Busan MetropolitanCity Ordinance on the Establishment and Management of the Busan Foundation for International Activities : City Government

Ordinance No. 4012, Jun. 8, 2005

Amended by Ordinance No. 4092, May 10, 2006

Ordinance No. 4429, Oct. 28, 2009

Ordinance No. 4921, Jul. 31, 2013

Ordinance No. 5103, Feb. 25, 2015

Article 1(Purpose)
The purpose of this Ordinance is to prescribe such matters as supporting establishment and management of the Busan Metropolitan City Foundation for International Activities to promote and foster systematic international affairs of Busan Metropolitan City. (Amended by Ordinance No. 4921, Jul. 31, 2013)

Matters relevant to the establishment and management of the Busan Metropolitan City Foundation for International Activities (hereinafter referred to as the "Foundation for International Activities") which are not regulated in this Ordinance shall comply with the Civil Law. (Amended by Ordinance No. 4921, Jul. 31, 2013)

Article 3 (Establishment)
The Foundation for International Affairs shall be a foundation under the Civil Law. (Amended by Ordinance No. 4921, Jul. 31, 2013)

Article 4(Officers, etc.)
Necessary matters regarding the officers and operation of the Foundation for International Affairs shall be fixed in the by law. (Amended by Ordinance No. 4921, Jul. 31, 2013)

Article 5(Business)
The Foundation for International Affairs shall conduct the business activities of the following subparagraphs:
- 1. International exchange and international cooperation
- 2. Basic foundation for activating international exchange and business support for trade
- 3. Various kinds of business to make the City a better place to live in for foreigners
- 4. Other businesses necessary to achieve the purpose of the Foundation for International Affairs.

Article 6(Assets)(1)Assetsfor the Foundation for International Affairs shall be raised through the following sources:
- 1. Contribution from the State and local government
- 2. Other profits, etc.
(2) The Mayor of Busan Metropolitan City(hereinafter referred to as the "Mayor") may provide contribution and subsidy within the limit of the budget in order to support the establishment and management of the Foundation for International Affairs. (Amended by Ordinance No. 4921, Jul. 31, 2013)

Article 7(Business Entrustment and Operation Support) (1) The Mayor may entrust activities concerning the necessary infrastructure, business, and policy to the Foundation for International Affairs to foster international exchange.
(2) The Mayor may either allow use of public property without compensation or lend public property pursuant to the Act on Management of Public Property and Goods when necessary for executing duties entrusted to the Foundation for International Affairs. (Amended by Ordinance No. 4092, May 10, 2006; Ordinance No. 4429, Oct. 28, 2009)

Article 8 (Business Plan and Settlement of Accounts) (1) The Foundation for International Affairs shall prepare a business plan and a budgetary document before each fiscal year commences and obtain the approval of the Mayor with obtaining the vote of the board of directors. (Amended by Ordinance No. 4921, Jul. 31, 2013)
(2) Each fiscal year, the Foundation for International Affairs shall submit a written report on the settlement of accounts attached with the actual business results and audit results of certified public accountants within three months after the fiscal year ends. (Amended by Ordinance No. 4921, Jul. 31, 2013; Ordinance No. 5103, Feb. 25, 2015)

Article 9 (Report and Audit) (1)The Mayor may have the Foundation for International Affairs report matters regarding the business, accounts and assets or may audit the foundation.
(2) The Mayor may order a readjustment or take a necessary measure when illegal or unjust matters are found in the auditing process prescribed in Paragraph 1. (Amended by Ordinance No. 4921, Jul. 31, 2013)

Article 10(Operation Regulations)
The chairman of the board of directors shall separately decide on other matters necessary for the operation of the foundation within the range of this Ordinance and the bylaw with the vote of the board of directors. (Amended by Ordinance No. 4921, Jul. 31, 2013)

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