The appeal is dismissed.

The costs of appeal are assessed against the Plaintiff.

The grounds of appeal are examined.

1. Case summary

A. The Plaintiff is an organization established for the purpose of carrying out apartment development projects (hereinafter “instant projects”) with the content of building 24 square and 32 square and 512 units of apartment units from the Yeongdeungpo-gu Seoul Metropolitan Government land (hereinafter “instant project site”) or did not have obtained authorization for the establishment of a regional housing association under the Housing Act.

B. C (hereinafter “C”) planned the instant project from the late half of 2001, and established a regional housing association for the instant project site, which is intended to be selected as an executing agent from the regional housing association, and accordingly prepared to establish a regional housing association on the ground that D.

D From the end of 2001, from the time of 200, prepared the bylaws of the “A regional housing association” to prepare for physical coloring the trial construction, and entered into an implementation agency contract on April 30, 2003 with C and the Plaintiff as the implementer of the instant project and as the implementation agent for C.

C. On May 28, 2004, C, E, and F (the trade name before the change: G; hereinafter “F”) as an executing agent entered into a business agreement with F to purchase the instant project site and dispose of and trust it with F.

C purchased land and buildings belonging to the instant project site from November 2002 to June 2005, and F has completed the registration of ownership transfer and trust with respect to the land 6,817.33 square meters of the instant project site, which C purchased from the previous owners, from November 2002 to November 2005 according to the project agreement.

The trust period was determined from the date of conclusion of the trust contract to December 31, 2010, and each trust contract was concluded with the former owner of each land as the truster and beneficiary.

E. The Plaintiff’s members are with the Plaintiff and the agent C from June 22, 2004 to November 12 of the same year, or from April 28, 2005 to December 20 of the same year.