Regulations Governing the Qualifications and Election/Appointment of Membership Representatives, Directors, Supervisors and Managerial Officers of Credit Cooperatives Article 9

The directors of a credit cooperative should be of good moral character. If the number of directors is less than five persons, at least one director shall meet one of the qualifications set out below. If the number of directors exceeds five, at least one more director for each additional four directors shall meet one of the qualifications set out below. However for a credit cooperative where its statutory business area is in an offshore island, at least one more director for each additional five directors shall meet one of the qualifications set out below:1.Having graduated from a domestic or foreign college or higher, or an equivalent and with at least two (2) 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 graduated from a domestic or foreign college or higher, or an equivalent, at least three (3) years of experience working in financial administration or management and having held the position of civil service recommended appointment grade 7 or equivalent with good performance record;3.At least three (3) years of experience working in a bank(s) or a credit cooperative(s), and having served in a position of manager of credit cooperative or higher or comparable position at a bank with good performance record; or4.Having other experiences sufficing to evidence the possession of professional financial knowledge or banking operation experience to effectively manage the business of a credit cooperative.