Section 31. When a commercial bank has been placed under control, any person in possession of the property or documents of that commercial bank shall notify the Control Committee thereof without delay.

Section 32. If the Control Committee is of the opinion that a commercial bank under control is able to continue its business operation, the Minister shall be notified accordingly. The Minister may then, if he deems necessary, order that the commercial bank be decontrolled. Such order shall be published in the Government Gazette and in at least one daily newspaper.

Section 33. If the Control Committee is of the opinion that a commercial bank under control is unable to continue its business operation, the Minister shall be notified accordingly. The Minister may then, if he deems necessary, order that the commercial bank be decontrolled. Such order shall be published in the Government Gazette and in at least one daily newspaper.

Section 34. When the Minister has ordered the withdrawal of license or the dissolution of a commercial bank, it shall be placed in liquidation, and the Minister shall appoint a liquidator thereof.

Liquidation shall be carried out under the provisions of the Civil and Commercial Code relating to the liquidation of a limited liability company, except that the power and duty of the general meeting is specifically the power of the Minister.

Section 35⁵⁰. For the purposes of Section 24 or Section 26 the commercial bank inspectors or competent officers, as the case may be, shall have power to;
(1) order any director, officer, employee, or auditor of a commercial bank or any person who is responsible for collecting or analyzing the data of the commercial bank either by using computers or other instruments, to testify or to deliver copies of or produce the actual books of accounts, documents or other evidence concerning the affairs, assets and liabilities of the commercial bank;
(2) enter into business premises of a commercial bank or into places which are used for collecting or analyzing the data of the commercial bank either by using computers or other instruments, in the working hours of such places in order to examine the affairs, assets and liabilities of the commercial bank, including documents, evidences, or information relating to the commercial bank;
(3) enter into business premises of the commercial bank’s debtor for inspection of condition or operation, including order the debtor or any persons concerned to testify or to deliver copies of or produce the books of accounts, documents or evidences concerned where there are reasonable grounds for suspecting that the commercial bank has done the acts under Section 22 (3), (4) or (5).

For operating under (3), the commercial bank inspectors or competent officers must have prior authorization from the Governor of the Bank of Thailand or the Minister, as the case may be.

The owner or occupant or the place, or the persons concerned shall reasonably facilitate the commercial bank inspectors or competent officers in the performance of their duties under the first paragraph.

Section 35 bis⁵¹. For the purpose of inspection, the commercial bank inspectors shall have power to enter any premises wherein an offence under Section 7 bis or Section 8 is reasonably suspected to have been committed and shall have power to seize or attach documents or things connected with the commission of such offence for inspection or prosecution purposes.

The owner or occupant or the place, or the persons concerned shall reasonably facilitate the commercial bank inspectors in the performance of their duties under the first paragraph.

Section 36. For the purpose of Section 28, the Control Committee or an authorized control officer is empowered to require any person to testify or to produce or to deliver books of accounts, documents, seals and other evidences relating to the affairs and assets of the commercial bank under control.

Section 37. Members of the Control Committee, control officers and liquidators may receive remunerations as determined by the Minister.

Section 38. The expenses and remunerations incurred in the control or liquidation of a commercial bank shall be disbursed from the assets of that commercial bank.

Section 38 bis⁵². In case commercial banks are merged with each other or merged with a financial institution, it shall not be regarded as a transfer of commercial banking license to the new commercial bank or other financial institution.
Section 38 ter⁵³. A transfer of business of a commercial bank, either wholly or significant part thereof, to other commercial bank or financial institution shall be subject to an approval of the Minister.

Upon having been granted an approval for the transfer of business form the Minister, the business may then be transferred. However, the transfer of the right of claim in this transfer of business needs not be notified to the debtors under Section 306 of the Civil and Commercial Code, but in no case shall it prejudice the right of the debtors to set up a defence against the transferee under Section 308, paragraph two, of the Civil and Commercial Code.

Section 38 quarter⁵⁴. In case any commercial bank finds it urgent to merge its business with other commercial bank or financial institution, or transfer all of its business or some significant parts of its business to other commercial bank or financial institution to strengthen the stability of the financial institution system, the board of the directors of the said commercial bank shall prepare a project showing the details of the operations and propose to the Minister. If the
Minister, with the advice of the Bank of Thailand, approves the said project, the Minister shall publish his approval in the Government Gazette. In the publication, the Minister may set the period and any conditions for the implementation of such project.

In implementing the project duly approved in the first paragraph, if the commercial bank or financial institution concerned finds it necessary to carry out the proceedings in connection with the following provisions, an exemption not to comply with these provisions shall be granted thereto, as the case may be:
(1) Section 237, Section 1117, Section 1185, Section 1220, Section 1222, Section 1224, Section 1225, Section 1226 and Section 1240 of the Civil and Commercial Code;
(2) Section 50, Section 52, Section 102 incorporated with Section 33, Paragraph two, Section 137, Section 139, paragraph one, Section 140, Section 141, Section 147, and Section 148 of the Public Limited Company Act B.E.2535 (1992);
(3) Section 94 (2), Section 114, and Section 115 of the Bankruptcy Act B.E. 2483 (1940), however, specifically those relating to the transfer of property or any acts concerning the property owing to the merger or transfer of a business. In the case where there occurs damage to any person as a result of the proceedings under the second paragraph, the commercial bank and the financial institution so merged or accepted the transfer of business shall
jointly be liable thereto.

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50 As amended by Section 14 of the Emergency Decree Amending the Commercial Banking Act, B.E. 2528

51 As amended by Section 19 of the Commercial Banking Act (No.2), B.E. 2522

52 As amended by the Royal Proclamation Amending Commercial Banking Act (No.4) ,B.E. 2541

53 As amended by the Royal Proclamation Amending Commercial Banking Act (No.4) ,B.E. 2541

54 Ibis.