The Act of the Structural Improvement of the Financial Industry, enacted in January 1997 and seven times revised to 2002, aimed to contribute to the balanced development of the financial industry by supporting the structural improvement of the financial industry through such as the merger, conversion or reorganization of financial institutions, promoting sound competition among financial institutions and improving the efficiency of financial business. On the whole, it was quite successful in dealing with the crisis situation that soon followed its enactment. However, the act focused its situation on the swift and efficient financial restructuring for the public interest or stability of the financial system, while more or less disregarding the importance of procedure as well as the rights of the minority, such as shareholders, directors and etc. With recent movements in the courts that have made note of such defects of the act, perhaps the time has come to take a serious look at how the act could be improved to bring back the element of stressing the importance of legal procedure in order to protect the rights of the minorities that may be affected by the act.