Korea and China have maintained friendly relations for more than one thousand years. It is believed that two countries will continue to maintain close relationship and that it is necessary to share their experiences in the operation of legislative sys...
Korea and China have maintained friendly relations for more than one thousand years. It is believed that two countries will continue to maintain close relationship and that it is necessary to share their experiences in the operation of legislative system, and eventually these will contribute to the promotion of common interests.
For that reason, this paper introduces the recent revision drafts in Korean Commercial Law including the Act of Korean Electronic Promissory Note (EPN) promulgated on March 22, 2004 and enacted in January 2005.
The legislative system of Korean Commercial Code is composed of the four section called commercial transactions, corporation, insurance, marine commerce. The Korean Bill of Exchange/ Promissory Note Act and Korean Check Act is not composed of commercial code but divided into commercial law in pursuing studies. The present Commercial Code was enforced in 1963. It has been largely revised 6th times. At the present time in 2007, Korean Government is going to revise the Commercial Code, especially the sections of corporation and marine commerce. The revision drafts is now submitted to the parliament. The drafts contain many dramatic changes In the law of corporation and marine commerce. The revision drafts of corporation law is affected by the system of corporation law in U.S.A. and Japan. The revision drafts of the law of marine commerce is affected by the new international treaty widely applied to marine commerce. The Act of EPN is the first legislation in the world. According to the Act, an electronic promissory note has the same legal effect as a paper-based promissory note except that the Act provides otherwise.