Regulations Governing the Qualifications and Election/Appointment of Membership Representatives, Directors, Supervisors and Managerial Officers of Credit Cooperatives Article 39

A credit cooperative shall notify the elected candidates in three (3) days after the announcement of election results. Elected candidates who are unwilling or unable to take office should, within three (3) days after the receipt of such notice, notify the credit cooperative of his/her decision in writing. The vacancy left thereby will be filled by alternate candidate in order. Where there are no alternate candidates, the candidate who received the next highest vote will fill the vacancy. When the elected seats of directors with professional qualifications do not meet the required minimum, the vacancies thereof shall be filled by professionally qualified alternate directors, and the outcome shall be reported to the Department of Finance of municipal government or the county (city) government for reference. Where no professionally qualified alternate directors were announced following the end of election, but the number of vacancies for such seats is less than half of the required minimum for directors with professional background, by-election may be postponed until the general meeting of membership representatives for the following year. The preceding provision also applies to the situation where vacancy appears after all seats for professionally qualified directors were filled in the election, while none of the alternate directors meets the qualification requirements.An alternate candidate who sends a written statement to the credit cooperative indicating his/her decision not to fill the vacancy will relinquish his/her qualification as an alternate.In the election of directors and supervisors, if the number of director candidates is less than three or if the number of directors taking office is less than three, or if no elected supervisors take office, and the seats are not filled after two announcements of by-election, the board of director will submit the matter to the general meeting of membership representatives and suggest a resolution be adopted to dissolve the board of directors. If no such resolution is adopted, the central competent authority may assign people to fill the vacancies and act in the capacity of director or supervisor until the by-election is completed.