(1) No member shall, without the consent of all the other members, conduct on his/her own account or on the account of a third party any transaction which is in the same type of business as the company or serve as a general partner or a director of another company the corporate objective of which is the same kind of business as the company.
(2) In cases where any member has effected a transaction in violation of the preceding paragraph, the company may regard such transaction as effected on the account of the company if such transaction was conducted for that member's own account, and the company may request that member to transfer any profit accrued therefrom if such transaction was effected on the account of a third party. <Amended by Act No. 1212, Dec. 12, 1962>
(3) The provisions of the preceding paragraph shall not affect any claim for damages by the company against the relevant member.
(4) The claim rights mentioned in paragraphs (2) and (3) shall be exercised by a resolution adopted by affirmative votes of a majority of other members of the company and shall be extinguished two weeks of the date any of the other members has become aware of such transaction or one year from the date of such transaction.