If no contrary resolution has been adopted within two years after an ordinary general meeting of shareholders, during which an approval under paragraph (1) of the preceding Article was given, the company shall be deemed to have discharged the directors and auditors from liability: Provided, That this shall not apply to any illegal act committed by a director or an auditor.
Laws › Commercial Act › SECTION 7 Accounting of Company
Commercial Act — Article 450 (Discharge of Directors and Auditors from Liability)
상법 제450조
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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