Laws › Commercial Act › SECTION 3 Co-ownership of Ships

Commercial Act — Article 766 (Restriction on Authority of Administrators of Ships)

상법 제766조

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.

No administrator of a ship shall do any of the following acts, unless he/she has been authorized to do so in writing by the co-owners of the ship:

1. Transfer, lease, or offer of the ship as security;

2. Commencing a new voyage;

3. Taking out insurance on the ship;

4. Extensive repairs of the ship;

5. Borrowing goods.[This Article Wholly Amended by Act No. 8581, Aug. 3, 2007]

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

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