Regulations Governing the Qualifications and Election/Appointment of Membership Representatives, Directors, Supervisors and Managerial Officers of Credit Cooperatives Article 12

The president of a credit cooperative or a person in comparable position shall have good moral character, the ability in leadership and efficient management of the credit cooperative, and meet one of following qualifications:1. Having graduated from a domestic or foreign college or higher, or an equivalent and with at least five (5) years of experience working in a credit cooperative(s) or a bank(s) and having served in the position of manager or higher at a credit cooperative or a comparable position at a bank with good performance record.2. Having at least three (3) years of experience working in a credit cooperative(s) or a bank(s) and having served in the position of vice president or higher at a credit cooperative or a comparable position at a bank with good performance record.3. Having other experiences sufficing to evidence the possession of leadership ability, professional financial knowledge or banking management capability to effectively manage the business of a credit cooperative.A person may not hold the position of president or comparable position of a credit cooperative unless the competent authority has examined and approved the qualifications of such person.