their assets, etc.) shall set up the audit committee (referring to the audit committee provided for 13

14 in the provisions of Article (1) of the Commercial Act; hereafter the same shall apply). <Amended by Act No. 8520, Jul. 19, 2007> (2) The audit committee shall meet all the requirements in the following subparagraphs: <Amended by Act No. 8520, Jul. 19, 2007> 1. 2/3 or more of all the members shall be outside directors; and 2. One or more of the members shall be specialists in accounting or financial affairs as prescribed by Presidential Decree. (3) A person who falls under any of the following subparagraphs shall not be a member of the audit committee other than an outside director, and such member shall lose his position when he comes to fall thereunder: Provided, That any person who is currently serving as a standing auditor or as a non-outside-director member of the audit committee may become a non-outside-director member of the audit committee even though he falls under subparagraph 2: <Amended by Act No. 8520, Jul. 19, 2007> 1. A person who fall under Article 15 (4) 1 through 5; 2. A person who is or has been a full-time officer or an employee of the insurance company for last 2 years; or 3. A person who may have influence over the management of the insurance company, as prescribed by Presidential Decree. (4) In the case that the composition of the audit committee is not in conformity with the requirement referred to in paragraph (2) on the grounds of the resignation or death etc. of any member of the audit committee, the relevant insurance company shall bring the composition of the audit committee into conformity with the requirement referred to in paragraph (2) at the regular general meeting of shareholders that is held for the first time since the date on which such grounds accrue. (5) The provisions of the proviso of Article (2) of the Commercial Act shall not apply to the composition of the audit committee referred to in paragraph (1). <Amended by Act No. 8520, Jul. 19, 2007> Article 17 (Standards, etc. for Internal Control) (1) Every insurance company shall set fundamental procedures and standards (hereinafter referred to as the internal-control standards ) by which its officers and employees perform their respective duties in order to abide by Acts and subordinate statutes, to operate its assets in a sound manner and to protect its policy holders. (2) Every insurance company shall check on the observance of the internal-control standards and appoint not less than one person charged with the duties of checking on the observance of the internal-control 14

15 standards, investigating any violation of the internal-control standards and reporting the findings of such investigation to the auditor or the audit committee (hereinafter referred to as the law-abiding overseers ). (3) Every insurance company shall, when it intends to appoint law-abiding overseers, go through a resolution of the board of directors: Provided, That the same shall not apply to the local branch office of any foreign insurer. (4) Every law-abiding overseer shall meet requirements falling under each of the following subparagraphs: <Amended by Act No. 8520, Jul. 19, 2007; Act Nos & 8863, Feb. 29, 2008> 1. He is required to have the background falling under each of the following items: (a) Person who has worked not less than ten years for the Bank of Korea and any institution subject to the audit conducted in accordance with the provisions of Article 38 of the Act on the Establishment, etc. of Financial Services Commission (including any foreign financial institution equivalent thereto); (b) Person who has worked at least five years as a researcher at any research institute or as a full-time lecturer or higher at any college after earning the master s degree or higher in finance-related fields; (c) Person who has worked at least five years as an attorney-at-law, a certified public accountant or a certified insurance accountant in professions related to his qualifications; and (d) Person who has worked at least five years for the Ministry of Strategy and Finance, the Financial Services Commission, the Financial Supervisory Service established pursuant to the Act on the Establishment, etc. of Financial Services Commission (hereinafter referred to as the Financial Services Commission ) or for the Securities and Futures Commission, and five years have elapsed yet since his resignation or retirement; 2. He is required not to fall under each subparagraph of Article 13 (1); and 3. He is required to have not been subject to any caution or any warning from the Chairman of the Financial Services Commission or the Governor of the Financial Supervisory Service (hereinafter referred to as the Chairman of the Financial Services Commission ) for violating finance-related Acts and subordinate statutes prescribed by Presidential Decree in the recent five years. 15

16 (5) Law-abiding overseers shall perform their duties with the care of good managers, but they shall not take charge of the duty of performing the business falling under each of the following subparagraphs: 1. The business of operating assets; 2. The business and incidental business that are prescribed by Presidential Decree as being concerned with the insurance business ran by the relevant insurance company; and 3. The financial business that is concurrently run by the relevant insurance company other than the business of subparagraph 2. (6) Every insurance company shall, if law-abiding overseers ask its officers and employees to furnish material and information needed to perform their duties, get such officers and employees to comply sincerely with the request. (7) Every insurance company shall not unfairly disadvantage any former law-abiding overseer in the personnel administration on the grounds of duties he performed as a law-abiding overseer. (8) With regard to any insurance company that is recognized to have set effective internal-control standards and rigorously adhered to them, the Financial Services Commission may omit the inspection provided for in the provisions of Article 133, shorten the inspection period, or reduce or exempt the sanctions provided for in the provisions of Article 134 for such insurance company. <Amended by Act No. 8863, Feb. 29, 2008> (9) Matters to be included in the internal-control standards, matters law-abiding overseers have to observe and other necessary matters shall be prescribed by Presidential Decree. SECTION 2 Stock Company Article 18 (Reduction of Capital) (1) When any stock company that is an insurance company (hereinafter referred to as stock company ) resolves to reduce its capital, such stock company shall publish a summary of the resolution and its balance sheet within 2 weeks from the date on which it resolves to that effect. (2) The provisions of Articles 139, 141 (2) and (3), 149 and 151 (3) shall apply mutatis mutandis to the case of capital reduction. Article 19 (Exercise of Rights by Minority Shareholders of Stock Company) (1) Any person who has continued to hold not less than 5/100,000 of the total number of shares issued by any stock company (limited to stock 16

17 companies prescribed by Presidential Decree in light of their assets, etc.; hereafter the same in this Article shall apply) for at least six months under the conditions as prescribed by Presidential Decree may exercise his right as a shareholder, which is provided for in the provisions of Article 403 of the Commercial Act (including the case where the provisions are applied mutatis mutandis under Articles 324, 415, 424-2, and 542 of the Commercial Act). <Amended by Act No. 8520, Jul. 19, 2007> (2) Any person who has continued to hold not less than 250/100,000 (not less than 125/100,000 in cases of any stock company prescribed by Presidential Decree) of the total number of shares issued by any stock company for at least six months under the conditions as prescribed by the Presidential Decree may exercise his right as a shareholder, which is provided for in the provisions of Articles 385 (including the case where the provisions are applied mutatis mutandis under Article 415 of the Commercial Act), 402 and 539 of the Commercial Act. <Amended by Act No. 8520, Jul. 19, 2007> (3) Any person who has continued to hold not less than 50/10,000 (not less than 25/10,000 in the case of any stock company prescribed by the Presidential Decree) of the total number of shares issued by any stock company for not less than six months under the conditions as prescribed by the Presidential Decree may exercise his right as a shareholder, which is provided for in the provisions of Articles and 466 of the Commercial Act. In this case, if the right of a shareholder provided for in the provisions of Article of the Commercial Act is exercised, the exercise of such right shall be based on the voting share. <Amended by Act No. 8520, Jul. 19, 2007> (4) Any person who has continued to hold not less than 150/10,000 (not less than 75/10,000 in the case of any stock company prescribed by Presidential Decree) of the total number of shares issued by any stock company for not less than six months under the conditions as prescribed by Presidential Decree may exercise his right as a shareholder, which is provided for in Articles 366 and 467 of the Commercial Act. In this case, if the right of a shareholder provided for in the provisions of Article 366 of the Commercial Act is exercised, the exercise of such right shall be based on the voting share. <Amended by Act No. 8520, Jul. 19, 2007> (5) In the case that the shareholder provided for in paragraph (1) wins a lawsuit after filing the lawsuit provided for in the provisions of Article 403 of the Commercial Act (including the case where the provisions are 17

