This association refers to Korea Association of REITs (herein refers to “This association”). Its name is abbreviated as KAREIT.
The purpose of this association is to promote the professionalism and transparent development of the REITs industry, and to increase rights and interests through favorable work interactions between members and the maintenance of fair work orders.
Ground of Establishment
This association is based on the membership organization established according to Article 49-1 of Real Estate Investment Company Act (herein refers to ‘the Act’).
This association’s main office is located at the address, 12 F, Center Blg, 65 gil-6, Yeouidaebang-ro, Yeongdeungpo-gu, Seoul, Korea.
This association carries out work in following each paragraph, in order to attain the purpose of its establishment.
- 1. Making Work Agreements, Exchanging Information and Mediating Opinions between Members
- 2. Promoting Overseas PR about the REITs industry, Investigating Issues, and Planning a Proposal for Governments
- 3. Work Commissioned and Entrusted from the Government and Local Autonomous Bodies, according to the Related Laws
- 4. Exchanging and Sharing Information about Real Estate Investment with the Related Bodies , such a Real Estate Investment Companies and Association at Home and Abroad
- 5. Facilitating Work Supports of Members and Reinforcing Public Welfare
- 6. Studying and Researching about the REITs System
- 7. Establishing and Supporting the Infrastructure and Development of REITs Information
- 8. Conducting Prior Training and Education for Asset Operation Experts, and Training and Education Related to the REITs Industry Approved from the Land, Infrastructure, and Transport Minister
- 9. . Registering and Managing Real Estate Operation Experts
- 10. Undertaking the Work Related to Autonomous Regulations in order to Keep Business Orders between Members and Protect Investors
- 11. Undertaking the Work Related to Autonomous Mediation of Disputes Associated with Business Affairs
- 12. Commissioning Research, Publishing Data
- 13. Finding Excellent Cases about the Development of the REITs Industry, an d Conferring the Prize for it
- 14. . Work related to the Details from Paragraph 1 to Paragraph 13
- 15. Work Considered Necessary in order to Attain the Purpose of this association, in addition to the details of paragraphs stated above, and Approved from the Land, Infrastructure, and Transport Minister
- ① Members shall pay membership fees for the association management.
- ② Members shall not show actions against the interest of investors, in relation to real estate investment management. They shall do the best to protect investors.
- ③ Members shall show a cooperative attitude, in case when this association asks to submit data considered necessary for work performance.
- ④ Members shall comply with articles of association, overall provisions, the resolutions of general assembly and board of directors.
Payment for Membership Fees
- ① Members shall annual fees, based on the standards specified according to membership types.
- ② In the case of annual fees of regular membership, asset management company shall share expenses at the size of consignment, in addition to basic membership fees, and self-management real estate investment company shall share differentiated annual fees, considering the size of asset. Concerning the standards of sharing membership fees, and dividends involving semi-membership and special membership, the board of directors shall decide and get the approval from the general assembly.
- ③ In the case of membership fees of members who join during the fiscal year, annual fee in proportion to period of acquisition of qualification for membership should be paid.
Classification of Conference
Conference shall be classified into General Assembly and Board of Directors
- ① General Assembly is classified into Regular General Assembly and Extraordinary General Assembly
- ② Regular assembly shall be held within 3 months after the termination of every fiscal year. Extraordinary General Assembly shall be convened by the chairman as the president, in case when one of following each paragraph is applied,
- 1. when the president considers necessary
- 2. In case when Board of Directors requests the convocation of General Assembly.
- 3. In case when audits request
- 4. In case when members of more than one third of voting rights request the conference, submitting the document that includes the purpose of conference and reason for convocation.
Convocation of General Assembly
When convening a general assembly, time, place, purpose, and reason for convening shall be prepared and noticed until a week before the general assembly is held, by writing or E-mail. But, in case when the chairman considers it necessary to make an emergency convocation of a general assembly, the given period can be ahead of schedule.
Convocation of Board of Directors
- ① In case when the chairman considers the board of directors necessary, or more than one third of the enrolled directors request, the conference shall be convened by the chairman as the president.
- ② When convening a board of directors, time, place, purpose, and reason for convening shall be prepared and noticed until a week before the board of directors is held, by writing or E-mail But, in case when the chairman considers it necessary to make an emergency convocation of board of directors, the given period can be ahead of schedule.
- ① This association shall establish an Expert Committee, a Working –level Steering Committee, a Compliance Supervisory Committee, a REITs Research Committee, and a Publishing and Editing Committee. Chairman of Expert Committee shall be appointed among vice chairmen and carry out work. In case when board of directors considers necessary or the chairman commissions, committees can be established, according to investigation, deliberation, compliance supervision, and autonomous regulations.
- ② The composition and operation of committees shall be in compliance with the decision of the board of directors.