The 2nd seminar of the '2023 Registration Act Forum' held on the 27th at the Legal Affairs Training Institute of the Korean Federation of Certified Judicial Scriveners in Nonhyeon-dong, Seoul. Photo by the Korean Federation of Certified Judicial Scriveners
The 2nd seminar of the legal seminar "2023 Registration Law Forum," jointly hosted by the Legislative Research Institute of the Korean Association of Judicial Scriveners (Director Hwang Jeong-su) and the Korean Registration Law Society (President Kwon Oh-bok), was held.
On the 27th, at the Judicial Scrivener Training Institute in Nonhyeon-dong, Seoul, moderated by Kwon Oh-bok, President of the Korean Registration Law Society, the seminar was held under the main theme "Several Issues and Improvement Measures Arising in Registration Practice," featuring discussions on three topics: ▲Legislative background and explanation of the amended Real Estate Registration Act (draft) ▲Introduction of multiple voting rights stocks for venture companies and registration ▲The necessity of revising the public notice method of the Housing Lease Protection Act related to tenant protection.
Before the presentations, congratulatory remarks were delivered by Cho Young, Director of the Judicial Registration Bureau at the Court Administration Office; Lee Nam-cheol, President of the Korean Association of Judicial Scriveners; and Lee Gi-geol, Chairman of the Korean Registration Law Society. The overall moderator of the forum was Kim Dong-wook, General Secretary of the Korean Registration Law Society.
Regarding the first topic, "Legislative Background and Explanation of the Amended Real Estate Registration Act (draft)," presented by Lee Jae-gyun, Officer at the Court Administration Office, he introduced the main amendments of the Real Estate Registration Act amendment, which is scheduled to be enforced on January 3, 2025, including ▲special provisions on jurisdiction over related registration application cases ▲special provisions on jurisdiction over inheritance and legacy cases ▲measures to expand accessibility of electronic applications ▲special provisions on registration office work in case of emergencies, and explained the necessity and expected effects of the amendments.
Hwang Jeong-su, Director of the Legislative Research Institute of the Korean Association of Judicial Scriveners and a designated discussant, stated, "The special provision on jurisdiction over related registration application cases allowing registration applications at any registration office with land jurisdiction as long as the registration purpose and cause are the same, the special provision on jurisdiction over inheritance and legacy cases stipulating complete non-territorial jurisdiction, and the full allowance of mobile registration applications to expand accessibility of electronic applications raise concerns from the perspective of securing the authenticity of registration and protecting citizens' property." He suggested, "To prevent confusion caused by rapid changes in the early stages of enforcement and to enhance public trust in registration, gradual adjustments are necessary."
Yoon Hyung-mook, Officer in charge of the Deposit Corporation Review Office at the Court Administration Office, presented the second topic titled "Introduction of Multiple Voting Rights Stocks for Venture Companies and Registration."
Officer Yoon explained the overall contents regarding the introduction of multiple voting rights stocks, which grants up to 10 voting rights per share to founders of unlisted venture companies, as stipulated in the amended "Special Measures for the Promotion of Venture Businesses Act," and argued the necessity of registering multiple voting rights stocks.
He emphasized, "There are no registration regulations for multiple voting rights stocks in the Enforcement Decree of the Special Measures for the Promotion of Venture Businesses Act. If multiple voting rights stocks cannot be registered for this reason, it would undermine the public notice function of the registry, which aims to secure external credibility. Especially, since the total number of issued shares and capital increase as multiple voting rights stocks are issued, failure to register this would be tantamount to neglecting defective registration."
He further argued, "In compliance with the principle of statutory registration matters, registration of multiple voting rights stocks is possible through the amendment registration provisions of Article 183 of the Commercial Act, which is applied mutatis mutandis by Article 317(4) of the Commercial Act (Registration of Establishment)."
In the presentation of the third topic, Choi Hee-young, President of the Seoul Eastern District Judicial Scrivener Association, spoke on "The Necessity of Revising the Public Notice Method of the Housing Lease Protection Act Related to Tenant Protection."
President Choi pointed out, "To prevent tenants from suffering from jeonse fraud, it is necessary to revise the unclear current lease public notice system to clearly disclose lease relationships, thereby proactively preventing tenant damages and strengthening tenants' legal status."
Regarding measures to strengthen tenants' legal status, President Choi argued, "First, the requirements for opposition in Article 3-3(1) of the Housing Lease Protection Act and the Commercial Lease Protection Act should be amended to allow application for tenant registration orders even before the lease ends, and the Civil Act Article 621 on tenant registration should be revised to allow individual applications so that lease relationships can be publicly disclosed to third parties."
At the forum, Hwang Jeong-su, Director of the Legislative Research Institute of the Korean Association of Judicial Scriveners; Kim Jong-ho, Professor of Law and Police Administration at Hoseo University; and Yang Seong-hoon, General Manager of the Judicial Policy Research Institute, participated as designated discussants for each topic.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
