ELECTRIC CONSTRUCTORS' FINANCIAL COOPERATIVE ACT

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Act is to establish the Electric Contractors' Financial Cooperative to provide its members with necessary guarantees, financing, arranging the purchase of materials, etc., thereby promoting the sound development of the construction industry, encouraging the autonomous economic activities and economic status of its members, and contributing to the balanced development of the national economy.

[This Article Wholly Amended on May 24, 2011]

Article 2(Definitions) #

The terms used in this Act are defined as follows:

1. The term "member of the Cooperative" means a constructor defined in subparagraph 3 of Article 2 of the Electrical Construction Business Act that has contributed in the Electric Contractors' Financial Cooperative (hereinafter referred to as the "Cooperative").

2. The term "works" means electrical construction under the Electrical Construction Business Act and works prescribed by Presidential Decree.

3. The term "guarantee" means that if a member the Cooperative fails to perform the member's obligations, the Cooperative shall be obligated to perform such obligations in lieu of the member.

[This Article Wholly Amended on May 24, 2011]

Article 3(Legal personality) #

The Cooperative shall be a juristic person.

[This Article Wholly Amended on May 24, 2011]

Article 4(Offices) #

The Cooperative shall have a main office as prescribed by the articles of association and establish a branch or sub-branch in a necessary place.

[This Article Wholly Amended on May 24, 2011]

ELECTRIC CONSTRUCTORS' FINANCIAL COOPERATIVE ACT

Article 1(Purpose) #

Article 2(Definitions) #

Article 3(Legal personality) #

Article 4(Offices) #

Article 5(Prohibition of business for other purposes) #

Article 6(Making contributions and responsibilities of members of Cooperative) #

Article 7(Contents of articles of association) #

Article 8(Registration) #

Article 9(Projects) #

Article 9-2(Mutual aid regulations) #

Article 9-3(Exclusion from application of the Insurance Business Act) #

Article 10(Borrowing of funds) #

Article 11(Transfer of equity shares) #

Article 12(Acquisition of equity shares by Cooperative) #

Article 13(Withdrawal of members of Cooperative) #

Article 14 #

Article 15(Prohibition of use of similar names) #

Article 16(Application mutatis mutandis of the Civil Act and the Commercial Act) #

Article 17(General meetings) #

Article 18(Matters subject to resolution at general meeting and quorum for decision-making) #

Article 19(Composition of board of directors) #

Article 20 #

Article 21(Executive officers) #

Article 22(Grounds for disqualification of executive officers) #

Article 23 #

Article 24 #

Article 25 #

Article 26(Appointment of agent) #

Article 27(Prohibition of concurrent office holding by executive officer) #

Article 28(Dismissal of executive officers) #

Article 29(Business year) #

Article 30(Budget and settlement of accounts) #

Article 31 #

Article 32 #

Article 33 #

Article 34(Accumulation of earned surplus reserve) #

Article 34-2(Accumulation of liability reserve) #

Article 35(Disposition of profits) #

Article 36(Compensation for loss) #

Article 37(Use of earned surplus reserve and capital reserve) #

Article 38(Transfer to contribution funds) #

Article 39(Disposition of surplus funds) #

Article 40(Supervision) #

Article 41(Submission of reports and inspection of documents) #

Article 42 #

Article 43(Inventory of assets and list of members of Cooperative) #

Article 44(Limit on guarantee for unit work) #

Article 45(Guarantee limits) #

Article 45-2(Credit guarantee) #

Article 46(Liability of Cooperative) #

Article 47(Special Cases concerning collection of guarantee deposits) #

Article 48(Construction guidance) #

Article 49(Entrustment of business affairs) #

Article 50(Fees or interest) #

Article 51(Penalty provisions) #

Article 52(Administrative fines) #

Article 53(Administrative fines) #

Article 54(Administrative fines) #

Article 55(Procedures for imposition and collection of administrative fines) #