CHAPTER I GENERAL PROVISIONS
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]
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]
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]
| Article 5 (Prohibition of business for other purposes) |
The Cooperative shall not engage in any business for the purpose of profit or speculation other than the business prescribed by this Act or the articles of association.
[This Article Wholly Amended on May 24, 2011]
| Article 6 (Making contributions and responsibilities of members of Cooperative) |
| (1) | The contribution amount of the Cooperative shall be the total face values of the units of contribution made by its members. |
| (2) | The total contribution amount of the Cooperative shall be at least 500 million won. |
| (3) | The Cooperative shall issue contribution certificates to contributors as prescribed by Presidential Decree. |
| (4) | The amount of 1 unit of contribution shall be equal. |
| (5) | The number of units of contribution that a member of the Cooperative may make shall be determined by the articles of association within the limit not exceeding 10/100 of the total number of units of contribution. |
| (6) | The contribution of a member of the Cooperative shall be made entirely in cash, and such contribution shall not be offset against any claim against the Cooperative. |
| (7) | The amount of 1 unit of contribution and other matters necessary for contribution shall be prescribed by the articles of association. |
| (8) | The liability of a member of the Cooperative shall be limited to the amount of the member's equity shares. |
[This Article Wholly Amended on May 24, 2011]
| Article 7 (Contents of articles of association) |
| (1) | The articles of association of the Cooperative shall include the following matters: |
| 4. | The amount of 1 unit of contribution, the method of payment, and the method of calculating equity shares; |
| 5. | Qualifications, admission, and withdrawal of members of the Cooperative; |
| 6. | Rights and obligations of members of the Cooperative; |
| 7. | Assets and accounting; |
| 8. | General meetings and the board of directors; |
| 9. | Executive officers and employees; |
| 10. | Duties and their execution; |
| 11. | Amendment to the articles of association; |
| 12. | Method of public announcement. |
| (2) | Amendments to the articles of association shall be subject to authorization by the Minister of Climate, Energy and Environment. <Amended on Mar. 23, 2013; Oct. 1, 2025> |
[This Article Wholly Amended on May 24, 2011]
| (1) | The Coopertaive shall be established by registering its establishment at the location of its main office. |
| (2) | Where the Cooperative establishes or permanently closes a branch or sub-branch, it shall file for registration at the location of its main office as prescribed by Presidential Decree. <Amended on Sep. 20, 2024> |
[This Article Wholly Amended on May 24, 2011]
| (1) | The Cooperative shall conduct the following projects: <Amended on May 24, 2011> |
| 1. | Guarantee for the debts of a member of the Cooperative; |
| 2. | Loans of necessary funds, such as funds for construction of works contracted by a member of the Cooperative; |
| 3. | Discounts on bills received by a member of the Cooperative for construction costs; |
| 4. | Mediation of purchase of construction equipment and materials by a member of the Cooperative; |
| 5. | Projects regarding the improvement, enhancement, and training of skills related to works of members of the Cooperative; |
| 6. | Provision of services related to information processing and computer operation by members of the Cooperative; |
| 7. | Establishment, operation, and management of facilities for common use by members of the Cooperative; |
| 8. | Mutual aid projects for the welfare and benefits of members of the Cooperative or persons employed by the members; |
| 9. | Investment in related projects necessary to achieve the purposes of the Cooperative; |
| 10. | Projects entrusted by the State, a local government, or a public organization prescribed by Presidential Decree; |
| 11. | Projects ancillary to those under subparagraphs 1 through 10, which is prescribed by the articles of association. |
| (2) | The types of guarantees under paragraph (1) 1 shall be prescribed by Presidential Decree. <Amended on May 24, 2011> |
| (3) | The facilities referred to in paragraph (1) 7 may be allowed to be used by non-members, as prescribed by the articles of association, to the extent that there is no impediment to the use of such facilities by members of the Cooperative. <Amended on May 24, 2011> |
| (4) | The Cooperative may engage in profit-making business prescribed by the articles of association to the extent necessary to achieve its purposes. <Amended on May 24, 2011> |
[Title Amended on May 24, 2011]
| Article 9-2 (Mutual aid regulations) |
| (1) | Where the Cooperative intends to be engaged in mutual-aid projects under Article 9 (1) 8, it shall establish mutual aid regulations to the Minister of Climate, Energy and Environment. The same shall also apply where it intends to change such regulations. <Amended on Mar. 23, 2013; Oct. 1, 2025> |
| (2) | The mutual aid regulations referred to in paragraph (1) shall prescribe matters necessary for the operation of mutual aid programs, such as the scope of mutual aid programs, details of mutual aid contracts, mutual aid fees, mutual aid benefits, and the liability reserves for mutual aid benefits. |
[This Article Wholly Amended on May 24, 2011]
| Article 9-3 (Exclusion from application of the Insurance Business Act) |
The Insurance Business Act shall not apply to the mutual-aid projects under Article 9 (1) 8 among the programs of the Cooperative.
