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Commercial Act — Article 307 (Procedures for Forfeiture of Subscriber's Rights)

상법 제307조

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) In cases where a person who has subscribed to shares fails to make the payment under Article 305, incorporators shall determine a date and shall, before two weeks prior to such date, notify such person to the effect that his/her rights shall be forfeited if he/she fails to make the payment by such date.

(2) If a person who has received notification under the preceding paragraph fails to make the payment by such date, his/her rights shall be forfeited. In such cases, incorporators may invite subscribers again.

(3) The provisions of the preceding two paragraphs shall not affect any claim for damages against the relevant share subscriber.

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