1. The defendant's appeal is dismissed.

2. The costs of appeal shall be borne by the Defendant.

Purport of claim and appeal

1...

1. Facts of recognition;

A. The Defendant’s establishment and the Plaintiff’s membership (1) The Defendant is a regional housing association established with the authorization for the establishment of the housing association on December 5, 2017 in order to promote the housing construction project (hereinafter “instant project”) at the Ulsan-gu C Headquarters.

(2) On November 21, 2014, the Plaintiff entered into a contract (hereinafter “instant subscription contract”) with the Defendant Promotion Committee (a person who comprehensively succeeds to all the rights and obligations of the Promotion Committee by having been established after obtaining authorization for establishment as above) and the Plaintiff’s members (hereinafter “instant subscription contract”).

(3) The Plaintiff paid the Defendant a down payment of KRW 12 million, and KRW 26 million, among the members’ contributions, pursuant to the instant subscription agreement (hereinafter “instant down payment”).

(b) When any of the following is committed by a partner Gap (the defendant) of the terms of the subscription agreement of this case concerning deprivation of membership, Article 13 (Cancellation of Contract and Compensation for Damages) of the terms of the subscription agreement of this case concerning deprivation of membership, the contract may be terminated immediately without taking the peremptory notice of performance or other separate measures:

Unless otherwise stipulated in this contract, Gap shall dispose of the down payment among the contributions he paid by Eul, and only the amount excluding the down payment, shall be refunded to Gap, and the time of repayment shall be when the members and the general buyers have deposited in lieu of the members and the general buyers.

(2) When he/she loses his/her eligibility as a housing association member under this-related Acts and subordinate statutes and regulations, Article 17 (Other Matters)

3.This Agreement shall take precedence over the rules of the Regional Housing Association.

The following are determined in relation to the compensation for damages, etc. when a member is disqualified.

C. The contents of the Defendant’s bylaws concerning the deprivation of membership are as follows: (a) the rules of association established by the Defendant around August 2015 (hereinafter “instant rules”) pertaining to the instant case, including the deprivation of membership, are as follows.

Article 7.