18 applied mutatis mutandis under Articles 324, 415, 424-2, and 542 of the Commercial Act), the shareholder may immediately bring a claim against the relevant stock company for the payment of all expenses incurred by the lawsuit. <Amended by Act No. 8520, Jul. 19, 2007> Article 20 (Change in Organization) (1) Every stock company may change its organization into a mutual company. (2) Notwithstanding the provisions of Article 9, the mutual company referred to in paragraph (1) may set the total amount of its fund at not more than 30 billion won or may not set the total amount of its fund. (3) In the case of paragraph (1), the mutual company shall accumulate an amount, which is deemed necessary by the Financial Services Commission as a reserve to be appropriated for making up for losses. <Amended by Act No. 8863, Feb. 29, 2008> Article 21 (Resolution on Change in Organization) (1) Any change in the organization of every stock company shall go through a resolution of the general meeting of shareholders. (2) The resolution referred to in paragraph (1) shall be governed by the provisions of Article 434 of the Commercial Act. <Amended by Act No. 8520, Jul. 19, 2007> Article 22 (Publication and Notice of Resolution on Change in Organization) (1) Any stock company shall, if it resolves to change its organization, publish a summary of the resolution and its balance sheet, and notify each of pledgees listed on the roll of shareholders of such resolution within 2 weeks from the date of resolution. (2) The provisions of Article 141 (2) and (3) and Article 232 of the Commercial Act shall apply mutatis mutandis to the case of paragraph (1). <Amended by Act No. 8520, Jul. 19, 2007> Article 23 (Insurance Contracts after Publication of Resolution on Change in Organization) (1) Any stock company shall, if it intends to conclude any insurance contract after the date on which the publication provided for in the provisions of Article 22 (1) is made, put any person to become a policy holder on notice that procedures for a change in its organization are in progress and then obtain his approval therefore. (2) The policy holder referred to in paragraph (1) who gives approval shall be deemed not to be a policy holder in relation with the procedures for changing the organization. 18

19 Article 24 (Call of General Meeting of Policy Holders) (1) In the case that the number of policy holders who raise an objections to the publication of Article 22 (1) within the period provided for in Article 141 (2) and their insurance money do not exceed the ratio provided for Article 141 (3), directors shall promptly call a general meeting of policy holders after the completion of the procedures provided for in Article 232 of the Commercial Act. <Amended by Act No. 8520, Jul. 19, 2007> (2) In the case of paragraph (1), the provisions of Article 353 of the Commercial Act shall apply mutatis mutandis to the notice to policy holders. <Amended by Act No. 8520, Jul. 19, 2007> Article 25 (Agency of General Meeting of Policy Holders) (1) Every stock company may prescribe matters concerning an agency acting on behalf of the general meeting of policy holders with respect to a resolution endorsing a change in its organization. (2) The regulations governing the general meeting of policy holders shall apply mutatis mutandis to the agency referred to in paragraph (1). (3) In the case that matters concerning the agency referred to in paragraph (1) are prescribed, ways to make up the agency shall be entered in the publication provided for in Article 22 (1). Article 26 (Resolution of General Meeting of Policy Holders) (1) The general meeting of policy holders shall resolve with the attendance of a majority of policy holders and the concurrent of not less than three quarters of the voting right. (2) The provisons of Article 55, Articles 363 (1) and (2), 364, 367, 368 (3) and (4), 371 (2), 372, 373 and 376 through 381 of the Commercial Act shall apply mutatis mutandis to the general meeting of policy holders. <Amended by Act No. 8520, Jul. 19, 2007> Article 27 (Report at General Meeting of Policy Holders) Directors of the relevant stock company shall report matters concerning a change in the organization to the general meeting of policy holders. Article 28 (Resolution, etc. of General Meeting of Policy Holders) (1) The general meeting of policy holders shall resolve on changing the articles of incorporation and other matters necessary for the organization of the relevant mutual company. (2) The resolution provided for in the provisions of Article 21 (1) may be changed into the resolution referred to in paragraph (1). In this case, such change shall not undermine the interests of creditors of the relevant stock company. (3) In the case that the change referred to in paragraph (2) causes dam- 19

20 age to shareholders, an agreement thereon shall be obtained from the general meeting of shareholders. In this case, the provisions of Article 21 (2) shall be applied mutatis mutandis. (4) The provisions of Article 316 (2) of the Commercial Act shall apply mutatis mutandis to the resolution referred to in paragraph (1). <Amended by Act No. 8520, Jul. 19, 2007> Article 29 (Registration of Change in Organization) (1) In the case that any stock company changes its organization, such stock company shall have its resolution registered and the relevant mutual company shall have its incorporation registered under the provisions of Article 40 (2), respectively, within 2 weeks from the date of such change in the locations of their headquarters offices or their principal offices and within 3 weeks from the date of such change in the locations of their branch offices or their sub-branch offices. (2) Applications for registrations referred to in paragraph (1) shall be accompanied by the articles of incorporation, the publication provided for in Article 22 (1), the resolution and consent provided for in Article 28, the objection provided for in Article 141 (3) and documents attesting the completion of the procedures provided for in the provisions of Article 232 of the Commercial Act. <Amended by Act No. 8520, Jul. 19, 2007> Article 30 (Membership Following Change in Organization) The policy holders of any stock company shall be members of the relevant mutual company after a change in the former s organization. Article 31 (Application of Commercial Act, etc.) The provisions of Article 145, Articles 40, 339, 340 (1) and (2), 439 (1), 445 and 446 of the Commercial Act shall apply mutatis mutandis to a change in the organization of the stock company. In this case, Article 192 shall be deemed Article 238 in Article 446 of the Commercial Act. <Amended by Act No. 8520, Jul. 19, 2007> Article 32 (Preferential Acquisition Rights of Policy Holders, etc.) (1) Any policy holder or any person who is entitled to receive insurance money shall be granted the preferential right to acquire the amount accumulated for the insured from the relevant stock company s assets, except as especially provided for in other Acts. (2) In the case that any special account is set up in accordance with Article 108, the provisions of paragraph (1) shall apply to such special account separately from other accounts. Article 33 (Preferential Rights to Repayment from Deposited Assets) (1) Any policy holder or any person who is entitled to receive insurance 20

21 money shall take precedence over creditors in being granted the preferential right to be repaid the amount accumulated for the insured from assets deposited by the relevant stock company on orders from the Financial Services Commission under this Act. <Amended by Act No. 8863, Feb. 29, 2008> (2) The provisions of Article 32 (2) shall apply the case of paragraph (1). SECTION 3 Mutual Company Sub-Section 1 Incorporation Article 34 (Matters To Be Entered in Articles of Incorporation) The incorporators of any mutual company shall prepare the articles of incorporation, enter matters falling under each of the following subparagraphs in the articles of incorporation and then subscribe their names and affix their seals thereon: 1. The types of insurance business it intends to run and the scope of business; 2. Name; 3. The location of its office; 4. The total amount of the fund; 5. Rights to be held by investors in the fund; 6. Methods of depreciating the fund and incorporation expenses; 7. Ways of distributing the surplus; 8. Ways for the mutual company to publish; 9. If there are assets that the relevant mutual company agrees to acquire by transfer after its incorporation, the value of such assets and the name of transferor; and 10. The term of existence and the grounds of dissolution, if prescribed. Article 35 (Name) Every mutual company shall use the letter, the mutual company, in its name. Article 36 (Payment of Fund) (1) The fund for every mutual company shall be paid in money, not in assets. (2) The provisions of Articles 295 (1), 305 (1) and (2) and 318 of the Commercial Act shall apply mutatis mutandis to the payment of the fund. <Amended by Act No. 8520, Jul. 19, 2007> Article 37 (Number of Members) Not less than 100 members are required to incorporate any mutual company. 21