[This Article Added on Oct. 31, 2023]
| Article 10 (Borrowing of funds) |
The Cooperative may borrow funds from financial institutions when necessary for the programs under Article 9: provided, if it is engaged in profit-making business under Article 9 (4), it shall not borrow funds.
[This Article Wholly Amended on May 24, 2011]
| Article 11 (Transfer of equity shares) |
| (1) | A member or former member of the Cooperative may transfer the member' equity shares to another member or to a person who intends to become a member as a constructor that has registered the member's construction business under the Electrical Construction Business Act, as prescribed by the articles of association. <Amended on May 24, 2011> |
| (2) | A person who has acquired the person's equity share pursuant to paragraph (1) shall succeed to the rights and obligations of the transferor as a member of the Cooperative with respect to the shares. <Amended on May 24, 2011> |
| (3) | The transfer of equity shares and the establishment of pledges shall be in accordance with the methods of transfer of shares and the establishment of pledges under the Commercial Act. <Amended on May 24, 2011; May 20, 2014> |
| (4) | The seizure or provisional seizure of equity shares executed pursuant to civil execution procedures or procedures for disposition on default of national taxes, etc. shall be governed by the method of seizure or provisional seizure of designated bonds under Article 233 of the Civil Execution Act. <Amended on May 24, 2011> |
[Title Amended on May 24, 2011]
| Article 12 (Acquisition of equity shares by Cooperative) |
| (1) | The Cooperative may acquire equity shares of a member or a former member of the Cooperative in any of the following cases; provided, the Cooperative shall acquire such shares in cases falling under subparagraph 1, 3, or 4: |
| 1. | When trying to reduce the amount of contribution; |
| 2. | When it is necessary to exercise the security right; |
| 3. | When a member of the Cooperative requests the Cooperative to acquire the member's equity shares in order to voluntarily withdraw from the Cooperative pursuant to Article 13 (1); provided, this shall not apply where the member withdraws from the Cooperative by transferring all of the member's equity shares in possession; |
| 4. | When a person withdrawn from the Cooperative pursuant to Article 13 (2) requests the Cooperative to acquire his or her equity shares in order to recover the amount of contribution. |
| (2) | Where the Cooperative acquires equity shares under paragraph (1), if subparagraph 1 of that paragraph is applicable, it shall take procedures for the decrease of contributions, and if subparagraphs 2 through 4 of that paragraph is applicable, it shall dispose of the equity shares as soon as possible. |
| (3) | The equity shares of a member of the Cooperative shall not be pledged except for cases where they are provided as collateral for a debt. |
| (4) | The right to claim a settlement payment that a member or a former member of the Cooperative has against the Cooperative shall be extinguished by prescription unless it has been exercised for 5 years from the date on which such claim could have been made. |
[This Article Wholly Amended on May 24, 2011]
| Article 13 (Withdrawal of members of Cooperative) |
| (1) | A member of the Cooperative may withdraw from the Cooperative by giving a notice of withdrawal 30 days before the date of withdrawal and may voluntarily withdraw by transferring all of the member's equity shares in possession. |
| (2) | A member of the Cooperative shall be duly withdrawn from the Cooperative in any of the following cases: <Amended on Jan. 21, 2014> |
| 1. | When a a member of the Cooperative ceases to be qualified for membership; |
| 2. | When a member of the Cooperative is adjudicated on the commencement of adult guardianship or is declared bankrupt; |
| 3. | When a member of the Cooperative is expelled. |
[This Article Wholly Amended on May 24, 2011]
| Article 14 Deleted. <Jan. 14, 1991> |
| Article 15 (Prohibition of use of similar names) |
No other than the Cooperative established pursuant to this Act shall use the name of the Electrical Contractors' Financial Cooperative or any name similar thereto in its name.
