Article 1 (Name of Company)

The name of the Corporation is called ‘Sadanbeobin Hanguk Bulgyo Culture Hyeophoe(hereinafter referred to as “the Corporation”), which shall be expressed in English as ASSOCIATION OF KOREAN BUDDHIST CULTURE [AKBC].

Article 2 (Purposes)

The purposes of the Corporation is to widely publicize teaching of Budda Seokgamoni, the Buddhist leader, home and abroad through education and, also, by widely publicizing traditional culture of Korean Buddhism formed throughout the long history of 1,600 years through home and foreign organizations and exchange of Buddhist culture, to raise the value of Korean traditional Buddhist culture and to increase the national image of Korea. Also, the Corporation, by widely communicating Buddhist “Hawjaeng Idea”, characteristics of Korean Buddhist mental culture, aims to avoid a religious bias and share the universal values of mankind so that, on the basis of Buddhist Yeongi Idea, all may live and prosper together in the community.

Article 3 (Location of Head Office)

The head office of the Corporation shall be located in Busan, Korea. However, the Corporation may have branches and sub-branches in within(special city, metropolitan city, Si, Do, Gu, Gun) or outside Korea, by resolutions of the Board of Directors, whenever necessary.

Article 4 (Business)

The Corporation shall carry out following business to achieve the goals of Article 2:

• (1) Business for publicity, education and propagation of established rules of Buddhist and on finding specialists by field;
• (2) Holding home and abroad exhibition of Korean traditional Buddhist culture, business on system(infra, etc.) buildup, and private & public research service;
• (3) Job creation through a variety of exchange of local culture including social enterprise, etc.;
• (4) Establishment of lifetime educational institution, and business on entrustment/being entrusted;
• (5) Research institutes and cultural centers, software, IT inter media, advertisement planning, manufacture and operation;
• (6) Researches and investment activities on facilities operation, textbook development and publication and distribution of educational books;
• (7) Real estate leasing service and relevant incidental business;
• (8) Business on entrustment/being entrusted for home and abroad educational institutions and private & public facilities;
• (9) Business for memorial tower for believers’ families and establishment & operation of enshrinement facilities (tomb, charnel house, tower, etc.);
• (10) Business entrusted from the government, local government, etc. in relation to the business as mentioned in the foregoing; and
• (11) Other business to achieve the establishment purposes of the Corporation.

Article 5 (Membership)

• (1) The member of the Corporation shall be the person (public agency, organization, individual, etc.) who finished the prescribed joining procedures according to the goals and establishment purposes of Article 2.
• (2) The person who wants to become a member of the Corporation shall submit a membership application to the Corporation.
• (3) Detailed matters on qualification of the member(regular member, guest member, etc.), A fee to become a member, etc. shall be separately determined by the Board of Directors.

Article 6 (Right of a Member)

• (1) A regular member shall have a right to elect an officer, and to be elected as an officer, of the Corporation, and a right to propose an opinion of the Corporation’s activities and participate in a resolution.
• (2) A regular member is entitled to be provided materials and publications of the Corporation and peruse date on operation of the Corporation.

Article 7 (Obligation of a Regular Member)

The member shall have following duties.

• (1) Duties to abide by the Articles of Incorporation and all regulations of the Corporation.
• (2) Duties to carry out resolutions of the general meeting and the bod.
• (3) Duties to pay membership fees and all burdens.

Article 8 (Withdrawal and Expulsion of Member)

• (1) The member may freely withdraw the Corporation by submitting a written withdrawal at his/her will.
• (2) In case a member damages the reputation of the Corporation or causes difficulty in the Corporation’s performing its goals, or fails to observe his/her obligation for not less than one(1) year, he/she can be expelled from the Corporation by a resolution of the general meeting.
• (3) In case a member loses the qualification of a member for reason of withdrawal or expulsion, he/she may not request a right to the paid membership fee, etc.

Article 9 (Kind and Number of Officer)

• (1) The Corporation shall have directors and auditors as officers of the Corporation.
• (2) The Corporation shall have following number of directors:
  • 1. One chief director(standing)
  • 2. One vice-chief director
  • 3. 5 ~ 10 directors(including standing director)
• (3) The Corporation shall have not less than one(1) auditor.