22 Article 38 (Instruments of Subscription for Membership) (1) In the case that any person who is not an incorporator intends to be a member of the relevant mutual company, he shall enter his objectives and insurance amount in two copies of the instrument of subscription for membership and subscribe his name and affix his seal thereon: Provided, That the same shall not apply to any person who intends to be a member after the incorporation of the relevant mutual company. (2) Incorporators shall each prepare the instrument of subscription for membership referred to in paragraph (1) and enter matters falling under each of the following subparagraphs in the instrument of subscription for membership and then keep it: 1. The date on which the articles of incorporation is certified and the name of the notary public who certifies the articles of incorporation; 2. Matters referred to in each subparagraph of Article 34; 3. Names and addresses of investors in the fund and the amount of investment made by each of the investors; 4. Names and addresses of incorporators; 5. If incorporators are remunerated, the amount of such remuneration; 6. The number of members intended to recruit at the time of incorporation; and 7. In the case that the inaugural general meeting is not held by a certain time, the purport that the instruments of subscription for membership may be revoked. (3) The provisions of the proviso of Article 107 (1) of the Civil Act shall not apply to the instruments of subscription for membership prior to the incorporation of the relevant mutual company. <Amended by Act No. 8520, Jul. 19, 2007> Article 39 (Inaugural General Meeting) (1) In the case that the payment of the fund is completed for the relevant mutual company and the number of members reaches the intended level, incorporators shall call without delay the inaugural general meeting. (2) The inaugural general meeting shall resolve with the attendance of a majority of members and the concurrent of not less than three quarters of the voting right. (3) The provisons of Article 55, Articles 363 (1) and (2), 364, 368 (3) and (4), 371 (2), 372, 373 and 376 through 381 of the Commercial Act shall apply mutatis mutandis to the inaugural general meeting of every mutual company. <Amended by Act No. 8520, Jul. 19, 2007> 22

INDIRECT INVESTMENT ASSET MANAGEMENT BUSINESS ACT

INDIRECT INVESTMENT ASSET MANAGEMENT BUSINESS ACT INDIRECT INVESTMENT ASSET MANAGEMENT BUSINESS ACT Act No. 6987, Oct. 4, 2003 Amended by Act No. 7221, Oct. 5, 2004 Act No. 7335, Jan. 14, 2005 Act No. 7386, Jan. 27, 2005 Act No. 7428, Mar. 31, 2005 Act

More information

Securities Investment Company Act (Republic of Korea)

Securities Investment Company Act (Republic of Korea) Securities Investment Company Act (Republic of Korea) By Ministry of Legislation INTRODUCTION Details of Enactment and Amendment Enactment: This Act was enacted on September 16, 1998, as Act No. 5557,

More information

Futures Trading Act (Republic of Korea)

Futures Trading Act (Republic of Korea) Futures Trading Act (Republic of Korea) By Ministry of Legislation INTRODUCTION Details of Enactment and Amendment Enactment: This Act was enacted on December 29, 1995, as Act No. 5041, in order to contribute

More information

PATENT ATTORNEY ACT Article 1 (Purpose) Article 1-2 Article 2 (Business) Article 3 (Qualifications) Article 4 (Disqualifications)

PATENT ATTORNEY ACT Article 1 (Purpose) Article 1-2 Article 2 (Business) Article 3 (Qualifications) Article 4 (Disqualifications) PATENT ATTORNEY ACT Act No. 864, Dec. 23, 1961 Amended byact No. 2510, Feb. 8, 1973 Act No. 2957, Dec. 31, 1976 Act No. 4541, Mar. 6, 1993 Act No. 5454, Dec. 13, 1997 Act No. 5815, Feb. 5, 1999 Act No.

More information

TRADE INSURANCE ACT CHAPTER I GENERAL PROVISIONS

TRADE INSURANCE ACT CHAPTER I GENERAL PROVISIONS TRADE INSURANCE ACT Act No. 2063, Dec. 31, 1968 Amended byact No. 2167, Jan. 1, 1970 Act No. 2422, Dec. 30, 1972 Act No. 2952, Dec. 31, 1976 Act No. 3107, Dec. 5, 1978 Act No. 3399, Mar. 27, 1981 Act No.

More information

ENFORCEMENT DECREE OF THE SHIP INVESTMENT COMPANY ACT. [Effective May 5, 2010] [Presidential Decree No , May 4, 2010, Amendment of

ENFORCEMENT DECREE OF THE SHIP INVESTMENT COMPANY ACT. [Effective May 5, 2010] [Presidential Decree No , May 4, 2010, Amendment of The English version is translated and uploaded only for the purpose of no other than PR, and thereby, Enforcement Decree of the Ship Investment Company Act in the Korean language will prevail regarding

More information

Act on the Structural Improvement of the Financial. Industry (Republic of Korea)

Act on the Structural Improvement of the Financial. Industry (Republic of Korea) Act on the Structural Improvement of the Financial Industry (Republic of Korea) By Ministry of Legislation INTRODUCTION Details of Enactment and Amendment Enactment: This Act was enacted on March 8, 1991

More information

ENFORCEMENT DECREE OF THE TRADE INSURANCE ACT

ENFORCEMENT DECREE OF THE TRADE INSURANCE ACT ENFORCEMENT DECREE OF THE TRADE INSURANCE ACT WhollyAmended bypresidential Decree No.14410, Nov. 5, 1994 Amended bypresidential Decree No.14438, Dec. 23, 1994 Presidential Decree No.15296, Feb. 28, 1997

More information

POSTAL SAVINGS AND INSURANCE ACT

POSTAL SAVINGS AND INSURANCE ACT POSTAL SAVINGS AND INSURANCE ACT Act No. 3610, Dec. 31, 1982 Amended by Act No. 5454, Dec. 13, 1997 Act No. 5563, Sep. 17, 1998 Act No. 6062, Dec. 28, 1999 Act No. 6529, Dec. 19, 2001 Act No. 6891, May

More information

Securities And Exchange Act (Republic of Korea)

Securities And Exchange Act (Republic of Korea) Securities And Exchange Act (Republic of Korea) By Ministry of Legislation INTRODUCTION Details of Enactment and Amendment Enactment: This Act was enacted on January 15, 1962 as Act No. 972, in order to

More information

Banking Act (Republic of Korea)

Banking Act (Republic of Korea) Banking Act (Republic of Korea) By Ministry of Legislation INTRODUCTION Details of Enactment and Amendment Enactment: This Act was enacted on May 5, 1950, as Act No. 911, in order to contribute to stability

