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Republic of Korea

  • Jongick Jang
Chapter

Abstract

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.

Keywords

Social Enterprise Credit Union Equity Capital Legal Entity Social Cooperative 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Notes

Acknowledgements

The author appreciates the support of the National Research Foundation of Korea Grant funded by the Korean Government (NRF-2010-330-B00065).

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Copyright information

© Springer-Verlag Berlin Heidelberg 2013

Authors and Affiliations

  1. 1.Department of Global BusinessHanshin UniversityOsan-siSouth Korea

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