The validity of issuing promissory notes for the borrowing of funds from individuals of the Gun agricultural cooperatives

Since military agricultural cooperatives' capability to borrow money is limited to the borrowing of funds from the National Agricultural Cooperative Federation, the military agricultural cooperatives' issuing promissory notes for the borrowing of funds from individuals is null and void.

Article 111(1)4 (f) of the Agricultural Cooperatives Act (F)

Kim Dong-dong

Eastern-gun Agricultural Cooperatives

Busan District Court Decision 62Na277 delivered on October 25, 1962, Busan High Court Decision 62Na277 delivered on October 25, 1962

The appeal is dismissed.

The costs of appeal shall be borne by the plaintiff.

The grounds of appeal Nos. 1 and 2 by the plaintiff's attorney are examined.

The lending capacity of the Defendant Union is limited to the borrowing of funds from the National Agricultural Cooperative Federation (Supreme Court Decision 62Da127 delivered on May 10, 1962). The Defendant Union is a special corporation established under the Agricultural Cooperatives Act, and the business capacity of the Defendant Union is limited within the scope prescribed by the same Act. Therefore, the issuance of promissory notes for borrowing funds from individuals beyond the scope of the business capacity of the Defendant Union is absolutely null and void, and there is no room to apply the legal principles on expression agency. Accordingly, the reason for the original adjudication for this purpose is not justified and acceptable.

Therefore, the appeal is dismissed and the costs of the lawsuit are assessed against the losing party. It is so decided as per Disposition by the assent of all participating Justices.

The judge of the Supreme Court (Presiding Judge) of the Red Magsan (Presiding Judge) of the Republic of Korea is a Mag-bunbun Mag-man