A on June 27, 2003, paid a membership fee of KRW 147 million to the Defendant, and applied for a membership, and joined as a regular member of the instant golf club operated by the Defendant (hereinafter “instant golf club”). On January 16, 2006, the Plaintiff purchased the membership fee of the instant golf club from A from January 16, 2006, at KRW 165 million, the Plaintiff applied for a membership with the Defendant on January 18, 2006, and received a certificate of deposit for security deposit equivalent to KRW 147 million in face value from the Defendant, and joined as a regular member of the instant golf club (hereinafter “instant one membership right”).

On March 14, 2003, Seo-il, a Co., Ltd. paid 147 million won to the Defendant, and applied for membership, and joined the instant consortium as a regular member of the instant club (hereinafter “the instant two membership rights”). On November 27, 2007, the Plaintiff purchased the membership fee of the instant club from November 27, 2007, at KRW 170,000,000,000, and filed an application for membership with the Defendant for membership on the same day, and received from the Defendant a certificate of deposit for membership worth KRW 147,00,000,000 from the Defendant, and became a regular member of the instant club (hereinafter “the instant membership rights”).

The rules of the instant club (hereinafter referred to as the “instant rules”) stipulate the following matters with respect to admission, membership fees, deprivation of qualification, transfer of membership cards, withdrawal of membership, etc.

Article 9 Attendance

1.The membership of this club shall be approved by the company in accordance with the prescribed discretionary procedure, and the person who has obtained the approval shall pay the membership fee and obtain the membership certificate by obtaining it.

2. (Omission) Article 11;

1. Membership fees shall be paid by a company as a membership deposit for five years after being deposited by the company, and a return to death, expulsion (in cases where no succession is made), and in cases of dissolution of a corporation, only the principal shall be paid;

Provided, That this shall not apply to force majeure such as natural disasters.