Statutes of the Republic of Korea

No. 20082
Promulgation Date 2024-01-23
Ministry of Agriculture, Food and Rural Affairs

ALL

CHAPTER I GENERAL PROVISIONS

Article 1 (Purpose)

Article 2 (Definitions)

Article 3 (Name)

Article 4 (Legal personality)

Article 5 (Best-interest principle)

Article 6 Deleted.

Article 7 (No involvement in public elections)

Article 8 (Exemption from surcharges)

Article 9 (Cooperation with State and public organizations)

Article 10 (Cooperation with other cooperatives, etc.)

Article 11 Deleted.

Article 12 (Exclusion from, and mutatis mutandis application of, other statutes)

Article 12-2 (Relationship to the Framework Act on Labor Welfare)

Article 12-3 (Relationship to the Act on Facilitation of Purchase of Small and Medium Enterprise-Manufactured Products and Support for Development of Their Markets)

CHAPTER II LOCAL AGRICULTURAL COOPERATIVES

Section 1 Purpose and Business Area

Article 13 (Purpose)

Article 14 (Business area and branch office)

Section 2 Establishment

Article 15 (Authorization for establishment)

Article 16 (Matters to be stated in articles of association)

Article 17 (Transfer of administrative affairs for establishment and payment for investment)

Article 18 (Formation of local agricultural cooperative)

Section 3 Member of Cooperative

Article 19 (Member eligibility)

Article 20 (Associate members)

Article 21 (Investment)

Article 21-2 (Preferential investment)

Article 21-3 (Re-investment of dividends on investment)

Article 22 (Revolving investment)

Article 23 (Prohibition on transfer and co-ownership of equity interests)

Article 24 (Liability of member)

Article 24-2 (Preferential treatment of members)

Article 25 (Imposition of expenses and administrative fines)

Article 26 (Voting and electoral rights)

Article 27 (Proxy voting)

Article 28 (Subscription)

Article 29 (Withdrawal)

Article 30 (Expulsion)

Article 31 (Claims for refund of equity interests and suspension of refund)

Article 32 (Bearing of loss by withdrawing member)

Article 33 (Petition for revocation of resolution)

Section 4 Organization

Article 34 (General meeting)

Article 35 (Matters subject to resolution of general meeting)

Article 36 (Request for convocation of general meeting)

Article 37 (Notification and peremptory notice to members)

Article 38 (Opening of general meeting and resolution)

Article 39 (Restrictions on voting rights)

Article 40 (Minutes of general meeting)

Article 41 (Special cases concerning resolutions of general meeting)

Article 42 (Board of delegates)

Article 43 (Board of directors)

Article 44 (Organization and operation of operational evaluation advisory board)

Article 45 (Fixed number and election of executive officers)

Article 46 (Duties of executive officers)

Article 47 (Auditor's authority to represent)

Article 48 (Term of office of executive officers)

Article 49 (Grounds for disqualification of executive officers)

Article 49-2 (Separate sentence of punishment)

Article 50 (Restrictions on election campaign)

Article 50-2 (Restrictions on donation)

Article 50-3 (Restrictions on offering of money or goods for expressing congratulations or condolences by the president of cooperative)

Article 51 (Composition and operation of election commission)

Article 52 (Prohibition of concurrent office-holding by executive officers and employees)

Article 53 (Obligations and responsibilities of executive officers)

Article 54 (Dismissal of executive officers)

Article 55 (Application mutatis mutandis of Civil Act and Commercial Act)

Article 56 (Appointment and dismissal of employees)

Section 5 Business

Article 57 (Business)

Article 57-2 (Promotion of sales of agricultural products)

Article 58 (Use of business by non-members)

Article 59 (Creation and management of distribution support fund)

Article 60 (Education for members of cooperatives)

Article 61 Deleted.

Section 6 Accounting

Article 62 (Fiscal year)

Article 63 (Classification of accounts)

Article 64 (Business plans and income and expenditure budgeting)

Article 65 (Disclosure of operation)

Article 65-2 (Auditing by external auditors)

Article 66 (Management of surplus funds)

Article 67 (Legal reserves, carryovers, and discretionary reserves)

Article 67-2 Deleted.

Article 68 (Compensation for loss and distribution of surplus)

Article 69 (Accumulation of profits)

Article 70 (Prohibition on use of legal reserves)

Article 71 (Submission, keeping, and approval of closing statement)

Article 72 (Resolution on reduction of investment)

Article 73 (Creditors' objection against reduction of investment)

Article 74 (Prohibition on acquisition of equity interests by cooperatives)

Section 7 Merger, Division, Reorganization, Dissolution and Liquidation

Article 75 (Merger)

Article 75-2 (Special cases concerning term of office of executive officers following merger)

Article 76 (Support for merger)

Article 77 (Division)

Article 78 (Reorganization)

Article 79 (Succession to rights and obligations due to merger)

Article 80 (Public announcement and peremptory notice of merger, division, or reorganization)

