Article 1 (Purpose) The purpose of this Ordinance is to prescribe matters necessary for establishment, administration and management of the Social Investment Fund of Seoul Metropolitan Government in order to secure financial resources required to enhance quality of life and welfare of the general public and to create decent jobs.

Article 2 (Definition) The definition of terms used in this Ordinance shall be as below:
1. "Social enterprise" means an enterprise under subparagraph 1 of Article 2 of the Social Enterprise Promotion Act, designated by the mayor of Seoul Metropolitan Government (hereinafter referred to as "Mayor") or certified by the Minister of Employment and Labor;
2. "Social value" means the public value which will enhance the quality of life and welfare of the general public;
3. "Social financing" means the funding required to resolve social problems and enhance social values.

Article 3 (Fund-Raising) (1) The Mayor shall establish and operate the social investment fund of Seoul Metropolitan Government (hereinafter referred to as "Fund") in order to secure and provide necessary funding to achieve the purposes of this Ordinance.
(2) The Fund shall be raised from each of the following financial resources:
1. An amount contributed from the general accounting;
2. Revenues generated from management of the Fund;
3. Loan payment, borrowed money, trusted money, amount redeemed due to disinvestment, etc.;
4. An amount donated by corporations, groups, or individuals.
(3) In each fiscal year, the Mayor may reflect the amount of contribution by Seoul Metropolitan Government (hereinafter referred to as "City") in the City's annual expenditure budget and contribute pursuant to paragraph (2) 1.

Article 4 (Use of Fund) The Fund shall be used, within the jurisdiction of the City, to provide support to any of the following:
1. Social enterprises, Institutions carrying out the social financing;
2. Social investment businesses designed to resolve the problems associated with social, environmental and cultural issues, etc.;
3. Enterprises and individuals in need of social consideration such as the enterprises employing disabled persons or run by females, multi-cultural families, residents escaped from North Korea, etc.;
4. Village enterprises, village community enterprises, etc.;
5. Expenses incurred in administration and management of the Fund;
6. Fund-raising through public subscription and other businesses to solve the social tasks acknowledged by the Mayor.

Article 5 (Public Officers in Charge of Fund Management) (1) The Director General for Industry and Knowledge Economy shall be appointed as a management officer of the Fund, the Director in charge of management of the Fund shall be the sub-divisional management officer of the Fund and the Grade V officer in charge of management of the Fund shall be the accounting officer of the Fund: Provided, That, with respect to any causative acts underlying the expenditure of the Fund (including contract-related affairs) and any affairs concerning payment order, in order to increase transparency of the payment procedure of the Fund-related expenses, the public officer concerning the government office accounting who is prescribed in the Regulation on Finance and Accounting of Seoul Metropolitan Government shall handle the said affairs with his/her capacity as a public officer in charge of management of the Fund.
(2) With respect to the revenue and expenditure of the Fund not provided for in this Ordinance, the provisions concerning the cash other than tax revenue/expenditure which is prescribed in the Regulation on Finance and Accounting of Seoul Metropolitan Government shall apply mutatis mutandis thereto.

Article 6 (Establishment of Fund Management Committee) In order to review the matters in each of the following subparagraphs concerning administration and management of the Fund, a social investment fund management committee of Seoul Metropolitan Government (hereinafter "Fund Management Committee") shall be established under the jurisdiction of the Mayor:
1. Establishment and alteration of the fund management plan;
2. Preparation of the settlement report of the Fund;
3. Analysis of the management results of the Fund;
4. Other matters deemed necessary by the Mayor for efficient administration and management of the Fund.

