The prescriptions under this Section shall have approval of the Minister and shall be published in the Government Gazette.

Section 15³⁸. A commercial bank shall record completely and correctly all liabilities and assets in the books of accounts and publish a summary statement in the form prescribed by the Bank of Thailand2/ showing liabilities and assets as of the last working day of every month or as of any other day as approved by the Bank of Thailand.

The published statement under the first paragraph shall be submitted to the Bank of Thailand, and shall be posted up in an open place at the commercial bank’s office not later than the twenty-first day of the following month and, in addition, shall also be published in at least one daily newspaper unless otherwise prescribed by the Bank of Thailand.

Section 15 bis. A commercial bank shall close the books of accounts for each accounting period which shall be every six months of each accounting year. If a commercial bank has worthless or irrecoverable assets or doubtful assets which may be worthless or irrecoverable, as prescribed by the Bank of Thailand with the approval of the Minister ,the commercial bank shall write off the worthless or irrecoverable assets from the accounts, or make reserves for the doubtful assets, at the end of the accounting period, except where a permission to act otherwise
has been granted by the Bank of Thailand. Such permission may be granted with any condition.³⁹

In the case where the Bank of Thailand has granted permission under the first paragraph, if it appears that the value of the capital funds remaining after deduction of the part of worthless or irrecoverable assets which have not been written off or doubtful assets which have not made provision for as aforesaid is less than the value of the capital funds required to be maintained under Section 10, the Bank of Thailand shall have power to prescribe any measure to be taken by the commercial bank until such commercial bank has written off the worthless or irrecoverable assets totally from its accounts or made provision for all of the doubtful assets.⁴⁰

Section 16⁴¹. Within four months from the end of the accounting year, a commercial bank under Section 5 shall publish its balance sheet and profit and loss account which have been approved by the general meeting, in the form prescribed by the Bank of Thailand. Such publications shall be posted up in an open place at the office of that commercial bank, published in at least one daily newspaper, and submitted to the Minister and the Bank of Thailand within twenty-one days from the date on which they are approved by the general meeting unless otherwise prescribed by the Bank of Thailand.

The balance sheet under the first paragraph shall be certified by an auditor approved by the Bank of Thailand in each accounting year and shall not be a director, an officer, or an employee of that commercial bank.

A commercial bank under Section 6 shall publish its balance sheet and profit and loss account of the foreign bank of which such commercial bank is a branch within four months from the end of the accounting year of that foreign bank, unless a reasonable cause of delay can be proved. Such publications shall be posted up in an open place at the office of that commercial bank.

Section 17⁴². A commercial bank shall open its office to the public for business during the working hours and close its office on the holidays as prescribed by the Bank of Thailand, unless permission has been granted by the Bank of Thailand to open or close its office at any other hours or days. Such permission may be granted with conditions to be complied with. A notice, stating such working hours and holidays, shall be posted up by a commercial bank in an open place at its office.

Section 17 bis⁴³. For the purpose of rectifying the condition or operation of a commercial bank, or for the protection of the financial stability of financial institution system, the Minister with the recommendation of the Bank of Thailand shall have power to order such commercial bank to suspend its operation entirely or partially for a temporary period of time as prescribed and in such case the Minister may also prescribe rules, procedures and conditions.

Section 18. Any commercial bank which suspends payments shall immediately report such suspension to the Minister and shall not transact any business unless an authorization in writing is granted by the Minister. A detailed report showing the cause of the suspension of payments shall be submitted within seven days from the date of such suspension.

Section 19⁴⁴. A director or a person holding and other position in a commercial bank shall not serve as a director or a person holding any other position in another commercial bank at the same time except for the following:
(1) acting as a legal advisor or in other positions not involving operational responsibilities or advising on the operation of commercial banks;
(2) receiving relaxation from the Minister with the advice of the Bank of Thailand: such relaxation shall not exceed three years and any other condition may be prescribed therein.

Section 20. In the case where any commercial bank violates the condition specified by the Minister under Section 5, Section 6 or Section 7, the Minister is empowered to withdraw the license or to order the closure of its authorized branch, as the case may be, or to place the commercial bank under control. However, the Minister may, if he deems appropriate, order the commercial bank to take remedial actions to comply with the condition within a period of time
specified by the Minister.

Section 21. In the case where any commercial bank violates the provision of Section 10, the Minister is empowered to prohibit such commercial bank from distributing or disposing of the whole or any part of its profits, and to require that the whole or any part of its profit be added to the reserve or assets to be maintained under Section 6, as the case may be; and the Minister may also prohibit such commercial bank from lending money or making investments or he may allow it to do so under certain conditions until such commercial bank has complied with those
provisions.

Section 22⁴⁵. Where the Bank of Thailand considers that a commercial bank:
(1) frequently fails to maintain a cash reserve at the prescribed ratio;
(2) frequently fails to maintain liquid assets at the prescribed ratio;
(3) accepts deposit, borrows money, or creates contingent liability, without proper and correct recording of such item in accounts, or creates statements of credits granted which are contrary to true facts;
(4) grants credits or invests funds in excess of the prescribed ratio, or grants credits in the manner which irrecoverableness could have been foreseen according to the rules prescribed by the Bank of Thailand;
(5) grants credits or invests funds in an enterprise in which such commercial bank or any of its directors has certain interest, or grants credits to a shareholder of such commercial bank in an excessive amount or with unusually special conditions or provisions;
(7) fails to write off from the account worthless or irrecoverable assets;
(8) fails to make provision for doubtful assets;
(9) violates or fails to comply with the prescriptions prescribed by the Bank of Thailand the purpose of protecting the public interest;

The Bank of Thailand shall have power to order such commercial bank to take or to omit actions or to rectify the acts under the first paragraph, in making such order any conditions or time limitations may by prescribed.

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38 As amended by Section 14 of the Commercial Banking Act (No.2), B.E. 2522

39 As amended by Section 13 of the Commercial Banking Act (No.2), B.E. 2522

40 As amended by Section 11 of the Commercial Banking Act (No.3), B.E. 2535

41 As amended by Section 9 of the Emergency Decree Amending the Commercial Banking Act, B.E. 2528

42 As amended by Section 16 of the Commercial Banking Act (No.2), B.E. 2522

43 As amended by Section 10 of the Emergency Decree Amending the Commercial Banking Act ,B.E. 2528

44 As amended by Section 4 of the Emergency Decree Amending the Commercial Banking Act (No.2) ,B.E. 2540

45 As amended by Section 11 of the Emergency Decree Amending the Commercial Banking Act, B.E. 2528