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Electronic Financial Transactions Act — Article 11 (Status of subsidiary electronic financial business entities)

전자금융거래법 제11조

(1) The intention or negligence of a subsidiary electronic financial business entity (including any electronic bond management agency; hereafter the same shall apply in this Chapter) in relation to electronic financial transactions shall be deemed the intention or negligence of the relevant financial company or electronic financial business entity. <Amended on May 22, 2013>

(2) When any financial company or electronic financial business entity compensates the user for any loss caused by the intention or negligence of its subsidiary electronic financial business entity, the entity may exercise the right of indemnity over the subsidiary electronic financial business entity. <Amended on May 22, 2013>

(3) Any user may give various notifications he or she is obligated to give to a financial company or an electronic financial business entity to its subsidiary electronic financial business entity pursuant to an agreement made with the financial company or electronic financial business entity. In such cases, a notification given to the subsidiary electronic financial business entity shall be deemed to have been given to the relevant financial company or electronic financial business entity. <Amended on May 22, 2013>

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