Laws › Commercial Act › SECTION 4 Issuance of New Shares

Commercial Act — Article 428 (Directors' Liability to Secure Subscription)

상법 제428조

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 shares have yet to be subscribed to or the subscription of shares has been cancelled after the registration of alteration due to the issuance of new shares was made, directors shall be deemed to have jointly subscribed to such shares.

(2) The provisions of the preceding paragraph shall not affect any claim for damages against directors.

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

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