Article 7 (Staffing the Fund Management Committee) (1) The Fund Management Committee shall be comprised of ten Committee members, including one chairperson.
(2) The Director General for Industry and Knowledge Economy shall be appointed as the chairperson, and the Committee members shall be appointed or commissioned by the Mayor from among each of the following persons:
1. Director of Economic Policy Division and Director of Budget;
2. Members of the Seoul Metropolitan Government Council;
3. Professionals employed in private economic groups and financial institutions who have substantial professional knowledge on fund management or other fund-related areas;
4. Persons who have substantial knowledge and experience in social financing and social economy.
(3) The term of office of the ex officio members of the committee shall be the period during which they are in their office concerned and that of the appointed members shall be two years from the date of appointment, and the said terms may be extended one time only.

Article 8 (Operation of the Fund Management Committee) (1) The chairperson of the Fund Management Committee shall represent the committee and exercise overall control over the affairs of the Fund Management Committee.
(2) Where the chairperson is unable to perform his/her duties due to unavoidable reasons, the committee member who is appointed from among those members attended the meeting of the Fund Management Committee shall act as the chairperson on his/her behalf.
(3) A Fund Management Committee meeting may be held whenever deemed necessary by the chairperson.
(4) The convocation of meetings of the Fund Management Committee shall require the attendance of a majority of all incumbent Committee members, and a resolution at a meeting shall require the consent of a majority of those present committee members.
(5) No Committee member who has any interest in an agenda item at a Committee meeting shall participate in deliberation of such agenda.
(6) In order to manage affairs of the Fund Management Committee, a secretary of the committee shall be appointed, and the appointee shall be a Grade-V officer in charge of administration and management of the Fund.
(7) For the committee members who are not public officers, their expenses incurred and allowances, etc. may be paid thereto within budgetary limits of the Fund Management Committee in accordance with the Seoul Metropolitan Government Ordinance On Payment of Allowance and Travel Expenses of Committee Members.
(8) Where a person damages reputation of the City or his/her act is against purposes of the Fund, the Mayor may dismiss him/her upon a resolution thereon passed by the Fund Management Committee.
(9) No member of the Fund Management Committee shall disclose or abuse any confidential information which has come to his/her knowledge in the course of practicing his/her duties.
(10) Pursuant to Article 10 of the Seoul Metropolitan Government General Ordinance on Residents' Participation, in principle, the meetings of the Fund Management Committee shall be made public and the meeting minutes shall be prepared: Provided, That it may not be made public if an agenda is likely to harm the stability in management of the Fund or may cause any disorder while implementing the concerned policy.

Article 9 (Management of the Fund) (1) In order to evaluate implementation and performance of Fund-related businesses, the Mayor may examine the status of fund management and request submission of relevant documents in accordance with Article 4.
(2) The Mayor may, where he/she deems necessary, entrust some affairs on administration and management of the Fund to a non-profit corporation or group which carries out the social financing.
(3) A person in receipt of the investment/financial support in accordance with Article 4 shall repay the support fund. Detailed matters concerning the repayment of support fund shall be prescribed by detailed rules.
(4) Where the address or representative person, etc. of the person in receipt of the investment/financial support in accordance with Article 4 is changed, the entrusted institution pursuant to paragraph (2) shall without delay notify such change to the Mayor.

Article 10 (Examination, etc. of Entrusted Affairs) (1) The non-profit corporation or group entrusted with administration of the Fund pursuant to Article 9 shall, in each quarter, submit the matters concerning administration and management of the Fund to the Mayor.
(2) For efficient implementation and management of the Fund-related businesses, the Mayor may have the entrusted institutions submit necessary data or have the public officers under his/her supervision examine the relevant matters, and the entrusted institutions shall conform thereto.

Article 11 (Settlement and Reporting) (1) In each fiscal year, the Mayor shall plan and prepare a fund management plan and prepare a settlement report of the Fund within 80 days after the accounting of the Fund is closed.
(2) In each fiscal year, the Mayor shall submit to Seoul Metropolitan Government Council the fund management plan and settlement report of the Fund formulated and prepared pursuant to paragraph (1).

Article 12 (Term of the Fund) The term of the Fund shall be until December 31, 2016.