It placed on the floor the third Commercial Act amendment, which includes a mandate for corporations to cancel treasury shares. The People Power Party immediately launched a filibuster (a lawful obstruction of proceedings through unlimited debate) against every bill the ruling party is pushing. As a result, the National Assembly is expected to repeat filibusters and forced votes through Mar. 3, when the February extraordinary session ends.
On the afternoon of the 24th, the National Assembly placed the third Commercial Act amendment on the floor. In addition, the Democratic Party of Korea plans to bring to the floor the distortion of law offense (Criminal Act amendment), the constitutional complaint system (Constitutional Court Act amendment), the increase in Supreme Court justices (Court Organization Act amendment), the National Referendum Act amendment, the special act on establishing the Jeonnam-Gwangju Integrated Metropolitan City, the Local Autonomy Act amendment, the Child Allowance Act amendment, and more.
The People Power Party will apply for a filibuster on every bill the ruling party is pursuing, including the Commercial Act amendment and the "three judicial reform bills (distortion of law offense, constitutional complaint system, increase in Supreme Court justices)." Protesting strongly against the ruling party's unilateral handling of bills, it will conduct a filibuster for up to seven nights and eight days.
Yoon Han-hong, a People Power Party lawmaker, took the floor as the first speaker in the filibuster on the third Commercial Act amendment. Yoon said, "The main thrust of the Commercial Act amendment is to forcibly cancel treasury shares, and despite both effects and side effects, it has come to the floor without debate and is being pushed through unilaterally," adding, "The 22nd National Assembly is nearing two years, and the only thing that comes to mind is 'railroading of bills.'"
He went on, "I have never seen National Assembly Speaker Woo Won-sik run the Assembly in a neutral manner. History books will record him as a 'railroading speaker,'" and emphasized, "It is deeply regrettable that Korea's proud system is being damaged."
The third Commercial Act amendment placed on the floor that day requires that newly acquired treasury shares be mandatorily canceled within one year. Existing treasury shares are given a six-month grace period. Accordingly, corporations must cancel treasury shares within one year and six months after the law takes effect. If violated, directors will be subject to fines of 50 million won.
There are some exceptions to the mandatory cancellation of treasury shares. In special cases such as managerial necessity and implementation of the employee stock ownership plan, the company may prepare a disposal plan for treasury shares and obtain approval at the general meeting of shareholders. In addition, if there is a statutory cap on foreign equity, an exception allows disposal within three years after the law takes effect.