Revised in September, 2014

ARTICLE III

Section 1. MEMBERSHIPS

There shall be eight classes of membership, namely, COMPANY, INDIVIDUAL, SPECIAL COMPANY, COMPANY ASSOCIATE, SPECIAL., NON-RESIDENT, YOUNG PROFESSIONAL and HONORARY. These categories may be changed in line with changes in the membership of the Chamber by approval of the majority of the AMCHAM Board of Governors. All applications for membership shall be screened by the President in accordance with the By-Laws. Any questions shall be referred to the Executive Committee for resolution.

Section 2. COMPANY MEMBERSHIP

COMPANY membership shall be available to the following legal entities, partnerships, associates and sole proprietorships (hereinafter called "firms") which are established in or have a representative in Korea:

(a) American owned or controlled firms: those firms that are organized and existing under the laws of the United States or have a capital investment or operating interest which, in the opinion of the Executive Committee, is sufficient to qualify the applicant for COMPANY membership: and

(b) Other Firms: those firms that have a material economic or commercial trading interest(s) or connection(s) with or in the U.S. and are approved by the affirmative vote of the majority of the Executive Committee at a duly held meeting at which a quorum is present and/or via email (or other forms of generally accepted business communication).

Section 3. SPECIAL COMPANY MEMBERSHIP

Those firms or organizations which do not qualify for COMPANY membership under section 2 (a) or (b) above, but whose membership, in the opinion of the Executive Committee would be mutually beneficial can be SPECIAL COMPANY members. Such SPECIAL COMPANY members would enjoy all of the rights and privileges of COMPANY members except the right to hold office and to vote in Chamber elections. Annual dues under this category will be the same as that for the COMPANY members.

Section 4. INDIVIDUAL MEMBERSHIP

Any U.S. citizen residing in Korea who is or has been engaged as an individual in business or a profession shall be qualified to apply for an INDIVIDUAL membership. A U.S. citizen in a firm eligible for membership may not apply for INDIVIDUAL membership.

Section 5. COMPANY ASSOCIATE MEMBERSHIP

Any individual whose firm has a COMPANY or SPECIAL COMPANY or SPECIAL membership shall be qualified to apply for a COMPANY ASSOCIATE membership if membership is desired.

Section 6. SPECIAL MEMBERSHIP

Any organization engaged in charitable, educational, governmental, cultural, fraternal, or religious activities that are non-profit and related to the objectives of the Chamber, shall be qualified to apply for SPECIAL membership.

Section 7. NON-RESIDENT MEMBERSHIP

Legal entities, associates, sole proprietorships, or individuals who would otherwise qualify for COMPANY memberships or INDIVIDUAL memberships but are not residents of Korea may be qualified as determined by the Executive Committee to apply for a NON-RESIDENT membership.

Section 8. YOUNG PROFESSIONAL MEMBERSHIP

YOUNG PROFESSIONAL members shall be professionals of less than 35 years of age whose companies elect not to join but are interested in participating in Chamber activities. This category of membership is not eligible for voting rights, holding office, using AMCHAM ad services or the AMCHAM Visa Referral Program.

Section 9. HONORARY MEMBERSHIP

HONORARY members shall be individuals appointed by the Board of Governors. They shall be entitled to all of the privileges of membership, except the right to hold office and to vote and shall be exempt from payment of entrance fees and membership dues. HONORARY memberships shall cease upon departure of the member from Korea unless continued on the membership list by resolution of the Executive Committee.

Section 10. VOTING RIGHTS

(a) Each COMPANY membership shall designate on its membership application one person of good standing, residing in Korea to be its representative in the Chamber who is designated by the COMPANY membership as its voting representative, as hereinafter defined.

(b) Only a COMPANY membership voting representative and INDIVIDUAL members in good standing pursuant to Article III, Section 4 shall have voting rights and each such shall have one vote.

(c) In the event that the voting representative of a COMPANY membership or an INDIVIDUAL member is unable to exercise voting privilege, and is able to provide sufficient reason to the satisfication of the opinion of the Board of Governors, he or she may execute a written proxy in a form acceptable to the Board of Governors designating any member in good standing pursuant to Article III, Section 4, to act on his or her behalf.

(d) SPECIAL, SPECIAL COMPANY, COMPANY ASSOCIATE, NON-RESIDENT, YOUNG PROFESSIONAL and HONORARY membership shall have no voting privileges.

Section 11. PRIVILEGE TO HOLD OFFICE

Only qualified COMPANY membership voting representatives and INDIVIDUAL members in good standing may hold elective office in the Chamber.

Section 12. EXPULSION

(a) The Chamber may expel any member whose continued membership is considered detrimental to the Chamber provided the Executive Committee shall have recommended such expulsion, and a 30 days notice has been given by the President to the member or member representative concerned. Should the member choose to, he or she may request a hearing at a Special Members Meeting. In this case, the member would be expelled through a two-thirds vote of the voting members present.

(b) If the dues of any member or membership remain unpaid for a period of longer than one month, due notice shall be given by the President and if such dues remain unpaid for a term of six months the member or membership shall be deemed not to be in good standing and if membership dues remain unpaid for a term of one year, the said membership may be stricken from the roll of the Chamber.

Section 13. RESIGNATION

(a) A membership may be resigned by written notice given to the President at least one calendar month before the dues for the following year are payable; otherwise, the membership will be liable for the dues of the succeeding year, not withstanding the notice of resignation.

(b) The Executive Committee may accept the resignation of any membership.

Section 14. CHANGE OF MEMBERSHIP CLASSIFICATION

In the event a NON-RESIDENT member shall become a resident in or shall maintain a representative in Korea, said member must notify the President of the change and, upon written application to and approval by the Executive Committee, and upon meeting all other membership requirements, such membership shall be changed to the appropriate resident membership classification. Notwithstanding the foregoing, the off-shore entity may also retain a NON-RESIDENT membership.

In the event any COMPANY or INDIVIDUAL member shall become a resident outside of Korea, said membership may, upon written application and approval by the Executive Committee, and upon meeting all other requirements, be changed to NON-RESIDENT classification.

Section 15. TRANSFER OF MEMBERSHIP

Membership may be transferable within a company upon written application and approval by the Senior Chamber Officer.