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Commercial Act — Article 318 (Certification and Liability by Depository for Subscription Price Paid)

상법 제318조

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 bank or any other financial institution to which the subscription price paid is deposited shall issue a certificate as to the deposited amount, upon the request of incorporators or directors.

(2) No bank or financial institution under paragraph (1) may, in respect of the deposited amount duly certified, assert against the company that such payment was not fully made or there is a restriction on the return of such amount.

(3) Where a company with total capital of less than one billion won is incorporated by incorporators pursuant to Article 295 (1), the certificate under paragraph (1) may be substituted by a balance certificate issued by a bank or other financial institutions.[This Article Wholly Amended by Act No. 9746, May 28, 2009]

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