[This Article Wholly Amended on May 24, 2011]
| Article 16 (Application mutatis mutandis of the Civil Act and the Commercial Act) |
Except as otherwise expressly provided in this Act, the provisions of the Civil Act regarding incorporated associations and the provisions of the Commercial Act regarding the accounts of stock companies shall apply mutatis mutandis to the Cooperative.
[This Article Wholly Amended on May 24, 2011]
| Article 17 (General meetings) |
| (1) | The Cooperative shall hold general meetings. |
| (2) | General meetings shall be comprised of representatives. |
| (3) | The fixed number of representatives, the method of election, the term of office, and matters necessary for the convocation and operation of general meetings shall be prescribed by Presidential Decree. |
[This Article Wholly Amended on May 24, 2011]
| Article 18 (Matters subject to resolution at general meeting and quorum for decision-making) |
| (1) | The following matters shall be subject to resolution at a general meeting: |
| 1. | Amendment to the articles of association; |
| 2. | Expulsion of members of the Cooperative; |
| 3. | Determination of budget and approval of settlement of accounts; |
| 4. | Appointment and dismissal of the chairperson, auditor, and directors; |
| 5. | Other matters prescribed by this Act and the articles of association. |
| (2) | The members of the Cooperative shall have 1 voting right for each unit of contribution, and shall exercise their voting rights through a representative according to the number of units of contribution held, as prescribed by Presidential Decree; provided, the Cooperative that has acquired equity shares under Article 12 shall not exercise its voting rights. |
| (3) | Except as otherwise expressly provided in this Act and the articles of association, a general meeting shall be held with the attendance of representatives representing a majority of the total number of units of investment (excluding the number of units without voting rights under the proviso of paragraph (2); hereinafter the same shall apply) and resolutions shall be passed with the concurrent vote of a majority of the number of units present: provided, in the case of paragraph (1) 1, the concurrent vote of the representatives representing at least 2/3 of the total number of units of investment shall be obtained. |
[This Article Wholly Amended on May 24, 2011]
| Article 19 (Composition of board of directors) |
| (1) | The Cooperative shall have a board of directors. <Amended on May 24, 2011> |
| (2) | The board of directors shall be comprised of the chairperson, full-time directors, and part-time directors. <Amended on May 24, 2011; Oct. 31, 2023> |
| (3) | The chairperson shall be appointed at a general meeting from among members of the Cooperative. <Amended on May 24, 2011> |
| (4) | Matters to be resolved by the board of directors and other matters necessary for the convocation and operation of the board of directors shall be prescribed by Presidential Decree. <Amended on May 24, 2011> |
[Title Amended on May 24, 2011]
| Article 20 Deleted. <Dec. 13, 1997> |
| Article 21 (Executive officers) |
| (1) | The Cooperative shall have the chairperson of the board of directors, full-time directors, part-time directors, and auditors as its executive officers: <Amended on Dec. 13, 1997; Apr. 12, 2010; May 24, 2011; Oct. 31, 2023> |
| 1. | Deleted; <Oct. 31, 2023> |
