(1) A foreigner (including specially related persons prescribed by Presidential Decree) who intends to make a foreign investment in a defense industry company prescribed by Presidential Decree in a method provided in Article 2 (1) 4 (a) shall pre-obtain permission from the Minister of Trade, Industry and Energy, as prescribed by Decree of the Ministry of Trade, Industry and Energy, notwithstanding Article 5 (1) and (2). The same shall also apply where the foreigner intends to amend any permitted details prescribed by Decree of the Ministry of Trade, Industry and Energy, such as the foreign investment ratio. <Amended on Feb. 4, 2020>
(2) Upon receipt of an application for permission filed under paragraph (1), the Minister of Trade, Industry and Energy shall determine whether to grant permission, and notify the relevant applicant of his or her determination within a period prescribed by Presidential Decree.
(3) The Minister of Trade, Industry and Energy shall consult with the competent Minister before determining whether to grant permission under paragraph (2), as prescribed by Presidential Decree.
(4) The Minister of Trade, Industry and Energy may impose conditions on permission granted under paragraph (2) if deemed necessary to do so.
(5) No one who has acquired stocks, etc. without obtaining permission under paragraph (1) or in violation of conditions imposed under paragraph (4) shall exercise his or her voting rights in such stocks, etc. <Amended on Feb. 4, 2020>
(6) The Minister of Trade, Industry and Energy may order a person who has acquired stocks, etc. without obtaining permission under paragraph (1) or in violation of conditions imposed under paragraph (4) to transfer such stocks, etc. to a third party, as prescribed by Presidential Decree. <Amended on Feb. 4, 2020>
(7) Except as provided in paragraphs (1) through (6), matters necessary for permission of foreign investment shall be prescribed by Presidential Decree.[This Article Wholly Amended on Jan. 27, 2016]