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PDF of Chapter V in English As Amended to 2009

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PART V MARITIME COMMERCE CHAPTER I MARINE ENTERPRISE SECTION I SHIPS Article 740 (Definition of Ship) A ship mentioned in this Act is a vessel used for navigation for the purpose of commercial activities or any other profit-making transactions. [This Article Wholly Amended, Aug. 3, 2007] Article 741 (Scope) (1) The provisions of this Part shall apply mutatis mutandis to the ships used for navigation even if they are not used for the purpose of commercial activities or any other profit-making transactions: Provided , That notwithstanding the proviso of Article 29 of the Ship Act, the above shall not apply to national or public ships, if it is determined by the Presidential Decree that the mutatis mutandis application of the provisions of this Part is not appropriate considering the purpose and character, etc. of navigation. (2) The provisions of this Part shall not apply to small boats or to any vessel propelled mainly by oars. [This Article Wholly Amended, Aug. 3, 2007] Article 742 (Accessory to Ship) Any article entered in the ship's inventory of appurtenances shall be presumed to be an accessory to the ship. [This Article Wholly Amended, Aug. 3, 2007] Article 743 (Transfer of Ownership of Ship) Where a ship is eligible for registration and entry, the transfer of the ownership of the ship shall take effect only by an agreement between the parties: Provided , That such transfer shall not be asserted against a third party unless it has been registered and an entry thereof has been made in the ship's nationality certificate. [This Article Wholly Amended, Aug. 3, 2007] Article 744 (Arrest or Provisional Arrest of Ship) (1) No attachment or provisional attachment shall be made on a ship which has completed preparations for commencing a voyage, or on her appurtenances: Provided , That the above shall not apply to such obligations which have been incurred for the purpose of making preparations for commencing a voyage. (2) Paragraph (1) shall not apply to any ship with a gross tonnage of less than twenty tons. [This Article Wholly Amended, Aug. 3, 2007] SECTION II MASTER Article 745 (Appointment and Dismissal of Master) The shipowner shall appoint or dismiss the master. [This Article Wholly Amended, Aug. 3, 2007] Article 746 (Claim for Compensation against Unreasonable Dismissal of Master) If the master is dismissed without reasonable cause by the shipowner, the master may demand the shipowner to compensate for any damage arising therefrom. [This Article Wholly Amended, Aug. 3, 2007] Article 747 (Master's Responsibility to Continue Performing His Duties) If the master is dismissed or his term expires during the voyage, he shall assume responsibility to perform his duties until another master is able to perform such duties or the ship arrives at the port of registry. [This Article Wholly Amended, Aug. 3, 2007] Article 748 (Master's Authority and Responsibility to Appoint Replacement Master) If the master is unable to perform his duties by reason of force majeure, he may, at his responsibility, appoint another person and require him to perform the master's duties, except as otherwise provided by the Acts and subordinate statutes. [This Article Wholly Amended, Aug. 3, 2007] Article 749 (Scope of Proxy Right) (1) While away from the port of registry, the master shall have the authority to perform all judicial and extra-judicial acts which are necessary for the voyage. (2) While at the port of registry, the master has the authority only to hire and dismiss seamen, except in cases where he has been vested with special authority. [This Article Wholly Amended, Aug. 3, 2007] Article 750 (Authority in Respect of Special Acts) (1) The master shall not do any of the following acts except in order to pay repair costs, salvage claims, or any other expenses necessary for the continuance of the voyage: 1. Offering the ship or her appurtenance as security; 2. Borrowing money; and 3. Disposing of the whole or a part of the cargo. (2) The amount of damages, if the master disposes of the cargo, shall be determined by the value of such cargo at the port of discharge at the time when it should have arrived there: Provided , That any expenses which are not required to be paid shall be deducted from such value. [This Article Wholly Amended, Aug. 3, 2007] Article 751 (Restriction upon Proxy Right) No restriction upon the proxy right of the master shall be asserted against a third party acting in good faith. [This Article Wholly Amended, Aug. 3, 2007] Article 752 (Disposition of Cargo for Benefit of Persons Interested) (1) If the master disposes of the cargo during the voyage, such disposition shall be made