| 2. | Deleted; <Oct. 31, 2023> |
| 3. | Deleted; <Oct. 31, 2023> |
| 4. | Deleted. <Oct. 31, 2023> |
| (2) | The chairperson shall be 1 person, the number of full-time directors shall be not more than 3 including the vice chairperson, the number of auditors shall be 2, and the fixed number of part-time directors shall be determined by the articles of association. <Added on Oct. 31, 2023> |
| (3) | Matters necessary for the appointment of executive officers (excluding the appointment of the chairperson), term of office, duties, etc. shall be prescribed by Presidential Decree. <Amended on May 24, 2011; Oct. 31, 2023> |
| (4) | Deleted. <Dec. 13, 1997> |
[Title Amended on May 24, 2011]
| Article 22 (Grounds for disqualification of executive officers) |
| (1) | None of the following persons shall be appointed as an executive officer: <Amended on Jan. 21, 2014> |
| 1. | A person under adult guardianship; |
| 2. | A person who has not been reinstated after being declared bankrupt; |
| 3. | Where a person for whom 2 years have not passed since the sentence of imprisonment without labor or heavier punishment declared by a court was completely executed (including where the execution of the sentence was deemed complete) or he or she was exempt from the sentence; |
| 4. | A person who is under suspension of the execution of imprisonment without labor or heavier punishment declared by a court; |
| 5. | A person whose qualification is disqualified or suspended by an Act or a judgment of a court. |
| (2) | When an executive officer falls within any of the grounds for disqualification under paragraph (1), he or she ceases to be qualified an executive officer. |
[This Article Wholly Amended on May 24, 2011]
| Article 23 Deleted. <Dec. 13, 1997> |
| Article 24 Deleted. <Dec. 13, 1997> |
| Article 25 Deleted. <Dec. 13, 1997> |
| Article 26 (Appointment of agent) |
| (1) | The chairperson of the board of directors may appoint an agent who is authorized to perform all judicial or extrajudicial acts regarding the business affairs of the Cooperative, from among the directors or employees. |
| (2) | When an agent is appointed or dismissed, it shall be registered at the location of the main office as prescribed by Presidential Decree. <Amended on Sep. 20, 2024> |
[This Article Wholly Amended on May 24, 2011]
| Article 27 (Prohibition of concurrent office holding by executive officer) |
No full-time executive officer of the Cooperative shall concurrently hold any other office in the same type of business prescribed by Presidential Decree; provided, a full-time executive officer may hold office concurrently when approved by the board of directors.
[This Article Wholly Amended on May 24, 2011]
| Article 28 (Dismissal of executive officers) |
| (1) | Notwithstanding the number of units of contribution, a member of the Cooperative may, by a joint written signature of at least 1/5 of the total number of the members, propose to the general meeting a request for dismissal of an executive officer appointed by the general meeting. |
| (2) | When a request for dismissal under paragraph (1) is proposed, the general meeting may dismiss the relevant executive officer with the concurrent vote of at least 2/3 of the total number of units of contribution. |
[This Article Wholly Amended on May 24, 2011]
| Article 29 (Business year) |
The business year of the Cooperative shall coincide with the fiscal year of the Government.
