RESTRICTED  ORGANIZACIÓN MUNDIAL  
DEL COMERCIO  GPA/MOD/KOR/1 
19 de marzo de 2004 
 (04-1238) 
Comité de Contratación Pública Original:   inglés 
   
MODIFICACIONES DEL APÉNDICE I PROPUESTAS  
POR LA REPÚBLICA DE COREA 
 
Notificación de la República de Corea de conformidad con el 
 
apartado 6 b) del artículo XXIV1 del ACP  
 
 
 La siguiente comunicación de la delegación de  la República de Corea, de fecha 18 de marzo 
de 2004, se distribuye a las Partes en el Acuerdo sobre Contratación Pública.  
_______________ 
 
 
I. INTRODUCCIÓN 
 De conformidad el párrafo 6 b) del artícu lo XXIV del Acuerdo sobre Contratación Pública 
(ACP) de la OMC, la República de Corea desea notificar al Comité de Contratación Pública las modificaciones que desea introducir en el Anexo 3 del Apéndice I del ACP. 
 
 La modificación propuesta refleja la reestruc turación económica en curso y los esfuerzos de 
privatización que realiza el Gobierno de Corea.  
II. MODIFICACIÓN PROPUESTA 
La modificación se propone con respecto a la  lista del Anexo 3 donde figuran las "demás 
entidades que se rigen en sus contratos por las dis posiciones del presente Acuerdo" es la siguiente: 
 
 - Supresión de "Kookmin Bank". 
 
 Esta modificación se basa en el hecho de que el Gobierno de Corea ha privatizado el 
Kookmin Bank mediante la venta de la totalidad de  sus acciones, que ha concluido el 19 de diciembre 
de 2003 (los detalles figuran en el Anexo A).  Co n esta privatización, se ha eliminado efectivamente 
el control y la influencia del Gobi erno de Corea sobre el Kookmin Bank. 
  En consecuencia, el Kookmin Bank, una empr esa totalmente privatizada, ahora se rige 
exclusivamente por "la Ley del Código Mercantil" de la República de Corea.  Ya no se rige por la 
                                                     
 
1 El párrafo 6 b) del artículo XXIV establece lo siguiente:  Rectificaciones o enmiendas:  "b) en caso de 
que una Parte desee, en ejercicio de su derecho, retirar una entidad del Apéndice I, por haberse eliminado 
efectivamente el control o la influe ncia del gobierno sobre ella, dicha Parte lo notificará al Comité.  La 
modificación de que se trate surtirá efecto el día siguiente a aquél en que finalice la siguiente reunión del 
Comité, siempre que ésta no se celebre antes de transcur ridos 30 días desde la fecha de la notificación y que no 
se haya formulado ninguna objeción.  En caso de que se formule una objeción, podrá llevarse adelante la 
cuestión con arreglo al procedimiento de consultas y solución de diferencias establecido en el artículo XXII.  Al examinar la propuesta modificación del Apéndice I y los eventuales arreglos compensatorios consiguientes, se 
tendrán debidamente en cuenta los efect os de apertura del mercado de la eliminación del control o la influencia 
del gobierno". 
 GPA/MOD/KOR/1 
Página 2  
 
"Ley del Kookmin Bank" que se aplicaba cuando esta entidad seguía siendo una empresa del Estado.  
Se ha derogado la "Ley del Kookmin Bank".   A este respecto, el Gobierno de Corea propone la supresión del Kookmin Bank de la lista del 
Anexo 3 del Apéndice I del ACP y confirma por la  presente notificación que carece de instrumentos, 
tanto jurídicos como prácticos, para controlar o ej ercer influencia sobre las decisiones del Kookmin 
Bank en materia de contratación.   En el Anexo A se facilitan más detalles re lativos a la privatización del Kookmin Bank, 
incluida la situación actual desde el punto de vista de la participación en el ca pital social y desde el 
punto de vista jurídico.  El Anexo B muestra la modificación propuesta por la República de Corea a 
las páginas 1/2 del Anexo 3 del Apéndice I.  El Anexo C indica cómo quedarán redactadas las 
páginas 1/2 del Anexo 3 del Apéndice I, una vez introducida la modificación propuesta.  En los Anexos D y E figuran los textos completos de "la Ley del Kookmin Bank" y "la Ley de derogación de 
la Ley del Kookmin Bank", respectivamente.
2 
 
