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21 U. Pa. J. Int'l Econ. L. 273 (2000)
Recent Amendments to the Korean Commercial Code and Their Effects on International Competition

handle is hein.journals/upjiel21 and id is 283 raw text is: RECENT AMENDMENTS TO THE KOREAN COMMERCIAL CODE AND THEIR EFFECTS ON INTERNATIONAL COMPETITION JOONGI KIM* 1. INTRODUCTION: SEARCHING FOR THE ORIGINS OF THE CRISIS Corporate law in Korea has undergone a dramatic transforma- tion in recent years. In an effort to revamp Korean corporations, the Korean government made sweeping reforms to Korea's Commercial Code (sang-bup) three times in the past four years- in 1995, 1998, and 1999.' These newly amended provisions have * Assistant Professor of Law, Graduate School of International Studies (GSIS), Yonsei University, Seoul, Korea; B.A., Columbia College; M.A., GSIS, Yonsei University; J.D., Georgetown University Law Center. This paper was supported by a grant from the Non-Directed Research Fund of the Korea Re- search Foundation. The author would like to thank David S. Cho, Dong Woo Suh, Inbeom Chung, Mina Kim, Jay Shin, Deborah Ranger, Byung-soo Kim, Jae Young Kim, and Jihong Joo for their guidance and assistance in preparing this article. 1 See Commercial Code, Law No. 1000 of 1962 (as amended Law No. 5053 of 1995, Law No. 5591 of 1998 and Law No. 6086 of 2000) (KCC). The cor- porate law section of Korea's Commercial Code can be found between Articles 169 and 637. In this Article, the changes will be referred to as1995 KCC, 1998 KCC, and 1999 KCC respectively, and simply KCC if no changes were made in 1995, 1998, or 1999. For a critical view on how the KCC and the Securities Exchange Act (SEA) should be amended to harmonize each other, see Ki-won Choi, IMF ui geuk-bok-eul wui-han sang-bup-gae-jung bang-hyang () [How the Korean Commercial Code Should Be Amended to Overcome the IMF Situation ()], L. TIMES (Seoul), Apr. 13, 1998, at 14. Other major laws that can apply to corporations include the Civil Code, the SEA, the Securities Investment Trust Business Act, the Securities Invest- ment Company Act, the Foreign Exchange Trade Act, the Bankruptcy Act, and the Composition Act. See Securities Investment Company Act, Law No. 5557 of 1998 (as amended Law No. 6174 of 2000); Foreign Exchange Trade Act, Law No. 4447 of 1991 (as amended Law No. 5550 of 1998); Securities In- vestment Trust Business Act, Law No. 2129 of 1969 (as amended Law No. 6179 of 2000); Bankruptcy Act, Law No. 998 of 1962 (as amended Law No. 61115519 of 2000); Composition Act, Law No. 997 of 1962 (as amended Law No. 6110 of 2000); SEA, Law No. 972 of 1962 (as amended Law No. 6176 of 2000); and Civil Code, Law No. 471 of 1958 (as amended Law No. 5454 of 1997).

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