The appeal is dismissed.

The costs of appeal are assessed against the Plaintiff.

The grounds of appeal are examined.

1. Case summary

A. The Plaintiff is an organization established for the purpose of carrying out apartment development projects (hereinafter “instant projects”) with the content of building 24 square and 32 square and 512 units of apartment units from the land B in Yeongdeungpo-gu Seoul Metropolitan Government (hereinafter “instant project site”), or there is no lack of authorization for the establishment of a regional housing association under the Housing Act.

B. From the last half of 2001, E Co., Ltd. (hereinafter “E”) planned the instant project, and established the regional housing association for the instant project site, and sought a method of being selected as an enforcement agent from the relevant regional housing association, and accordingly, prepared to establish the regional housing association on the basis of F. F. From the end of 2001, F prepared a partnership agreement of “A” district housing association and prepared a physical inspection of the time construction work. On April 30, 2003, the Plaintiff and E entered into an enforcement contract with E as the executor of the instant project and as the executing agent.

C. E, Inc., Ltd., a prospective contractor for execution, G and C (Co., Ltd.: D: hereinafter “C”) entered into a business agreement with C to purchase the instant project site and dispose of and trust the instant project site on May 28, 2004.

E purchased land and buildings belonging to the instant project site from November 2002 to June 2005, and C, in accordance with the foregoing project agreement, has completed the registration of ownership transfer and trust with respect to the land 6,817.33 square meters of land purchased by E in the instant project site from the previous owners from November 2005.

The trust period was set from the date of conclusion of the trust contract to December 31, 2010, and each trust contract was concluded with the former owner of each land as the truster and beneficiary.

E. The Plaintiff’s members are from June 22, 2004 to November 12, 2004 or from April 28, 2005 to December 20 of the same year.