More information

TELECOMMUNICATIONS BUSINESS ACT

TELECOMMUNICATIONS BUSINESS ACT TELECOMMUNICATIONS BUSINESS ACT CHAPTER 0: GENERAL PROVISIONS Article 1 (Purpose) The purpose of this Act is to contribute to the promotion of public welfare by encouraging sound development of telecommunications

More information

ACT ON GUARANTEE OF COMPENSATION FOR LOSS CAUSED BY AUTOMOBILE. [Enforcement Date: Feb. 7, 2010] [Act No. 9450, Feb. 6, 2009, Partial Amendment]

ACT ON GUARANTEE OF COMPENSATION FOR LOSS CAUSED BY AUTOMOBILE. [Enforcement Date: Feb. 7, 2010] [Act No. 9450, Feb. 6, 2009, Partial Amendment] The English version is translated and uploaded only for the purpose of no other than PR, and thereby, Act on Guarantee of Compensation for Loss Caused by Automobile in the Korean language will prevail

More information

FINANCIAL INVESTMENT SERVICES AND CAPITAL MARKETS ACT

FINANCIAL INVESTMENT SERVICES AND CAPITAL MARKETS ACT 페이지 1 / 181 FINANCIAL INVESTMENT SERVICES AND CAPITAL MARKETS ACT Act No. 8635, Aug. 3, 2007 Amended byact No. 8852, Feb. 29, 2008 Act No. 8863, Feb. 29, 2008 Act No. 9407, Feb. 3, 2009 Act No. 9625, Apr.

More information

Act on Investment Firms 26.7.1996/579

Act on Investment Firms 26.7.1996/579 Please note: This is an unofficial translation. Amendments up to 135/2007 included, May 2007. Act on Investment Firms 26.7.1996/579 CHAPTER 1 General provisions Section 1 Scope of application This Act

More information

CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW -2005 UP-TO-DATE FULL TEXT ENGLISH TRANSLATION

CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW -2005 UP-TO-DATE FULL TEXT ENGLISH TRANSLATION CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW -2005 UP-TO-DATE FULL TEXT ENGLISH TRANSLATION CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW 5765-2005 2 CONTENTS CONTROL OF FINANCIAL SERVICES

More information

Commercial Act (Republic of Korea)

Commercial Act (Republic of Korea) Commercial Act (Republic of Korea) By Ministry of Legislation INTRODUCTION Details of Enactment and Amendment Enactment: The Commercial Act is a law that regulates the existence and the relationships of

More information

REGULATION OF INVESTMENT COUNSELING, INVESTMENT MARKETING AND PORTFOLIO MANAGEMENT LAW 5757-1997

REGULATION OF INVESTMENT COUNSELING, INVESTMENT MARKETING AND PORTFOLIO MANAGEMENT LAW 5757-1997 Disclaimer: The Following is an unofficial translation, and not necessarily an updated one. The binding version is the official Hebrew text. Readers are consequently advised to consult qualified professional

More information

THE CERTIFIED PUBLIC ACCOUNTANTS LAW (As amended, last amendment being on July 26, 2005)

THE CERTIFIED PUBLIC ACCOUNTANTS LAW (As amended, last amendment being on July 26, 2005) THE CERTIFIED PUBLIC ACCOUNTANTS LAW (As amended, last amendment being on July 26, 2005) CHAPTER I CHAPTER II CHAPTER III CHAPTER IV CHAPTER V CHAPTER V-II CHAPTER VI GENERAL PROVISIONS CPA EXAMINATION

More information

INDUSTRIAL ACCIDENT COMPENSATION INSURANCE ACT Act No. 4826, Dec. 22, 1994 CHAPTER I. General Provisions

INDUSTRIAL ACCIDENT COMPENSATION INSURANCE ACT Act No. 4826, Dec. 22, 1994 CHAPTER I. General Provisions INDUSTRIAL ACCIDENT COMPENSATION INSURANCE ACT Act No. 4826, Dec. 22, 1994 Amended by Act No. 4826, Aug. 28, 1997 Act No. 5881, Feb. 8, 1999 Act No. 6100, Dec. 31, 1999 CHAPTER I General Provisions Article

More information

SRI LANKA EXPORT CREDIT INSURANCE CORPORATION [Cap. 333

SRI LANKA EXPORT CREDIT INSURANCE CORPORATION [Cap. 333 [Cap. 333 CHAPTER 333 Act AN ACT TO PROVIDE FOR THE ESTABLISHMENT OF THE SRI LANKA EXPORT CREDIT No. 15 of 1978. INSURANCE CORPORATION AND FOR MATTERS CONNECTED THEREWITH OR INCIDENTAL THERETO. Short title.

More information

The Crown Corporations Act, 1993

The Crown Corporations Act, 1993 1 The Crown Corporations Act, 1993 being Chapter C-50.101* of the Statutes of Saskatchewan, 1993 (effective January 1, 1994) as amended by the Statutes of Saskatchewan, 1994, c.37; 1996, c.e-6.01 and 42;

More information

EMPLOYEE WELFARE FUND ACT

EMPLOYEE WELFARE FUND ACT EMPLOYEE WELFARE FUND ACT Act No. 4391, Aug. 10, 1991 Amended by Act No. 4917, Jan. 5, 1995 Act No. 5247, Dec. 31, 1996 Act No. 6454, Mar. 28, 2001 Act No. 8372, Apr. 11, 2007 Act No. 8407, Apr. 27, 2007

More information

Foreign Exchange Transactions Act of South Korea. Act No.5550,Sep.16,1998

Foreign Exchange Transactions Act of South Korea. Act No.5550,Sep.16,1998 Foreign Exchange Transactions Act of South Korea Act No.5550,Sep.16,1998 CHAPTER グ GENERAL PROVISIONS Article 1 (Purpose) The purpose of this Act is to contribute to the sound development of the national

More information

CORPORATE TAX ACT CORPORATE TAX ACT CHAPTER Ⅰ GENERAL PROVISIONS CHAPTER Ⅱ CORPORATE TAX ON INCOME OF DOMESTIC CORPORATIONS FOR EACH BUSINESS YEAR

CORPORATE TAX ACT CORPORATE TAX ACT CHAPTER Ⅰ GENERAL PROVISIONS CHAPTER Ⅱ CORPORATE TAX ON INCOME OF DOMESTIC CORPORATIONS FOR EACH BUSINESS YEAR CORPORATE TAX ACT Wholly Amended by Act No. 5581, Dec. 28, 1998 Amended by Act No. 6047, Dec. 28, 1999 Act No. 6259, Feb. 3, 2000 Act No. 6293, Dec. 29, 2000 Act No. 6558, Dec. 31, 2001 Act No. 6852, Dec.

