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Chapter 1. General Provisions

Article 1. (Name)

The name of the organization shall be the Korea Real Estate Service Development Association (“KRESDA”).

 

Article 2. (Location)

KRESDA shall maintain an office in Seoul and may have other offices as determined by the Board of Directors.

 

Article 3. (Purposes)

The purpose of KRESDA shall be to introduce advanced countries’ training programs to Korea for systematic research and education of real estate brokerages and service businesses:

  1. To develop Korean real estate market and improve professionalism in it.

  2. To contribute to the establishment of ethical brokerage practices.

  3. To strengthen its Members’ pride and heighten their status.

 

Article 4. (Businesses)

KRESDA shall conduct following businesses to achieve the purposes of Article 3.

  1. Education to enhance real estate agents’ professional competence.

  2. Introduction of advanced countries’ real estate education to Korea.

  3. Real estate research such as comparison and analysis of other countries’ real estate industry.

  4. Collaboration with governments and real estate associations.

  5. Platform and support business for real estate big data collection and exploitation.

  6. Events, such as seminars, for networking and improving its Members’ professional competence.

  7. Publishing and research service.

  8. Businesses to achieve KRESDA’s purposes including a consulting business.

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Chapter 2. Members

Article 5. (Membership Classes and Requirements)

Members of KRESDA (“Members”) shall be one of the following individuals, corporations, or organizations that acquired the approval of the Board of Directors.

     1.Full Member

An annual-due-paying Member who is either a licensed real estate agent , a certified public appraiser, an NAR affiliation designee (CCIM, CRS, CPM, CIPS, NAR International Member, etc.), or an incorporated brokerage.

    2. Associate Member

An unlicensed real estate sales associate, a lawyer, a certified public accountant, a licensed tax accountant, or a certified judicial scrivener. (Including corporations of such profession

   3. Honorary Member and Special Member

1) An individual who significantly contributed to the advancement of KRESDA may be         inducted as an Honorary Member with the Board of Directors’ approval.

2) An individual, a corporation, or an organization that can contribute to KRESDA’s development fund or advancement  may be inducted as a Special Member with the Board of Directors’ approval.

Article 6. (Members’ Rights)

Members have the right to participate in KRESDA’s operation through General Meetings. All members may attend and speak at General Meetings, however only Full Members have voting rights.

 

Article 7. (Members’ Duties)

Members have the following duties to:

  1. Abide by all provisions in KRESDA’s Bylaws and all regulations set by KRESDA.

  2. Execute resolutions of General Meetings and the Board of Directors.

  3. Pay annual dues and charges.

  4. Abide by KRESDA’s Code of Ethics.

 

Article 8. (Withdrawal)

Members may withdraw from KRESDA freely by submitting a withdrawal form to the Chairperson.

 

Article 9. (Registration)

The Board of Directors shall set qualification standards and registration processes as KRESDA’s regulations.

 

Article 10. (Reprimand)

  1. If a Member violates KRESDA’s purposes, causes damage to KRESDA’s honor and dignity, or fails to execute the Duties stipulated in Article 7, such Member may be reprimanded with an action including a warning, suspension of qualification, or expulsion following the Board of Directors’ decision.

  2. If a Member is expelled under the Article 10.1, such Member’s membership may not be reinstated within two years from the date of expulsion.

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Chapter 3. Officers

Article 11. (Classes and Numbers of Officers)

KRESDA shall maintain Officers as the following.

