From Establishment to Liquidation: Fair Trade Commission Revises Cooperative Law Rules on Form Preparation

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The Fair Trade Commission announced on the 4th that it will amend and enforce the "Enforcement Rules of the Consumer Life Cooperative Act" to prepare forms and procedures necessary for various reports and approval applications of consumer life cooperatives and federations.

The revised enforcement rules include forms for attached documents required when applying for establishment approval of cooperatives, forms for attached documents required when applying for approval to open additional medical institutions, and forms and procedures necessary for approval applications for articles of incorporation amendments, dissolution reports, and liquidation completion reports.

The Fair Trade Commission stated, "With this amendment to the enforcement rules, the formats of various attached documents and application/report forms will be standardized, reducing practical confusion," and added, "The establishment and operation of cooperatives will be able to proceed efficiently and systematically."

Additionally, the practical procedure requiring the mayor or provincial governor to verify the corporate registration certificate when cooperatives submit dissolution and liquidation completion reports has also been codified.

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