                                                      
2 Los Anexos B, C, D y E están en inglés solamente. 
  GPA/MOD/KOR/1 
 Página 3 
 
 
ANEXO A 
 
DETALLES RELATIVOS A LA PRIVATIZACIÓN DEL KOOKMIN BANK 
 
 1. Visión general 
 El Gobierno de Corea dentro de su plan de privatización de empresas estatales ha proyectado 
convertir el Kookmin Bank, una empresa con participación estatal en una empresa privada.  El Gobierno de Corea ultimó el proceso de privatización al completar la venta de sus acciones en el Kookmin Bank el 19 de diciembre de 2003.  Al concluir esta privatización, se ha eliminado 
efectivamente el control y la influencia, tanto jurí dica como funcional del Gobierno de Corea sobre el 
Kookmin Bank.   Consecuentemente, el Gobierno de Corea der ogó "la Ley del Kookmin Bank" a la que había 
estado sujeta esta entidad como empresa pública.  Con la venta del resto de las acciones del Gobierno 
y la entrada en vigor de "la Ley de derogación de  la Ley del Kookmin Bank (en adelante, "Ley de 
derogación"), el Kookmin Bank se ha convertido en una empresa totalmente privada que en adelante 
sólo se rige por la "Ley del Código Merc antil" como las demás entidades privadas. 
  El Kookmin Bank cotiza en la Bolsa de Co rea desde su primera emisión pública en 
noviembre de 2001, y desde ese momento se le  aplica la "Ley de Bolsa y Valores". 
 
 Como empresa totalmente privada, tanto desde el punto de vista jurídico como práctico, el 
Kookmin Bank lleva a cabo sus actividades en materi a de contratación solamente sobre la base de 
consideraciones comerciales, sin ningún control o in fluencia por parte del Gobierno de Corea.  En 
consecuencia, el Gobierno de Corea propone la supr esión del Kookmin Bank de la lista de Corea del 
Anexo 3 del Apéndice I del ACP. 
 
2. Situación actual desde el punto de vista de la participación en el capital social 
 El cuadro 1 muestra la distribución porcentual en el capital social del Kookmin Bank al 19 de 
diciembre de 2003.  Como se señaló antes, el Gobi erno coreano ya no cuenta con una participación en 
el Kookmin Bank.  En el cuadro 2 figura el desglo se de los accionistas del Kookmin Bank.  Indica, en 
particular, la modificación de la estructura de los accionistas antes y después de la venta del resto de 
las acciones estatales en el Kookmin Bank.  Po r último, el cuadro 3 muestra el proceso de 
privatización del Kookmin Bank efectuado por el Gobi erno coreano, incluido el proceso de cambio 
del porcentaje de participación estatal y el número de acciones emitidas.  
Cuadro 1 
 
Distribución porcentual del capital social actual 
 
(Porcentaje) Gobierno Inversores 
nacionales Inversores 
extranjeros Otros Total 
Acciones 0 59.035.854 246.326.639 31.016.623 336.379.116 
% 0,0 17,55 73,23 9,22 100,0 
 
 GPA/MOD/KOR/1 
Página 4  
 
Cuadro 2 
 
Variación de la participación en el capital so cial antes y después de la venta del Gobierno 
 
Antes de la venta (18 de diciembre de 2003 ) Después de la venta (19 de diciembre 
de 2003) 
Accionistas Número de acciones (porcent aje) Número de acciones (porcentaje) 
Gobierno de Corea 30.623.761 (9,10%) 0 (0%) 
Inversores extranjeros 246.051.139 (73,15) 246.326.639 (73,23%) 
  - Capital Group 20.154.700 (5,99%) 20.154.700 (5,99%) 
  - ING Bank 12.716.691 (3,78%) 12.716.691 (3,78%) 
  - Goldman Sashes 3.983.932 (1,18%) 3.983.932 (1,18%) 
  - Bank of New York 34.828.836 (10,35%) 34.839.086 (10,36%) 
Inversores nacionales 56.111.354 (16,68%) 59.035.854 (17,55%) 
Acciones de tesorería 3.592.862 (1,07%) 31.016.623 (9,22%) 
Total 336.379.116 (100%) 336.379.116 (100%) 
 
 
Cuadro 3 
 
Proceso de privatización del Kookmin Bank 
 
Fecha Número de 
acciones emitidas Acciones del Gobierno 
(porcentaje) Sucesos 
1.1.2001  299.697.462 28.890.341 (9,64%) Fusión con H&CB 
15.4.2002 317.677.416 30.623.761 (9,64%) Dividendo en acciones 
25.11.2002 328.258.685 30.623.761 (9,33%) Conversión de CB 
30.9. 2003 336.379.116 30.623.761 (9,10%) Fusión con Kookmin Card 
19.12.2003 336.379.116 0 Venta de acciones del Gobierno 
 
3. Situación actual desde el punto de vista jurídico 
Como se mencionó anteriormente, con la re vocación de "la Ley del Kookmin Bank" y la 
entrada en vigor de "la Ley de derogación", el  Kookmin Bank ha dejado de ser una empresa con 
participación estatal para convertirse en una empre sa privada.  La condición jurídica del Kookmin 
Bank, por consiguiente, ha cambiado totalmente.  Ahora, el Kookmin Bank está sujeto a la "Ley del 
Código Mercantil" coreano como las demás empresas privadas.  
La actual condición jurídica del Kookmin Bank supone  que ha dejado de regirse por las leyes y 
reglamentos aplicables a las empresas públicas.  Por ejemplo, el Kookmin Bank no está ya regido ni por la "Ley Orgánica de la Junta de Revisión e Inspección" ni por la "Ley de Inspección e Investigación de la Administración Pública".  Por c onsiguiente ya no está sujeta a las inspecciones de 
esa Junta ni de la Asamblea Nacional.  En este sentido, desde el punto de vista jurídico el Kookmin Bank tiene en la actualidad exactamente los mism os derechos y obligaciones que las demás empresas 
privadas. 
 