Article 10 (Election of Officer)

• (1) Officers of the Corporation shall be elected at the general meeting.
• (2) The chief director shall be elected among directors.
• (3) In case the term of office of an officer expires, a successor shall be elected not later than 2 months before the expiration, and in case the post of any officer becomes vacant, a successor shall be elected not later than 2 months before the date the post of the officer becomes vacant.
• (4) When an officer was elected, the officer shall make registration with a competent court and give notice to competent authorities within 3 weeks from the date the officer was elected.

Article 11 (Dismissal of Officers)

If an officer does an act falling under any of followings, he/she may be dismissed by a resolution of the general meeting:

• (1) An act contrary to the purpose of the Corporation;
• (2) An act involved in disputes between officers, illegal accounting or unfairness; and
• (3) An act which interferes with business of the Corporation.

Article 12 (Disqualification for Officers)

The person falling under any of followings can’t be an officer:

• (1) An incompetent or a quasi-incompetent;
• (2) A bankrupt who hasn’t been re-instated;
• (3) A person whose qualification was lost or suspended;
• (4) A person sentenced to prison in whose case 3 years haven’t passed after the date the execution of the sentence terminates or exempted(including the case the execution is deemed to terminate); and
• (5) A person subject to declaration of suspension of execution of the imprisonment or heavier punishment for whom the period of probation has not passed.

Article 13 (Standing Director)

• (1) The Corporation may have standing directors to have them take full charge of the target business of the Corporation.
• (2) Standing directors shall be elected among directors(including the chief director) by the chief director by a resolution of the Board of Directors.

Article 14 (Term of Office of Directors)

• (1) The term of office of directors and auditors shall be 3 years and they may serve consecutive terms.
• (2) An office shall perform as an office until a successor takes office even if his/her term of office expires.

Article 15 (Duties of Officers)

• (1) The chief director shall represent the Corporation, direct overall business of the Corporation, and become the chairperson of the general meeting and the Board of Directors.
• (2) The vice-chief director shall take charge of the matters entrusted from the chief director and act as the chief director when the chief director is unable to perform his/her duties.
• (3) A standing director shall work full time and control business of the Corporation as instructed by the chief director.
• (4) A director shall attend the Board of Directors and resolve business of the Corporation, and deal with the matters entrusted from the Board of Directors or the chief director.
• (5) An auditor shall perform following duties:
  • 1. Duties to audit financial status of the Corporation;
  • 2. Duties to audit operation of the general meeting and the Board of Directors and their business;
  • 3. As a result of audit as mentioned in paragraph (1) and (2), in case an auditor finds any unfair or illegal points, duties to request the Board of Directors or the general meeting to rectify the points and report such matters to competent authorities;
  • 4. Duties to request the general meeting or the Board of Directors to be held if necessary to make such request or report as mentioned in paragraph (3); and
  • 5. Duties to give an opinion to the general meeting, the Board of Directors or the chairperson with respect to financial status and business of the Corporation.

Article 16 (Composition of the General Meeting)

The general meeting shall be the highest legislative organ of the Corporation and consist of regular members.

Article 17 (Division and Convocation of the General Meeting)

• (1) The general meeting shall consist of a regular general meeting and a special general meeting and the chairperson shall convene the meetings.
• (2) A regular general meeting shall be convened within 2 months after commencement of each fiscal year and a special general meeting shall be convened when the chairperson deems it necessary.
• (3) The general meeting shall be convened by the chairperson giving notice in writing of meeting agenda, date, place, etc. of the meeting to each member not later than 7 days(based on the date of mailing) prior to opening the meeting.

Article 18 (Special Case of Convocation of the General Meeting)

• (1) The chairperson shall convene the general meeting within 20 days from the date convocation was requested in any of following cases:
  • 1. When a majority of all registered directors request convocation by proposing the purpose of the meeting;
  • 2. When an auditor requests convocation according to provisions of item 4, sub-paragraph 5, Article 15; or
  • 3. When a majority of all registered members request convocation by proposing the purpose of the meeting.
• (2) When the general meeting can’t be convened for not less than 7 days by the person authorized to convene the general meeting being absent or avoiding holding the general meeting, the general meeting can be convened by affirmative votes of a majority of all registered directors or all registered members.
• (3) In the general meeting held under paragraph 2 above, the chairperson shall be elected under the presidency of the eldest among directors present at the meeting.

