2010년도 상사법학계 동향 및 상사중요판례

Abstract

「Revised Part of Commercial Act: General Provisions and Commercial Activities」was promulgated and entered into force in 2010. However, the amendmentprocess of Corporation part as well as Insurance and Air Transportation under the Commercial Act has yet to be completed. Given global financial crisis and world economic prospect, the amendment of Corporation part in the Commercial Act is the critical issue surfacing as the one which cannot be postponed any longer to be revised, in particular, in that the law of Corporation is characteristically supposed to catch up with constantly evolving global standards. For this reason, the Korean Ministry of Justice has gotten off to a start to revise the Corporation part under the Commercial Act in 2006 and 2008 respectively where the amendment bill in 2006 turned out to have failed to be passed in the 17thCongressional Session as the other in 2008 has been still lingering around in the current Congressional session because of the conflicts of interests between diverse stakeholders and other competing bills. Closely looking at the amendment bill on the Corporation part under the Commercial Act in greater details, there are several corporate governance set-ups newly included and improved such as an introduction of Corporate Officer, expansion of Self-dealing by Directors, and improvement of Director’s Liabilities. In addition, a corporate financial structure underthe amendment bill would see more improvements in the Commercial Act by adopting more diversified share types, shares with no par value, a new type of business entity, a better corporate debt set-up, and advanced legal reserves and accounting provisions. In a nutshell, it is not reasonable to continue to delay revising a corporate law which is no less than a key national economic agenda. Here in this paper was introduced the main issue of 「Revised Part of Commercial Act: General Provisions and Commercial Activities」in 2010, followed by a review on the Comprehensive Transportation Law in the pipeline and an analysis of the year 2010’s key court decisions in the Commercial law.