(1) A license for establishing and operating a licensed bonded area shall become void in any of the following subparagraphs:
1. Where the operator ceases to operate his or her licensed bonded area;
2. Where the operator is dissolved or deceases;
3. Where the license term expires;
4. Where the license is revoked.
(2) In cases falling under paragraph (1) 1 and 2, the operator, his or her successor, a corporation for the liquidation, or a corporation surviving a merger, a division, a merger after division or is incorporated after a merger, a division or a merger after division (hereinafter referred to as "succeeding corporation") shall report the fact, without delay, to the head of a customs office.
(3) If a person who has obtained a license for establishing and operating a licensed bonded area deceases or is dissolved, and his or her successor or the succeeding corporation intends to continue operating such licensed bonded area, such successor and such succeeding corporation shall file a report with the head of a customs office after meeting the requirements prescribed in Article 174 (3), as prescribed by Presidential Decree, within 30 days from the date on which the succeeded or the succeeded corporation deceases or is dissolved.
(4) If the successor or the succeeding corporation files a report referred to in paragraph (3), the license of the succeeded or the succeeded corporation for establishing and operating the licensed bonded area shall be deemed the license of the successor or the succeeding corporation for a period from the date on which the succeeded or the succeeded corporation deceases or is dissolved to the date on which the successor or the succeeding corporation files the report. <Amended on Jun. 9, 2020>
(5) No person falling under each subparagraph of Article 175 may file a report under paragraph (3).[This Article Wholly Amended on Dec. 30, 2010]