1. The defendant's appeal is dismissed.

2. The costs of appeal shall be borne by the Defendant.

Purport of claim and appeal

1...

1. Facts of recognition;

A. The defendant is a cooperative for the purpose of land readjustment project in Jung-gu Incheon Metropolitan Government, which received project implementation authorization on July 13, 2002 by the former Land Readjustment Project Act (repealed by Act No. 6252, Jul. 1, 2000; hereinafter "former Land Readjustment Project Act") with the purpose of land readjustment project by making the land readjustment project of Jung-gu, Incheon as the project district.

B. On February 7, 2012, the Defendant borrowed KRW 4,00,000 from the Gyeonggi Savings Bank Co., Ltd. and the Korea Savings Bank Co., Ltd. (hereinafter “Korea Savings Bank”) each of the KRW 4,00,000 (hereinafter “the resolution of the board of representatives of this case”). On February 10, 2012, the Defendant obtained a resolution of the board of representatives of the 44th board of representatives (hereinafter “resolution of the board of representatives of this case”). On February 10, 2012, on a general loan from the Korea Savings Bank, KRW 10,00 with a maturity of August 10, 200, annual interest rate of less than three months, and the overdue interest rate of less than three months and less than six months were 21% per annum and not less than 22% per annum, and was granted a loan of KRW 4,00,000,00 with the Defendant’s debt of KRW 6,000 (hereinafter “the loans of this case”).

C. The Defendant’s articles of association stipulate the power of the board of representatives as follows.

Article 21 (Matters to be Resolved by General Meeting) The following matters shall undergo a resolution of the General Meeting:

3. Method and interest rate of borrowing the tea's wages, and Article 25 (Authority of Board of Representatives) (1) The board of representatives may deliberate and resolve on the matters other than the following matters, among the matters to be resolved at the general meeting prescribed in Article 21 of this Articles of association:

1. Selection and appointment of executive officers (the head of the association, directors, and auditors);

2. Amendment of articles of association;

3. Changes in business plans (excluding changes in business plans following changes in zones);

4. Merger or dissolution of the cooperative (excluding dissolution of the cooperative after completion of liquidation);

D. The Korea Savings Bank was declared bankrupt on April 30, 2013 by Seoul Central District Court 2013Hahap47, and the Plaintiff was appointed as the bankruptcy trustee.

E. The instant loan obligations are principal amountsed to KRW 2,459,663,146 as of February 13, 2017.