4. Eliminación efectiva del control y la influencia del Gobierno 
 Como se observa en los cuadros 1 a 3, el G obierno de Corea ha vendido todas las acciones 
restantes del Kookmin Bank, es decir, el 9,10 por ciento.  El Gobierno coreano ha adoptado asimismo 
las medidas jurídicas necesarias menc ionadas, para garantizar la libertad de gestión del Kookmin 
Bank.   GPA/MOD/KOR/1 
 Página 5 
 
 
 El Consejo de Administración del Kookmin Bank está integrado en la actualidad por 
directores ejecutivos y directores exteriores propu estos por sus accionistas, tanto extranjeros como 
nacionales.  En concreto, la participación de los in versores extranjeros representa alrededor del 73 por 
ciento de todo el capital social.  A este respecto, el Gobierno coreano no dispone de instrumentos jurídicos ni prácticos para intervenir en el nombramiento de los directores del Kookmin Bank. 
 
 El Kookmin Bank constituye en la actualidad  una institución financiera cuyo control y 
funcionamiento depende exclusivamente de sus accionistas privados.  Las decisiones de gestión 
importantes se adoptan en la asamblea de accionistas  conforme a las decisiones de éstos.  Este hecho, 
junto con el cambio de la condición jurídica del Kookmin Bank antes explicado, confirma que el 
Gobierno coreano no dispone de medi os para intervenir en sus deci siones de gestión incluidas las 
relacionadas con las actividades en materia de contratación.   GPA/MOD/KOR/1 
Página 6  
APPENDIX I KOREA  ANNEX 3 Page 1/2
 
 
18 March 2003 (WT/L et/456)  ATTACHMENT B 
 
KOREA 
 
(Authentic in the English language only) 
 
ANNEX 3 
 
All Other Entities which Procure in Accordance 
With the Provisions of this Agreement  
 
Supplies  
 
Threshold : 450,000 SDR 
 List of Entities : 
 
- Korea Development Bank 
- Industrial Bank of Korea -
 Kookmin Bank  
- Korea Tobacco & Ginseng Corporation - Korea Minting and Security Printing Corporation 
- Korea Electric Power Corpor ation (except purchases of pr oducts in the categories of 
HS Nos. 8504, 8535, 8537 and 8544) 
- Korea Coal Corporation - Korea Resources Corporation - Korea National Oil Corporation - Korea General Chemical Corporation 
- Korea Trade-Investment Promotion Agency 
- Korea Highway Corporation - Korea National Housing Corporation - Korea Water Resources Corporation - Korea Land Corporation 
- Korea Agriculture and Rural Infrastructure Corporation 
- Agricultural and Fishery Marketing Corporation - Korea Telecom (except purchases of comm on telecommunications commodity products and 
telecommunications network equipment) 
- Korea National Tourism Organization - Daehan Printing and Publishing Co. Ltd. 
- Korea Labor Welfare Corporation 
- Korea Gas Corporation  
Construction Services  
 Threshold : 15,000,000 SDR 
 List of Entities which Procure Services Specified in Annex 5 : 
 Same as "Supplies" section  GPA/MOD/KOR/1 
 Página 7 
 
APPENDIX I KOREA  ANNEX 3 Page 1/2
 
 
... (WT/Let/...)   
ATTACHMENT C 
 
KOREA  
 
(Authentic in the English language only) 
 
ANNEX 3 
 
All Other Entities which Procure in Accordance 
With the Provisions of this Agreement  
 
Supplies  
 
Threshold : 450,000 SDR 
 List of Entities : 
 
- Korea Development Bank - Industrial Bank of Korea - Korea Tobacco & Ginseng Corporation - Korea Minting and Security Printing Corporation 
- Korea Electric Power Corpor ation (except purchases of pr oducts in the categories of 
HS Nos. 8504, 8535, 8537 and 8544) 
- Korea Coal Corporation - Korea Resources Corporation - Korea National Oil Corporation - Korea General Chemical Corporation 
- Korea Trade-Investment Promotion Agency 
- Korea Highway Corporation - Korea National Housing Corporation - Korea Water Resources Corporation - Korea Land Corporation 
- Korea Agriculture and Rural Infrastructure Corporation 
- Agricultural and Fishery Marketing Corporation - Korea Telecom (except purchases of comm on telecommunications commodity products and 
telecommunications network equipment) 
- Korea National Tourism Organization - Daehan Printing and Publishing Co. Ltd. 
- Korea Labor Welfare Corporation 
- Korea Gas Corporation  
Construction Services  
 Threshold : 15,000,000 SDR 
 List of Entities which Procure Services Specified in Annex 5 : 
 Same as "Supplies" section GPA/MOD/KOR/1 
Página 8  
 
