Section 15 In the case where the operation of the BOT in any year results in loss, such loss shall be compensated by the ordinary reserve.
Section 16 For the revaluation of assets and liabilities of the BOT, the profits or losses derived from such revaluation shall be accumulated in or deducted from the reserves prescribed under Section 13 (2).
Chapter 45
Boards
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Section 17 For the implementation of the BOT’s authority in accordance with Section 8, the following boards shall be established:
(1) the Bank of Thailand Board, hereby referred to as the “BOT Board”, functioning in general control over the management of the BOT;
(2) the Monetary Policy Board, functioning in formulating and monitoring the implementation of monetary policies of the country;
(3) the Financial Institutions Policy Board, functioning in formulating and monitoring the implementation of the supervision and examination of financial institutions;
(4) the Payment Systems Board, functioning in formulating and monitoring
the implementation of the policies on payment systems that are under the supervision of the BOT, and on clearing system among financial institutions.
The members of the Boards in paragraph one shall consist of ex officio members, experts as prescribed in this Chapter on each Board. In this regard, the experts shall be professional or have suitable experience for holding positions in such Boards.
Section 18 The experts of the Boards under Section 17 shall have Thai nationality and not have the following prohibited characteristics;
(1) having been adjudged as an incompetent or quasi-incompetent person;
(2) being declared bankrupt or having been declared a dishonest bankrupt;
(3) having been imprisoned by a final court judgment unless such punishment
is for an offence committed through negligence or for a petty offence;
(4) being or having been a political official unless vacating from the office for
not less than 1 year;
(5) being or having been a holder of any position in any political party
or being an officer of any political party unless vacating from the office for not less than 1 year;
(6) being a director or holding any position in financial institutions, unless holding position as specified by law;
(7) being a director or an executive or a person with power of management or having significant interest in the juristic person having interest over the BOT’s business.
Section 19 The experts of the Boards under Section 17 shall hold office for a term of 3 years and may be reappointed, but shall not hold office for more than 2 consecutive terms.
In the case where one of the experts vacates office before the expiration of his or her term, a replaced member shall be appointed, unless the remaining term is less than 90 days. The replaced appointee shall hold office for the remaining term of the members already appointed.
Upon the expiration of the term of office mentioned in paragraph one, if no appointment of new board members has been made, the retiring experts shall retain their offices and continue to perform their duties until the newly appointed members take charge of their duties. Nevertheless, such retaining shall not exceed the period of 120 days.
Section 20 In addition to the retirement from office on the expiration of the term, any experts of the Boards under Section 17 shall vacate upon;
(1) death;
(2) resignation;
(3) being of 70 years of age;
(4) disqualification or having any prohibited characteristics under Section 18;
(5) absence from the board meetings without reasonable excuse for more than 3 consecutive meetings;
(6) being removed by the Minister upon the recommendation of the BOT Board due to serious misconduct or gross incompetence in the performance of duties, provided that explicit reason shall be specified in the order.
Section 21 At the Boards’ meeting under Section 17, the presence of not less than one- half of the total members of the Boards shall form a quorum.
At a meeting, if the Chairman is absent or is unable to perform his or her duty, the Deputy-Chairman shall be in charge. In the case where there is more than 1 Deputy-Chairman, the Deputy-Chairman with the highest seniority shall be in charge. However, in the absence of both the Chairman and Deputy-Chairman, the meeting shall be postponed.
Decisions shall be taken by a majority of votes; each board member shall have 1 vote. In the case of tie, the Chairman shall be entitled to cast an additional deciding vote.
Section 22 For the Boards’ meeting under Section 17, if there is a particular matter involving personal benefit of the Chairman or the board members, they shall disclose such matter to the BOT Board, the Monetary Policy Board, the Financial Institutions Policy Board, the Payment Systems Board, as the case may be.
The disclosure, consideration and decision in relation to personal benefit of the Chairman or the board members shall be in accordance with the rules and procedures as prescribed by the BOT Board.
Section 23 The Chairman and the board members shall receive meeting allowance or other remuneration as specified by the Minister. The meeting allowance and remuneration shall be deemed to be expenses for the operation of the BOT.
Division I
The Bank of Thailand Board
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Section 24 The BOT Board shall consist of the Chairman appointed by His Majesty the King, the Governor, 3 Deputy Governors, the Secretary of the Office of the National Economic and Social Development, the Director of the Fiscal Policy Office and 5 experts appointed by the Minister.
