(1) A company may pay dividends within the limit of the value of net assets stated on the balance sheets after deducting the following:
1. The amount of capital;
2. The total amount of the capital reserve and the earned surplus reserve accumulated until the pertinent period for the settlement of accounts of the company;
3. The amount to be accumulated for the pertinent period for the settlement of accounts of the company;
4. Unrealized profits determined by Presidential Decree.
(2) Each payment of dividends shall be determined by resolution of a general meeting of shareholders: Provided, That the same shall be determined by resolution of the board of directors in cases where the board of directors approves financial statements pursuant to Article 449-2 (1).
(3) In cases where dividends have been paid in violation of paragraph (1), any creditor of the company may claim a refund of such dividends to the company.
(4) The provisions of Article 186 shall apply mutatis mutandis to a lawsuit relating to a claim under paragraph (3).[This Article Wholly Amended by Act No. 10600, Apr. 14, 2011]