Government of the Republic of Korea

“ Where the whole or a part of a insurance contract is null and void, if the policyholder and the insured have acted in good faith and without gross negligence, the insurer may be demanded to return the whole or a part of the premium. ”

“ If there is any reason to suspect of dishonest act or of material fact in contravention of any Acts, subordinate statutes or the articles of incorporation in connection with the management of affairs, any shareholder who holds shares representing no less than 3/100 of the total issued and outstanding shares may apply to the court for the appointment of an inspector to investigate the affairs of the company and the status of its property. ”

“ The insurer shall not subrogate and exercise the rights of the policyholder and of the beneficiary arisen through the insurance risks against the third persons: Provided, That in case of accident insurance contract, if there is a special stipulation between parties, the insurer may be subrogated in the position of the insured to exercise of any right of the insured, to the extent that it is unprejudicial to such right. ”

“ Where a company which is incorporated due to a division or a merger through division or the other party to such merger through division acquires a right of business, the acquisition value may be counted in the assets side of the balance sheet. ”

“ If a carrier fails to prove that he or the crew or other employee of a ship exercised his duty of care in reception, loading, stowage, carriage, keeping, discharging and delivering of the goods, he shall be liable to compensate for damages caused by loss, damage or delay of the goods. ”

“ When an insurer receives from a policyholder a payment of the whole or a part of the amount equivalent to the premium, as well as an application for an insurance contract, it shall dispatch to him a notice on whether it accepts the application or not within thirty days unless otherwise stipulated. If the insured of a personal insurance contract is to undergo a physical examination, however, the period shall run from the day on which he does it. ”

“ If payment, settlement or any other act effected by a company to a certain bondholder is remarkably unfair, a company commissioned to offer bonds for subscription may demand the revocation thereof, only by means of action to court. ”

“ When the commission agent becomes aware of, after having taken over the subject-matter of sale through a commission agency, the fact that there is damage or defect in the goods, or there is a fear of decomposition or decay of the goods, or commercial circumstances which show decline of commodity prices, he shall without delay dispatch a notice thereof to his principal. ”

“ The insurer of a contract of personal insurance shall be liable for the payment of the insured amount and other benefits according as the contract of insurance provides, in case the insured events may arise in respect to life or body. ”

“ If the company issues different classes of shares, special provisions may be made from class to class with respect to the subscription for new shares, the consolidation, split, or retirement of shares or the allotment of shares in consequence of a merger or split of companies, even where no such matters have been provided in the articles of incorporation. ”

“ If a company has given for value any pecuniary benefit to a specified shareholder but if the benefits obtained by the company is remarkably less than the pecuniary benefit granted to the shareholder, the same shall be applicable. ”

“ In the insurance of prospective profit or remuneration to be earned upon the arrival of the cargo, if the insurable value has not been determined by the contract, the insured amount shall be presumed to be the insurable value. ”

“ A forwarding agent shall not be relieved of liability for damages caused by any loss of, injury to, or delay in arrival of the goods unless he proves that neither he nor any of his employee has neglected care in connection with the receipt, delivery and custody of the goods, the selection of a carrier or a forwarding agent other than himself, and other matters relating to the carriage. ”

“ An employee of a shop which sells goods shall be deemed to have all the authority in regard to the sale of goods. (2) Article 14 (2) shall apply mutatis mutandis to the case mentioned in the preceding paragraph. Article 17 (Duties of Trade Employee) (1) Without the permission by the proprietor of the business, a trade employee shall neither effect any transaction falling within the class of the proprietor's business on his account or on that of a third person nor shall he become a member with unlimited liability, nor a director of a company, nor a employee of another merchant. ”

“ If any action against a employee or agent of the carrier in respect of loss or damage of the goods and if such loss or damage occurred during performance of his duties, such employee or agent shall be entitled to avail himself of the defences and limits of liability which the carrier is entitled to invoke. ”

“ If a person who has subscribed for new shares pays for the subscription price or performs the contribution in kind, he shall have the rights and duties of a shareholder from the next day after the date set for the payment. ”

“ If, prior to the commencement of the voyage, a passenger has become incapable of making the voyage because of death, illness, or any other act of god, the carrier may demand three-tenths of the freight, and if any of such reasons have occurred after the commencement of the voyage, the carrier may, at his option, demand either three-tenths of the freight or freight in proportion to the carriage performed. ”

“ A contract of insurance shall take effect when the parties agree that one shall pay the premium as agreed, and that the other shall provide a certain sum of money or its equivalent in kind upon the occurrence of uncertain events against the property, life or body of the former. ”

“ If a charterer has entered into a contract of carriage with a third person under his own name, the shipowner shall assume the liability as prescribed in Articles 787 and 788 to the third person to the extent that the fulfillment of the contract belongs to the duties of the master. ”

“ A person who has special interest in the resolution of a general meeting may not exercise his voting rights thereupon.
Article 368-2 (Exercise of Vote in Disunity)
(1) If a shareholder has two or more votes, he may exercise them in disunity. In this case, he shall notify the company in writing of his intention of so doing and the reasons therefor three days before the meeting is to be held.
(2) The company may reject such exercise of vote in disunity by a shareholder, unless he has accepted a trust of shares or he holds the shares in behalf of another person. ”

“ In an account book, there shall be entered transactions and other particulars having effect on property in business. (2) A merchant shall, at the time of commencement of his/her business and thereafter at a fixed time, at least once a year, prepare a balance sheet based on the account books and a person who prepared it shall write his/her name and affix his/her seal or sign thereon, and a company shall prepare such a balance sheet in the same manner as a merchant at the time of its incorporation and at the end of each period for the settlement of accounts. ”

“ A promoter who is to make a contribution in kind shall deliver the pertinent property, without delay, on the date fixed for the payment of the subscription price, and if registration, recording or the creation or transfer of a right is required, he shall prepare completely the documents thereon and deliver them to the company. ”

“ In case of a merger between a limited liability company and a stock company which has not completed the redemption of the bonds, the surviving company or the company which is to be newly incorporated shall not be a limited liability company. ”