Chapter 1 General Terms
Article 1 (Name)
This corporation is named “Korea Cultural Heritages Redemption Headquarter Corp. (“the Corp.”).”
Article 2 (Location)
The Corp.’s office is located at 66 Songjeong-dong Gumi-si, Gyeongsangbuk-do.
Article 3 (Purpose)
The purpose of the Corp. is to fulfill the national desire to redeem Korea’s cultural heritages and to take initiatives to recover Gyeongsangbuk-do’s cultural ownership to contribute to redeeming Korea’s cultural heritages that are abroad and encouraging civil participation and interests in the redemption process.
Article 4 (Businesses)
The Corp. performs the following businesses to achieve the purposes in Article 3:
- 1. Research and survey activities related to redeeming Korea’s cultural heritages sold abroad from Gyeongsangbuk-do.
- 2. Investigation and organization of resources related to Korea’s cultural heritages sold abroad from Gyeongsangbuk-do.
- 3. Raising and operating funds needed to redeem Korea’s cultural heritages sold abroad from Gyeongsangbuk-do.
- 4. Producing ads and promoting redemption of Korea’s cultural heritages sold abroad from Gyeongsangbuk-do.
- 5. Hosting seminars and luncheons needed to redeem Korea’s cultural heritages sold abroad from Gyeongsangbuk-do.
- 6. Auctioning and purchasing cultural heritages to redeem Korea’s cultural heritages sold abroad from Gyeongsangbuk-do.
- 7. Surveying cultural heritages in the local area.
- 8. Cultural heritage love movements by developing contents related to local cultural heritages.
- 9. Other cultural heritage projects deemed necessary for the purpose of the Corp.
Article 5 (Profit Activities)
The Corp. may promote profit activities when needed to pay for its businesses in Article 4.
Article 6 (Providing Profits)
- ① The Corp. provides its profits to the beneficiaries for its businesses in Article 4 and may have the beneficiaries pay a portion of the cost, if necessary.
- ② The profits provided for the purpose of the Corp. shall not discriminate the beneficiaries according to their birth place, school, occupation, sex, or social status, unless limited by the purpose of business.
Chapter 2 Members
Article 7 (Qualification of Members)
- ① The members of the Corp. shall agree with the purpose and objectives in Article 3 and submit an application form for the approval of the Board Meeting.
- ② The members’ qualification, membership fees, and other details shall follow a separate set of regulations.
Article 8 (Rights of Members)
- ① The members have the right to run for or elect the executives of the Corp. and participate in the Assembly to share opinions and make resolutions.
- ② The members shall receive the Corp.’s resources and publications, and view the resources related to operating the Corp.
Article 9 (Responsibilities)
The members have the following responsibilities:
- 1. Observation of the Corp.’s articles and regulations
- 2. Performing the resolutions of the Assembly and the Board Meeting
- 3. Payment of membership fees and other dues
- 4. Participation in various events hosted by the Corp
Article 10 (Withdrawal/Dismissal of Members)
- ① The members can withdraw by submitting an withdrawal form.
- ② The Board Meeting may make a resolution to dismiss any member that compromises the Corp.’s reputation, interferes with its purpose, or fails to observe their responsibilities for more than 1 year.
- ③ Members cannot claim their rights for the membership fees they have paid should they lose their status as members due to withdrawal or dismissal.
Chapter 3 Executives
Article 11 (Types and Numbers of Executives)
The Corp. has the following executives
- 1. 1 Chairman
- 2. 2 Vice-chairman
- 3. Up to 30 Directors (including Chairman and Vice-chairman)
- 4. 2 Auditors
Article 12 (Election of Executives)
- ① The Assembly elects the executives of the Corp.
- ② Chairman and Vice-chairman are elected among the executives.
- ③ If there is a vacant position, a successor shall be elected within 2 months.
- ④ New executives shall be elected at least 2 months in prior to the termination of term and the results of election shall be registered with the responsible court to notify the local office within 3 weeks.
Article 13 (Dismissal of Executives)
If an executive is subject to any of the following, he/she may be dismissed by the Assembly’s resolution:
- 1. Violation of the purpose of the Corp
- 2. Disputes, unfair accounting, or unjust acts
- 3. Hindrance to the Corp.’s operation
Article 14 (Term of Executives)
- ① The directors and auditors serve for 3 years and may serve for multiple terms. The term of executives elected to fill vacant positions shall be the remaining period of their predecessors.
- ② The executives shall perform their duties until the inauguration of their successors even after termination of their terms.
Article 15 (Responsibilities)
- ① The Chairman represents and steers the Corp. and becomes the chairman of the Assembly and the Board Meeting.