More information

ACT ON PROMOTION OF INFORMATION AND COMMUNICATIONS NETWORK UTILIZATION AND INFORMATION PROTECTION, ETC. CHAPTER I GENERAL PROVISIONS

ACT ON PROMOTION OF INFORMATION AND COMMUNICATIONS NETWORK UTILIZATION AND INFORMATION PROTECTION, ETC. CHAPTER I GENERAL PROVISIONS ACT ON PROMOTION OF INFORMATION AND COMMUNICATIONS NETWORK UTILIZATION AND INFORMATION PROTECTION, ETC. Wholly Amended by Act No. 6360, Jan. 16, 2001 Amended by Act No. 6585, Dec. 31, 2001 Act No. 6797,

More information

English Translation of Finance Companies Control Law

English Translation of Finance Companies Control Law English Translation of Finance Companies Control Law Article 1 Introductory Chapter Definitions The following terms and phrases wherever mentioned in this Law shall have the meanings assigned thereto unless

More information

Ordinance for Enforcement of the Insurance Business Act (Part I through Part II Chapter V)

Ordinance for Enforcement of the Insurance Business Act (Part I through Part II Chapter V) Ordinance for Enforcement of the Insurance Business Act (Part I through Part II Chapter V) (Ordinance of the Ministry of Finance No. 5 of February 29, 1996) Pursuant to the provisions of the Insurance

More information

AMENDED BY-LAWS OF STEELCASE INC. Amended as of: April 17, 2014

AMENDED BY-LAWS OF STEELCASE INC. Amended as of: April 17, 2014 AMENDED BY-LAWS OF STEELCASE INC. Amended as of: April 17, 2014 ARTICLE I Offices SECTION 1.01. Offices. The corporation may have offices at such places both within and without the State of Michigan as

More information

Act on Regulation of Commodity Investment (Article 2 unenforced, etc.)

Act on Regulation of Commodity Investment (Article 2 unenforced, etc.) Act on Regulation of Commodity Investment (Article 2 unenforced, etc.) (Act No. 66 of May 2, 1991) Table of Contents Chapter I General Provisions (Articles 1 and 2) Chapter II Regulation of Commodity Investment

More information

[Name of Law] Act concerning the Book-entry Transfer of Corporate Bonds and Other Securities

[Name of Law] Act concerning the Book-entry Transfer of Corporate Bonds and Other Securities [Name of Law] Act concerning the Book-entry Transfer of Corporate Bonds and Other Securities [Law No.] Law No. 75 of 27 June 2001 [Effective Date] 27 June 2001 [Additional clause] Date of last amendment:

More information

CHAPTER I I. Formation of a limited liability company CHAPTER I. GENERAL PROVISIONS

CHAPTER I I. Formation of a limited liability company CHAPTER I. GENERAL PROVISIONS Law of the Republic of Kazakhstan dated April 22, 1998 220-I On limited liability companies and additional liability companies (with alterations and amendments as of 29.12.2014) CHAPTER I. General provisions

More information

Regulation of Investment Advising, Investment Marketing and Investment Portfolio Management Law, 1995 1. Chapter A: Interpretation

Regulation of Investment Advising, Investment Marketing and Investment Portfolio Management Law, 1995 1. Chapter A: Interpretation The following translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the ISA does not assume

More information

The Regional Colleges Act

The Regional Colleges Act 1 REGIONAL COLLEGES c. R-8.1 The Regional Colleges Act being Chapter R-8.1 of the Statutes of Saskatchewan, 1986-87-88 (effective January 1, 1988) as amended by the Statutes of Saskatchewan, 1989-90, c.15;

More information

PAYMENT TRANSACTIONS ACT (PTA)

PAYMENT TRANSACTIONS ACT (PTA) PAYMENT TRANSACTIONS ACT (PTA) Published in the Official Gazette of the Republic of Slovenia No. 30 on 5 April 2002 All effort has been made to ensure the accuracy of this translation, which is based on

More information

Chapter one: Definitions. Chapter Two: Conditions for Employment

Chapter one: Definitions. Chapter Two: Conditions for Employment FOREIIGN WORKERS ((Prrohiibiittiion off unllawffull emplloymentt and assurrance off ffaiirr condiittiions)) LAW,, 5751--1991 Chapter one: Definitions 1. In this law - Foreign worker - worker who is not

More information

Gas Business Act Act No. 51 of March 31, 1954

Gas Business Act Act No. 51 of March 31, 1954 This English translation of the Gas Business Act has been prepared up to the revisions of Act No. 87 of 2005 Effective May 1, 2006 in compliance with the Standard Bilingual Dictionary March 2006 edition.

More information

First Section General Provisions (Articles 1 to 8)

First Section General Provisions (Articles 1 to 8) National University Corporation Law ---------------------------------------------------------------------- Also proposed are Law of Independent Administrative Corporation for Technology Colleges Organization

More information

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11)

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11) Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE 1 Table of Contents CHAPTER 1 GENERAL PROVISIONS... 3 CHAPTER 2 VOLUNTARY PENSION FUNDS... 7 CHAPTER 3 PENSION COMPANIES

More information

Companies Act - Table A Articles of Association of

Companies Act - Table A Articles of Association of Companies Act - Table A Articles of Association of company name 1. In these regulations, unless the context otherwise requires, expressions defined in the Companies Act, or any statutory modification thereof

More information

FIFTH RESTATED CERTIFICATE OF INCORPORATION OF THE CHARLES SCHWAB CORPORATION (Effective May 7, 2001)

FIFTH RESTATED CERTIFICATE OF INCORPORATION OF THE CHARLES SCHWAB CORPORATION (Effective May 7, 2001) FIFTH RESTATED CERTIFICATE OF INCORPORATION OF THE CHARLES SCHWAB CORPORATION (Effective May 7, 2001) (Originally incorporated on November 25, 1986, under the name CL Acquisition Corporation) FIRST. The

More information

INDUSTRIAL ACCIDENT COMPENSATION INSURANCE ACT

INDUSTRIAL ACCIDENT COMPENSATION INSURANCE ACT INDUSTRIAL ACCIDENT COMPENSATION INSURANCE ACT Act No. 4826, Dec. 22, 1994 Amended by Act No. 5398, Aug. 28, 1997 Act No. 5454, Dec. 13, 1997 Act No. 5505, Jan. 13, 1998 Act No. 5881, Feb. 8, 1999 Act

More information

Jebel Ali Free Zone Authority JEBEL ALI FREE ZONE AUTHORITY

Jebel Ali Free Zone Authority JEBEL ALI FREE ZONE AUTHORITY JEBEL ALI FREE ZONE AUTHORITY OFFSHORE COMPANIES REGULATIONS 2003 1 Part 1: GENERAL 1 1. Title 8 2. Legislative authority 8 3. Date of enactment and commencement 8 4. Interpretation 8 Part 2: COMPANY FORMATION

More information

INSURANCE BUSINESS REGULATION AND PROMOTION COMMITTEE ACT, B.E. 2550 (2007)

INSURANCE BUSINESS REGULATION AND PROMOTION COMMITTEE ACT, B.E. 2550 (2007) Unofficial translation INSURANCE BUSINESS REGULATION AND PROMOTION COMMITTEE ACT, B.E. 2550 (2007) BHUMIBOL ADULYADEJ, REX. Given on the 28 th Day of August B.E. 2550; Being the 62 nd Year of the Present

More information

(Informal Translation) Chapter One. General Provisions. 1- The deposit of securities with the Company or with any licensed entity;

(Informal Translation) Chapter One. General Provisions. 1- The deposit of securities with the Company or with any licensed entity; CAPITAL MARKET AUTHORITY (Informal Translation) Central Securities Depository and Registry Law No. 93 of 2000 Chapter One General Provisions Article 1 In this Law, the Company means a company licensed

More information

History: Add. 1971, Act 19, Imd. Eff. May 5, 1971; Am. 1976, Act 89, Imd. Eff. Apr. 17, 1976.