 ATTACHMENT D 
 
KOOKMIN BANK ACT 
 
 
 
Enacted on December 7, 1962 
Amended on December 16, 1963 
December 25, 1968 
July 5, 1973 
December 19, 1977 December 31, 1981 December 31, 1982 December 30, 1989 
Repealed on January 5, 1995 
 
 
Article 1 (Purpose) The purpose of this Act is to improve  the economic status of the general 
public and small and medium enterprises by estab lishing the Kookmin Bank Corporation (hereinafter 
referred to as "Kookmin Bank") to  provide financial services to the general public and small and 
medium enterprises. 
 Article 2 (Character, etc.) (1) Kookmin Bank shall be operated under this Act, any decree 
under this Act and the articles of incorporation of the Kookmin Bank. 
 (2) Except as provided in this Act, the provisi ons of the Banking Act shall apply to Kookmin 
Bank: Provided, That Articles 6, 7, 9 through 12, 15, 16, 20 through 22, 27 (1) 2-2 and 10, and 
subparagraphs 4 and 5 of Artic le 30, and Articles 34, 38, 39 and 40 shall not do so. 
 
(3) The scope of small and medium enterprises as provided in Article 1 shall be determined by 
the Presidential Decree according to the number of employees and total amount of capital, etc. 
 
Article 3 (Capital)  The authorized capital of Kookmin Bank shall be five hundred 
billion(500,000,0 00,000) won. 
 
Article 4 (Establishment of Kookmin Bank) (1) The establishment of Kookmin Bank shall be 
completed at the time when such an establishment is registered after shares equivalent to half of its 
authorized capital are underwritten and ha lf of underwritten shares is paid. 
 (2) Except as provided in paragraph (1), the President of Kookmin Bank shall decide the 
underwriting and payment of shares with the resolution of the general meeting of shareholders within 
six months after the establishment of Kookmin Bank.  
Article 5 (Articles of Incorporation) The articles of incorporation of Kookmin Bank shall include 
the following matters: 
 
 1. Purpose;  2. Name; 
 3. Location of head office; 
 4. Matters concerning capital;  4-2. Matters concerning shares; 
 5. Matters concerning executive officers and employees;  GPA/MOD/KOR/1 
 Página 9 
 
 
  5-2. Matters concerning the ge neral meeting of shareholders; 
 5-3. Matters concerning the operation of the board of directors;  6. Matters concerning business and the performance thereof; 
 7. Matters concerning accounting; 
 8. Methods of public notification;  9. Matters concerning the issuance of the National Savings Bond; 
 10. Matters concerning the modification of the articles of incorporation; and 
 11. Other matters as provided by the Presidential Decree. 
 
Article 6 (Matters Subject to Approval) Those matters which fall under the following 
subparagraphs shall be subject to a pproval by the Minister of Finance: 
 
 1. Moving of the head office;  2. Modification of the articles of incorporation;  and 
 3. Suspension of business or merger. 
 Article 7 (Restriction of Use of Name) Any person other than Kookmin Bank shall not use the name 
of Kookmin Bank or any other name confused therewith. 
 Article 8 (Executive Officers) (1) Executive officers of Kookmin Bank shall be one president, 
senior managing directors, directors and one auditor. 
 (2) The prescribed number of senior managing directors and directors shall be determined by the 
articles of incorporation. 
 Article 9 (Duties of Executive Officers) (1) The president shall represent Kookmin Bank 
and exercise the overall control of the affairs thereof. 
 (2) A senior managing director shall assist the president in accordance with the articles of 
incorporation, act on behalf of the president if he /she is not able to perform his/her duties for any 
unforeseen reason, and perform duties of the president if he/she is vacant.  
(3) A director shall assist the president and a senior managing director and perform duties which 
are divided in accordance with the articles of incorporation.  
(4) In case the president and a senior managing dir ector are not able to perform their duties for 
any unforeseen reason, a director who is designated in  accordance with any such order of priority as 
determined in the articles of incorporation shall act on their behalf, and in case they become vacant, 
that director shall perform duties of the president. 
 (5) The auditor shall audit and inspect the business and accounting of Kookmin Bank. 
 
Article 10 (Appointment of Executive Officers) (1) The president shall be appointed by 
the President of the Republic of Korea upon the recommendation of the Minister of Finance with the 
nomination of the general meeting of shareholders. 
 
(2) A senior managing director and a director shall be appointed by the Minister of Finance upon 
the recommendation of the president with the nomin ation of the general meeting of shareholders. 
 
(3) The Auditor shall be appointed by the Minister of Finance. 
 GPA/MOD/KOR/1 
Página 10  
 
 Article 11 (Term of Office of Executive Officers) (1) The term of office of the president, a 
senior managing director and a director shall be thr ee years and the term of office of the auditor shall 
be two years, but consecutive appointment may be permitted. 
 
