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WDXHAICS
iUMBUt 145
cagATioi* or ma kcjuiai nmim mmmm bmk§ ltd
16 June 194?
Pending action oil the subject setters hereof by tha Korean Interim
Legislative Assembly and tlie snnctaent of legislation pursuant thereto,
the following shall govern
SlGflOM 1. Purpose,    fhe purpose of this ordinance is to establish
banking and foreign emhnnge facilities tow the promotion ef foreign
trade with Korea*
sWCX'Lij* 11. Creation,    fhe Korean foreign %rchz*m&> &aa*ct k%&.  (hereinafter referred to ae Hhe Sank") is hereby ereated as $ corporate body*
SSCflUS HI. Management,    fhe officers of the Bank shall be a president 9 a flea Presidentt smd m Managing director,    fhe Beard of Directors shall consist ef the officers and four other directors.    Officers
and directors shall be etiolated Mar **T be removed "by the Military Governor,    fhe Bank shall be operated under rules and by-laws to1 be prem-
cribsd by its Board of directors,    fhe principal office ef tlse Bank shall
be in Seoult with such branch banks and offices as the Bo-rd of Birsetors
mey determine.
SSCflotf If* Advisory Beard*   the Department of Finance, with the
approval of the Military Governor, shell appoint and nay remove members
of m Advisory Board consisting ef the Preoldsnt of the Bank, who will
act ae Chairman* and five er mors imbers* at least two of who* shall be
representatives of other Korean 9®wkm and at least one of whom shall represent Korean eoaaaeree.    fhe Advisory Board shall meet at the call of
the Chairman,    fhe Advisory Board will make reeoaiaandations to the Bo*rd
of directors with respect to eperatlon ef the Bonk and the Board of Directors shall consult the Advisory Board on aajor questions of policy.
S2Cf ICW f • Capital Stock.    *he Bank shall have a capitalisation of     '
five hundred million won (¥ 900,000t000)t divided into shares of ten
thousand wen (¥10,000) each.    She United States Army Military <k»vern®tmt
in Korea shall initially subscribe to share® totalling two hundred million
won (¥ 200,000*000) in pald»qp capital stocic.    Military ilovarmsant may
subscribe to additional amomts of the Bank's unissued capital stock
upon recommendation oi)the Board of Streetors, with the arprolral of the
military (Governor.    Liability of Military Oovcrnaeat shall be limited to
Its capital stock subscriptions,    fhe Board of Directors ©ay,  object to
the approval ef the Military 0overeWrt authorise the veto of unissued
shares or of any or ell of the shares owned by Military Qovermsmt to
other Korean financial institutions and/or the gfimtmu. public*
SSCTlQM VI. Powers and Duties.
powers, functions and duties.
fhe Bank shall hate the following
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