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Commercial Act — Article 449 (Approval for and Public Notice of Financial Statements, etc.)

상법 제449조

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) Directors shall submit the documents listed in Article 447 to an ordinary general meeting of shareholders and shall obtain approval therefor. <Amended by Act No. 3724, Apr. 10, 1984; Act No. 10600, Apr. 14, 2011>

(2) Directors shall submit the documents listed in Article 447-2 to an ordinary general meeting of shareholders and shall report the details thereof. <Newly Inserted by Act No. 3724, Apr. 10, 1984>

(3) If directors have obtained approval from a general meeting of shareholders for the documents mentioned in paragraph (1), they shall give, without delay, public notice of the balance sheets. <Amended by Act No. 3724, Apr. 10, 1984>

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