SEOUL METROPOLITAN GOVERNMENT ORDINANCE ON THE ESTABLISHMENT AND OPERATION OF SEOUL CREDIT GUARANTEE FOUNDATION
- Enactment No. 3577, Mar. 20, 1999
- Whole Amendment No. 3748, May. 20, 2000
- Partial Amendment No. 5418, Dec. 31, 2012
- Partial Amendment No. 5448, Mar. 28, 2013
- Amendment of Other Laws No. 6093, Jan. 07, 2016
- Amendment of Other Laws No. 6386, Jan. 05, 2017
- Partial Amendment No. 6711, Jan. 04, 2018
- Amendment of Other Laws No. 6851, Mar. 22, 2018
- Amendment of Other Laws No. 7044, Mar. 28, 2019
- Amendment of Other Laws No. 7217, Jul. 18, 2019
- Amendment of Other Laws No. 7423, Dec. 31, 2019
- Enactment No. 7667, Jul. 16, 2020
- Amendment of Other Laws No. 7782, Dec. 31, 2020
- Partial Amendment No. 8074, Jul. 20, 2021
Article 1 (Purpose)
The purpose of this Ordinance is to provide for matters necessary to establish and operate the Seoul Credit Guarantee Foundation to guarantee debts of small and medium enterprises, small enterprises, and small commercial and industrial businessmen who have insufficient ability to provide a mortgage under the provisions of Article 9 of the Regional Credit Guarantee Foundation Act and to facilitate financing and contribute to the revitalization of the economy of the Seoul Metropolitan Government. <Amended by Ordinance No. 5448, Mar. 28, 2013>
Article 2 (Definitions)
The terms used in this Ordinance shall be defined as follows: <Amended by Ordinance No. 5448, Mar. 28, 2013>
Article 3 (Incorporation, etc.)
(1) The Foundation shall be formed by registration for its incorporation at the seat of its head office.
Article 4 (Creation of Endowments)
(1) The endowments of the Foundation shall be created with the following financial resources: <Amended by Ordinance No. 5448, Mar. 28, 2013; Ordinance No. 6386, Jan. 5, 2017>
Article 5 (Objects of Credit Guarantee)
Those for whom the Foundation may provide credit guarantee shall be small enterprises, etc. located in its jurisdiction: Provided, That in any of the following cases, it may provide credit guarantee to small and medium enterprises, small enterprises, and small commercial and industrial businessmen (hereinafter referred to as "small enterprises, etc.") located in an area other than its jurisdiction: <Amended by Ordinance No. 5448, Mar. 28, 2013; Ordinance No. 6851, Mar. 22, 2018>
Article 6 (Uses of Funds)
(1) The funds shall be used as follows: <Amended by Ordinance No. 5448, Mar. 28, 2013; Ordinance No. 6386, Jan. 5, 2017>
Article 7 (Articles of Association)
(1) The following shall be mentioned in the articles of association of the Foundation: <Amended by Ordinance No. 5448, Mar. 28, 2013>
Article 8 (Executive Officer)
(1) The Foundation shall be comprised of not more than two executive directors and not more than five non-executive directors, including one chairperson and one auditor. In such cases, one non-executive director may be among workers as prescribed by the Seoul Metropolitan Government Ordinance on the Operation of Worker Director System.
Article 9 (Duties)
(1) The Foundation shall perform the following duties: <Amended by Ordinance No. 5448, Mar. 28, 2013>
Article 10 (Disposition of Profits)
Any profit from each business year shall be used for making up for a deficit brought forward and for the increase of endowments.
Article 11 (Fiscal Year)
The fiscal year of the Foundation shall coincide with the fiscal year for general accounting of the Seoul Government.
Article 12 (Compilation of Budget)
(1) The Foundation shall draft its budget for each business year and obtain approval from the Mayor not later than one month prior to the commencement of the fiscal year.
Article 13 (Settlement of Accounts of Budget)
The Foundation shall prepare an accounting report, balance sheet, profit and loss statement, and accounting statements of income and expenditure of endowments and operating income, and submit them to the Mayor within two months after the closing of each fiscal year.
Article 14 (Dissolution)
(1) Where there are reasons falling under any of the following subparagraphs, the Foundation shall be dissolved: <Amended by Ordinance No. 5448, Mar. 28, 2013>
Article 15 (Assessment of Management)
(1) Where the Mayor deems it necessary for contribution, he/she may assess management of the Foundation.
Article 16 (Confirmation on Management of Funds)
The Mayor may have a public official under his/her jurisdiction confirm matters concerning management of funds.
Article 17 (Dispatch of Public Officials)
In order to accomplish the objectives of the establishment of the Foundation, the Mayor may dispatch public officials under his/her jurisdiction to the Foundation, as prescribed by relevant statutes and regulations. <Amended by Ordinance No. 5448, Mar. 28, 2013>
Article 18 (Enforcement Rule)
Necessary matters concerning the implementation of this Ordinance shall be prescribed by rule. <Amended by Ordinance No. 5448, Mar. 28, 2013>
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