All of the plaintiffs' claims are dismissed.

The costs of lawsuit shall be borne by the plaintiffs.

1. Basic facts

A. The Defendant obtained authorization for the establishment of a housing association on September 22, 2015, as a regional housing association established to promote a new project of constructing an apartment of a regional housing association (hereinafter “instant project”) under the Housing Act and the Enforcement Decree thereof in Ulsan-gun Eth, Ulsan-gun.

B. The Plaintiffs entered into a contract with the Defendant as a member of the Defendant (hereinafter “instant subscription contract”). The supply price of the instant subscription contract is KRW 182,00,000, Plaintiff B’s 162,480,000, and Plaintiff C’s 160,480,000, respectively.

(c)

Article 10(1) of the Joining Agreement of this case may terminate the contract immediately without taking any separate measures when a member loses his/her qualification as a member of a local housing association under the relevant Acts. In such cases, the contract shall be refunded after deducting 10% of the total amount of sales from the contributions paid to the member, and the agency expenses shall belong to the agency.

In addition, the time of refund is determined to be refunded when the total contributions of the union members who succeed to the status of union members are all deposited.

(d)

As a contribution under the membership agreement of the instant association, Plaintiff A paid KRW 109,200,00 to the Defendant, Plaintiff B paid KRW 99,700,000 to the Defendant, and Plaintiff C paid KRW 113,700,000 to the Defendant.

E. Article 12 of the Rules of the Defendant’s Union provides for the withdrawal, loss of qualification, and expulsion of union members as follows.

Article 12 (Withdrawal, Loss of Qualification, and Removal of Members) (1) of the rules of a cooperative may not withdraw from the cooperative at will.

Provided, That when a cooperative member intends to withdraw from the cooperative due to an unavoidable cause, he/she shall notify the head of the cooperative of his/her intention in writing 15 days prior to the withdrawal, and the head of the cooperative shall determine whether to withdraw from the cooperative

(2) A person who is not qualified as a partner under relevant Acts and subordinate statutes and this Code shall automatically lose his/her eligibility as a partner.

(4) Withdrawal, loss of qualification for membership, expulsion, etc.