Article 1 (Purpose) The purpose of this Ordinance is to secure the competitiveness of the Seoul Metropolitan Government by contributing to the development of the tourism industry and the invigoration of the local economy through the establishment of the Seoul Tourism and Marketing Co. Ltd. under the Commercial Act pursuant to Article 4 of the Act on the Operation of Local Government-Invested or –Funded Institutions. <Amended by Ordinance No. 6016, Oct. 8, 2015; Ordinance No. 6210, May 19, 2016>

Article 2 (Legal Personality and Name of Company) The aforesaid company shall be a stock company and its name shall be the "Seoul Tourism and Marketing Co. Ltd." (hereinafter referred to as the "Company").

Article 3 (Place of Business) (1) The Company's principal place of business shall be stipulated by articles of incorporation.
(2) The Company may establish its branches or liaison offices at necessary places by the resolution of the board of directors, if deemed necessary for the performance of its business.

Article 4 (Articles of Incorporation) (1) The Company's articles of incorporation shall stipulate the following matters: <Amended by Ordinance No. 6210, May 19, 2016>
1. Purposes;
2. Trade name;
3. Total number of shares of stock to be issued by the Company;
4. Value per share;
5. Total number of shares of stock to be issued by Company as at the time of incorporation;
6. Domicile of the head office;
7. Methods of providing public notices;
8. Names, resident registration numbers, and addresses of promoters;
9. Other matters necessary for the operation of the Company.
(2) When the articles of incorporation are prepared or amended, they shall be reported to the competent standing committee of the Seoul Metropolitan Council (hereinafter referred to as the "Seoul Council").

Article 5 (Capital) (1) The Company's authorized capital shall be stipulated by its articles of incorporation.
(2) The investment (including capital increases) of the Seoul Metropolitan Government (hereinafter referred to as the "Seoul Government") shall be not less than 10/100 of the total number of shares of stock issued by the Company. <Amended by Ordinance No. 6210, May 19, 2016>

Article 6 (Business) The Company shall conduct the following business activities: <Amended by Ordinance No. 5549, Aug. 1, 2013; Ordinance No. 6210, May 19, 2016>
1. Marketing and public relations activities for tourism:
(a) Tourism marketing;
(b) Development of tourism products of Seoul;
(c) Public relations on tourism and inducement of tourists;
(d) Domestic and international cooperation in various aspects of tourism;
(e) Agency business such as advertisement, promotion, exhibition, and event arrangement to invigorate tourism;
(f) On-line business and development and provision of software to invigorate tourism;
2. Business relevant to international meeting, incentive tourism, exhibition, etc. (hereinafter referred to as "MICE"):
(a) Invitation to, and assistance in, MICE;
(b) Development of MICE and tourism products;
(c) Overseas MICE marketing;
3. Inducement of investment:
(a) Inducement of investment in the development of the tourism industry;
(b) Development of projects for the inducement of private and foreign investment;
4. Development of tourism resources and convenience facilities:
(a) Development, management, and operation of tourism complexes;
(b) Development of tourism resources and tourist destinations;
(c) Development of tourism facilities for shopping, performance, entertainment, etc.;
(d) Business of bonded stores (duty-free shops) pursuant to the Customs Act;
5. Business affairs entrusted by the State or a local government;
6. Support for promotion of tourism:
(a) Various research and investigation business affairs relevant to tourism and relevant service business;
(b) Business relevant to tourism information and publication;
(c) Nurturing and training of professional manpower relevant to tourism;
7. The tourism business pursuant to the Tourism Promotion Act: Provided, That the travel business and casino business pursuant to the Local Public Enterprises Act shall be excluded herefrom;
8. Other businesses relevant to the purpose of the Company.

Article 7 (Exercise of Shareholder Rights) Shareholder rights in the shares of stock held by the Seoul Government shall be exercised by the Mayor of the Seoul Metropolitan Government (hereinafter referred to as the "Mayor").

Article 8 (Duties of Representative Director and Executives) The representative director and every executive shall be responsible for the operation of the Company pursuant to Article 399 of the Commercial Act and shall be jointly liable for damage sustained by the Company if any of them violates any statute or regulation, or the articles of incorporation or neglects his/her duty. <Amended by Ordinance No. 6210, May 19, 2016>

Article 9 (Subsidization with Local Expenditure) (1) Costs and expenses incurred in a project that the Seoul Government requests the Company to implement may be borne or subsidized by the Seoul Government's general accounts or any other special account.
(2) With respect to the subsidization for costs and expenses under paragraph (1), the Company shall consult with the Seoul Government in advance.
(3) The Seoul Council may require the representative director to report on local expenditure borne or subsidized by the Seoul Government under paragraph (1).

Article 10 (Vicarious Implementation of Entrusted Projects) The Company may vicariously implement a project entrusted by the State, the Seoul Government, an autonomous Gu, or other truster, and an entrustment agreement shall be made in such cases. <Amended by Ordinance No. 6210, May 19, 2016>

Article 11 (Business Year) The Company's business year shall coincide with the Seoul Government's fiscal year of general accounts. <Amended by Ordinance No. 6210, May 19, 2016>

Article 12 (Reporting and Auditing) (1) The Mayor may conduct audits and provide guidance with regard to Company's business, accounting, and property and may order the Company to report on necessary matters.
(2) The Mayor shall report to the Seoul Council on the reports and audits under paragraph (1).

Article 13 (Entrustment of Authority) The Mayor may entrust part of his/her authority to the representative director, if he/she considers it necessary for the purposes of the incorporation of the Company.

Article 14 (Secondment and Concurrent Office of Public Officials) The Mayor may second public officials under his/her control to the Company or assign them to hold concurrent office in the Company pursuant to Article 30-4 of the Local Public Officials Act, upon the representative director's request or if deemed specifically necessary to do so to ensure the appropriate operation and management of the Company.

Article 15 (Application Mutatis Mutandis of Other Statutes and Regulations) Except as otherwise provided for in this Ordinance, the Commercial Act and the Act on the Operation of Local Government-Invested or –Funded Institutions shall apply mutatis mutandis to the Company. <Amended by Ordinance No. 6093, Jan. 7, 2016>

ADDENDUM
This Ordinance shall enter into force on the date of its promulgation.
ADDENDUM <Ordinance No. 5549, Aug. 1, 2013>
This Ordinance shall enter into force on the date of its promulgation.
ADDENDUM <Ordinance No. 6016, Oct. 8, 2015>
This Ordinance shall enter into force on the date of its promulgation.
ADDENDUM <Ordinance No. 6093, Jan. 7, 2016>
This Ordinance shall enter into force on the date of its promulgation.
ADDENDUM <Ordinance No. 6210, May 19, 2016>
This Ordinance shall enter into force on the date of its promulgation.