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. Basic facts

A. Defendant’s director and articles of incorporation 1) The Defendant’s Act on the Establishment and Operation of Public Interest Corporations (hereinafter “Public Interest Corporation Act”).

(2) Of the Defendant’s articles of incorporation, the number of executives, the method of election, and the quorum for resolution are as follows: (a) the public interest corporation established to contribute to national and social development by implementing scholarship projects for the promotion of science and technology education; and (b) the appointment of the Defendant’s director on February 21, 2003.

Article 16 (Types and Fixed Number of Officers) (1) The kinds and fixed number of officers to be placed in this corporation shall be as follows:

1. Seven directors;

2. Two auditors. (2) The directors referred to in paragraph (1) 1 shall include the chairperson.

Article 19 (Methods of Appointment of Officers) (1) Directors and auditors shall be appointed by the board of directors and shall be appointed with permission from the supervisory authority.

(2) The dismissal of an officer before his/her term of office shall be subject to permission by the supervisory authority.

Article 21 (Selection Method and Term of Office of President) (1) The chief director shall be appointed with the permission of the supervisory authority for the election of directors.

Article 26 (Quorum) (1) The board of directors shall be held with attendance of a majority of the fixed number of directors.

(2) Directors of the board of directors shall adopt resolutions with concurrent vote.

However, in cases of numbers of votes of approval, the chairperson shall determine.

Article 29 (Convocation of Board of Directors) (1) The board of directors shall convene and preside over the meeting.

(2) A director who intends to call the directors' meeting shall notify each director of the purpose of the meeting at least seven days prior to the meeting.

This provision shall not apply where all the directors meet and request to convene a meeting of the board of directors.

B. The following are applicable to changes in the composition of the board of directors based on the defendant's minutes of the resolution by the board of directors following the defendant's minutes

(hereinafter referred to as “the resolution by each board of directors” refers to the method of “the resolution by each board of directors”). Temporary directors present at the existing board of directors are new directors.