- ② The Vice-chairman assists the Chairman and becomes the Vice-chairman of the Assembly and the Board Meeting.
- ③ The directors attend the Board Meeting to make resolutions and performs the tasks authorized by the Board Meeting or the Chairman.
- ④ The auditors perform the following.
- 1. Auditing the Corp.’s assets
- 2. Auditing the operation of the Assembly and the Board Meeting
- 3. Demanding the Board Meeting or the Assembly to correct unjust or unfair items in result of the audit in Item 1 or 2 and reporting to the local office
- 4. Demanding the convocation of the Assembly or the Board Meeting to demand corrections or make the report in Article 3
- 5. Sharing opinions with the Assembly, the Board Meeting, or the Chairman in relation to the Corp.’s assets
Article 16 (Acting Chairman)
- If the Chairman is temporarily absent, the director appointed by the Chairman shall be the Acting Chairman.
- ② If the Chairman’s position is vacant, the Vice-president shall be the Acting President; if both the Chairman and the Vice-chairman are absent, the oldest of the remaining directors shall be the Acting President.
- ③ The Vice-chairman or the director who serves as the Acting President shall immediately undergo the election process.
Article 17 (Remuneration of Executives)
The executives do not receive remuneration, but any expenses related to their performance for the Corp. may be reimbursed.
Chapter 4 Assembly
Article 18 (Organization)
The Assembly is the Corp.’s highest legislative body and consists of the members.
Article 19 (Types and Convocation of Assembly)
- ① The Assembly includes annual and special assemblies and is convoked by the Chairman.
- ② Annual Assembly is convoked until 1 month in prior to the beginning of each fiscal year and Special Assembly is convoked when deemed necessary by the Chairman.
- ③ The Chairman shall notify each member of the convocation in writing until 7 days in prior to the date and the notice shall indicate the agenda, date, and place of assembly.
Article 20 (Special Terms of Convocation)
- ① The Chairman shall convoke the Assembly within 20 days when demanded as follows:
- 1. When demanded by a majority of directors present with a purpose
- 2. When demanded by auditors under Article 15 Item 4-4
- 3. When demanded by more than 1/3 of members present with a purpose
- ② If the convoker is absent or refuses to convene the Assembly for more than 7 days, the Assembly may be convened by the agreement of a majority of directors present or 1/3 of the members present.
- ③ The Assembly assembled as in Item 2 shall be hosted by the oldest of the directors present to elect the Chairman.
Article 21 (Required Quorum for Resolution)
The Assembly is opened with the presence of a majority of members and the resolutions are made by the agreement of a majority of members present, unless otherwise stipulated by the Articles.
Article 22 (The Role of Assembly)
Assembly resolves the following.
- 1. Election and dismissal of executives
- 2. Enactment and modification of Articles and dissolution of the Corp
- 3. Disposition and acquisition of assets and borrowing of funds
- 4. Approval of budgets and settlements
- 5. Approval of business plans
- 6. Other issues deemed important by the Chairman
Article 23 (Reason for Disqualification)
Any members subject to the following cannot participate in making resolutions.
- 1. When election/dismissal of executives is related to them
- 2. When engaged in a dispute/lawsuit related to funds or assets against the Corp
Chapter 5 Board Meeting
Article 24 (Organization)
The Board Meeting is organized by executives, excluding auditors.
Article 25 (Convocation of Board Meeting)
- ① The Board Meeting is convoked by the Chairman when deemed necessary.
- ② The Chairman shall notify each director and auditor of the convocation in writing until 7 days in prior to the date, unless it is deemed urgent, and the notice shall indicate the agenda, date, and place of assembly.
Article 26
The Board Meeting’s resolution cannot be made in writing.
Article 27 (Required Quorum for Resolution)
- ① The Board Meeting is opened with the presence of a majority of members and the resolutions are made by the agreement of a majority of members present. If there is a tie, the Chairman makes the decision.
- ② The Board Meeting’s votes cannot be cast by a proxy.
Article 28 (Resolutions)
The Board Meeting deliberates or resolves the following.
- 1. Executive activities
- 2. Business plans
- 3. Preparation of budgets and settlements
- 4. Modification of articles
- 5. Management of assets
- 6. Agenda to resolve
- 7. Issues authorized by the Assembly
- 8. Other issues authorized by the Articles
- 9. Other issues deemed important by the Chairman
Chapter 6 Advisors
Article 29 (Advisors)
- ① The Corp. may have a certain number of advisors for the Corp.’s development and operation.
- ② The advisors may share instructions and opinions for the operation of the Corp.
Article 30 (Appointment and Term)
- ① The advisors shall be appointed by the Chairman among those with interests and insights in cultural heritages and willingness to cooperate with the Corp., with the Board Meeting’s recommendation.