The Governor shall hold office as the Deputy-Chairman and shall appoint an officer as the secretary.
Section 25 The BOT Board shall have the powers and duties to generally control the business and operations of the BOT in order to attain the objectives under Section 7, except for the business and operations that are in charge of the Monetary Policy Board, the Financial Institutions Policy Board, and the Payment System Board, including the following duties;
(1) considering and approving the operation and budgetary plan and assessing the undertaking of business and operations of the BOT, including the assessment of the general operation of the Governor;
(2) issuing regulations on the organization structure and human resource administration;
(3) issuing regulations on the nomination, consideration, and selection of the experts to be board members in the Monetary Policy Board, the Financial Institutions Policy Board, and the Payment System Board;
(4) issuing regulations on the prevention of personal benefit involvement and the code of conduct of the board members for performing their legal duties in the Boards in accordance with Section 17, the Governor, the officer and the employee;
(5) issuing regulations on authorization, administration or other affairs;
(6) issuing regulations on budget, expense and procurement;
(7) issuing regulations in relation to setting a remuneration and other monies, including the granting of loan, financial granting, and other benefits to the officers, employees or other retired persons and their family;
(8) issuing regulations on the management of assets in the Currency Reserve under the law on currency and assets of the BOT as to Division 3, Chapter 6;
(9) considering and approving the establishment and dissolution of the branch offices or representative offices;
(10) determining the scope of the operations of the Audit Committee as to Section 55;
(11) supervising the preparation of financial statement, annual reports and other reports of the BOT as prescribed in this Act;
(12) doing other matters as prescribed in this Act or other laws.
Section 26 Section 18, Section 19 and Section 20 shall apply to the Chairman of the BOT Board mutatis mutandis.
Section 27 For the initial term, when the experts hold their office until the expiration of 1 year and 6 months, 3 of them shall be retired by means of drawing lots. Retirement from the office by means of drawing lots shall be deemed retirement upon the expiration of the term of office.
Section 28 In the case where the Chairman or any expert of the BOT Board vacates his or her office before the expiration of the term, the Minister shall arrange the appointment of the selection committee in accordance with Section 28/1 within 30 days from the date of such vacation.
In the case where a new Chairman or expert has not been appointed yet, the remaining members shall perform their duties as possible unless the remaining number is less than 7.
Section 28/1 In the case where there shall be the appointment of the Chairman and any expert in the BOT Board, the Minister shall appoint a selection committee comprising 7 members in the committee with duty to select the suitable persons to be appointed as members of the BOT Board. The Governor shall appoint an officer as the secretary.
The selection committee in paragraph one shall be appointed from the persons who have held previous position as the Secretary of the Ministry of Finance, the Secretary of the Ministry of Commerce, the Secretary of the Ministry of Industry, the Director of the Bureau of Budget, the Secretary of the Council of State, the Secretary of the Office of the National Economic and Social Development, the Director of the Fiscal Policy Office, the Governor of the BOT or the Secretary of the Securities and Exchange Commission.
Members in the selection committee shall not be political officials and have no personal benefit or interest in contravention to the duties imposed by this Act at the time of the appointment and during their duties.
The selection committee shall choose one of its members to be a Chairperson.
The Chairperson and the selection committee shall be granted the meeting allowance and other remuneration as specified by the Minister. The meeting allowance and other remuneration shall be deemed to be expenses for the operation of the BOT.
Section 28/2 The selection committee shall, within 30 days from the date of their appointment, determine the regulations on the meeting of the selection committee, the nomination, the consideration and the selection of the experts to be a Chairman or members of the BOT Board. The regulations shall, at least, sufficiently prescribe information in relevant to the knowledge and experience of the experts for the purpose of performing their duties and any involving benefit of such persons that may contravene the performance of the BOT Board, in order to assist the consideration of the selection committee.
The regulations in paragraph one shall be valid notwithstanding the expiration of the term of such determining selection committee.
The amendment, cancellation or re-determination of regulations shall be done upon the votes of not less than half of the total member of the committee. The selection committee shall disclose the regulations in the manner that could be accessed by public.
Section 28/3 At the meeting of the selection committee, the presence of not less than two third of the total members shall form a quorum.
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5 As amended by Section 9 of the Bank of Thailand Act (No.4) B.E. 2551. |
