USAMGIK Ordinance 52

HEADQUARTERS

UNITED STATES ARMY  MILITARY

GOVERNMENT IN KOREA

Office of the Military Governor
Seoul, Korea

ORDINANCE
NUMBER 52

21 Febrnary 1946

CREATION OF THE NEW KOREA COMPANY LIMITED

SECTION  Ⅰ. The New Korea company, Limited is hereby created as an independent agency of the Government of Korea. The corporation will be directed by ten directors who will hold office until replaced by the corporation under by laws and reglations prescribed by it with the approval of the Military Governor or his nominee. The United States Army Officer acting as President of the corporation will have full power to decide questions of policy affecting United states interests, subject to the approval of the Military Governor. The principal office of the corporation will be in Seoul, Korea and will have such branch offices as the Board of Directors shall determine with the approval of the Military Government or his nominee. 

SECTION  Ⅱ. The directors will appoint Advisory Board consisting of the Chairman of the Board of Directors of the Corporation, who will serve as Chairman, and one or more members from each province nominated by the Military Governor or his nominee. The Advisory Board will meet at the call of the Chairman. the Advisory Board will make recommendation to the Board of Directors will consult the Advisory Board on major questions of policy.

SECTION  Ⅲ. The corporation will have a capital stock of one hundred million yen (¥100,000,000) divided into shares of fifty yen (¥ 50) each The total amount of the capital stock will be subscribed, exclusively owned, and paid in full by the Military Government of Korea by the physical transfer of property  of the Oriental Development, Limited. Its liability will be limited to its capital stock. it may be dissolved only by the Military Government of Korea. To qualify the directors, a certificate of one whare of of stock will be transferred on the books of the Company to the name of each Director. 

SECTION  Ⅳ. All property owned on or since 9 August 1945 by the  Oriental Development Company, Limited, and all Japanese property in juridical persons in Korea in which juridical persons. Oriental Development Company, Limited, had a financial interest on or since 9 August 1945, in hereby vested in the New Korea Company, Limited. 

SECTION  Ⅴ. The corporations will have the following powers:

a. To acquire and own its own shares of stock at a price not less than the pan value thereof.

b. The capital stock may be reduced or increased by the Board of Directors by the issuance of a public notice signed by the Military Governor.

c. All of the powers of such a juridical person under the Commercial Code now or hereafter in force in Korea.

d. To issue debentures under the provisions of the Commercial Code except that debentures not in excess of ten times the amount of the paid-up capital may be issued, when the issuance, and terms of the debentures have been approved by the Military Governor or his nominee.

e. To appoint and compensate such officers and employees as the board of Directors may determine.

f. To pay dividends and establish reservers under toe provisions of the Commercial Code.

g. To transact all forms of industrial activity including the extraction of metallic and non-metallic natural resources, the processing and fabrication of materials and chemicals, the manufacture of any articles for industrial or commercial aircraft parts and equipment, electrical equipment and appliances, textiles, and food processing.

h. To transact all forms of commercial business at all levels of distribution, warehousing and storage.

i. To  transact in all forms of agriculture, including ownership or operation of leased lands, agricultural experimental stations or laboratories, and in all forms of forestry, including lands used for the propagation of operation stock and lands under reforestation.

j. To engage in all forms of fishing and acquisition of aquatic products, including the ownership or operation under lease or charter of fishing boats, docks, and other fishing gear and facilities for hauling, storing and preserving fish and aquatic products.

k. Under the directives of the Military Governor or his nominee, to regulate and 

l. To own property and dispose of the same.

m. All other powers incidental or necessary to the accomplishment of the objects of the corporation.

SECTION Ⅵ. The corporations its directors, officers and employees will be subject to such duties and will exercise such powers as are provided by the Commercial Code insofar as they are pertinent or necessary to the business of the corporation.

SECTION Ⅶ. Any person who, for the purpose of inducing the corporation to transact any business with such person, makes, ant false statement orally or in writing knowing it to be false or who makes or circulates ant statement or rumor orally or in writing which is untrue or which directly or by inference is derogatory to the financial condition or standing of the corporation, or who induces others to do so, shall upon conviction by a Military Occupation Court suffer such punishment as the Court shall determine.

SECTION Ⅷ. The corporation will make its public notices by publication in a newspaper of general circulation.

SECTION Ⅸ. This ordinance shall be effective on the tenth day after the date appearing hereon.

ARCHER L. LERCH

Major General, United States Army

Military Governor of Korea.