[This Article Wholly Amended on May 24, 2011]
| Article 30 (Budget and settlement of accounts) |
| (1) | The Cooperative shall prepare a business plan and a budget proposal for each business year and obtain a resolution at the general meeting 2 months before the start of the relevant business year, and prepare a statement of accounts for each business year and obtain a resolution at the general meeting within 2 months after the end of the relevant business year. |
| (2) | Matters necessary for the special project account, supplemental budget, reserve funds, etc. related to the preparation of the budget proposal under paragraph (1) shall be prescribed by the articles of association. |
| (3) | The Cooperative shall prepare a balance sheet and an income statement and keep them in its main office, branch, and sub-branch; and publish the balance sheet within 2 months after the end of each business year. |
[This Article Wholly Amended on May 24, 2011]
| Article 31 Deleted. <Dec. 13, 1997> |
| Article 32 Deleted. <Dec. 13, 1997> |
| Article 33 Deleted. <Dec. 13, 1997> |
| Article 34 (Accumulation of earned surplus reserve) |
| (1) | The Cooperative shall appropriate the profits of each business year for the compensation of losses carried forward, and shall accumulate at least 10/100 of the remaining amount as an earned surplus reserve. |
| (2) | The Cooperative may accumulate a business reserve as prescribed by the articles of association. |
| (3) | The Cooperative shall accumulate a capital reserve as prescribed by the articles of association. |
[This Article Wholly Amended on May 24, 2011]
| Article 34-2 (Accumulation of liability reserve) |
| (1) | The Cooperative may earmark a liability reserve and an emergency risk reserve for each settlement period according to the type of guarantee. |
| (2) | Matters necessary for earmarking a liability reserve and an emergency risk reserve under paragraph (1) shall be prescribed by Presidential Decree. |
[This Article Wholly Amended on May 24, 2011]
| Article 35 (Disposition of profits) |
| (1) | The Cooperative shall dispose of profits from each business year in the following order: |
| 1. | Making up for losses brought forward; |
| 2. | Accumulation of earned surplus reserves under Article 34 (1); |
| 3. | Accumulation of business reserves under Article 34 (2); |
| 4. | Distribution of profits. |
| (2) | Matters necessary for the distribution of profits under paragraph (1) 4 shall be prescribed by the articles of association. |
[This Article Wholly Amended on May 24, 2011]
| Article 36 (Compensation for loss) |
When a loss occurs in the relevant business year, the Cooperative shall compensate for the loss in the order of the business reserve, the profit reserve, and the capital reserve.
[This Article Wholly Amended on May 24, 2011]
| Article 37 (Use of earned surplus reserve and capital reserve) |
The profit reserve and the capital reserve shall not be used except for the purpose of compensating for the loss of the Cooperative under Article 36 and transferring the reserves to the contribution funds under Article 38.
[This Article Wholly Amended on May 24, 2011]
| Article 38 (Transfer to contribution funds) |
| (1) | The Cooperative may transfer all or part of the profit reserve and the capital reserve to the contribution funds through a resolution of the board of directors. |
| (2) | The effect of a transfer to the contribution funds under paragraph (1) shall take effect from the date on which the registration of change to the contribution funds is completed. |
| (3) | When a transfer to the contribution fund is made under paragraphs (1) and (2), the Cooperative may exercise a pledge for the purpose of the previous contribution certificate on the contribution certificate to be received by the member of the Cooperative due to such transfer. |
[This Article Wholly Amended on May 24, 2011]
| Article 39 (Disposition of surplus funds) |
The Cooperative shall manage surplus funds for business operations in a manner prescribed by its articles of association.
[This Article Wholly Amended on May 24, 2011]
| (1) | The Minister of Climate, Energy and Environment may, if deemed necessary for the protection of the rights and interests of members of the Cooperative, supervise the business of the Cooperative and issue necessary orders. <Amended on Mar. 23, 2013; Oct. 1, 2025> |
| (2) | The Minister of Strategy and Finance may, if deemed necessary to protect the rights and interests of members of the Cooperative, request the Minister of Climate, Energy and Environment to take necessary measures. <Amended on Mar. 23, 2013; Oct. 1, 2025> |
[This Article Wholly Amended on May 24, 2011]
| Article 41 (Submission of reports and inspection of documents) |
| (1) | The Minister of Climate, Energy and Environment may, if deemed necessary in the case of Article 40 (1), require the Cooperative to submit a report on the relevant business or order it to take corrective measures and may require public officials under his or her control to inspect the business, accounting status and ledgers, and other documents of the Cooperative. <Amended on Mar. 23, 2013; Oct. 1, 2025> |
| (2) | A public official who conducts an inspection pursuant to paragraph (1) shall carry identification verifying his or her authority and show it to relevant persons. |
[This Article Wholly Amended on May 24, 2011]
| Article 42 Deleted. <Dec. 13, 1997> |
CHAPTER V SUPPLEMENTARY PROVISIONS
| Article 43 (Inventory of assets and list of members of Cooperative) |
| (1) | When the Cooperative has registered its association, it shall prepare an inventory of assets, keep it in its office, and make a public announcement thereof, as prescribed by the articles of association. |
| (2) | The Cooperative shall prepare and keep a list of its members, representatives, and executive officers in its office, and shall organize and record any changed matters, if any. |
[This Article Wholly Amended on May 24, 2011]
| Article 44 (Limit on guarantee for unit work) |
The Cooperative shall not guarantee more than the amount of guarantee stipulated under a statute or regulation, or a relevant construction contract, subcontract, or any other contract.
