1. The Defendant shall pay to the Plaintiff KRW 36,00,000 and the interest rate of KRW 15% per annum from August 21, 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 June 25, 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”). Accordingly, from June 25, 2014 to December 6, 2014, the Plaintiff paid to the Defendant the sum of KRW 46,000,000, including the down payment under the said partnership membership contract, and among them, KRW 10,000,000 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 members of the partnership in order to use them for the operation of the partnership's office, salaries of officers and employees, and other expenses;

4. Charges: The amount of all the expenses paid by members of a cooperative to implement the projects of the cooperative, such as operating expenses of the cooperative, land purchase expenses, and construction expenses, shall be the qualification requirements for members under Article 8 (Qualification for Members) 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 unit or who owns a house with an exclusive residential area not exceeding 85§³

(i) except that;