Article 19 (Matters to be Resolved)

The general meeting shall resolve following matters:

• (1) Matters on election and dismissal of an officer;
• (2) Matters on dissolution of the Corporation and a change in Articles of Incorporation;
• (3) Matters of acquisition and disposal of basic property;
• (4) Approval of a budget and accounts settlement
• (5) Approval of a business plan and
• (6) Other important matters

Article 20 (Quorum for a Resolution)

Except for the matters as prescribed in Articles of Incorporation, the general meeting shall be convened by attendance of a majority of all registered members and make a resolution by affirmative votes of a majority of the members present at the meeting.

Article 21 (Cause of Exclusion from a Resolution)

A member can’t participate in a resolution in any of followings:

• (1) When a resolution of election and dismissal of an officer is made if the officer is the member oneself; and
• (2) When a resolution of the matters related to giving and receiving of money and property is made if the interest of the member collides with that of the Corporation.

Article 22 (Preparation of Minutes)

• (1) The Corporation shall prepare minutes with respect to proceedings of the general meeting.
• (2) The minutes shall include procedures and results of the proceedings of the meeting and the chairperson and directors present at the meeting shall affix their names and seals to the same.
• (3) The chairperson shall keep the minutes in the office of the Corporation.

Article 23 (Composition of the Board of Directors)

The Board of Directors shall consist of the chief director and directors(including standing directors).

Article 24 (Convocation of the Board of Directors)

• (1) The Board of Directors shall be composed of a regular Board of Directors meeting and a special Board of Directors meeting.
• (2) A regular Board of Directors meeting shall be held twice a year and a special Board of Directors meeting shall be held when a majority of auditors or directors request or the chief director deems it necessary.
• (3) When the chief director intends to hold a Board of Directors meeting, the chief director shall give notice to directors and auditors of the purpose, agenda, date, time and place of the meeting, not later than 7 days before the date set for such a meeting, provided that this shall not apply in case good reason acknowledged as urgent.

Article 25 (Matters to be Resolved at the Board of Directors)

The Board of Directors shall deliberate and resolve following matters:

• (1) Matters on business execution;
• (2) Matters on operation of a business plan;
• (3) Matters on preparation of a budget and accounts settlement;
• (4) Matters on property management;
• (5) Matters on borrowing of funds;
• (6) Preparation of agenda to be submitted at the general meeting;
• (7) Matters entrusted from the general meeting;
• (8) Establishment of branches, auxiliary organs, research institutes, etc.;
• (9) Enactment of rules and regulations, etc.
• (10) Matters the Board of Directors is authorized to deal with as prescribed in Articles of Incorporation.
• (11) Matters the chairperson considers important in operation of the Corporation as submitted to a meeting.

Article 26 (Quorum for a Resolution, Etc.)

• (1) The Board of Directors shall be held by attendance of a majority of all registered directors and a resolution shall be adopted by affirmative votes of directors present.
• (2) An officer can’t participate in a resolution if the resolution is involved in interest of such an officer.
• (3) The Board of Directors shall prepare minutes which include procedures, results etc. of the proceedings of the Board of Directors, and the chief director and directors present shall affix their names and seal to the same.

Article 27 (Prevention of Written Resolution)

A resolution of the Board of Directors shall not be adopted by a written resolution.

• (1) With respect to the trivial or urgent matters among those to be submitted to the Board of Directors, the chief director can resolve in written such matters. In this case, the chief director shall report the result to the next Board of Directors.
• (2) With respect to the matter of paragraph 1, if a majority of all registered directors request it to be submitted to the Board of Directors, the chairperson shall comply with such a request.

Article 28 (Expert Committee)

The Corporation may establish and operate an expert committee as an affiliated organization for achieving the goal of the Corporation, and a committee member shall be appointed by the chief director, which shall be reported to the Board of Directors.

