No. 20709
Promulgation Date 2025-01-21
Ministry of SMEs and Startups
ALL
CHAPTER I GENERAL PROVISIONS
Article 1 (Purpose)
Article 2 (Definitions)
Article 3 (Categories)
Article 4 (Legal personality and address)
Article 5 (Use of titles)
Article 6 (Business territories)
Article 7 (Nature)
Article 8 (Prohibition of political involvement)
Article 9 (Duties of the Government and local governments to cooperate)
Article 10 (Prohibition of concurrent office-holding by public officials)
Article 11 (Application mutatis mutandis of other statutes)
Article 11-2 (Exclusion from application of other statutes)
Article 12 (Supervision by competent administrative agencies)
Article 12-2 (Formulation of policies on small and medium enterprise cooperatives)
CHAPTER II COOPERATIVES
SECTION1 Membership
Article 13 (Qualification for membership)
Article 14 (Special members)
Article 15 (Admission procedures)
Article 16 (Investment)
Article 17 (Minimum investments in cooperative)
Article 18 (Revolving investment)
Article 19 (Right to vote on resolutions or in elections)
Article 20 (Payment of expenses)
Article 21 (Charges and fees)
Article 22 (Succession to membership)
Article 23 (Transfer of equities)
Article 24 (Discretionary withdrawal)
Article 25 (Statutory withdrawal)
Article 26 (Refund of withdrawing member’s equity and suspension of refund)
SECTION2 Establishment
Article 27 (Promoters)
Article 28 (Inaugural general meeting)
Article 29 (Mandatory provisions of articles of association)
Article 30 (Mandatory provisions of by-laws or regulations)
Article 31 (Minutes of meetings)
Article 32 (Authorization for establishment)
Article 33 (Transfer of administrative affairs to president)
Article 34 (Payment of investments)
SECTION 3 Business
Article 35 (Business affairs)
Article 35-2 (Mutual aid regulations)
Article 35-3 (Extinctive prescription of right to claim mutual aid)
Article 36 (Business plan)
Article 37 (Collective standards and quality certification)
Article 38 (Inspection according to collective standards)
Article 39 (Quality certification marks)
Article 40 (Collective contract)
Article 41 (Fund for vitalizing cooperative functions)
Article 42 (Function vitalization system)
SECTION 4 Organs
Article 43 (General meeting)
Article 44 (General meeting of representatives)
Article 45 (Calling of general meetings of members)
Article 46 (Procedure for holding meetings)
Article 47 (Matters subject to resolution at general meeting)
Article 48 (Resolution of general meetings)
Article 49 (Extraordinary resolution)
Article 50 (Executive officers)
Article 51 (Grounds for disqualification of executive officers)
Article 51-2 (Separate sentence of fines)
Article 52 (Terms of office for executive officers)
Article 53 (Restrictions on election campaign)
Article 54 (Organization and operation of election commission)
Article 55 (Board of directors)
Article 56 (Matters subject to resolution of board of directors)
Article 57 (President’s duties)
Article 58 (Duties of full-time director)
Article 59 (Vacancy for full-time director)
Article 60 (Auditor’s duties)
Article 61 (Auditor's liability)
Article 62 (Prohibition of concurrent office-holding by executive officers)
Article 63 (Keeping articles of association and other documents)
Article 64 (Keeping documents relating to settlement of accounts)
Article 65 (Inspection of accounting books)
Article 66 (Request for re-election of officers)
SECTION 5 Accounting
Article 67 (Business year)
Article 68 (Devaluation of investment unit)
Article 69 (Filing objections)
Article 70 (Reserves and carryovers)
Article 71 (Appropriation of surplus)
Article 72 (Prohibition on acquisition of equity)
SECTION 6 Dissolution and Liquidation
Article 73 (Dissolution)
Article 74 (Procedure for merger)
Article 75 (Promoters of merger)
Article 76 (Timing and effects of merger)
Article 77 (Split-off)
CHAPTER III BUSINESS COOPERATIVES
SECTION1 Membership
Article 78 (Qualification for membership)
Article 79 (Provisions applicable mutatis mutandis)
SECTION2 Establishment
Article 80 (Promoters)
Article 81 (Provisions applicable mutatis mutandis)
SECTION 3 Business
Article 82 (Business affairs)
Article 83 (Provisions applicable mutatis mutandis)
SECTION 4 Organs
Article 84 (Executive officers)
Article 85 (Provisions applicable mutatis mutandis)
SECTION 5 Accounting
Article 86 (Accounting)
SECTION 6 Dissolution and Liquidation
Article 87 (Dissolution and liquidation)
CHAPTER IV FEDERATION OF COOPERATIVES
Section 1 Membership
Article 88 (Qualification for membership)
Article 89 (Provisions applicable mutatis mutandis)
SECTION2 Establishment
Article 90 (Promoters)
