Responsibility for notification
Changes or modifications in name, representatives, address, or contact of the association member must be reported to maintain associative rights and duty.
- ※ Pursuant to the Industrial Development Act, a member’s equity shall not be subject to the creation of a pledge, except when it is furnished as security for the member’s indebtedness to the Mutual Aid Association.
In case of change of address or contact information
- Phone call or official documents should be used for notification
- In case of transition from individual company to cooperation, transfer of investment certificate must be carried out.
Membership Cancellation
- Association members may exit the association by their own discretion, and will be automatically withdrawn in the following cases
- Violation of rights
- Dismissal or bankruptcy
- Expulsion caused by agreement of the executive committee
Refund of capital investment
- n case of exit, all investment capital (capital + shares) will be fully refunded, when all financial transactions are completed with the association.
- In terms of association certificate, according to the Industrial Development Law, it is valid up to 2 years after the end of the term of the insurance. It takes 2 years to naturally nullify guaranteed liability. Therefore it is required to get confirmation on all guarantee execution from all bond holders.