(1) A personal information controller shall notify in advance the data subjects of the following matters in the manner prescribed by Presidential Decree in the case of transfer of personal information to a third party owing to the transfer of some or all of his or her business, a merger, etc.:
1. The fact that the personal information will be transferred;
2. The name (referring to the company name in case of a legal person), address, telephone number and other contact information of the recipient of the personal information (hereinafter referred to as "business transferee, etc.");
3. The method and procedure for withdrawing consent if the data subject does not wish his or her personal information to be transferred.
(2) Upon receiving personal information, the business transferee, etc. shall, without delay, notify data subjects of the fact in the manner prescribed by Presidential Decree; provided, this shall not apply where the personal information controller has already notified the data subjects of the fact of such transfer pursuant to paragraph (1).
(3) Upon receiving personal information owing to business transferee, etc., a merger, etc., the business transferee may use, or provide a third party with, the personal information only for the initial purposes dating to the time of the transfer. In such cases, the business transferee shall be deemed the personal information controller.