MOSS: How to disable "Require Check Out" programmatically

Problem:
Require Check Out for a list is set to Yes by default. How can it be changed in code using API?

Thoughts:
Versioning can be changed by setting the EnableVersioning property.

Solution:
Set ForceCheckout property of the list to false. This works in code and items can be modified programmatically without checking out, but still the UI shows that Require Check Out is Yes.