1. All appeals filed by the plaintiffs are dismissed.

2. The costs of appeal are assessed against the Plaintiffs.

The purport of the claim and appeal is the purport of the appeal.

1. The reasons why the court should explain in this judgment are as stated in the reasoning of the judgment of the court of first instance, except for the cases where part of the judgment is changed as stated in the following Paragraph (2). Thus, it shall accept it in accordance with Article 8(2) of the Administrative Litigation Act and the main text of Article 420 of the Civil Procedure Act.

2. Parts to be dried;

A. In full view of the language and meaning of “share certificates transferred through a securities market, etc.” under Article 3 subparag. 1(a) of the Act, it seems that the above provision itself accords with the interpretation that “share certificates are traded in a securities market, etc.” under Article 3 subparag. 1(a) of the first instance court’s first instance court’s first instance judgment to mean “share certificates transferred through a securities market, etc. through a securities market, etc.” under Article 3 subparag. 2 and 3 of the Act; and (7) In addition, considering Article 3 subparag. 1 of the Act and subparag. 2 and subparag. 3 of the same Article, the above subparagraph 2 of the first instance court’s first instance court’s first instance judgment to mean “share certificates transferred through a securities market, etc. through a securities company, etc.” under Article 3 subparag. 2 of the Act, and even if the above subparagraph 3 of the same Article is transferred through a securities company, the court below’s interpretation of the above provision should be more consistent with the legal system.”

(b) Rule 2 of Presidential Decree No. 220629 of the Decision of the first instance is amended by Presidential Decree.