(1) Auditors shall be appointed at a general meeting of shareholders.
(2) No shareholder who holds more than three percent of the total number of issued and outstanding shares, exclusive of non-voting shares, shall exercise his/her voting rights in respect of such excess shares beyond the above limit, in the appointment of auditors under paragraph (1). <Amended by Act No. 3724, Apr. 10, 1984>
(3) The articles of incorporation may provide for a lower ratio than that referred to in paragraph (2). <Newly Inserted by Act No. 3724, Apr. 10, 1984>
(4) A company with total capital of less than one billion won may choose not to appoint auditors, notwithstanding the provisions of paragraph (1), Articles 296 (1) and 312. <Newly Inserted by Act No. 9746, May 28, 2009>
(5) Where a company which has not appointed auditors under paragraph (4) files a lawsuit against a director or a director files a lawsuit against the company, the company, director or any interested person shall request a court to appoint a person to represent the company. <Newly Inserted by Act No. 9746, May 28, 2009>
(6) Where no auditor has been appointed under paragraph (4), "auditor" in Articles 412, 412-2, and 412-5 (1) and (2) shall be construed as "general meeting of shareholders". <Newly Inserted by Act No. 9746, May 28, 2009>