Article 91 (Mandatory provisions of articles of association)
Article 92 (Provisions applicable mutatis mutandis)
SECTION 3 Business
Article 93 (Business affairs)
Article 94 (Provisions applicable mutatis mutandis)
SECTION 4 Organs
Article 95 (Executive officers)
Article 96 (Provisions applicable mutatis mutandis)
SECTION 5 Accounting
Article 97 (Accounting)
SECTION 6 Dissolution and Liquidation
Article 98 (Dissolution and liquidation)
CHAPTER V KOREA FEDERATION OF SMALL AND MEDIUM BUSINESS
Section 1 Membership
Article 99 (Membership)
Article 99-2 (Associate members)
Article 100 (Right to vote on resolutions and in elections)
Article 101 (Admission and withdrawal)
Article 102 (Provisions applicable mutatis mutandis)
SECTION2 Establishment
Article 103 (Promoters)
Article 104 (Mandatory provisions of articles of association)
Article 105 (Provisions applicable mutatis mutandis)
SECTION 3 Business
Article 106 (Business affairs)
Article 106-2 (Provisions applicable mutatis mutandis)
Article 107 (Approval of business plans)
SECTION 4 Mutual Aid Fund for Small and Medium Enterprises
Article 108 (Establishment of mutual aid fund for small and medium enterprises)
Article 109 (Raising mutual aid fund for small and medium enterprises)
Article 110 (Operation and management of mutual aid fund for small and medium enterprises)
Article 111 (Use of mutual aid fund for small and medium enterprises)
Article 112 (Accumulation of reserves for bad debt of mutual aid)
Article 113 (Organization responsible for management of mutual aid fund for small and medium enterprises)
Article 114 (Detailed provisions governing mutual aid fund for small and medium enterprises)
SECTION5 Mutual Aid Fund for Small Enterprises and Micro Enterprises
Article 115 (Management and operation of mutual aid funds for small enterprises and micro enterprises)
Article 116 (Admission to the membership of mutual aid for small and micro enterprises)
Article 117 (Raising mutual aid fund for small and micro enterprises)
Article 118 (Businesses of mutual aid for small and micro enterprises)
Article 118-2 (Small and micro enterprises mutual aid operating committee)
Article 118-3 (Accounts for receiving mutual aid money)
Article 118-4 (Request for provision of data)
Article 119 (Protection of entitlements)
Article 120 (Accumulation of reserves)
Article 121 (Exclusion from application of the Insurance Business Act)
SECTION 6 Organs
Article 122 (Executive officers)
Article 123 (Appointment of executive officers)
Article 124 (Executive officers’ duties)
Article 125 (Provisions applicable mutatis mutandis)
SECTION 7 Accounting
Article 126 (Accounting)
SECTION 8 Dissolution and Liquidation
Article 127 (Dissolution and liquidation)
CHAPTER VI REGISTRATION
Article 128 (Register)
CHAPTER VII SUPERVISION
Article 129 (Submission of documents concerning settlement of accounts)
Article 130 (Obligation to report)
Article 131 (Inspection)
Article 132 (Inactive cooperatives)
Article 133 (Administrative orders)
Article 134 (Assistance in business)
Article 135 (Subsidies)
Article 136 (Entrustment of authority)
Article 136-2 (Re-examination of regulation)
CHAPTER VIII PENALTY PROVISIONS
Article 136-3 (Penalty provisions)
Article 137 (Penalty provisions)
Article 138 (Penalty provisions)
Article 139 (Invalidation of election due to electoral crimes of elected candidate)
Article 140 (Penalty provisions)
Article 141 (Administrative fines)
Article 142 (Protection of reporters of election crimes)
Article 143 (Payment of monetary rewards to reporters on election crimes)
ADDENDA <Act No. 8363, Apr. 11, 2007>
ADDENDA <Act No. 8486, May 25, 2007>
ADDENDA <Act No. 8635, Aug. 3, 2007>
ADDENDA <Act No. 8852, Feb. 29, 2008>
ADDENDA <Act No. 9120, Jun. 13, 2008>
ADDENDUM <Act No. 9893, Dec. 30, 2009>
ADDENDA <Act No. 10355, Jun. 8, 2010>
ADDENDUM <Act No. 10953, Jul. 25, 2011>
ADDENDA <Act No. 11690, Mar. 23, 2013>
ADDENDA <Act No. 12311, Jan. 21, 2014>
ADDENDA <Act No. 13086, Jan. 28, 2015>
ADDENDA <Act No. 13159, Feb. 3, 2015>
ADDENDUM <Act No. 13869, Jan. 27, 2016>
ADDENDA <Act No. 14839, Jul. 26, 2017>
ADDENDA <Act No. 15467, Mar. 13, 2018>
ADDENDUM <Act No. 15521, Mar. 20, 2018>
ADDENDUM <Act No. 15693, Jun. 12, 2018>
ADDENDA <Act No. 15928, Dec. 11, 2018>
ADDENDA <Act No. 16174, Dec. 31, 2018>
ADDENDUM <Act No. 16525, Aug. 20, 2019>
ADDENDA <Act No. 16819, Dec. 10, 2019>
ADDENDA <Act No. 16954, Feb. 4, 2020>
ADDENDUM <Act No. 17004, Feb. 11, 2020>
ADDENDA <Act No. 17799, Dec. 29, 2020>
ADDENDA <Act No. 18757, Jan. 11, 2022>
ADDENDUM <Act No. 19061, Nov. 15, 2022>
ADDENDA <Act No. 19183, Jan. 3, 2023>
ADDENDUM <Act No. 19733, Sep. 14, 2023>
ADDENDUM <Act No. 20709, Jan. 21, 2025>