Section 23. The Minister is empowered to require a commercial bank to submit periodically or occasionally confidential statements containing the particulars specified by him, together with notes explaining or amplifying the said statements. Such confidential statements and explanatory notes shall be submitted to the Bank of Thailand.

Section 24⁴⁶. The Minister is empowered to appoint inspectors of commercial banks for the purpose of examining and reporting on the affairs and assets of commercial banks or he may delegate to the Bank of Thailand the power to appoint its officers as commercial bank inspectors. However, in any eventuality, the Minister may not appoint or delegate to the Bank of Thailand the power to appoint commercial bank inspectors for the specific purpose of examining the affairs of a private individual or of his property which may be found or held at any commercial bank except in the case under Section 35 (3).

Section 24 bis⁴⁷. The increase or reduction of capital under the second or third paragraph or the offering of shares issued to increase capital shall not be subject to Section 1117, Section 1220, Section 1222, Section 1224, Section 1225, and Section 1226 of the Civil and Commercial Code. And Section 50, Section 136 paragraph two (2), Section 137,Section 139, and Section 141 of the Public Company Limited Act B.E.2535, as the case may be.

Section 24 ter⁴⁸. Where there is evidence that the condition or operation of any commercial bank is such that damage may be caused to the public interest, or where the directors, managers or persons responsible for the operation of any commercial bank fail to comply with the order of the Bank of Thailand under Section 24 bis, the Bank of Thailand shall have power to order such commercial bank to remove the directors or persons who were responsible to the operations of the commercial bank and for having caused such damage.

Where the Bank of Thailand orders the removal of any persons under the first paragraph, the commercial bank shall, with the approval of the Bank of Thailand , appoint persons to replace the persons so removed within 30 days from the removal date.

Where any commercial bank fails to remove the persons under the first paragraph or fails to appoint other persons in place of persons so removed as specified in the second paragraph, the Bank of Thailand, with the approval of the Minister, shall have the power to remove such persons or appoint one or more persons to replace the persons so removed.

Where there is an urgent need to rectify the financial condition or the operation of any commercial bank such that any delay may cause damage to the public interest, the Bank of Thailand, with the approval of the Minister, shall have the power to immediately remove directors, managers or persons responsible for the operation of the commercial bank and appoint one or more persons to replace the persons so removed as appropriate.

The person or persons appointed by the Bank of Thailand under the third or fourth paragraphs shall hold office for a period of no longer than three years. The provisions of Section 12 quarter (8) shall not be applied. The appointed persons shall be entitled to remuneration to be pain from the commercial bank as prescribed by the Minister. During the period that the appointed persons hold office, shareholders of the commercial bank shall not pass a resolution to
revoke or change the order of the Bank of Thailand.

The persons removed by the order of the Bank of Thailand shall no longer be involved in, or manage, directly or indirectly, any affair of the commercial bank, and shall facilitate and provide information to the persons appointed in their places or as requested by the bank examiners.

The order of the Bank of Thailand for dismissal or appointment issued by virtue of this Section shall be deemed to be a resolution of shareholders’ meeting.

Section 25⁴⁹. If, after having received an examination report from an inspector of commercial banks, the Minister is of the opinion that the condition or operation of a commercial bank is such that serious damage may be caused to the public interest, the Minister shall have power to order such commercial bank to be placed under control or order the withdrawal of its license. However, in the case where the commercial bank has taken measures to rectify its
administration, including the transfer or dismissal of its directors or officers responsible in accordance with the recommendation of the Minister within the period of time specified by the Minister, the Minister may postpone ordering control of the commercial bank or withdrawal of its license, and in such case the Minister may prescribe any condition to be complied with by the commercial bank for the purpose of rectifying the condition or operation of the commercial bank.

Section 26. In the case where a commercial bank suspends payments, the Minister shall appoint a person whom he deems suitable to be a competent officer to make an investigation thereof; and upon receipt of the investigation report therefrom, the Minister is empowered to order such commercial bank to be place under control.

Section 27. In ordering any commercial bank to be placed under control, the Minister shall notify the commercial bank in writing. The notice of the order shall be posted up in a public place at that commercial bank and shall be published in the Government Gazette and in at least one daily newspaper.

Section 28. In taking over the control of a commercial bank, the Minister shall appoint a Control Committee, consisting of a Chairman and not less than two other Committee members. The Committee shall have the power and duty of carrying on the management of the affairs of the commercial bank in every respect and the Chairman of the Committee shall represent such commercial bank.

In the case where the Chairman is unable to perform his duty, the Minister shall appoint any Committee member to act in his place.

The Committee is empowered to appoint one or several officers to control the commercial bank and to determine the power and duty of such officers.

The appointment of such Committee and the member to act in place of the Chairman shall be published in the Government Gazette.

Section 29. When a notification of the order of control has been issued by the Minister to a commercial bank, the directors and officers of that commercial bank are prohibited from continuing to carry on its affairs unless an authorization is granted by the Control Committee.

Section 30. When a notification of the order of control has been issued by the Minister to a commercial bank, the directors, officers and employees of such commercial bank shall take appropriate actions to safeguard its property and interests, and report immediately its affairs including deliver without delay its assets together with books of accounts, documents, seals and other articles relating to its affairs and assets to the Control Committee.

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46 As amended by Section 12 of the Emergency Decree Amending the Commercial Banking Act, B.E. 2528

47 As amended by Section 13 of the Emergency Decree Amending the Commercial Banking Act, B.E. 2528

48 As amended by Section 4 of the Emergency Decree Amending the Commercial Banking Act (No.3), B.E. 2540

49 As amended by Section 17 of the Commercial Banking Act (No.2), B.E. 2522