Article 81 (Effect of registration of merger)

Article 82 (Grounds for dissolution)

Article 83 (Declaration of bankruptcy)

Article 84 (Liquidator)

Article 85 (Duties of liquidator)

Article 86 (Remaining property upon liquidation)

Article 87 (Restrictions on distribution of property by liquidator)

Article 88 (Report on settlement of accounts)

Article 89 (Application mutatis mutandis of Civil Act and other statutes)

Section 8 Registration

Article 90 (Registration of establishment)

Article 91 (Registration of establishment of branch offices)

Article 92 (Registration of relocation of office)

Article 93 (Registration of change)

Article 94 (Change of name of administrative district and registration thereof)

Article 95 (Registration of merger)

Article 96 (Registration of reorganization)

Article 97 (Registration of dissolution)

Article 98 (Registration of liquidator)

Article 99 (Registration of closing of liquidation)

Article 100 (Base date for calculating registration date)

Article 101 (Register)

Article 102 (Application mutatis mutandis of Non-Contentious Case Procedure Act and other statutes)

CHAPTER III LOCAL LIVESTOCK COOPERATIVES

Article 103 (Purpose)

Article 104 (Business area)

Article 105 (Qualifications of members)

Article 106 (Business)

Article 107 (Provisions applicable mutatis mutandis)

CHAPTER IV COOPERATIVES BY ITEM AND BUSINESS TYPE

Article 108 (Purpose)

Article 109 (Business area)

Article 110 (Qualifications of members)

Article 111 (Business)

Article 112 (Provisions applicable mutatis mutandis)

CHAPTER IV-2 JOINT BUSINESS CORPORATION OF COOPERATIVES

Article 112-2 (Purpose)

Article 112-3 (Legal personality and name)

Article 112-4 (Qualifications of members)

Article 112-5 (Authorization for establishment)

Article 112-6 (Matters to be stated in articles of association)

Article 112-7 (Executive officers)

Article 112-8 (Business)

Article 112-9 (Special cases concerning merger of joint business corporation of cooperatives)

Article 112-10 (Accounting standards)

Article 112-11 (Provisions applicable mutatis mutandis)

CHAPTER V NATIONAL AGRICULTURAL COOPERATIVES FEDERATION

Section 1 Common Provisions

Article 113 (Purpose)

Article 114 (Office and business area)

Article 115 (Members)

Article 116 (Associate members)

Article 117 (Investment)

Article 118 (Ipso facto withdrawal)

Article 119 (Liability of members)

Article 120 (Matters to be stated in articles of association)

Article 121 (Establishment and dissolution)

Section 2 Organization

Article 122 (General meeting)

Article 123 (Matters subject to resolution of general meeting)

Article 123-2 (Holding of general meeting and resolution)

Article 124 (Board of delegates)

Article 125 (Board of directors)

Article 125-2 (Sub-board of directors for mutual finance)

Article 125-3 Deleted.

Article 125-4 (Internal control standards)

Article 125-5 (Personnel recommendation committee)

Article 125-6 (Education committee)

Section 3 Executive Officers and Employees

Article 126 (Executive officers)

Article 127 (Chairperson’s duties)

Article 128 Deleted.

Article 129 (Audit committee)

Article 130 (Election and term of office of executive officers)

Article 131 (Appointment and dismissal of executives and employees)

Article 132 Deleted.

Article 133 (Restrictions on engaging in other occupations)

Section 4 Business

Article 134 (Business)

Article 134-2 Deleted.

Article 134-3 Deleted.

Article 134-4 Deleted.

Article 134-5 Deleted.

Article 135 (Use of business by non-members)

Article 135-2 Deleted.

Article 135-3 Deleted.

Article 136 (Creation and management of distribution support fund)

Article 137 (Restrictions on investment in other corporations)

Article 138 (Federation of item cooperatives)

Article 139 (Disclosure of details of use of State subsidies or loans)

Article 140 (Management of funds)

Article 141 Deleted.

Section 5 Guidance and Audit by National Federation

Article 142 (Guidance by National Federation)

Article 142-2 (Supervision over subsidiaries of National Federation)

Article 143 (Audit committee for cooperatives)

Article 144 (Appointment of committee members)

Article 145 (Matters subject to resolution)

Article 146 (Audit of members)

Section 6 Preferential Investment

Article 147 (Preferential investment)

Article 148 Deleted.

Article 149 Deleted.

Article 150 Deleted.

Article 151 Deleted.

Article 152 Deleted.

