This paper is to see where 'the huji-farm-village-industrial-association'(不二産業組合) was among industrial associations of colonial Chosun(朝鮮), then to examine its features and limits. For establishing industrial associations in Chosun, there were two views; one was an anti-Japanese imperialism(Koreans) and the other eager to stimulate agricultural modernization for reorganizing the Japanese imperialism(the government-general in Chosun); these two views were naturally oppposed to each other. As the government-general legislated 'the Chosun Industrial Association Ac"(朝鮮産業調停法) in the 1926, all the industrial associaions were established on the basis of the C.I.A.A. But, the business bounds of the industrial associations was limited within 3 kinds such as selling, buying, and using because the financial associations were opposed to merge together. The legislation of the 'the Chosun Industrial Association Act' gave existing industrial associations a qualification of legal person. Simultaneoulsy, this was to regulate establishments of industrial associations and to embody industrial associations within administration of the Japanese imperialism. 'The association of establishment project of landed farmer'(自作農創定事業) was one of special industrial associations and its founding was done properly within administration of the Japanese imperialism. The characteristics were: 1. to raise funds to make developed land for the Japanese farming immigration. 2. the operating members(funds) were not members of the association but landlords. 3. not to develop the economy of Chosun but to solve food problem of Japan. 4. to establish landed farmers, then to reconstruct system of maintining public peace in political ideas. The H.F.V.I.A was established to deal with social-economic contradictions which occurred in forceful introduction of capitalism by the Japanese imperialism. And also, the fact(that the H.F.V.I.A still existed as a national capital) let us know clearly the limit of the Japanese imperialism(which wanted to solve self-contradiction of capitalism through extending its boundaries outwardly and incessantly).