1. The Defendant shall pay to the Plaintiff KRW 44,00,000 and the interest rate of KRW 15% per annum from August 28, 2018 to the day of complete payment.

1. Basic facts

A. The Defendant is a regional housing association established on April 3, 2015 with the authorization for the establishment of a housing association in order to promote a housing construction project (hereinafter “instant project”) pursuant to the Housing Act and subordinate statutes in Ulsan-gu, Ulsan-gu C.

B. On July 26, 2014, the Plaintiff entered into a contract with the Defendant’s promotion committee and the Plaintiff as the Defendant’s partner (hereinafter “instant partnership membership contract”), and accordingly, the Plaintiff paid the Defendant the sum of KRW 54,000,000, including the down payment, from July 26, 2014 to January 20, 2015, and among them, KRW 10,00,000 is business promotion expenses.

C. Article 3 of the Agreement on the Subscription of the Association, prepared at the time, provides that “The full amount of the payment for the Union members shall be refunded, and the business promotion expenses shall not be refunded. In addition, the time of the refund shall be determined in accordance with the Regulations of the Association and the provisions of the Trust Company.”

The parts related to the instant case among the contents of the Defendant’s covenant of association (hereinafter “instant covenant”) are as follows:

Article 7 (Definition of Terms) The meaning of terms used in this Code shall be as follows:

1. Operational expenses of the partnership: The amount paid by the partners for the operation of the partnership office, salaries of officers and employees, and other expenses;

4. Charges: The amount of all expenses paid by members to a cooperative to implement the projects of the cooperative, such as operating expenses of the cooperative, land purchase expenses, and construction expenses, shall refer to the qualification requirements for members under Article 8 (Qualification of Members) of the Housing Act and subordinate statutes, and shall be as follows:

1. Cases of a regional housing association:

(a) A householder who fails to own a house from the date of application for the authorization for establishment of a housing association to the date possible to move into the relevant housing association, or who owns one house with an exclusive residing area of

(i) a member of the housing association;