Regulations Governing the Qualifications and Election/Appointment of Membership Representatives, Directors, Supervisors and Managerial Officers of Credit Cooperatives Article 46

Where a membership representative, director or supervisor will be discharged ipso facto if he/she has a situation or becomes non-compliant with the requirement as described in Articles 3, 4, 6 or 7 during the term of office, and the Department of Finance of municipal government or the county (city) government will cancel his/her registration.A managerial officer who has any of the situations described in Article 11 herein during the term of office will be discharged ipso facto.A director, supervisor or managerial officer who is suspended from duty by the order of the competent authority is not subject to the provisions on discharge.Where a director, supervisor or managerial officer has any situation that should result in an ipso facto discharge according to the Regulations herein, the person concerned shall inform the credit cooperative immediately.A credit cooperative should take proactive action after learning that its responsible person has a situation that should result in his/her ipso facto discharge and file a report with the competent authority.