Directors and auditors of a company becoming a wholly owning parent company based on a share swap, who have taken office before the share swap, shall retire from office on the closing date of a general meeting of shareholders in a period for the settlement of accounts, which comes first after the date of the share swap.[This Article Newly Inserted by Act No. 6488, Jul. 24, 2001]
Laws › Commercial Act › Sub-Section 2 All-Inclusive Share Swap
Commercial Act — Article 360-13 (Term of Office of Directors and Auditors of Wholly Owning Parent Companies)
상법 제360조의13
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.
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