(2) In case there is any vacancy in the office of the president, a senior managing director, a 
director and the auditor, a new executive officer who se term of office is any such period as prescribed 
in paragraph (1) shall be appointed. 
 
Article 12 (Restriction on Concurrent Offices Taken by Executive Officer) The president, a 
senior managing director, a director and the audito r shall neither be engaged in any business the 
purpose of which is profit-gaining other than thei r duties nor concurrently take any other office 
without the permission of the Minister of Finance. 
 Article 13 (Restriction on Representative Authority of Executive Officers) (1) The 
president or a senior managing director and a dir ector shall not represent Kookmin Bank with respect 
to those matters in which the interests of the presi dent or a person who acts on behalf of the president 
under paragraphs (2) and (4) of Article 9 are in  conflict with the interests of Kookmin Bank. 
 
(2) In any case as stated in paragraph (1) above, if there is any director who falls under the 
following order of priority under Article 9 (4), the director shall represent Kookmin Bank, and if there 
is no director who falls under the following order of priority, the auditor shall do so. 
 Article 14 (Status of Executive Officers) The executive officers of Kookmin Bank shall be 
deemed to be public officials in applying penal provi sions of the Criminal Act and other related Acts. 
 
Article 15 (Guarantee of Term of Office of Executive Officers) The president, a senior 
managing director, a director and the auditor of Kookmin Bank shall not be dismissed during their 
term of office: Provided, That in any case falli ng under any of the following subparagraphs, the 
president shall be dismissed by the President of  the Republic of Korea upon the recommendation of 
the Minister of Finance, a senior managing director and a director by the Minister of Finance upon the 
recommendation of the president, and the auditor by the Minister of Finance; 
 
 1. In case it is impossible for them to perform their duties due to any mental disorder 
and physical disability; 
 2. In case they are sentenced to imprisonm ent without prison labor or heavier against 
any criminal case; 
 3. In case they violate this Act, any Decree under this Act and the articles of 
incorporation; and 
 4. In case they are sentenced to bankruptcy.  
Article 16 (Appointment of Agent) The president may, in accordance with the articles of 
incorporation, appoint an agent who is duly empow ered to act for Kookmin Bank in connection with 
the affairs thereof in all judicial and extra-judicial matters from among a senior managing director, a 
director or employees. 
 
Article 17 (Appointment and Dismissal of Employees) The president shall appoint and dismiss 
employees of Kookmin Bank.  
Article 18 (Business) Kookmin Bank shall perform any bu siness falling under the following 
subparagraphs:   GPA/MOD/KOR/1 
 Página 11 
 
 
  1. Mutual instalment savings (meaning any r eceipt of installments within any specified 
period of time after agreeing on the payment of  any specified amount of money either 
at the time when the said period of time expires or during that period; 
 2. Deposit and regular instalment deposit; 
 3. Loan; 
 4. Discount of bills;  5. Payment acceptance and guarantee; 
 6. Domestic remittance and foreign exchange; 
 7. Safeguard deposit;  8. Acquisition, purchase and sale, underwr iting and guarantee of national bonds, public 
bonds, and shares and corporate bonds which are issued by small and medium 
enterprises under Article 2 (3); 
 9. Business incidental to that which is provided in subparagraphs 1 through 8; and 
 10. Other businesses which are necessary to achie ve the purpose as stated in Article 1 and 
which are approved by the Minister of Finance, except for those as provided in 
subparagraphs 1 through 8. 
 
(2) Kookmin Bank may, if funds are required in the course of performing its business under 
paragraph (1), borrow loans from the Bank of Korea, other financial institutions or those institutions 
which are approved by the Minister of Finance. 
 
(3) Kookmin Bank may borrow financial funds for small loan finance.  
Article 18-2 (Foreign Capital) (1) Kookmin Bank may borrow foreign capital for small and 
medium enterprises with the approval of the Minister of Finance. 
 
(2) Kookmin Bank may loan such foreign capital as borrowed under paragr aph (1) above without 
any restriction under Article 19 with the approval of the Minister of Finance. 
 
Article 18-3 (Approval of Business Plan) (1) Kookmin Bank shall prepare an annual 
business plan every business year and submit it to the Minister of Finance. The same shall apply to 
any modification of the business plan. 
 (2) The annual business plan as provided in the former  part of paragraph (1) shall be submitted to 
the Minister of Finance one month prior to the beginning of the relevant business year. 
 Article 18-4 (Issuance of the National Savings Bond) (1) Kookmin Bank may issue National 
Savings Bonds. 
 (2) The issuing amount of the National Savings Bond shall not exceed ten times of the total 
amount of the capital and reserved fund. 
 Article 18-5 (Issuance to Refund Outstanding Bonds) (1) Kookmin Bank may, if necessary to 
refund outstanding National Savings Bonds, issue Na tional Savings Bonds over the limit as prescribed 
in Article 18-4 (2). 
 