[This Article Wholly Amended on May 24, 2011]
| Article 45 (Guarantee limits) |
| (1) | The limit on guarantees that the Cooperative may provide shall be prescribed by Presidential Decree, taking into consideration the sum of the total amount of contribution and the reserve of the Cooperative. |
| (2) | The limit on individual guarantees that the Cooperative may provide to its members shall be prescribed by its articles of association. |
[This Article Wholly Amended on May 24, 2011]
| Article 45-2 (Credit guarantee) |
The Cooperative may use and assess credit information, such as the financial status of its members, and reflect such credit information in guarantees, loans, and other projects of the Cooperative, as prescribed by its articles of association.
[This Article Wholly Amended on May 24, 2011]
| Article 46 (Liability of Cooperative) |
| (1) | Where there is a reason to pay a deposit as required in a statute or regulation, a tender notice, a subcontract tender notice, a contract for work, a subcontract for work, or any other contract with respect to the matters guaranteed by the Cooperative, the Cooperative shall pay the guaranteed amount to the other party receiving the guarantee (hereinafter referred to as the "guarantee creditor") in lieu of its member concerned. |
| (2) | The right a guarantee deposit that a guarantee creditor has against the Cooperative shall be extinguished by prescription unless it is exercised within 2 years from the date on which the guarantee period expires. |
[This Article Wholly Amended on May 24, 2011]
| Article 47 (Special Cases concerning collection of guarantee deposits) |
Where the Cooperative has paid a guarantee deposit under Article 46, the guarantee creditor shall not collect a separate guarantee deposit from either the member of the Cooperative or the Cooperative within the scope of the payment.
[This Article Wholly Amended on May 24, 2011]
| Article 48 (Construction guidance) |
| (1) | The chairperson of the Cooperative may require relevant employees to enter a contracted construction site guaranteed by the Cooperative to investigate the construction status, and may give necessary instructions or express opinions to the member of the Cooperative that has contracted for the relevant construction works on the construction and the construction supervision method as prescribed by Presidential Decree. |
| (2) | When the chairperson of the Cooperative gives instructions or expresses opinions in accordance with paragraph (1), the member of the Cooperative shall, without delay, prepare appropriate measures accordingly and notify the Cooperative of the status of handling such measures. |
| (3) | Necessary matters regarding methods of supervising construction sites under paragraph (1), qualified persons, etc. shall be prescribed by presidential decree. |
| (4) | A person who enters a construction site to investigate the construction status pursuant to paragraph (1) shall carry indication verifying his or her authority and show it to relevant persons. |
[This Article Wholly Amended on May 24, 2011]
| Article 49 (Entrustment of business affairs) |
| (1) | The Cooperative may entrust part of its business affairs to financial companies, etc. and the Korea Electrical Contractors Cooperative with approval from the Minister of Climate, Energy and Environment. <Amended on Mar. 23, 2013; Oct. 1, 2025> |
| (2) | Upon receipt of an application for approval for entrustment of business affairs under paragraph (1), the Minister of Climate, Energy and Environment shall consult with the Minister of Economy and Finance. <Amended on Mar. 23, 2013; Oct. 1, 2025> |
[This Article Wholly Amended on May 24, 2011]
| Article 50 (Fees or interest) |
| (1) | The Cooperative may collect fees, interest on loans, discount charges for bills, and user fees from persons that use the Cooperative. |
| (2) | Matters necessary for fees, interest, etc. under paragraph (1) shall be prescribed by the articles of association. |
[This Article Wholly Amended on May 24, 2011]
CHAPTER VI PENALTY PROVISIONS
| Article 51 (Penalty provisions) |
An executive officer of the Cooperative who uses or lends funds for any purpose other than the purposes prescribed by this Act and the articles of association, or uses the property of the Cooperative for the purpose of speculation, shall be punished by imprisonment with labor for not more than 5 years or by a fine not exceeding 15 million won.