Section 7 Agricultural Financial Bonds

Article 153 (Issuance of agricultural financial bonds)

Article 154 (Requirements for change of title of bonds)

Article 155 (Establishment of pledge of bonds)

Article 156 (State guarantee for repayment)

Article 157 (Statute of limitation)

Article 158 (Other matters concerning agricultural financial bonds)

Section 8 Accounting

Article 159 (Business plan and balance sheet budget)

Article 159-2 (Agricultural support project expenses)

Article 160 (Settlement of accounts)

Section 9 Provisions Applicable Mutatis Mutandis

Article 161 (Provisions applicable mutatis mutandis)

CHAPTER V-II HOLDING COMPANIES AND SUBSIDIARIES

Article 161-2 (NongHyup Agribusiness Group)

Article 161-3 (Executive officers of NongHyup Agribusiness Group)

Article 161-4 (Businesses of NongHyup Agribusiness Group)

Article 161-5 (Obligations of NongHyup Agribusiness Group and National Federation members to cooperate)

Article 161-6 (Promotion of sale of agricultural products, etc.)

Article 161-7 (Evaluation of sales promotion project for agricultural products, etc.)

Article 161-8 (Supervision over subsidiaries of NongHyup Agribusiness Group)

Article 161-9 (Guarantee of autonomy of livestock economic business)

Article 161-10 (NongHyup Financial Group)

Article 161-11 (NongHyup Bank)

Article 161-12 (NongHyup Life Insurance and NongHyup Property & Casualty Insurance)

CHAPTER VI SUPERVISION

Article 162 (Supervision)

Article 163 (Revocation of unlawful or unjust resolutions or suspension of execution)

Article 164 (Administrative dispositions against violations)

Article 165 Deleted.

Article 166 (Management guidance)

Article 167 (Revocation of authorization for establishment)

Article 168 (Request for inspection by members of cooperatives or members)

Article 169 (Hearings)

Article 169-2 (Re-examination of regulation)

CHAPTER VII PENALTY PROVISIONS

Article 170 (Penalty provisions)

Article 171 (Penalty provisions)

Article 172 (Penalty provisions)

Article 173 (Invalidation of election due to election crimes)

Article 174 (Administrative fines)

Article 175 (Protection of election crime reporters)

Article 176 (Payment of monetary rewards for reporting election crimes)

Article 177 (Special cases concerning self-surrender)

ADDENDA <Act No. 6018, Sep. 7, 1999>

ADDENDA <Act No. 6177, Jan. 21, 2000>

ADDENDA <Act No. 6256, Jan. 28, 2000>

ADDENDA <Act No. 6316, Dec. 29, 2000>

ADDENDA <Act No. 6514, Sep. 12, 2001>

ADDENDUM <Act No. 6599, Jan. 14, 2002>

ADDENDA <Act No. 7240, Oct. 22, 2004>

ADDENDA <Act No. 7273, Dec. 31, 2004>

ADDENDA <Act No. 7605, Jul. 21, 2005>

ADDENDA <Act No. 7638, Jul. 29, 2005>

ADDENDUM <Act No. 8502, Jul. 13, 2007>

ADDENDA <Act No. 8635, Aug. 3, 2007>

ADDENDA <Act No. 8749, Dec. 21, 2007>

ADDENDUM <Act No. 8750, Dec. 21, 2007>

ADDENDA <Act No. 8852, Feb. 29, 2008>

ADDENDA <Act No. 8863, Feb. 29, 2008>

ADDENDA <Act No. 8979, Mar. 21, 2008>

ADDENDA <Act No. 8980, Mar. 21, 2008>

ADDENDA <Act No. 9620, Apr. 1, 2009>

ADDENDA <Act No. 9761, Jun. 9, 2009>

ADDENDA <Act No. 10303, May 17, 2010>

ADDENDA <Act No. 10522, Mar. 31, 2011>

ADDENDA <Act No. 10684, May 19, 2011>

ADDENDA <Act No. 10693, May 19, 2011>

ADDENDA <Act No. 10694, May 19, 2011>

ADDENDA <Act No. 10854, Jul. 14, 2011>

ADDENDA <Act No. 10983, Aug. 4, 2011>

ADDENDA <Act No. 11304, Feb. 10, 2012>

ADDENDA <Act No. 11454, Jun. 1, 2012>

ADDENDA <Act No. 11532, Dec. 11, 2012>

ADDENDA <Act No. 11690, Mar. 23, 2013>

ADDENDA <Act No. 12592, May 20, 2014>

ADDENDA <Act No. 12755, Jun. 11, 2014>

ADDENDA <Act No. 12950, Dec. 31, 2014>

ADDENDA <Act No. 13448, Jul. 24, 2015>

ADDENDA <Act No. 13453, Jul. 31, 2015>

ADDENDA <Act No. 14481, Dec. 27, 2016>

ADDENDA <Act No. 14984, Oct. 31, 2017>

ADDENDA <Act No. 15337, Dec. 30, 2017>

ADDENDA <Act No. 17348, Jun. 9, 2020>

ADDENDUM <Act No. 17596, Dec. 8, 2020>

ADDENDA <Act No. 17799, Dec. 29, 2020>

ADDENDA <Act No. 18020, Apr. 13, 2021>

ADDENDUM <Act No. 18996, Oct. 18, 2022>

ADDENDUM <Act No. 19085, Dec. 13, 2022>

ADDENDA <Act No. 20082, Jan. 23, 2024>