History: Add. 1971, Act 19, Imd. Eff. May 5, 1971; Am. 1976, Act 89, Imd. Eff. Apr. 17, 1976. MOTOR VEHICLE ACCIDENT CLAIMS ACT Act 198 of 1965 AN ACT providing for the establishment, maintenance and administration of a motor vehicle accident claims fund for the payment of damages for injury to

More information

Articles of Incorporation of Fuji Electric Holdings Co., Ltd. (Amended on June 27, 2006)

Articles of Incorporation of Fuji Electric Holdings Co., Ltd. (Amended on June 27, 2006) Articles of Incorporation of Fuji Electric Holdings Co., Ltd. (Amended on June 27, 2006) Section 1 General Provisions (Name) Article 1 The name of the Company is FUJI ELECTRIC HOLDINGS CO., LTD. (Purpose)

More information

LITHUANIA LAW ON COMPANIES

LITHUANIA LAW ON COMPANIES LITHUANIA LAW ON COMPANIES Important Disclaimer This translation has been generously provided by the Lithuanian Securities Commission. This does not constitute an official translation and the translator

More information

CHAPTER I. GENERAL PROVISIONS

CHAPTER I. GENERAL PROVISIONS Disclaimer: The following English version of the Trade Insurance Act is for reference purposes only. The Korean language version shall be binding and enforceable on all parties at all times. In no event

More information

CHAPTER 228 SRI LANKA EXPORT DEVELOPMENT

CHAPTER 228 SRI LANKA EXPORT DEVELOPMENT CHAPTER 228 Act No. 40 of 1979. AN ACT TO PROVIDE FOR THE CONSTITUTION OF THE SRI LANKA EXPORT DEVELOPMENT COUNCIL OF MINISTERS AND THE ESTABLISHMENT OF THE SRI LANKA EXPORT DEVELOPMENT BOARD; TO VEST

More information

Estonian Health Insurance Fund Act

Estonian Health Insurance Fund Act Issuer: Riigikogu Type: act In force from: 23.03.2014 In force until: 31.12.2016 Translation published: 02.04.2014 Amended by the following acts Passed 14.06.2000 RT I 2000, 57, 374 Entry into force 01.01.2001,

More information

Act on Mortgage Credit Banks 23.12.1999/1240. Chapter 1 General provisions. Section 1 Definition of a mortgage credit bank

Act on Mortgage Credit Banks 23.12.1999/1240. Chapter 1 General provisions. Section 1 Definition of a mortgage credit bank (Unofficial translation, amendments up to 645/2006 included) Act on Mortgage Credit Banks 23.12.1999/1240 Chapter 1 General provisions Section 1 Definition of a mortgage credit bank A mortgage credit bank

More information

Reproduced from Statutes of the Republic of Korea Copyright C 1997 by the Korea Legislation Research Institute, Seoul, Korea PATENT ACT

Reproduced from Statutes of the Republic of Korea Copyright C 1997 by the Korea Legislation Research Institute, Seoul, Korea PATENT ACT Reproduced from Statutes of the Republic of Korea Copyright C 1997 by the Korea Legislation Research Institute, Seoul, Korea PATENT ACT Note: The Acts and subordinate statutes translated into English herein

More information

Part 9. Accounts and Audit

Part 9. Accounts and Audit Part 9 Division 1 Section 357 A3977 Part 9 Accounts and Audit Division 1 Preliminary 357. Interpretation (1) In this Part annual consolidated financial statements ( ) means the consolidated statements

More information

(Act No. 66 of May 23, 1986) Chapter I General Provisions

(Act No. 66 of May 23, 1986) Chapter I General Provisions Act on Special Measures concerning the Handling of Legal Services by Foreign Lawyers (The amendment act comes into effect as from March 1, 2016 (Act No. 69 of 2014 comes into effect as from April 1, 2016)

More information

REPUBLIC OF ZAMBIA THE INSURANCE ACT CHAPTER 392 OF THE LAWS OF ZAMBIA CHAPTER 392 THE INSURANCE ACT THE INSURANCE ACT ARRANGEMENT OF SECTIONS

REPUBLIC OF ZAMBIA THE INSURANCE ACT CHAPTER 392 OF THE LAWS OF ZAMBIA CHAPTER 392 THE INSURANCE ACT THE INSURANCE ACT ARRANGEMENT OF SECTIONS REPUBLIC OF ZAMBIA THE INSURANCE ACT CHAPTER 392 OF THE LAWS OF ZAMBIA CHAPTER 392 THE INSURANCE ACT THE INSURANCE ACT ARRANGEMENT OF SECTIONS PART I PRELIMINARY Section 1. Short title 2. Application 3.

More information

91. Upon the commencement of a winding-up and dissolution required under section 89 or permitted under section 90, the directors may only

91. Upon the commencement of a winding-up and dissolution required under section 89 or permitted under section 90, the directors may only PART IX WINDING-UP, DISSOLUTION AND STRIKING-OFF 89.A company incorporated under this Act shall commence to wind up and dissolve by a resolution of directors upon expiration of such time as may be prescribed

More information

REGULATION ON ESTABLISHMENT AND WORKING PRINCIPLES OF INSURANCE COMPANIES AND REINSURANCE COMPANIES

REGULATION ON ESTABLISHMENT AND WORKING PRINCIPLES OF INSURANCE COMPANIES AND REINSURANCE COMPANIES REGULATION ON ESTABLISHMENT AND WORKING PRINCIPLES OF INSURANCE COMPANIES AND REINSURANCE COMPANIES Official Gazette of Publication:.08.007 66 Issued By: Prime Ministry (Undersecretariat of Treasury) PART

More information

Trade Insurance and Investment Act

Trade Insurance and Investment Act Trade Insurance and Investment Act (Act No. 67 of March 31, 1950) Table of Contents Chapter I General Provisions (Article 1 and Article 2) Chapter II The Incorporated Administrative Agency Nippon Export

More information

LEGAL AID ACT ARRANGEMENT OF SECTIONS PART I. Establishment of Legal Aid Council. 1. Legal Aid Council. 2. Membership of the Council, etc.

LEGAL AID ACT ARRANGEMENT OF SECTIONS PART I. Establishment of Legal Aid Council. 1. Legal Aid Council. 2. Membership of the Council, etc. LEGAL AID ACT ARRANGEMENT OF SECTIONS PART I Establishment of Legal Aid Council 1. Legal Aid Council. 2. Membership of the Council, etc. 3. Director-General of Legal Aid and other staff of the Council.

More information

Commercial Registration Act

Commercial Registration Act Commercial Registration Act (Act No. 125 of July 9, 1963) Chapter I General Provisions (Article 1 and Article 1-2) Chapter I-II Registry Office and Registrar (Article 1-3 to Article 5) Chapter II Registry,

More information

Consolidated Insurance Mediation Act 1

Consolidated Insurance Mediation Act 1 Consolidated Insurance Mediation Act 1 Act no. 930 of 18 September 2008 This is an Act to consolidate the Insurance Meditation Act, cf. Consolidated Act no. 401 of 25 April 2007, as amended by section

More information

Companies Law of the People's Republic of China

Companies Law of the People's Republic of China Companies Law of the People's Republic of China Order of the President of the People s Republic of China No. 42 The Companies Law of the People s Republic of China has been revised and adopted at the 18th

More information

CONTENT OF THE AUDIT LAW

CONTENT OF THE AUDIT LAW CONTENT OF THE AUDIT LAW I. GENERAL PROVISIONS Article 1 This Law shall regulate the conditions for conducting an audit of legal entities which perform activities, seated in the Republic of Macedonia.

