Section 38 quinquies⁵⁵. When there has been published the approval of the Minister under Section 38 quarter, the commercial banks and the financial institution that are to merge or transfer or accept the transfer of business shall hold a meeting of shareholders to consider the merger or transfer or acceptance of transfer of business.

In this respect, the provisions of the law relating to the meeting of shareholders to Merge or transfer or accept the transfer of business of commercial bank or financial Institution shall not apply, and the said commercial banks and financial institution Shall suspend the registration of share transfer after the lapse of seven days from the Date of publication of the approval of the Minister under Section 38 quarter until the Date of meeting of shareholders, and shall call a meeting of shareholders by sending a Notice to the shareholders at least seven days but not more than fourteen days in advance. The notice calling such a meeting of shareholders shall also be advertised in the computer network and in at least one daily newspaper for a period not less than three days prior to the date of meeting. At the meeting, in case no less than three-fourths of the votes are in favour of the merger or transfer or transfer or acceptance of the business, it shall be regarded that the merger or transfer or acceptance of transfer of the business is legitimate.

In the case where the government agencies or state enterprises hold shares in any commercial bank or financial institution no less than ninety percent, when there has been published the approval of the Minister under Section 38 quarter, it shall be regarded that the approval of the Minister is a resolution of the meeting of Shareholders, and the merger or transfer or acceptance of transfer of the business is legitimate, whereby the proceedings under paragraph
one needs not be carried out.

No person shall take legal action against the commercial bank and financial institution under Section 38 quarter in a bankruptcy case during the implementation of the merger or transfer upon the approval of the Minister under Section 38 quarter.

The commercial bank and financial institution under Section 38 quarter. shall be exempted from the fees and taxes and duties arisen from the merger or transfer of the business, either wholly or partly, however, as prescribed and published by the Council of Ministers in the Government Gazette, in which case it may either be a general or specific prescription.

The board of directors of the merged financial institution shall have the right to apply for registration of the merger within fourteen days from the date of publication of the approval of the Minister under Section 38 quarter.⁵⁶

Section 38 sex⁵⁷. In merging the business of commercial banks or in merging the business with financial institution or in transferring business of a commercial bank to another commercial bank or financial institution, if there is a Transfer of assets that have other securities which are not mortgaging right, pledging right, or right arisen from guaranty, such securities shall be vested to the commercial bank or financial institution so merged or accepted the transfer of the said business, as the case may be.

Section 38 septies⁵⁸. In merging business of commercial banks or in merging business with financial institution or in transferring business of a commercial bank to another commercial bank or financial institution, it there is a filing case to enforce the right to claim in the court, the commercial bank or the financial institution so merged or accepted the transfer of such business, as the case may be, shall take over as the party in the said case, and may produce new evidences to protest against the documents already submitted, cross-examine the witnesses already testified,
and protest against the evidences already taken, and in case the court has passed a judgement on the enforcement of the said right of claim, such commercial bank or financial institution may take over as the creditor according to the judgement.

Section 39⁵⁹. Whoever fails to comply with the provisions of Section 7 bis, Section 9 or Section 19 shall be liable to the imprisonment for a term not exceeding one year or a fine not exceeding Baht 100,000 or both.

Section 40⁶⁰. Whoever violates the provisions of Section 8 shall be liable to the imprisonment for a term not exceeding five years or a fine not exceeding Baht 500,000 or both.

Section 41⁶¹. Any commercial bank which fails to examine its register of shareholders or to notify its shareholders in violation of the provisions of Section 5 septem. or makes a false statement or conceals facts which must be revealed in the confidential statements or explanatory notes submitted in accordance with Section 23 shall be liable to a fine not exceeding Baht 100,000.

Section 42⁶². Any commercial bank which violates or fails to comply with the provisions of Section 7 or Section 12 (1) or violates or fails to comply with the conditions prescribed by the Minister under the fourth paragraph of Section 5, or Section 6 shall be liable to a fine not exceeding Baht 300,000.

Section 43⁶³. Any commercial bank which violates or fails to comply with the provisions of Section 11 sex or Section 18 shall be liable to a fine not exceeding Baht 200,000.

Section 44⁶⁴ . Any commercial bank which violates of fails to comply with the provisions of the first paragraph of Section 5 ter, Section 5 quinque, Section 5 sexies, Section 7 bis, Section 9 bis, Section 10, Section 11, Section 11 ter, Section 12 (2) (3) (4) (5) (6) (7) (8) or (9) , Section 12 ter, Section 12 quarter, Section 13, Section 13 quarter, Section 14, the first paragraph of Section 15, Section 15 bis, Section 16, or Section 17, or violates or fails to omply with prescriptions or conditions or orders given by the Minister under Section 5 bis, Section 7, Section 12 (6), Section 13 ter, Section 17 bis, Section 21, Section 23, or Section 25, or violates or fails to comply with prescriptions or conditions or orders given by the Bank of Thailand under

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55 Ibis.

56 Ibis.

57 Ibis.

58 Ibis.

59 As amended by Section 20 of the Commercial Banking Act (No.2), B.E. 2522

60 Ibis.

61 Ibis.

62 Ibis.

63 Ibis.

64 As amended by Section 12 of the Commercial Banking Act (No.3), B.E. 2535