The Italian Chamber of Commerce in Korea is an organization that intends bringing together the representatives of Korea based Italian or significantly Italian-participated companies, representatives of the Italian institutions in Korea and Korean-based Italian passport holders whose business is related to Italy.

The Italian Chamber of Commerce in Korea basic activities are the following:

• promoting the interest of the Italian business community in Korea and deepening the linkage between Italy and the Korean peninsula;
• providing business information to its Members;
• cooperating with other business associations in Korea and in the region.

Art. 1 – Name

The organization shall be known as the “Italian Chamber of Commerce in Korea”, hereinafter referred to as the “Chamber”.

Art. 2 – Objects

The objects of the Chamber are:

1. to provide a forum, on a continuing basis, for Italian and Korean organizations and the executives of Italian and Korean companies and Italian and Korean executives working for companies other than Italian, which can identify, examine and discuss matters of common interest affecting their economic, industrial and commercial strategy in the Korean peninsula;
2. to advise and assist Italian and Korean companies and other professional bodies which are already established and doing business both in Italy and Korea;
3. to advise in the promotion of trade, investment, finance and industry between Korea and Italy;
4. to debate ways to make representations as and when necessary to Korean authorities;
5. to promote, foster, support, represent and protect the interests of the Italian and Korean Chamber’s Members;
6. to exchange information, statistics and other data and materials regarding trade and other subjects which might be of use to the Members and other interested bodies and keep Members informed on matters of general interest;
7. to promote meetings and various social activities in connection with the aims of the Chamber and to cooperate with other bodies and associations both In Italy and Korea, plus in European and/or Asian areas.

Art. 3 – Membership

Ordinary members (afterwards named members) may be:

• Korea based Italian or significantly Italian-participated companies or subsidiaries, representative offices, firms, sole proprietorships or other Italian bodies registered and transacting business in Korea.
• Korea based Italian passport holders or representatives of an Italian institution in Korea, who are business related with Italy or with Italian companies can also apply for ordinary membership.
• The representatives of business enterprises or organizations legally registered in Korea or in Italy which have interest in promoting relations between Italy and Korea.

Associate Members may be:

• Organizations legally registered in Korea or in Italy which have interest in strengthening relations with the ITCCK.

Ordinary members have voting right at the Annual General Meeting. Vote can be expressed in person or by proxy. New candidates other than the founding Members shall previously submit an application to the Board, which will deliberate about it.

Associate Members will not have voting right at the Annual General Meeting and will not have right to be elected in any of the ITCCK body. They shall previously submit an application to the Board, which will deliberate about it.

Art. 4 - Organization

The affairs of the Chamber shall be managed by a Board consisting of a President, up two Vice-Presidents, a Treasurer, up to three other Members of the Chamber elected by a simple majority vote of the Members present at the Annual General Meeting to be held once a year not later than six months from the end of the preceding calendar year, at a place to be determined at the time. The Term of office for the Presidents and Vice Presidents and all members of the Board shall be two years. However, this shall not preclude them from being re-nominated to the Board, or being re-elected President or Vice-President.

The Ambassador of the Republic of Italy has a standing invitation to become Honorary President. He will be always invited to attend all meetings of the various organs of the Chamber plus all the Board meetings. He will have a consultative but not deliberative vote. The representatives of the Commercial Office of the Embassy of Italy in the Republic of Korea and the ICE Trade Commissioner shall be ex-officio Honorary Members of the Chamber and of the Board and shall be invited to attend all meetings of the various organs of the Chamber. At the Board Meetings they shall have a consultative but not deliberative vote. The Board, in consultation with the Embassy of Italy in the Republic of Korea, shall appoint the Secretary General. The Secretary General is designated for a term of two years, and he can serve in such position for more consecutive terms.

Art. 5 - Duties of office-bearers

The duties of the office-bearers are as follows:

• the President shall act as chairman at all General and Board meetings. He shall also represent the Chamber in its dealings with outside persons;
• the Vice-Presidents shall assist the President and replace him in his absence;
• the Treasurer of the Chamber shall ensure that:
  all money due to the Chamber is collected and received and that all payments authorized by the Chamber are made; and correct books and accounts are kept showing the financial affairs of the Chamber including full details of all receipts and expenditures connected with the activities of the Chamber.
• The Secretary General shall keep:

1. all records of the Chamber, the minutes of all meetings as well as to maintain an up-date Register of Members at all times;
2. all appointments of office bearers and members of the Chamber;
3. the names of members of the Board present at the Board meetings or a general meetings; and
4. all proceedings of the Chamber meetings to manage the general administration of the Chamber.

The Secretary General is further required to manage the general administration of the Chamber, implementing the Board's directives. Appointing the Secretary General, the approval of his appointment will be required to the Italian authorities. Minutes of proceedings at a meeting shall be signed by the Chairperson of the meeting or by Chairperson of the next succeeding meeting.

• the Board Members shall assist in the general administration of the Chamber and perform any other duties assigned by the Board.

Each member present at a Board Meeting (including the person presiding at the meeting) is entitled to one (1) vote; in the event of an equality of votes on any question, the person presiding may exercise a second or casting vote.

Art. 6 - General Meeting

There shall be two types of “General Meetings”, namely the “Annual General Meeting” and “Extraordinary General Meeting”.

Art. 7 - Annual General Meeting

An annual general meeting of the Chamber shall be held every year for the following purposes:

• to receive and, if approved, pass the accounts for the preceding year and the budget for the current one;
• to elect the Members of the Board for the following term;
• to transact any other business.

Each Member will be allowed to represent not more than other two Members by written proxy.

Article 8 - The Extraordinary General Meeting ( EGM )

Extraordinary General Meetings must be convened:

• If the Board so decides, or
• If at least 25 % of the voting full members submit a written application to the Board of Directors stating the reasons, a meeting shall be convened within 6 weeks.

Art. 9 - Annual subscription

Each year the Board will determine upon the annual subscription fee. Annual subscriptions shall be payable within the last day of February of each year. Members not yet up to date with their payment of the annual subscription will not have the right of voting at the Annual General Meeting.
No refund of fees will be given to Ordinary and Associate Members canceling the membership with the Chamber during the year. If any annual subscription under the aforesaid provision is due by any Ordinary Member of the Chamber and remains unpaid after the expiration of a period of three months from the due date for payment the Board may give written notice to such Member to the effect that its membership has been terminated.
The Associate Members will be associated to the ITCCK free of charge.

Art. 10 - Auditor

An external Auditor will annually certify the financial status of the Chamber. The external Auditor will audit the books, the accounting vouchers and the annual statement of account of the Chamber. The Auditor will be designated by the Board Members, upon proposal of the President. The Auditor will make a record of cash in hand and of the amounts available in the Chamber’s bank accounts as at 31st December and sign it. A written report will be prepared on the audit of the annual statement of accounts. The result of the audit will be announced to the members at the Annual General Meeting.

Art. 11– Guests

Each Member shall be allowed to bring guests to the meetings.

Art. 12 – Amendments to rules

Alterations or additions/deletions to these rules shall be voted by a two thirds majority of the Members present at a general meeting of the Chamber.

Art. 13 – Dissolution

The Chamber shall not be dissolved except with the consent of not less than two thirds of the Members expressed in person or by proxy at a general meeting convened for the purpose.

Seoul, June 9th 2015.