「CONSTITUTION OF THE REPUBLIC OF KOREA」 (5) If the President does not promulgate the bill, or does not request the National Assembly to reconsider it within the period referred to in paragraph (1), it shall become Act. (6) The President shall promulgate without delay the Act as finalized under paragraphs (4) and (5). If the President does not promulgate an Act within five days after it has become Act under paragraph (5), or after it has been returned to the Executive under paragraph (4), the Speaker shall promulgate it. (7) Except as provided otherwise, an Act shall take effect twenty days after the date of promulgation. Article 54 (1) The National Assembly shall deliberate and decide upon the national budget bill. (2) The Executive shall formulate the budget bill for each fiscal year and submit it to the National Assembly within ninety days before the beginning of a fiscal year. The National Assembly shall decide upon it within thirty days before the beginning of the fiscal year. (3) If the budget bill is not passed by the beginning of the fiscal year, the Executive may, in conformity with the budget of the previous fiscal year, disburse funds for the following purposes until the budget bill is passed by the National Assembly: 1. The maintenance and operation of agencies and facilities established by the Constitution or Act; 2. Execution of the obligatory expenditures as prescribed by Act; and 3. Continuation of projects previously approved in the budget. Article 55 (1) In a case where it is necessary to make continuing disbursements for a period longer than one fiscal year, the Executive shall obtain the approval of the National Assembly for a specified period of time. (2) A reserve fund shall be approved by the National Assembly in total. The disbursement of the reserve fund shall be approved during the next session of the National Assembly. Article 56 When it is necessary to amend the budget, the Executive may formulate a supplementary revised budget bill and submit it to the National Assembly. Article 57 The National Assembly shall, without the consent of the Executive, neither increase the sum of any item of expenditure nor create any new items of expenditure in the budget 법제처 11 국가법령정보센 터