The Korea Association of Realtors(KAR) said on the 25th that it held the "first legal entity committee meeting" on the 24th at the association's central hall in Seoul to lay the institutional groundwork for its transition to a statutory organization and began in earnest to carry out key tasks, including revisions to its articles of association and code of ethics.
The association said the formation of this committee is a follow-up measure after the National Assembly passed on Feb. 27 the amendment to the Licensed Real Estate Agents Act, which provides the basis for the association's transition to a statutory organization. As the law is scheduled to take effect after a six-month grace period following promulgation, the association must complete revisions to the articles of association, which form the basis of organizational operations, and prepare a draft code of ethics, which serves as the standard for self-regulation, before the law takes effect.
Given the gravity of the matter, Central President Kim Jong-ho will personally serve as Chairperson and lead the committee, which consists of 13 members in total, including directors, city and provincial chapter heads, delegates and other officeholders, and attorneys.
Chairperson Kim Jong-ho said in opening remarks that "the association's transition to a statutory organization is an important historic turning point in which the public responsibility and role of our licensed real estate agents will be dramatically expanded," adding, "As the articles of association and the code of ethics will serve as a solid foundation for the association's future operations, I hope the Commissioners will pool their wisdom and produce a highly complete plan that meets society's expectations."
The committee plans to finalize the relevant drafts by May through a total of six intensive meetings and submit them to the Ministry of Land, Infrastructure and Transport in June. In particular, at this first meeting, there was in-depth discussion on ▲ measures to ensure effectiveness as a statutory organization ▲ structures to guarantee member participation and voting rights ▲ directions for close consultation with the Ministry of Land, Infrastructure and Transport, and the participants agreed to establish a practice-oriented implementation framework to organize agenda items by stage.
An association official said, "Based on the committee's discussions, we plan to build a responsible organizational culture as a statutory organization and to complete without delay the institutional foundation as a professional licensure body that supports the stability of the public's housing."