More information

RESTATED ARTICLES OF INCORPORATION NEXTERA ENERGY, INC. ARTICLE I. Name ARTICLE II. Purpose

RESTATED ARTICLES OF INCORPORATION NEXTERA ENERGY, INC. ARTICLE I. Name ARTICLE II. Purpose RESTATED ARTICLES OF INCORPORATION OF NEXTERA ENERGY, INC. ARTICLE I Name The name of the Corporation is NextEra Energy, Inc. ARTICLE II Purpose The purpose for which the Corporation is organized is the

More information

Islamic Banking Act 1983

Islamic Banking Act 1983 LAWS OF MALAYSIA Act 276 Islamic Banking Act 1983 Date of Royal Assent Date of publication in the Gazette 9-Mar-1983 10-Mar-1983 An Act to provide for the licensing and regulation of Islamic banking business.

More information

DEBT MANAGEMENT OFFICE (ESTABLISHMENT, ETC.) ACT

DEBT MANAGEMENT OFFICE (ESTABLISHMENT, ETC.) ACT DEBT MANAGEMENT OFFICE (ESTABLISHMENT, ETC.) ACT ARRANGEMENT OF SECTIONS PART I Preliminary SECTION 1. Short title. 2. Commencement. 3. Interpretation. PART II Establishment of the Debt Management Office,

More information

The English version is translated and uploaded only for the purpose of no other than PR, and thereby, Ship Act in the Korean language will prevail regarding authorization and permission SHIP ACT [Enforcement

More information

Foreign Investment Promotion Act (Republic of Korea)

Foreign Investment Promotion Act (Republic of Korea) Foreign Investment Promotion Act (Republic of Korea) By Ministry of Legislation INTRODUCTION Details of Enactment and Amendment Enactment: This Act was enacted on September 16, 1998 as Act No. 5559, repealing

More information

The Authority s Board of Directors Decision No. (1) of Concerning the Regulation for Investment Management

The Authority s Board of Directors Decision No. (1) of Concerning the Regulation for Investment Management The Authority s Board of Directors Decision No. (1) of 2014 Concerning the Regulation for Investment Management The Chairman of the Board of Directors of the Securities and Commodities Authority, Having

More information

TITLE I SAFETY AND SOUNDNESS. Subtitle A Deposit Insurance Funds

TITLE I SAFETY AND SOUNDNESS. Subtitle A Deposit Insurance Funds Public Law 102-242 102d Congress An Act Dec. 19, 1991 [S. 543] Federal Deposit Insurance Corporation Improvement Act o f 1991. 12, USC 1811 note. To require the least-cost resolution o f insured depository

More information

REGULATION ON IMPLEMENTATION OF THE PROVISIONS OF THE COMMERCIAL ACT REGARDING ELECTRONIC BILLS OF LADING

REGULATION ON IMPLEMENTATION OF THE PROVISIONS OF THE COMMERCIAL ACT REGARDING ELECTRONIC BILLS OF LADING REGULATION ON IMPLEMENTATION OF THE PROVISIONS OF THE COMMERCIAL ACT REGARDING ELECTRONIC BILLS OF LADING Presidential Decree No. 20829, jun. 20, 2008 Amended by Presidential Decree No. 22151, May 4, 2010

More information

INSURANCE (MOTOR VEHICLES THIRD PARTY RISKS) ACT

INSURANCE (MOTOR VEHICLES THIRD PARTY RISKS) ACT LAWS OF KENYA INSURANCE (MOTOR VEHICLES THIRD PARTY RISKS) ACT CHAPTER 405 Revised Edition 2012 [1989] Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org

More information

Board of Directors Decision No. (25) of 2015 concerning the Registration of Auditors of Public Shareholding Companies and Mutual Funds

Board of Directors Decision No. (25) of 2015 concerning the Registration of Auditors of Public Shareholding Companies and Mutual Funds Board of Directors Decision No. (25) of 2015 concerning the Registration of Auditors of Public Shareholding Companies and Mutual Funds The Chairman of the Board of Directors of the Securities and Commodities

More information

LAW OF THE REPUBLIC OF TAJIKISTAN ON LIMITED LIABILITY COMPANIES

LAW OF THE REPUBLIC OF TAJIKISTAN ON LIMITED LIABILITY COMPANIES LAW OF THE REPUBLIC OF TAJIKISTAN ON LIMITED LIABILITY COMPANIES CHAPTER 1. GENERAL PROVISIONS CHAPTER 2. FOUNDATION OF LIMITED LIABLITY COMPANY CHAPTER 3.AUTHORIZED CAPITAL OF A COMPANY CHAPTER 4. PROPERTY

More information

PUBLIC ACCOUNTANTS PART I PRELIMINARY

PUBLIC ACCOUNTANTS PART I PRELIMINARY [CH.364 1 CHAPTER 364 ARRANGEMENT OF SECTIONS PART I PRELIMINARY SECTION 1. Short title. 2. Interpretation. PART II THE BAHAMAS INSTITUTE OF CHARTERED ACCOUNTANTS 3. The Bahamas Institute of Chartered

More information

MINISTRY OF FOREIGN AFFAIRS AND EUROPEAN INTEGRATION CROATIAN PARLIAMENT

MINISTRY OF FOREIGN AFFAIRS AND EUROPEAN INTEGRATION CROATIAN PARLIAMENT CROATIAN PARLIAMENT 3136 Pursuant to Article 88 of the Constitution of the Republic of Croatia, I hereby issue the DECISION PROMULGATING THE ACT ON AMENDMENTS TO THE COMPANIES ACT I hereby promulgate the

More information

Act on the Supervision of Credit Institutions, Insurance Companies and Securities Trading etc. (Financial Supervision Act)

Act on the Supervision of Credit Institutions, Insurance Companies and Securities Trading etc. (Financial Supervision Act) KREDITTILSYNET Norway Translation updated August 2003 Translated by Government Authorised Translator Peter Thomas This translation is for information purposes only. Legal authenticity remains with the

More information

COMPANIES LIMITED BY GUARANTEE

COMPANIES LIMITED BY GUARANTEE COMPANIES LIMITED BY GUARANTEE A. Members liabilities and responsibilities Liability of members The liability of members of a company limited by guarantee is limited to the amount they have agreed to contribute,

More information

A BILL FOR AN ACT CENTRAL SECURITIES DEPOSITORY BILL ARRANGEMENT OF SECTIONS. 3. Application for licensing of a Central Depository

A BILL FOR AN ACT CENTRAL SECURITIES DEPOSITORY BILL ARRANGEMENT OF SECTIONS. 3. Application for licensing of a Central Depository A BILL FOR AN ACT CENTRAL SECURITIES DEPOSITORY BILL ARRANGEMENT OF SECTIONS PART 1 Introductory provisions 1. Short title and commencement 2. Interpretation PART 2 Licensing of Central Depository 3. Application

More information

Law to Promote Specified Nonprofit Activities

Law to Promote Specified Nonprofit Activities A Note: Major revisions marked in bold print [UNOFFICIAL TRANSLATION] Law to Promote Specified Nonprofit Activities Promulgated on March 25, 1998 (Including all revisions with the latest made on April

More information

CHAPTER 62B CREDIT INSURANCE

CHAPTER 62B CREDIT INSURANCE 1 MINNESOTA STATUTES 2015 62B.02 CHAPTER 62B CREDIT INSURANCE 62B.01 SCOPE. 62B.02 DEFINITIONS. 62B.03 FORMS OF CREDIT LIFE INSURANCE, CREDIT ACCIDENT AND HEALTH INSURANCE, AND CREDIT INVOLUNTARY UNEMPLOYMENT

More information

Nova Scotia Business Incorporated Act

Nova Scotia Business Incorporated Act Nova Scotia Business Incorporated Act CHAPTER 30 OF THE ACTS OF 2000 as amended by 2010, c. 35, s. 41; 2011, c. 23; 2014, c. 33, ss. 23-36; 2015, c. 6, ss. 32-40 2015 Her Majesty the Queen in right of

More information

Act on the Supervision of Financial Institutions etc. (Financial Supervision Act)

Act on the Supervision of Financial Institutions etc. (Financial Supervision Act) FINANSTILSYNET Norway Translation update January 2013 This translation is for information purposes only. Legal authenticity remains with the official Norwegian version as published in Norsk Lovtidend.

