Korean Law in English
Laws › Commercial Act › SECTION 4 Withdrawal of Members

Commercial Act — Article 219 (Notice of Succession to Rights at Death of Members)

상법 제219조

This English translation is based on the Korean text effective 2018-12-19. The Korean law has since been amended (current version effective 2026-09-10) — check the Korean original.

(1) Where the articles of incorporation provide that, if a member dies, his/her successors may succeed to the deceased member's rights and obligations against the company to become a member, the successors shall give a notice of either succession or renunciation to the company within three months from the date he/she has become aware of the commencement of succession.

(2) If three months have elapsed without a successors's notice under the preceding paragraph, the successors shall be deemed to have renounced the right to become a member.

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