(2) When the Kookmin Bank issues National Savings  Bonds under paragraph (1), it shall, within 
one month after such issuance, refund the outstandi ng National Savings Bonds in an amount equal to 
the aggregate par value of the National Savings Bonds in the time appointed for payment. 
 Article 18-6 (Discount) National Savings Bonds may be issued on a discount basis. 
 GPA/MOD/KOR/1 
Página 12  
 
 Article 18-7 (Government Guarantee of Bond) The payment of the principal of and interest 
on National Savings Bonds may be  guaranteed by the Government. 
 
Article 18-8 (Extinctive Prescription of Bonds) The right to receive the principal of and 
interest on National Savings Bonds shall be termin ated unless exercised within five years and three 
years, respectively. 
 
Article 18-9 (Delegation) Except as provided in this Act, necessary matters concerning 
National Savings Bonds shall be dete rmined by the Presidential Decree. 
 Article 19 (Business Manual) Kookmin Bank shall prepare a business manual including the 
following matters, which, in turn, shall be approved by  the Minister of Finance. The same shall apply 
to any modification of the business manual.  
 1. Matters concerning mutual installment savings; 
 2. Matters concerning loan, discount of bills and payment guarantee;  3. Matters concerning the maximum loan am ount of delivery or payment, loan, discount 
of bills, and payment guarantee to one person; 
 4. Matters concerning acquisition, purc hase and sale, underwriting and guarantee of 
securities under Article 18 (1) 8; and 
 5. Other matters necessary for the performance of any such business as provided in 
Article 18. 
 
Article 20 (Aggregate Limit on Payments) The aggregate payments shall not exceed the sum of 
the amount of all instalment savings pursuant to Article 18 (1) 1 and ninety-hundredths of the sum of 
regular instalment deposits. 
 Article 20-2 (Payment and Loan to Local Governments) Kookmin Bank may make payment 
and loan to the following persons, if it does not  impede the accomplishment of its purpose of 
establishment under Article 1.  
 1. Non-profit corporations or organizati ons such as local governments or educational 
corporations; and 
 2. Enterprises which are financed by Kookmin Bank. 
 
Article 21 (Limitation on Ownership of Movable or Immovable Property) Kookmin Bank may 
not own movable or immovable property unless acqui red for use in its business, or taken over for 
repayment of obligations, or otherwise de emed necessary for performing its business. 
 Article 22 (Management of Reserved Fund) Except as provided in the following subparagraph, 
Kookmin Bank shall not mange the reserved fund: 
  1. Currency stabilization bond of the Bank of Korea, national bond, investment to 
securities approved by the Minister of Finance; 
 2. Deposit to the Bank of Korea or other fi nancial institutions, short term loans to the 
financial institutions 
 3. Other cases as approved by the Minister of Finance  
Article 23 <Deleted> 
 Article 24 (Fiscal Year and Settlement of Accounts) (1) The fiscal year of Kookmin Bank 
shall correspond to that of the Government. 
  GPA/MOD/KOR/1 
 Página 13 
 
 
 (2) <Deleted> 
 (3) Kookmin Bank shall submit the settlement of ac counts to the Minister of Finance, and equip 
the balance sheet and the statement of profit and lo ss with the head office, branch office and local 
branch office.  
Article 25 (Disposal of Profits) (1) Annual net profits of Kookmin Bank shall be disposed of as 
follows, after making adequate allowances for depreciation of assets for each fiscal year:  
 
 1. To reserve not less than twenty five one-hundredths of the net profits, until such 
reserves have reached the level of total paid-in capital; and  
 2. To distribute the profits to capital contributors other than the Government on a 
preferential basis with the approval of the Minister of Finance as determined by the 
presidential Decree. 
 
(2) To dispose of the remaining profits othe r than reserves and dividends as provided in 
subparagraph 1 with the approval of the Minister of Finance. 
 
Article 26 (Offset of Losses) The annual net losses of Kookmin Bank shall be offset each year by 
the reserve, and if the reserve is insufficient, the de ficit shall be transferred into the next fiscal year. 
 
Article 27 (Supervision) The Minister of Finance shall supervise Kookmin Bank in 
accordance with this Act and may issue an order necessary for the supervision. 
 
Article 28 (Submission of Reports and Inspection) (1) The Minister of Finance may, when 
deemed necessary, order Kookmin Bank to submit re ports and have a public official under his/her 
control to inspect the status of affairs, books , records and other necessary matters of the Bank. 
 
(2) The Minister of Finance may, when deemed necessary, entrust to the Superintendent of the 
Bank of Korea or a public official under his/her control with the power of inspection as provided in paragraph (1). 
 
(3) A person who conducts the inspection under para graphs (1) and (2) shall show the related 
persons a document indicating his/her authorities. 
 
Article 29 (Consultation) The Minister of Finance shall cons ult the important matter regarding 
the operation of Kookmin Bank with the Monetary Board. 
 
Article 30 (Investment by Financial Institutions) Notwithstanding the provisions of 
subparagraph 10 of Article 27 of th e Banking Act, financial institu tions may finance Kookmin Bank. 
 
