Article 21(Grounds for disqualification of executive officers) #
(1) None of the following persons shall be an executive officer of a credit cooperative; provided, subparagraph 16 shall not apply to a full-time director under Article 18 (3): <Amended on Mar. 8, 2011; Jan. 6, 2016; Dec. 26, 2017; Apr. 11, 2023>
1. One who is a minor, a person under adult guardianship or a person under limited guardianship;
2. A person declared bankrupt and not yet reinstated;
3. A person in whose case five years have not passed since his or her imprisonment without labor or heavier punishment was completely executed (including where the execution thereof was deemed completed; hereafter in this paragraph the same shall apply) or exempted, as declared by a court, for committing a crime (only applicable to a crime related to the business of a credit cooperative or the Federation) provided for in Article 85 (1) hereof, and Articles 355 through 357 of the Criminal Act;
4. A person subject to a suspended execution of imprisonment without labor or heavier punishment, for committing a crime provided for in subparagraph 3, and in whose case three years have not passed from the date the period of such suspension of execution was completed;
5. A person subject to a suspended sentence of imprisonment without labor or heavier punishment for committing a crime provided for in subparagraph 3, and in whose case three years have not passed from the date the period of such suspension of sentence was completed;
6. A person in whose case three years have not passed since he or she was sentenced to a fine for committing a crime provided for in subparagraph 3 and such punishment was made final and conclusive;
7. Deleted; <Apr. 11, 2023>
8. A person who was sentenced to a fine of not less than 1,000,000 won or more for committing a crime prescribed in Article 85 (3) or Articles 58, 59, and 61 through 66 of the Act on Elections Entrusted by Public Organizations and for whom 3 years have not passed since such sentence became final and conclusive;
9. A person in whose case 3 years have not passed since his or her imprisonment without labor or heavier punishment declared by a court for any crime other than those referred to in subparagraph 3 was completely executed or exempted;
10. A person subject to a suspended execution of imprisonment without labor or heavier punishment, as declared by a court, for committing a crime other than crimes provided for in subparagraphs 3, 7, and 8;
11. A person subject to a suspended sentence of imprisonment without labor or heavier punishment, as declared by a court, for committing a crime other than a crime provided for in subparagraph 3;
11-2. An executive officer or employee of a credit cooperative who was sentenced to a fine of at least 3,000,000 won for committing a crime under Article 257 (1), 260 (1), 261 (excluding cases where he or she commits a crime under Article 260 (2)), 262 (excluding cases where he or she commits a crime under Article 260 (2) but limited to cases following the precedents under Article 257 (2)), or 324 of the Criminal Act against another executive officer or employee of the credit cooperative while in office or while in office, and in whose case 3 years have not passed after such the sentence became final and conclusive;
11-3. A person who was sentenced to a fine of at least 1,000,000 won or more for committing a crime under Article 303 (1) of the Criminal Act or Article 10 (1) of the Act on Special Cases concerning the Punishment of Sexual Crimes against another executive officer or employee of a credit cooperative while in office or while in office, and in whose case 3 years have not passed since the sentence became final and conclusive;
12. A person subject to disciplinary dismissal or discharge from office (including the reelection for executive officers; hereafter in this paragraph the same shall apply) in accordance with this Act or finance-related statutes provided for by Presidential Decree (hereinafter referred to as "finance-related statutes"), and in whose case 5 years have not passed from the date he or she was subjected to disciplinary dismissal or discharge from office;
12-2. A person subject to suspension of the performance of his or her duties (including suspension of the execution of his or her duties; hereafter in this paragraph the same shall apply) or suspension from office in accordance with this Act or finance-related statutes, and in whose case four years have not passed from the date the relevant sanction was completed;
13. A retired employee or an executive officer notified that he or she would be subjected to disciplinary dismissal or release from office in accordance with this Act or finance-related statutes if he or she held office or was in office, and in whose case five years have not passed since such notification was made to him or her (where five years from the date of notification exceeds seven years from the date of his or her retirement or resignation, seven years from the date of his or her retirement or resignation);
13-2. A retired executive officer or employee notified that he or she would be subjected to suspension of the performance of his or her duties or suspension from office in accordance with this Act or finance-related statutes if he or she was in office or held office, and in whose case four years have not passed since such notification was made to him or her (where four years from the date of notification exceeds six years from the date of his or her resignation or retirement, six years from the date of his or her resignation or retirement);
14. A person who has been disqualified or whose qualification has been suspended by ruling of the court or other Acts;
15. A person subject to disciplinary dismissal from a public institution, other corporation or company, and in whose case two years have not passed from the date he or she was subjected to disciplinary dismissal;
16. A member who fails to own at least the number of shares of investment provided for by the articles of incorporation for at least two years continuously as of the date of a public announcement of the day fixed for election of executive officers; provided, this shall not apply to credit cooperatives in which case two years have not passed after the incorporation or merger thereof;
17. A person who is in arrears of an obligation exceeding the amount or period provided for by the articles of incorporation to the relevant credit cooperative as of the date of a public announcement of the day fixed for election of executive officers;
18. A person disqualified, as provided for by the articles of incorporation.
(2) Where a ground referred to in paragraph (1) (excluding subparagraph 12-2) is found or arises, the relevant executive officer shall retire from office automatically. <Amended on Jan. 6, 2016>
(3) An act in which an executive officer who retired from office pursuant to paragraph (2) had been involved before his or her retirement shall not lose its effect.
(4) In order to ascertain whether an executive officer or candidate for an executive officer is disqualified under paragraph (1), a credit cooperative or the Federation may request the head of a police agency having jurisdiction over its principal place of business to provide necessary cooperation, such as inquiring into the career of an offense falling under paragraph (1) 3 through 6, 8 through 11, 11-2, and 11-3, and the head of the relevant police agency shall reply to the results thereof. <Added on Mar. 8, 2011; Apr. 11, 2023>
[The Constitutional Court had found unconstitutional on September 25, 2014 by Act No. 13399 (Jul. 20, 2015), but the decision of unconstitutionality was canceled with Article 21-2 Added .]