  1. One Chairperson.

  2. Maximum of two Vice-chairpersons. (In case of two, one shall be a Chief Vice-chairperson.)

  3. Minimum of five and maximum of twenty Directors, including the Chairperson and Vice-chairperson(s).

  4. Maximum of two Auditors.

 

Article 12. (Election of Officers)

  1. The Chairperson and Auditors shall be elected at a General Meeting and be confirmed by the Board of Directors.

  2. The Chairperson shall nominate and elect Officers except of the Auditors.

  3. Only Full Members who have paid their annual dues in full may recommend and elect the Chairperson and Officers.

  4. The following are required to be nominated as a Chairperson candidate.

  1. Must be a Full Member who has paid his/her annual due in full.

  2. Must have served at least one term as an Officer or a Consultant of KRESDA.

 

Article 13. (Restrictions on Officers’ Election)

  1. Family relatives, as defined in the Article 777 of the Civil Act, shall not make up more than half of the number of Directors.

  2. There should be no family relationship, defined in Article 12.1., between each Auditor and between Directors and Auditors.

  3. Any of the following may not be elected as an Officer.

  1. A minor, or a ward of adult/limited/specific guardianship.

  2. A bankrupt who is yet to be reinstated.

  3. A person who received a prison sentence equal to or greater than imprisonment without forced labor and three years have not passed since its end date (including the date the sentence is considered to have ended) or exemption date.

  4. A person who received a suspended sentence equal to or greater than imprisonment and is within the suspension period.

  5. A person directly involved with any of the competitors of KRESDA’s businesses, including the competitors’ registered directors and employees.

 

Article 14. (Officers’ Term)

Officers’ Term shall be two years. The Term shall start from the next day of the General Meeting where such Officer is elected until the date of the General Meeting where the successor is to be elected. If the next Chairperson is not elected, his/her Term is extended until the next Chairperson is elected.

  1. If an Officer’s position is vacated during his/her term, the Board of Directors shall elect a successor to fill the vacancy, and the successor’s term shall be the remaining term of the predecessor.

  2. If an Officer’s term ends without a successor because a special reason is preventing the General Meeting to elect the successor, such Officer shall continue to serve until the successor is elected.

 

Article 15. (Dismissal of an Officer)

If an Officer commits any of the following, the Officer may be dismissed by the General Meeting’s resolution.

  1. Violation of KRESDA’s purposes.

  2. Dispute between Officers, accounting fraud or significantly wrongful act.

  3. Obstruction of KRESDA’s activity.

 

Article 16. (Officers’ Duties)

  1. The Chairperson shall represent KRESDA, supervise KRESDA’s activities, and serve as the Chairperson at General Meetings and of the Board of Directors.

  2. Vice-chairperson shall assist the Chairperson, and if the Chairperson is unable to serve, the Chief Vice-chairperson shall serve as the acting Chairperson.

  3. Directors shall attend the Board of Directors’ Meetings to vote on agendas related to KRESDA’s activities and to perform tasks delegated to them by the Board of Directors or the Chairperson.

  4. Auditors shall perform the following duties.

  1. Audit KRESDA’s financial state.

  2. Audit the operation and activities of General Meetings and the Board of Directors.

  3. Request rectification to the Board of Directors or the General Meeting if a fraud or a wrongdoing is discovered during audits stipulated in the Article 16.4.1) and 16.4.2).

  4. Request to convene a General Meeting or Board of Directors’ Meeting if necessary to report items stipulated in the Article 16.4.3).

  5. Report to the Chairperson or state opinions at General Meetings or Board of Directors’ Meetings about KRESDA’s financial state or the operation and activities of General Meetings and the Board of Directors.

 

Article 17. (Advisors and Consultants)

  1. For guidance and consultation regarding KRESDA’s activities, a small number of Standing Advisors, Advisors, and Consultants may be nominated by the Board of Directors to be appointed by the Chairperson.

  2. A former Chairperson is an ex officio Advisor.

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Chapter 4. General Meeting

Article 18. (Composition)

General Meeting is KRESDA’s highest legislative body and is comprised of Members.

 

Article 19. (Types and Convening)

  1. The Chairperson convenes General Meetings, and they shall be either Regular General Meetings or an Extraordinary General Meetings.

  2. Regular General Meetings are convened within two months after the end of each fiscal year. Extraordinary General Meetings are convened when the Chairperson deems them necessary.

