Republic of Korea
Cooperative laws in South Korea for a long period of its modernization established in a sector base and the laws specified that each cooperative sector was supposed to be de facto administrated and monitored by different ministries. Therefore, there has been little freedom to establish a cooperative legal entity in economic, social, or cultural area that was not specified in the eight special laws. Thanks to increasing expectation on the role of cooperatives for alleviating the problem of economic downturn and social welfare, Framework Act on Cooperatives went into effect on December 1st 2012. Therefore, Korea has gotten to transit from a country having a special law system on cooperatives, such as Japan, into a country having a mixed system of general law and special laws for cooperatives, including France. This chapter describes the main features of Korean cooperative legislation by mainly using the Framework Act on Cooperatives and briefly pointing out future challenges.
KeywordsSocial Enterprise Credit Union Equity Capital Legal Entity Social Cooperative
The author appreciates the support of the National Research Foundation of Korea Grant funded by the Korean Government (NRF-2010-330-B00065).
- Birchall J (1997) The International Cooperative Movement. Manchester University Press, ManchesterGoogle Scholar
- CICOPA (2009) The world standards of social cooperatives. Retrieved from http://www.cicopa.coop/IMG/pdf/world_standards_of_social_cooperatives_en.pdf
- Fulton ME, Hueth B (2009) Cooperative conversions, failures and restructurings: an overview. J Cooperatives 23:i–xiGoogle Scholar
- Jang J (2012) The role and challenges of Korean cooperative sector in the era of Framework Act on Cooperatives. Donghyang-Goa-Jeonmang 82:289–319 (in Korean)Google Scholar
- Macpherson I (1996) Cooperative principles for the 21st century. International Cooperative Alliance, GenevaGoogle Scholar
- Margado A (2004) A new co-operative form in France: Société Coopérative d’Intérêt Collectif (SCIC). In: Borzaga C, Spear R (eds) Trends and challenges for co-operatives and social enterprises in developed and transition countries. Fondazione Cariplo, TrentoGoogle Scholar
- Robert C, Ingalsbe G (1989) Structure and scope of agricultural cooperatives. In: Cobia D (ed) Cooperative in agriculture. Prentice Hall, Englewood CliffsGoogle Scholar
- Travaglini C, Bandini F, Mancinone K (2009) Social enterprise in Europe: governance models. Working Paper, EuricseGoogle Scholar