Whether a unit agricultural cooperative constitutes a financial institution under Article 2 of the Act on Special Measures for Loans in Arrears by Financial Institutions

No unit agricultural cooperative shall be deemed as a financial institution under Article 2 (1) of the Act on Special Measures for the Long-Term Loans of Financial Institutions.

Articles 5-2 and 2(1) of the Act on Special Measures for Loans in Arrears by Financial Institutions

Special Appellants

Mosan-unit agricultural cooperatives

Busan District Court Order 84Do1434 Dated April 11, 1985

The order of the court below shall be cancelled and the case shall be transferred to Busan District Court Panel Division.

The order of the court below rejected the petition under the authority of examination of the petition of appeal as the court below on the ground that it constitutes a case where the appellant does not attach prescribed evidentiary documents concerning the security deposit of Article 5-2 (1) of the Act on Special Measures for the Loans in Arrears of Financial Institutions when filing an appeal.

The term "financial institutions under the provisions of Article 3 of the Banking Act, the Korea Development Bank, the Korea Housing and Commercial Bank, and the Korea Assets Management Corporation under the guarantee of the State," and Article 3 of the Banking Act (1) of the Banking Act means all corporations other than the Bank of Korea regularly and systematically engaged in the business of lending funds acquired by bearing debts from the general public through the receipt of deposits, the issuance of securities or other bonds. (2) The credit business sector of the National Agricultural Cooperative Federation, the National Federation of Fisheries Cooperatives, the Fisheries Cooperatives Federation, and the National Livestock Cooperatives Federation, which are its members, shall be regarded as one financial institution. (1) The credit business sector of the National Agricultural Cooperatives Federation, the National Agricultural Cooperatives Federation of Korea, the National Agricultural Cooperatives Federation of Korea, and the National Agricultural Cooperatives Federation of Korea shall list the 13 kinds of projects of the unit agricultural cooperatives under the provisions of Section 5 of Section 1 of Article 58 of the Agricultural Cooperatives Act and one of them shall be regarded as the credit business. In addition, the above provisions of the National Agricultural Cooperatives Guarantee Fund Act shall not apply the above provision to the National Agricultural Cooperative Association's Act.

Therefore, the order of the court below shall be cancelled and the case shall be transferred to the appellate court and it is so decided as per Disposition with the assent of all participating Justices.

Justices Lee Chang-chul (Presiding Justice)