More information

Certified Public Accountants Act

Certified Public Accountants Act This English translation of the Certified Public Accountants Act has been prepared (up to the revisions of Act No.99 of 2007 (Effective April 1, 2008) in compliance with the Standard Bilingual Dictionary

More information

RESTATED CERTIFICATE OF INCORPORATION OF VALERO ENERGY CORPORATION

RESTATED CERTIFICATE OF INCORPORATION OF VALERO ENERGY CORPORATION RESTATED CERTIFICATE OF INCORPORATION OF VALERO ENERGY CORPORATION (including amendments through May 24, 2011) ARTICLE I The name of the corporation is Valero Energy Corporation. ARTICLE II The address

More information

A R T I C L E S O F A S S O C I A T I O N X I N G AG XING AG

A R T I C L E S O F A S S O C I A T I O N X I N G AG XING AG A R T I C L E S O F A S S O C I A T I O N OF X I N G AG 1. Name and place of incorporation of the Company 1.1. The name of the Company is: XING AG 1.2. The place of incorporation of the Company is Hamburg.

More information

Agricultural Futures Trading Act B.E. 2542

Agricultural Futures Trading Act B.E. 2542 (Translation) Agricultural Futures Trading Act B.E. 2542 Disclaimer This publication is intended only for the convenience of the reader of Thailand s futures materials. The AFTC, the Office of the AFTC,

More information

RESTATED CERTIFICATE OF INCORPORATION OF ROCKWELL COLLINS, INC.

RESTATED CERTIFICATE OF INCORPORATION OF ROCKWELL COLLINS, INC. RESTATED CERTIFICATE OF INCORPORATION OF ROCKWELL COLLINS, INC. FIRST: The name of the Corporation is Rockwell Collins, Inc. SECOND: The Corporation's registered office in the State of Delaware is located

More information

LIFE INSURANCE ACT B.E. 2535 (1992)

LIFE INSURANCE ACT B.E. 2535 (1992) LIFE INSURANCE ACT B.E. 2535 (1992) TRANSLATION (For official purpose only Thai texts will be relevant) LIFE INSURANCE ACT B.E. 2535 (1992) BHUMIBOL ADULYADEJ. REX., Given on the 4 th day of April, B.E.

More information

AMENDED AND RESTATED CERTIFICATE OF INCORPORATION of BAXTER INTERNATIONAL INC.

AMENDED AND RESTATED CERTIFICATE OF INCORPORATION of BAXTER INTERNATIONAL INC. AMENDED AND RESTATED CERTIFICATE OF INCORPORATION of BAXTER INTERNATIONAL INC. Pursuant to Sections 242 and 245 of the General Corporation Law of Delaware Baxter International Inc., a corporation organized

More information

Law On Supervision of Cooperative Insurance Companies

Law On Supervision of Cooperative Insurance Companies Law On Supervision of Cooperative Insurance Companies Article 1 Insurance in the Kingdom shall be undertaken through registered insurance companies operating in a cooperative manner as it is provided within

More information

C. R. BARD, INC. RESTATED CERTIFICATE OF INCORPORATION. FIRST: The name of the corporation is C. R. BARD, INC.

C. R. BARD, INC. RESTATED CERTIFICATE OF INCORPORATION. FIRST: The name of the corporation is C. R. BARD, INC. C. R. BARD, INC. RESTATED CERTIFICATE OF INCORPORATION Pursuant to the provisions of Section 14A:9-5, Corporations, General, of the New Jersey Statutes, the undersigned Corporation hereby executes the

More information

OF THE REPUBLIC OF ARMENIA ON LIMITED LIABILITY COMPANIES

OF THE REPUBLIC OF ARMENIA ON LIMITED LIABILITY COMPANIES LAW OF THE REPUBLIC OF ARMENIA Adopted on October 24, 2001 CHAPTER 1. GENERAL PROVISIONS Article 1. Scope of the Law This law regulates the legal relationships arising from establishment, activity, reorganization

More information

NOTE - This document is provided for guidance only and does not purport to be a legal interpretation. PERSONAL INSOLVENCY ACT 2012

NOTE - This document is provided for guidance only and does not purport to be a legal interpretation. PERSONAL INSOLVENCY ACT 2012 Background to and purpose of the Act PERSONAL INSOLVENCY ACT 2012 EXPLANATORY MEMORANDUM The Act provides for the reform of personal insolvency law and will introduce the following new non-judicial debt

More information

Offenders Rehabilitation Services Act

Offenders Rehabilitation Services Act Offenders Rehabilitation Services Act (Act No. 86 of May 8, 1995) Table of Contents Chapter I General Provisions (Articles 1 to 3) Chapter II Juridical Person for Offenders Rehabilitation Section 1 General

More information

PLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.

PLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts. PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to January 1, 2009. It is intended for information and reference purposes only. This

More information

RULES OF TENNESSEE DEPARTMENT OF COMMERCE AND INSURANCE INSURANCE DIVISION

RULES OF TENNESSEE DEPARTMENT OF COMMERCE AND INSURANCE INSURANCE DIVISION RULES OF TENNESSEE DEPARTMENT OF COMMERCE AND INSURANCE INSURANCE DIVISION CHAPTER 0780-1-76 SELF-INSURING ASSOCIATIONS AND NON-PROFIT TABLE OF CONTENTS 0780-1-76-.01 Purpose and Scope 0780-1-76-.11 Examinations

More information

Insurance Authority Board of Directors Resolution No. 15 of 2013. Concerning Insurance Brokerage Regulations

Insurance Authority Board of Directors Resolution No. 15 of 2013. Concerning Insurance Brokerage Regulations UNITED ARAB EMIRATES INSURANCE AUTHORITY CHAIRMAN Insurance Authority Board of Directors Resolution No. 15 of 2013 Concerning Insurance Brokerage Regulations The Chairman of the Insurance Authority, Having

More information

THE FINANCIAL SERVICES DEVELOPMENT ACT 2001. (Act No. of 2001) ARRANGEMENT OF SECTIONS PART I - PRELIMINARY PART II THE FINANCIAL SERVICES COMMISSION

THE FINANCIAL SERVICES DEVELOPMENT ACT 2001. (Act No. of 2001) ARRANGEMENT OF SECTIONS PART I - PRELIMINARY PART II THE FINANCIAL SERVICES COMMISSION 55 Note: - The text of this internet version has been prepared to reflect the text passed by the National Assembly on 15 May 2001. The authoritative version is the one to be published in the Government

More information