  3. The Chairperson shall notify the convening of a General Meeting to each Member in writing (including electronic documents) specifying its agendas, time and date, location, etc. until seven days prior to the date of the General Meeting.

 

Article 20. (Quorum for Resolution)

  1. All resolutions except for the following require the attendance of more than half of the Full Members who paid their annual dues and the approval of more than half of the attending Full Members.

  1. Dissolution of KRESDA requires the approval of at least two thirds  of Full Members who paid their annual dues at a General Meeting.

  2. Changes of KRESDA’s Bylaws require the attendance of more than half of the Full Members who paid their annual dues and the approval of at least two thirds of the attending Full Members.

  1. Among the Full Members who paid their annual dues, those who cast their votes electronically by logging onto KRESDA’s website shall be considered as attending Full Members.

  2. Full Members who paid their annual dues are defined as the Full Members who paid their annual dues for the year until seven business days prior to the convening day of the corresponding year’s Regular General Meeting.

  3. Voting rights at General Meetings may be delegated to other attending Members in writing or by electronic documents. In such cases, the power of attorney shall be submitted to the Chairperson until one day prior to the convening day of the General Meeting.

 

Article 21. (Function of General Meeting)

General Meetings vote on the following.

  1. Matters related to the election and dismissal of Officers.

  2. Matters related to the dissolution of KRESDA and changes of its Bylaws.

  3. Approval of budget and account settlement.

  4. Approval of business plan.

  5. Other significant matters.

 

Article 22. (Exclusion from Resolutions at General Meetings)

If one of the following applies to a Member, he/she is not allowed participate in the resolution.

  1. If the Member is a candidate for an Officer election or being considered for a dismissal as an Officer.

  2. If the Member has a conflict of interest against KRESDA regarding matters that involve receipt of money or property.

 

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Chapter 5. Board of Directors

Article 23. (Composition)

The Board of Directors is composed of a Chairperson, Vice-chairperson(s), and Directors.

 

Article 24. (Convening)

  1. The Chairperson convenes Board of Directors’ Meetings, and they are classified as Regular Board of Directors’ Meetings and Extraordinary Board of Directors’ Meetings.

  2. Regular Board of Directors’ Meetings are convened four times a year (every quarter). Extraordinary Board of Directors’ Meetings are convened when the Chairperson deems them necessary.

  3. The Chairperson shall notify the convening of a Board of Directors’ Meeting to each Director and Auditor in writing (including electronic documents) specifying its agendas, time and date, location, etc. until seven days prior to the date of the Board of Directors’ Meeting. Agendas not notified in advance require the approval of all registered Directors to be considered and voted on.

 

Article 25. (Prohibition of Resolution in Writing)

Resolutions of Board of Directors’ Meeting cannot be passed by written resolutions (including electronic documents) after the Meeting has concluded. However, exemptions can be made if the Chairperson acknowledges that there is an unavoidable reason such as urgency.

 

Article 26. (Quorum for Resolution)

  1. The opening of Board of Director’s deliberation requires the attendance of more than half of all the registered Directors, and the resolution requires the approval of more than half of the attending Directors. Directors who have submitted written resolutions are regarded as attending. In case of a tie, the Chairperson casts the deciding vote.

  2. Board of Directors’ voting rights cannot be delegated.

 

Article 27. (Exclusion from Resolutions at Board of Directors’ Meetings)

For resolutions regarding an Officer himself/herself, he/she has the right to speak, but cannot participate in the voting.

 

Article 28. (Subject of Board of Directors’ Resolutions)

Board of Directors shall deliberate and resolve the following.

