Company Act Article 290

Company Act Article 290Aug. 1, 2018
The reorganizers of the company shall be selected and appointed by the court from among the relevant experts recommended by creditors, shareholders, directors, the central authority in charge of the relevant end enterprise, and/or the authority in charge of securities affairs. The provisions set out in Article 30 hereof shall apply mutatis mutandis to reorganizers. In the meeting of interested parties, if the result of the voting conducted in groups under Article 302 shows that two or more groups prefer a change of reorganizers, a list of candidates may be submitted to the court along with an application for such change. In case there is a plural number of reorganizers, execution of all matters relating to reorganization shall be effected by a majority vote of them. "In the execution of duties, the reorganizers shall act under the supervision of the reorganization supervisors. In case a reorganizer Acts in violation of the laws or improperly, the reorganization supervisors may apply to the count for discharging his/her office and selecting a new one. In the execution of duties, the reorganizers shall secure the prior consent of the reorganization supervisor: 1.Disposal of property of the company outside the scope of its business; 2.Change of the business of the company or in the ways of operation; 3.Contract of loans; 4.Conclusion or rescission of important or long term contracts, the scope of which shall be determined by the reorganization supervisor; 5.Proceeding in litigation or arbitration; 6.Waiver or assignment of rights of the company; 7.Dealing in cases where others exercise rights of retrieval, rescission or set-off; 8.Appointment and removal of important officers of the company; and "9.Other acts restricted by the court.

Company Act Article 290Aug. 1, 2018

The reorganizers of the company shall be selected and appointed by the court from among the relevant experts recommended by creditors, shareholders, directors, the central authority in charge of the relevant end enterprise, and/or the authority in charge of securities affairs.

The provisions set out in Article 30 hereof shall apply mutatis mutandis to reorganizers.

In the meeting of interested parties, if the result of the voting conducted in groups under Article 302 shows that two or more groups prefer a change of reorganizers, a list of candidates may be submitted to the court along with an application for such change.

In case there is a plural number of reorganizers, execution of all matters relating to reorganization shall be effected by a majority vote of them. "In the execution of duties, the reorganizers shall act under the supervision of the reorganization supervisors. In case a reorganizer Acts in violation of the laws or improperly, the reorganization supervisors may apply to the count for discharging his/her office and selecting a new one.

In the execution of duties, the reorganizers shall secure the prior consent of the reorganization supervisor:

1.Disposal of property of the company outside the scope of its business;
2.Change of the business of the company or in the ways of operation;
3.Contract of loans;
4.Conclusion or rescission of important or long term contracts, the scope of which shall be determined by the reorganization supervisor;
5.Proceeding in litigation or arbitration;
6.Waiver or assignment of rights of the company;
7.Dealing in cases where others exercise rights of retrieval, rescission or set-off;
8.Appointment and removal of important officers of the company; and "9.Other acts restricted by the court.

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Company Act Article 30Aug. 1, 2018
A person who is under any of the following circumstances shall not act as a managerial personnel of a company. If he has been appointed as such, he shall certainly be discharged: 1. Having committed an offence as specified in the Statute for Prevention of Organizational Crimes and subsequently convicted of a crime, and has not started serving the sentence, has not completed serving the sentence, or five years have not elapsed since completion of serving the sentence, expiration of the probation, or pardon; 2. Having committed the offence in terms of fraud, breach of trust or misappropriation and subsequently convicted with imprisonment for a term of more than one year, and has not started serving the sentence, has not completed serving the sentence, or two years have not elapsed since completion of serving the sentence, expiration of the probation, or pardon; 3. Having committed the offense as specified in the Anti-corruption Act and subsequently convicted of a crime, and has not started serving the sentence, has not completed serving the sentence, or two years have not elapsed since completion of serving the sentence, expiration of the probation, or pardon; 4. Having been adjudicated bankrupt or adjudicated of the commencement of liquidation process by a court, and having not been reinstated to his rights and privileges; 5. Having been dishonored for unlawful use of credit instruments, and the term of such sanction has not expired yet; or 6. Having no or only limited disposing capacity. 7. Having been adjudicated of the commencement of assistantship and such assistantship having not been revoked yet. Details >
At the meeting of concerned persons, the voting right shall be exercised in groups of claimants as provided in Article 298, Paragraph 1, and resolutions shall be adopted by a majority vote of over one-half of the aggregate votes of different groups. In the event that there is no net value of capital of the company, the shareholders group shall not exercise voting right. Details >

Company Act Article 30Aug. 1, 2018

A person who is under any of the following circumstances shall not act as a managerial personnel of a company. If he has been appointed as such, he shall certainly be discharged:

1. Having committed an offence as specified in the Statute for Prevention of Organizational Crimes and subsequently convicted of a crime, and has not started serving the sentence, has not completed serving the sentence, or five years have not elapsed since completion of serving the sentence, expiration of the probation, or pardon;
2. Having committed the offence in terms of fraud, breach of trust or misappropriation and subsequently convicted with imprisonment for a term of more than one year, and has not started serving the sentence, has not completed serving the sentence, or two years have not elapsed since completion of serving the sentence, expiration of the probation, or pardon;
3. Having committed the offense as specified in the Anti-corruption Act and subsequently convicted of a crime, and has not started serving the sentence, has not completed serving the sentence, or two years have not elapsed since completion of serving the sentence, expiration of the probation, or pardon;
4. Having been adjudicated bankrupt or adjudicated of the commencement of liquidation process by a court, and having not been reinstated to his rights and privileges;
5. Having been dishonored for unlawful use of credit instruments, and the term of such sanction has not expired yet; or
6. Having no or only limited disposing capacity.
7. Having been adjudicated of the commencement of assistantship and such assistantship having not been revoked yet.

Details >

Company Act Article 302Aug. 1, 2018

At the meeting of concerned persons, the voting right shall be exercised in groups of claimants as provided in Article 298, Paragraph 1, and resolutions shall be adopted by a majority vote of over one-half of the aggregate votes of different groups.

In the event that there is no net value of capital of the company, the shareholders group shall not exercise voting right.

Details >

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