Article 30-2 (Special Exception in Transactions) If a small and medium enterprise, in the 
course of its transactions with K ookmin Bank, expands to such an extent that it no longer meets the 
definition of a small and medium enterprise, Kook min Bank may, in accordance with the Presidential 
Decree, continue transactions with such a business w ithin the remaining term of repayment if it holds 
a loan from the Kookmin Bank yet to mature. 
 Article 31 (Penal Provisions) Any person who violates the provisions of Article 7 shall be punished 
by a fine not exceeding five  million (5,000,000) won. 
 Article 32 <Deleted> 
 GPA/MOD/KOR/1 
Página 14  
 
 Article 33 (Enforcement Decree) Necessary matters for the enforc ement of this Act shall be 
prescribed by the Presidential Decree. 
 
ADDENDA 
 
Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation. 
 
Article 2 (Repeal of Act) The Kookmin Bank Act (Act No. 944)  shall be repealed: Provided, 
That Kookmin Bank at the time when this Act ente rs into force shall continue its business until it 
merges with any other Kookmin Bank (hereinafter  referred to as “Kookmin Bank”) established under 
this Act.  
Article 3 (Establishment) (1) The Minister of Finance sh all appoint the members of the 
Establishment Committee and have them deal with matters related to the establishment of Kookmin 
Bank. 
 
(2) The establishment members shall prepare the ar ticles of incorporation, which are authorized 
by the Minister of Finance. 
 
(3) The articles of incorporation of Kookmin Bank shall become effective when authorized under 
paragraph (2) above, notwithstanding the provisi ons of Article 167 of the Commercial Act. 
 
Article 4 (Merger) Kookmin Bank shall merge with any other Kookmin Bank at the time when 
this Act enters into force. 
 Article 5 (Fiction Provisions) The name of Korean Kookmin Bank succeeded by the Korean 
Kookmin Bank in the property register book or public  register book shall be deemed to be changed 
into the name of Kookmin Bank.  
Article 6 (Non-application of the Commercial Act) The provisions of Article 173 of the 
Commercial Act shall not apply to the establishment of Kookmin Bank.  
Article 7 (Transitional Measures) Notwithstanding the provisions of Article 23 of this Act, a 
company (hereinafter referred to as the "mutual financing company") which conducts any mutual 
financing business under the Kookmin Bank Act (Act No. 944) and which exists at the time when this 
Act enters into force, may continue to perform its business until December 31, 1964. 
 Article 8 (Ditto) The Industrial Bank of Korea shall convert small loan finance under 
Article 56 (2) of the Industrial Bank of Korea Act into general loan finance. 
 Article 9 (Merger or Transfer and Acquisition of Business) (1) Kookmin Bank shall, if it 
resolves to be merged with any other Kookmin Bank at  the time when this Act enters into force or the 
mutual financing company or to acquire all or part  of business by transfer, notify, within two weeks 
after having so resolved, those creditors who have obj ections against such resolutions that they shall 
present their opinion within one month and give resp ective creditors a peremptory notice to urge such 
presentation separately. 
 
(2) The period of notification and peremptory noti ce under paragraph (1) shall apply to any other 
Kookmin Bank at the time when this Act enters into  force or the mutual financing company which is 
the mergee or all or part of business of which is transferred. 
  GPA/MOD/KOR/1 
 Página 15 
 
 
 (3) In any case as stated in paragraphs (1) and (2 ), a peremptory notice shall not be given to 
depositors and instalment payers.  
(4) If a creditor who has an objection does not present his/her opinion thereon within any period 
as referred to in paragraph (1), it shall be deemed that  the merger or the transfer or acquisition of all or 
part of the business is inherited. 
 
(5) If a creditor who has an objection presents hi s/her opinion thereon w ithin any period as 
provided in paragraphs (1) and (2), Kookmin Ba nk, any other Kookmin Bank at the time of the 
enforcement of this Act or the mutual financing company shall repay its debt, offer any equivalent 
security, place any corresponding property repayable to  a debtor on deposit, or trust the said property 
to a trust company. 
 (6) If the mutual financing company is merged with Kookmin Bank or transfers all or part of its 
business thereto, any authorization or approval grante d, orders issued or di spositions or other acts 
taken under the previous Chosun Mutual Financing Bu siness Decree shall, in case there are provisions 
corresponding thereto in this Act, be deemed to  be granted, issued or taken under this Act. 
 
ADDENDUM (DECEMBER 16, 1963) 
  This Act shall enter into force on the enforc ement date of the revi sed Constitution which was 
promulgated on December 26, 1962.  
ADDENDUM (JULY 25, 1968) 
  This Act shall enter into force on the date of its promulgation. 
 
ADDENDA (MARCH 5, 1973) 
 
(1) (Enforcement Date) This Act shall enter into force on the date of its promulgation. 
 
(2) (Transitional Measures) The term of office of  the executive officers who hold their office at 
the time when this Act enters into force shall be  governed by this Act and reckoned from respective 
dates on which they were appointed under previous provisions. 
 