in the best interest of the persons interested. (2) Pursuant to paragraph (1), the person interested shall be liable to the person, who became the creditor on the account of such a disposition, within the limit of the value of the cargo unless the person interested is guilty of negligence. [This Article Wholly Amended, Aug. 3, 2007] Article 753 (Auction of Ship) If the ship has become unrepairable while away from the port of registry, the master may auction the ship with the authorization of the marine authority. [This Article Wholly Amended, Aug. 3, 2007] Article 754 (Unrepairable Ships) (1) A ship shall be deemed to have become unrepairable in the cases falling under any of the following subparagraphs: 1. Where the ship cannot be repaired at the place where she lies and cannot proceed to a place where repairs can be made; and 2. Where the repair costs exceed three-quarters of the value of the ship. (2) If the ship has been damaged in the course of the voyage, the value mentioned in paragraph (1) 2 shall be determined as the value at the time of commencement of such voyage; and in other cases, the foregoing value shall be determined as the value of the ship before she sustained such damage. [This Article Wholly Amended, Aug. 3, 2007] Article 755 (Duty to Report and Make Up Accounts) (1) The master shall, without delay, report to the shipowner on all important matters relating to the voyage. (2) At the end of each voyage, the master shall, without delay, present the statement of the accounts to the shipowner and obtain the shipowner's approval thereof. (3) Whenever requested by the shipowner, the master shall report on matters relating to the voyage and on the accounts. [This Article Wholly Amended, Aug. 3, 2007] SECTION III CO-OWNERSHIP Article 756 (Decision Making of Co-owners on Use of Ship) (1) The matters relating to the use of the ship owned by the co-owners shall be determined by the majority of the shares in proportion to the value of the respective share of the co-owners. (2) The matters which alter the contract in relation to the co-ownership of the ship shall be determined by the unanimous consent of the co-owners. [This Article Wholly Amended, Aug. 3, 2007] Article 757 (Burden of Expenses) The co-owners of a ship shall bear the expenses in regard to the use of the ship and the liabilities arising in respect of such use in proportion to the value of their respective share. [This Article Wholly Amended, Aug. 3, 2007] Article 758 (Apportionment of Profit and Loss) The loss and profit shall be allocated in proportion to the value of the respective share of the co-owners of a ship after each voyage is completed. [This Article Wholly Amended, Aug. 3, 2007] Article 759 (Transfer of Share) Even if the co-owners of a ship formed a partnership, each co-owner may transfer his share to another person without the consent of the other co-owners unless he is the manager of the ship. [This Article Wholly Amended, Aug. 3, 2007] Article 760 (Loss of Nationality, and Purchase of Share or Application for Auction) When a ship loses the nationality of the Republic of Korea for the reason that a co-owner transfers his share or loses his nationality, other co-owners may purchase such share at a reasonable price or may apply to the court for an auction of such share. [This Article Wholly Amended, Aug. 3, 2007] Article 761 (Right to Demand Purchase of Shares belonging to Persons who Object to Resolution) (1) When the co-owners of a ship have resolved to commence a new voyage or to repair the ship extensively, any co-owner who has an objection thereto may request that the other co-owner(s) purchase his shares at a reasonable price. (2) Any person who intends to effect the request mentioned in paragraph (1) shall dispatch a notice thereof to the other co-owner(s) or to the ship manager within three days from the date of resolution, and in cases where the person did not participate in the resolution, from the date on which he received the notice of resolution. [This Article Wholly Amended, Aug. 3, 2007] Article 762 (Right to Demand Purchase of Shares belonging to Dismissed Master) (1) If the master who co-owns the ship is dismissed against his will, he may request that the other co-owner(s) purchase his shares at a reasonable price. (2) When the co-owner intends to effect the request mentioned in paragraph (1), he shall without delay send the notice thereof to the other co-owner(s) or the ship manager. [This Article Wholly Amended, Aug. 3, 2007] Article 763 (Transfer of Ship, etc. during Voyage) If a ship or the shares thereof have been transferred during voyage, the transferee shall acquire the profit and bear the loss arising from the voyage, unless otherwise agreed upon by the parties.
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