  1. Matters related to performing tasks.

  2. Matters related to the operation of business plan.

  3. Matters related to changes of Bylaws.

  4. Matters related to preparing budget and written settlement of accounts.

  5. Matters delegated to the Board of Directors by the General Meeting.

  6. Matters stipulated in Bylaws.

  7. Preparation of agendas to be submitted to the General Meeting.

  8. Other matters significant to KRESDA’s operation submitted by the Chairperson.

  9. Deliberation on the audit report submitted to the Chairperson.

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Chapter 6. Subcommittees

Article 29. (Establishment)

  1. For the efficient operation of KRESDA’s purpose businesses, Subcommittees may be established and operated. Subcommittees shall be comprised of experts of fields of businesses such as Member qualification evaluation and academic research, etc. and Members or experts that represent the occupation or the region Members belong to.

  2. Each Subcommittee stipulated in Article 28.1. may have one chairperson and a small number of members.

  3. Each Subcommittee chairperson shall be a Director.

  4. Matters related to Subcommittees’ organization and operation, etc. shall be decided separately by Board of Directors’ resolution.

제 6장

Chapter 7. Property and Accounting

Article 30. (Property Categories)

  1. KRESDA’s revenue and property shall be owned and managed independently, and the revenue shall not be distributed to the Members.

  2. KRESDA’s property shall be categorized into Permanent Property and General Property as defined below.

    1. Permanent Property shall be real property or movable property related to conducting KRESDA’s businesses including the property founders donated to KRESDA when it is established and the property the Board of Directors assigned as Permanent Property.

    2. General Property shall be the property other than Permanent Property.

 

Article 31. (Revenue)

KRESDA’s revenue shall comprise the following sources.

  1. KRESDA’s enrollment fees and Members’ annual dues.

  2. Profits from asset management.

  3. Miscellaneous revenues such as contributions and donations, etc.

  4. Revenues from other for-profit businesses.

 

Article 32. (Fiscal Year)

Fiscal year shall be from January 1st to December 31st of each calendar year.

 

Article 33. (Budget Planning)

KRESDA’s revenue and expenditure budget shall be planned within two months after the end of each fiscal year and the budget will be determined after Board of Directors’ resolution and General Meeting’s approval.

 

Article 34. (Account Settlement)

KRESDA shall prepare the business year’s business performance and balance sheet of income and expenditure, which shall be resolved by the Board of Directors and approved (including written resolutions and electronic documents) by the General Meeting.

 

Article 35. (Financial Audit)

Auditors shall conduct financial audit at least twice a year.

 

Article 36. (Officers’ Remuneration)

KRESDA shall not provide remuneration to the Officers. However, it may provide actual expenses required to conduct their duties.

제 7장

Chapter 8. Department of Administration

Article 37. (Office of Administration)

  1. KRESDA shall operate Office of Administration to perform its administrative tasks.

  2. Office of Administration may have one Chief of Administration and necessary staff members.

  3. The Chairman shall appoint and dismiss Chief of Administration with the Board of Directors’ approval.

  4. Matters related to Office of Administration’s organization and operation shall be decided separately by Board of Directors’ resolution.

제 8장

Chapter 9. Code of Ethics

Article 38. (Code of Ethics)

KRESDA shall separately establish Code of Ethics by Board of Directors’ resolution to maintain Members’ decency and improve their public trust.

제 9장

Chapter 10. Supplementary Provisions

Article 39. (Dissolution of Corporation)

When KRESDA is dissolved, its remaining properties shall be processed by General Meeting’s resolution.

 

Article 40. (Establishment of Regulations)

Regulations necessary for KRESDA’s operation other than those stipulated in the Bylaws shall be set by the Board of Directors’ resolution.

제 10장

Additional Clauses

Article 1. (Effective Date)

The Bylaws shall be effective from the date it is resolved by the General Meeting.

 

Article 2. (Interim Measures)

Activities of initiators for the establishment of KRESDA at the time of the Bylaws’ implementation shall be regarded to be in accordance with the Bylaws.

Article 3. (Founder’s Sign and Seal)

The Bylaws are written to establish KRESDA, and all the founders sign and seal as below.

부칙

2021. 12. 15.

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