From the Second Half of the Year, Credit Union Executive Elections Must Follow Legal Regulations, Not Bylaws

Enforcement of the Amendment to the "Shinhyup Act Enforcement Rules"

[Asia Economy Reporter Kim Jin-ho] From the second half of this year, the election campaign methods for credit cooperatives must follow the law rather than the bylaws that had been applied so far.

The Financial Services Commission announced on the 29th that the revised "Credit Union Act Enforcement Rules," which newly regulate the election campaign methods for credit unions and central associations, will be enforced from the second half of the year.

The revision contains detailed provisions regarding election campaign methods. First, for election posters, they must be submitted within 3 days after the candidate registration deadline, specifying the standards and posting details. Also, they must be posted on buildings or bulletin boards until 2 days after the submission deadline.

Joint speeches or public debates are to be held once, with a notice issued 2 days before the event and candidates notified. The order of speeches is decided by drawing lots, and speaking time must be equally allocated within 30 minutes. Appeals for support and distribution of business cards in public places are allowed from the day after the candidate registration deadline until the day before the election.

One type of election bulletin must be prepared and submitted within 3 days after the candidate registration deadline. For cooperative executive elections, it must be sent by 5 days before the election day, and for central association executive elections, by 7 days before the election day. Appeals for support via telephone and computer communications are allowed from the day after the candidate registration deadline until the day before the election. Telephone, text messages, internet homepage bulletin boards/chat rooms, email, and social networks (SNS) are permitted.

A Financial Services Commission official stated, "The revised enforcement rules apply to elections announced after the enforcement date of the Credit Union Act (June 30, 2021)."

This content was produced with the assistance of AI translation services.