(3) (Ditto) Any executive officer whose term of o ffice expires under this Act shall continuously 
perform his/her duties until his/her successor is appointed , and in this case, the term of office of such 
executive officer shall expire on the day before that on which his/her successor is appointed. 
 
ADDENDUM (DECEMBER 19, 1972) 
 
 This Act shall enter into force on the date of its promulgation.  
ADDENDUM (DECEMBER 31, 1981) 
  This Act shall enter into force on the date of its promulgation. 
 
ADDENDA (DECEMBER 31, 1982) 
 
(1) This Act shall enter into force on the date of its promulgation.  
(2) (Transitional Measures concerning Penal Pr ovisions) Any such act as committed before 
this Act enters into force shall be subject to  the application of previous penal provisions. GPA/MOD/KOR/1 
Página 16  
 
  
ADDENDA (DECEMBER 30, 1989) 
 (1) This Act shall enter into force on the date of its promulgation. 
 (2) (Transitional Measures concerning Executive O fficers) The amended provisions of Article 8 
shall apply in case Kookmin Bank does not fall under th e application scope as referred to in Article 2 
of the Framework Act on the Management of Govern ment-Invested Institutions. In this case, the term 
of office of the president, executives and the a uditor who are appointed in accordance with the 
Framework Act on the Management of Government-Invested Instituti ons, shall be deemed to be 
appointed president, senior managing director, direct or, and auditor respectively under this Act, and 
their term of office shall be reckoned from resp ective dates on which they are appointed under the 
Framework Act on the Management of  Government-Invested Institutions. 
  GPA/MOD/KOR/1 
 Página 17 
 
 
 ATTACHMENT E 
 
ACT TO REPEAL THE KOOKMIN BANK ACT 
 
Enacted by Act No. 4862, Jan. 5, 1995 
Amended by Act No. 5505, Jan. 13, 1998 (Act on the Adjustment of the Certified Public  
Accountant Act, etc. Following the Enactment of the Act on the Establishment, etc.  
of Financial Supervisory Organizations) 
  
The Kookmin Bank Act shall be repealed. 
 
ADDENDA 
 
Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation. 
 
Article 2 (Change of Ground for Establishment) At the time when this Act enters into force, 
Kookmin Bank, Inc. shall be deemed to be est ablished in accordance with the Commercial Act. 
 
Article 3 (Business of Kookmin Bank) (1) Kookmin Bank may continuously conduct all the 
businesses which Kookmin Bank has performed in accordance with the Kookmin Bank Act which 
was abolished pursuant to the effective da te of this Act and other regulations. 
 
(2) In conducting the business in accordance with paragraph (1), Kookmin Bank is deemed to 
have performed the authorization, approval, ordina nce, disposal or other actions which are necessary 
pursuant to the Banking Act, simultaneously with the execution of this Act.  
Article 4 (Effect of Previous Legal Acts) The legal acts or other actions which had been 
extended to Kookmin Bank or had been perform ed by Kookmin Bank in accordance with the 
Kookmin Bank Act have been effective and valid. In  this case, it is deemed to have performed the 
authorization, approval, ordinance, disposal or ot her actions which are required pursuant to Banking 
Act, simultaneously with the execution of this Act.  
Article 5 (Transitional Measures concerning Executive Officers) The president of Kookmin 
Bank who is incumbent at the time when this Act en ters into force, shall be deemed representative 
director pursuant to the Commercial Act, the Ex ecutive Vice President and the Director as the 
Directors pursuant to the Commercial Act and the A uditor as the Auditor pursuant to the Commercial 
Act, and their term of o ffice shall be reckoned from the appointme nt date in accordance with the basic 
law for managing government-invested institutions or the Kookmin Bank Act. 
 
Article 6 (Transitional Measures concerning Limi ted Investment in Real Estates Used for 
Business Purpose) The provisions of Article 27 (1) 2-2 of the Banking Act does not apply to 
Kookmin Bank for the five consecutive years from the effective date of this Act. 
 
Article 7 (Provision of Loans to General Public, etc.) (1) The Kookmin Bank shall improve 
their economical status for the general public or small-medium busin ess by providing financial 
services pursuant to the Articles of Incorporati on of the Kookmin Bank which was effective on the 
execution date of this Act. 
 (2) The Monetary Board shall consult with th e Minister of Finance and Economy when they 
approve to change the scope of sm all-medium business and the ratio of support to general people and 
small-medium companies in accordance with Article 10 (2) 1 of the Banking Act. <Amended on 
Jan. 13, 1998> GPA/MOD/KOR/1 
Página 18  
 
  
ADDENDA (JANUARY 13, 1998) 
 (1) (Enforcement Date)  This Act shall enter into force on April 1, 1998. <Proviso Omitted> 
 (2) (Transitional Measures concerning Dispositions, etc.) Approvals given or actions taken by 
government agencies before the enactment of this Act shall be considered as approvals of or the 
actions of government departments or the acti ons provided to them pursuant to this Act. 
 (3) through (5)  Deleted. 
 
__________