Regulations Governing the Qualifications and Election/Appointment of Membership Representatives, Directors, Supervisors and Managerial Officers of Credit Cooperatives Article 34

The election of membership representatives is determined by the number of persons to be elected and the votes each candidate receives to produce a list of elected and alternate candidates. Winner among candidates receiving the same number of votes will be determined by lot drawing on the spot.The election of directors and supervisors is determined by the number of persons to be elected without distinguishing candidates with professional or general qualifications and the votes each candidate receives to produce a list of elected and alternate candidates. Notwithstanding the foregoing, if the number of elected directors that meet the qualifications specified in Article 9 herein is less than the required minimum, qualified candidates with more votes will be elected to fill the vacancies until the required minimum is met.Winner among candidates receiving the same number of votes will be determined by lot drawing on the spot.In the election of chairman of directors or the chairman of supervisor, the candidate receiving the majority of votes from eligible voters present in the meeting will be elected. Where no candidate receives a majority of votes, a runoff election between the two highest vote-getters will be held, in which, the candidate receiving more votes will be elected; if candidates in the runoff receive the same number of votes, the winner will be determined by lot drawing.When the elected is determined by lot drawing, if the candidate is not present or does not draw the lot after three calls, an election monitor will draw the lot on his/her behalf.