[This Article Wholly Amended on May 24, 2011]
| Article 52 (Administrative fines) |
Where an executive officer of the Cooperative refuses, obstructs, or evades an inspection conducted under Article 41 (1), or makes a false statement or instruction, he or she shall be subject to an administrative fine not exceeding 5 million won.
[This Article Wholly Amended on May 24, 2011]
| Article 53 (Administrative fines) |
Where an executive officer of the Cooperative commits any of the following acts, he or she shall be subject to an administrative fine not exceeding 3 million won: <Amended on Mar. 23, 2013; Oct. 1, 2025>
| 1. | Where he or she fails to make a report or makes a false report, in violation of Article 41 (1); |
| 2. | Where he or she fails to keep or publicly announce documents, lists, etc. under Articles 30 (3) or 43, or keeps or makes a false record or makes a false public announcement; |
| 3. | Where he or she violates an order issued by the Minister of Climate, Energy and Environment under Article 40 (1) or 41 (1). |
[This Article Wholly Amended on May 24, 2011]
| Article 54 (Administrative fines) |
Any of the following persons shall be subject to an administrative fine not exceeding 1 million won:
| 1. | A person who uses the name "Electric Contractors' Financial Cooperative" or any other similar name, in violation of Article 15; |
| 2. | A person who refuses, obstructs, or evades access to a construction site or an investigation into the construction status under Article 48 (1). |
[This Article Wholly Amended on May 24, 2011]
| Article 55 (Procedures for imposition and collection of administrative fines) |
Administrative fines under Articles 52 through 54 shall be imposed and collected by the Minister of Climate, Energy and Environment as prescribed by Presidential Decree. <Amended on Mar. 23, 2013; Oct. 1, 2025>
[This Article Wholly Amended on May 24, 2011]
ADDENDA <Act No. 3570, Nov. 29, 1982>
| (1) | (Enforcement date) This Act shall enter into force on the date of its promulgation. |
| (2) | (Preparation for establishment) The Minister of Energy Resources shall commission not less than 7 and not more than 30 members of the establishment committee, from among electric contractors, relevant public officials, and other persons with abundant knowledge and experience, who are eligible to become members of the Cooperative in order for them to handle administrative affairs related to the establishment of the Cooperative within 2 months after this Act enters into force. |
| (3) | The members of the establishment committee shall prepare the articles of association within the period prescribed by Presidential Decree and obtain authorization from the Minister of Energy and Energy. |
| (4) | Upon obtaining approval of the articles of association, the members of establishment shall convene an inaugural general meeting without delay when the payment of contributions under Article 1 is completed. |
ADDENDA <Act No. 4327, Jan. 14, 1991>
| (1) | (Enforcement date) This Act shall enter into force on July 1, 1991. |
| (2) | (Transitional measures) Notwithstanding the amended provisions of Article 46 (2), the previous provisions shall apply to the guarantee creditors whose guarantee period has expired before this Act enters into force. |
ADDENDA <Act No. 4541, Mar. 6, 1993>
Article 1 (Enforcement date)
This Act shall enter into force on the date of its promulgation; provided, ... omitted... the enforcement dates of the amended provisions of Articles 3 through 5 of the Addenda shall be the enforcement dates of the Presidential Decree pertaining to the relevant organization.
