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"General notice" [2012] ELECD 866; in Kim, Hwa-Jin (ed), "Korean Business Law" (Edward Elgar Publishing, 2012)

Book Title: Korean Business Law

Editor(s): Kim, Hwa-Jin

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781781003398

Section Title: General notice

Number of pages: 1

Extract:

General notice
Since its promulgation in 1962, Korean corporate law, which is a chapter
of the Korean Commercial Code (KCC) has been developed under the
influence of Continental European corporate law statutes, cases, and
scholarly works. Until 1962, Korea used Japanese corporate law, which
was a chapter of the Japanese Commercial Code (JCC). (Japanese corpo-
rate law was promulgated in 1899 adapting to the German corporate law
and was completely revised after the Second World War in 1950 modeled
after the U.S. Illinois Business Corporation Act of 1933.) However,
Korean corporate law is undergoing significant changes, strongly influ-
enced by that of the United States since 1997. The KCC (which is within
the domain of the Korean Ministry of Justice) has been generally revised
in 1984, 1995, 1998, 1999, 2001, 2009 and 2011. The recent general revision
in 2011 will greatly modify Korean corporate law, and it is scheduled to be
enforced on April 15, 2012.
Practically, the more important source of Korean corporate law used
to be the Korean Securities and Exchange Act (KSEA), which was within
the domain of the Korean Ministry of Finance and Economy. The KSEA
was promulgated in 1962 and has been revised numerous times especially
after 1997. However, the KSEA was repealed and partially replaced by the
KCC and the Korean Financial Investment Services and Capital Markets
Act (KCMA) on February 4, 2009. The stock company in Korea can exist
as a private or as a public company such as a "Korea Exchange- ...