Article 1 (Purpose)
The purpose of this Ordinance is to secure the competitiveness of Seoul City 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 77-3 of the Local Public Enterprises Act.

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;

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 "Council").

Article 5 (Capital)
(1) The Company's authorized capital shall be stipulated by its articles of incorporation.

(2) The Seoul Metropolitan City (hereinafter referred to as the "City") may invest (including capital increases) in the Company from its budget within the extent of less than one half of the Company's capital.

Article 6 (Business)
The Company shall carry on the following business activities:

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;

2. Convention services:

(a) Invitation to, and assistance in, conventions;
(b) Development of conventions and tourism products;
(c) Overseas convention 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.;

5. Business affairs entrusted by the State or a local government.

Article 7 (Exercise of Shareholder Rights)
Shareholder rights in the shares of stock held by the City shall be exercised by the Mayor of the Seoul Metropolitan City (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 an Act, a subordinate statute, or articles of incorporation or neglects his/her duty.

Article 9 (Subsidization with Local Expenditure)
(1) Costs and expenses incurred in a project that the City requests the Company to carry out may be borne or subsidized by the City'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 City in advance.

(3) The Council may require the representative director to report on local expenditure borne or subsidized by the City under paragraph (1).

Article 10 (Vicarious Implementation of Entrusted Projects)
The Company may vicariously implement a project entrusted by the State, the City, an autonomous Gu, or other truster, and an entrustment agreement shall be made in such cases.

Article 11 (Business Year)
The Company's business year shall coincide with the City's fiscal year of general accounts.

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 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 Acts and Subordinate Statutes)
Except as provided for in this Ordinance, the Commercial Act and the Local Public Enterprises Act shall apply mutatis mutandis to the Company.