Articles 2 through 5 Omitted.
ADDENDA <Act No. 5444, Dec. 13, 1997>
| (1) | (Enforcement date) This Act shall enter into force 6 months after the date of its promulgation. |
| (2) | (Applicability to imposition and collection of administrative fines) The amended provisions of Article 55 shall begin to apply to administrative fines imposed and collected after this Act enters into force. |
ADDENDA <Act No. 5503, Jan. 13, 1998>
Article 1 (Enforcement date)
This Act shall enter into force on April 1, 1998. (Proviso Omitted.)
Articles 2 through 11 Omitted.
ADDENDA <Act No. 5726, Jan. 29, 1999>
Article 1 (Enforcement date)
This Act shall enter into force on July 1, 1999.
Articles 2 through 7 Omitted.
ADDENDA <Act No. 8852, Feb. 29, 2008>
Article 1 (Enforcement date)
This Act shall enter into force on the date of its promulgation; provided, ... <omitted> ..., where the amendment is made to a statute, among statutes amended under Article 6 of the Addenda, which was promulgated before this Act enters into force but the enforcement date of which has yet to arrive, the amendment shall enter into force on the date such relevant statute enters into force.
Articles 2 through 5 Omitted.
Article 6 Omitted.
Article 7 Omitted.
ADDENDA <Act No. 10249, Apr. 12, 2010>
This Act shall enter into force 3 months after the date of its promulgation.
ADDENDUM <Act No. 10712, May 24, 2011>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 11690, Mar. 23, 2013>
Article 1 (Enforcement date)
| (1) | This Act shall enter into force on the date of its promulgation. |
Articles 2 through 5 Omitted.
Article 6 Omitted.
Article 7 Omitted.
ADDENDA <Act No. 12302, Jan. 21, 2014>
Article 1 (Enforcement date)
This Act shall enter into force on the date of its promulgation.
Article 2 (Transitional measures concerning incompetent)
A person under adult guardianship under the amended provisions of Article 22 (1) 1 shall be deemed to include a person for whom the declaration of incompetency or quasi-incompetency remains effective under Article 2 of the Addenda to the Civil Act (Act No. 10429).
ADDENDA <Act No. 12591, May 20, 2014>
Article 1 (Enforcement date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDUM <Act No. 19811, Oct. 31, 2023>
This Act shall enter into force 6 months after the date of its promulgation.
ADDENDA <Act No. 20434, Sep. 20, 2024>
Article 1 (Enforcement date)
This Act shall enter into force on January 31, 2025.
Articles 2 through 4 Omitted.
ADDENDA <Act No. 21065, Oct. 1, 2025>
Article 1 (Enforcement date)
This Act shall enter into force on the date of its promulgation; provided, among the statutes to be amended under Article 7 of the Addenda, any amendment made by this Act to the statutes that were promulgated before this Act enters into force but whose enforcement dates have yet to arrive shall enter into force on the respective enforcement dates of those statutes, and the amended provisions listed in the following subparagraphs shall enter into force on the respective dates specified therein:
| 1. | The amended provisions listed in each of the following items shall enter into force on January 2, 2026; provided, among the statutes to be amended under Article 7 of the Addenda (limited to the portions related to the amended provisions of items (a) and (b)), any amendment made to the statutes that were promulgated before the enforcement date specified in the main clause but that enforcement date has yet to arrive shall enter into force on the respective enforcement dates of those statutes: |
| (a) | The amended provisions of Articles 19 (4), 23, 29 (1) 1, and 30; |
| (b) | The amended provisions of Articles 12 (2), 19 (3), 22, and 29 (2) proviso (limited to the portions related to the Minister of Finance and Economy and the Ministry of Finance and Economy); |
| (c) | Statutes to be amended under Article 7 of the Addenda (limited to the portions related to the amended provisions referred to in items (a) and (b)); |
Articles 2 through 6 Omitted.
Article 7 Omitted.
Article 8 Omitted.