(1) A listed company determined by Presidential Decree shall have at least one auditors (hereinafter referred to as "full-time auditor") who hold a full-time position and conduct audit inspections by a resolution adopted at a general meeting of shareholders: Provided, That this shall not apply where an audit committee has been established under this Section or under any other Act (including cases where a listed company that has no obligation to establish the audit committee has set up an audit committee that satisfies the requirements prescribed in this section). <Amended by Act No. 10600, Apr. 14, 2011>
(2) Any of the following persons shall be a full-time auditor for a listed company under the main body of paragraph (1), and he/she shall be removed from his/her position as full-time auditor in any of the following cases: <Amended by Act No. 10600, Apr. 14, 2011>
1. A person who falls under Article 542-8 (2) 1 through 4 and 6;
2. Directors, executive directors, and employees who are engaged in the regular business of the relevant company, or directors, executive directors, and employees who have engaged in the regular business of the relevant company within two years: Provided, That directors who hold office or have had office as members of the audit committee under this section shall be excluded;
3. A person determined by Presidential Decree who may have an influence on the management of the company, except as provided for in subparagraphs 1 and 2.[This Article Newly Inserted by Act No. 9362, Jan. 30, 2009]