The National Assembly's Legislation and Judiciary Committee approved the third amendment to the Commercial Act, which mandates corporations to cancel treasury shares, and an amendment to the National Referendum Act to hold a constitutional amendment referendum. Action on three special acts for administrative integration of Gwangju in South Jeolla, Daegu and North Gyeongsang, and South Chungcheong and Daejeon was put on hold.
On the 23rd, the committee held a full session and, over opposition from People Power Party lawmakers, brought the third amendment to the Commercial Act to a vote and passed it. Of the 17 members present, 11 voted in favor and 6 against. The bill requires corporations that acquire treasury shares to cancel them within one year and imposes fines for violations.
The amendment to the National Referendum Act, described as a preliminary step for a constitutional amendment referendum, passed with 11 in favor and 7 against out of 18 members present. Led by the ruling party, it skipped the subcommittee of the Public Administration and Security Committee and was introduced and approved in the full session of the Legislation and Judiciary Committee. National Assembly Speaker Woo Won-sik has argued that a constitutional amendment referendum should be held along with the local elections in June. The amendment centers on expanding suffrage for overseas nationals.
The three administrative integration bills are scheduled to be reviewed again on the morning of the 24th after the committee adjourned. If the bills are passed and promulgated, a unified chief executive will be elected in the June local elections, and a unified special city will be launched in July. Daejeon Mayor Lee Jang-woo of the People Power Party and South Chungcheong Governor Kim Tae-heum, among others, oppose the special acts.
A vote on the amendment to the Amnesty Act, known as the bill to ban a pardon for former President Yoon Suk-yeol, was also put on hold. The core of the Amnesty Act amendment is to limit the president's pardon power for those who committed insurrection or treason. However, it makes an exception if three-fifths or more of all National Assembly members consent.
The Democratic Party plans to handle at the plenary session of the National Assembly, which opens on the 24th, the third amendment to the Commercial Act and the amendment to the National Referendum Act that passed the full committee, along with the special acts on administrative integration.