Article 29 (Division of Property)

• (1) The property of the Corporation shall be divided into basic property and ordinary property.
• (2) The basic property is real estate or movables related to performance of target business of the Corporation and consist of the property contributed by the founder when the Corporation is founded and the list is shown in Appendix 1.
• (3) Ordinary property shall be property other than basic property.

Article 30 (Management of Property)

• (1) When the Corporation intends to sell, donate, lease, exchange or offer as security basic property or to change its use, etc. or to waive obligation or right, a resolution shall be passed at the general meeting.
• (2) Provisions on a change in Articles of Incorporation shall apply to a change in basic property.

Article 31 (Financial Resources)

• (1) The financial resources necessary for maintenance and operation of the Corporation are as follows:
  • 1. Membership fee;
  • 2. Subsidies of the government and local government;
  • 3. Various donations;
  • 4. Earnings from basic property; and
  • 5. Others
• (2) When the Corporation intends to assume any debt other than a budget, the Corporation shall obtain approval of the general meeting and competent authorities.

Article 32 (Fiscal Year)

The fiscal year of the Corporation shall comply with the fiscal year of the government.

Article 33 (Budget Formulation and Accounts Settlement)

• (1) The Corporation shall obtain approval of its business plan for a fiscal year from the Board of Directors and the general meeting, provided the business requiring expenses borne by the National Treasury shall obtain approval in advance from competent authorities.
• (2) The Corporation shall have its business results and settlement of accounts audited within 2 months after the end of the relevant fiscal year, and shall obtain approval of the general meeting through adoption of a resolution of the Board of Directors.

Article 34 (Fiscal Year)

An auditor shall conduct accounting audit once or more a year.

Article 35 (Remuneration of Officers)

Remuneration shall not be paid to officers, provided that actual cost necessary for business execution may be paid to officers.

Article 36 (Executive Department)

• (1) The Corporation shall have a business department to deal with its business under the instruction of the chairperson.
• (2) The executive department may have one(1) secretary general and necessary employees.
• (3) The secretary general shall be appointed by the chief director through a resolution of the Board of Directors.
• (4) The matter on organization and operation of the executive department shall be separately determined by a resolution of the Board of Directors.

Article 37 (Change in Articles of Incorporation)

Changes in these Articles of Incorporation shall require a resolution by affirmative votes of a majority of all registered members at the general meeting and permission of competent authorities.

Article 38 (Dissolution)

When the Corporation is dissolved, a resolution shall be made by affirmative votes of 2/2 or more of all registered members at the general meeting and a report shall be made to competent authorities.

Article 39 (Disposal of Residual Property)

The residual property at the time of dissolution of the Corporation shall revert to the government, local governments or other non-profit corporation with similar goals through a resolution of the general meeting and permission of competent authorities.

Article 40 (Report of Liquidation Completion)

When a liquidator finishes liquidation of the Corporation, the liquidator shall register the effects by provisions of Article 94 of the Civil Code and submit a report of liquidation completion to competent authorities.

Article 41 (Application of Provisions)

The matters not specified herein shall comply with regulations on corporation of Civil Code and rules on establishment and supervision of non-profit corporation regulated by Ministry of Culture and Tourism.

Article 42 (Enactment of Rules)

The matters necessary for operation of the Corporation other than the matters as prescribed herein shall be determined as rules by a resolution of the Board of Directors.

Article 43 (Making Public of Collected Money and Utilization Results of Donation)

The Corporation shall open a homepage on the internet and make public collected money and utilization results of annual donations on the internet homepage or National Tax Service homepage until March 31, the next year.

Article 1 (Enforcement Date)

These Articles of Incorporation shall be effect from the date competent authorities gave permission.

Article 2 (Interim Measures)

The act done by promoters, etc. for incorporation while these Articles of Incorporation are effective shall be deemed to have been carried out under these Articles of Incorporation.

Article 3 (Affixing Name and Seal)

To establish this Corporation, these Articles of Incorporation have been prepared and all promoters have affixed their names and seals to the same as follows.,