- ② The advisors shall serve a term of 3 years and may serve multiple terms.
Chapter 7 Advisory Committee
Article 31 (Installation)
- ① The Advisory Committee shall be the working committee to provide advice for the operation of the Corporation.
- ② The Advisory Committee shall provide advice for the Corp.’s purpose or other issues deemed necessary by the Chairman or the Board Meeting.
Article 32 (Qualification of Members)
The advisory members shall be appointed among those with extensive insights and experiences in cultural heritages.
Article 33 (Appointment of Members)
- ① The members of the Advisory Committee shall be appointed by the Chairman.
- ② The advisory members shall serve a term of 3 years and may serve multiple terms.
- ③ Other issues pertaining to the Advisory Committee shall be stipulated by the Board Meeting.
Chapter 8 Promotion Committee
Article 34 (Installation)
- ① The Operations Advisory Committee shall be organized for the smooth operation of the Corporation.
- ② The Operations Advisory Committee shall give advice on the Corporation’s business and other issues requested by the Chairman or the Board of Directors
Article 35 (Qualification of Members)
The members of the Operations Advisory Committee must be able to support the Corporation’s development.
Article 36 (Appointment of Members)
- ① The members of the Operations Advisory Committee are appointed by the Chairman.
- ② The term of members of the Operations Advisory Committee shall be 3 years and may be served several times.
- ③ Other issues related to the Operations Advisory Committee shall be resolved by the Board of Directors.
Chapter 9 Assets and Accounting
Article 37 (Assets)
The Corp.’s assets are classified into basic assets and ordinary assets.
- 1. Basic assets shall be defined by the Board Meeting upon establishment.
- 2. Ordinary assets include all other assets.
Article 38 (Asset Management)
The Assembly’s resolution (agreement of 2/3 of members) is required to sell, give as gift, rent, exchange, or provide as collateral the Corp.’s basic assets.
Article 39 (Financial Sources)
The following financial sources are needed to maintain and operate the Corp.
- 1. Membership fees
- 2. Subsidiaries from national and local governments
- 3. Profits from its basic assets
- 4. Profits from businesses
- 5. Donations
- 6. Other income sources
Article 40 (Fiscal Year)
The Corp.’s fiscal year shall follow the Government’s fiscal year.
Article 41 (Budget and Settlement)
- ① The Corp.’s annual revenue-expenditure budget shall be prepared until 1 month in prior to each fiscal year and have it resolved by the Board Meeting for the Assembly’s approval. If it involves national or local subsidies, it also requires the approval of local office in advance.
- ② The Corp. shall prepare the settlement statement within 2 months of each fiscal year and have it resolved by the Board Meeting for the Assembly’s approval.
- ③ The Corp. shall disclose its profits from membership fees, donations, and other income on its Homepage.
Article 42 (Accounting Audit)
The Corp.’s accounting audit shall be performed at least once a year.Chapter 10 Executive Office.
Chapter 10 Executive Office
Article 43 (Executive Office)
- ① The Company operates an executive office to process the Corp.’s businesses with the Chairman’s instruction.
- ② The executive office may have one director and the required number of employees.
- ③ The director is appointed by the Chairman with the Board Meeting’s resolution.
- ④ The executive office’s organization and operation shall be stipulated separately with the Board Meeting’s resolution.
Chapter 11 Supplementary Terms
Article 44 (Dissolution)
The Corp.’s dissolution requires the agreement of 2/3 of members of the Assembly and shall be reported to the local office.
Article 45 (Modification of Articles)
Modification of the Articles requires the agreement of 2/3 of members of the Assembly and shall be reported to the local office.
Article 46 (Disposal of Remaining Assets)
If the Corp. has been dissolved, the remaining assets shall be donated to a similar organization or to the local government with the resolution of the Assembly and the approval of the local office.
Article 47 (General Regulations)
For items not stimulated in these Articles, refer to the regulations on private corporations and the rules pertaining to the establishment and supervision of non-profit corporations operated by the Ministry of Culture, Sports, and Tourism and the Cultural Heritage Administration.
Article 48 (Rules)
Other items pertaining to the operation of the Corp. shall be established as rules with the resolution of the Board Meeting.
Additional Terms
Article 1 (Date of Execution)
The Articles are executed from the date they are registered with the Court with the approval of local office.
Article 2 (Promoters’ Rally)
The Promoters’ Rally for the resolution of these Articles is considered as the Board Meeting.
Article 3 (Founding Executives and Term)
Despite Article 17, the founding executives and their term are as shown in [Table 1].
Article 4 (Founders’ Signature and Date)
These Articles shall be prepared to establish the Corp. and signed and dated by all founding members.