Laws › Commercial Act › Sub-Section 2 Directors and Board of Directors

Commercial Act — Article 401 (Liability to Third Parties)

상법 제401조

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) If a director has neglected his/her duties by intention or gross negligence, he/she shall be jointly and severally liable for damages suffered by a third party. <Amended by Act No. 10600, Apr. 14, 2011>

(2) The provisions of Article 399 (2) and (3) shall apply mutatis mutandis in cases falling under the preceding paragraph.

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

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