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Commercial Act — Article 287-23 (Admission of Members)

상법 제287조의23

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) A limited liability company may admit new members by amending its articles of incorporation.

(2) The admission of a member under paragraph (1) shall be given validity when the articles of incorporation are amended: Provided, That where a new member fails to make payment for investment or make an investment of his/her property, in whole or in part, at the time of amendment of the articles of incorporation, he/she shall become a member when the payment or investment is completed.

(3) With respect to a member who makes an investment in kind when he/she is admitted to be a member, the provisions of Article 287-4 (3) shall apply mutatis mutandis to such member.[This Article Newly Inserted by Act No. 10600, Apr. 14, 2011]

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Korean original (law.go.kr) · Get articles as JSON via API