SECTION 9. The initial capital of the Bank shall be two thousand five hundred million bahts, consisting of:
(1) Profit plus interests earned under the Regulation of Ministry of Finance Governing Administration of Profits Received from Commercial Banks due to Improvement of the Currency Exchange System to Promote the Business Earning Foreign Currencies, 1986; and
(2) The money contributed by the Bank of Thailand to pay up such initial capital.
The Ministry of Finance shall undertake to transfer the money under (1) and the Bank of Thailand shall transfer the money under (2) in the amount not less than one billion bahts to the Bank within sixty days from the date this Act coming into force and the balance shall be gradually paid by the Bank of Thailand until the initial capital amount under paragraph one shall be attained within two years from the date this Act coming into force.
SECTION 10. The capital increase of the Bank shall be made from the fund contributed by the Bank of Thailand or from the national budget appropriation or from other sources subject to the approval of the Minister.
SECTION 11. The working capital for undertaking the business shall consist of:
(1) Capital fund;
(2) Borrowings from the Bank of Thailand;
(3) Proceeds from issuing financial instruments of the Bank;
(4) Security money against providing loans and services;
(5) Offshore and domestic borrowings;
(6) Proceeds from selling, discounting or rediscounting financial instruments;
(7) Revenues of the Bank;
(8) Money given by others; and
(9) Money from other sources as approved by the Minister.
SECTION 12. The Bank shall be exempted from paying fees for the registration of rights and juristic acts in the course of the Bank’s business.
Board of Directors and Management
There shall be a board of directors called the “Board of Directors of the Export-Import Bank of Thailand” comprising the Director-General of the Fiscal Policy Office, the Director-General of the Department of Foreign Trade, the Director-General of the Office of Industrial Economics, the Secretary-General of the Office of Agricultural Economics, the Director-General of the Department of Economic Affairs, one Deputy Governor of the Bank of Thailand as assigned by the Governor of the Bank of Thailand and the President as directors and not more than five other directors as appointed by the Minister subject to the approval of the Cabinet whereby at least three of them shall be qualified persons from the private sector.
The Minister shall appoint one director under paragraph one as the chairperson of the Board subject to the approval of the Cabinet. The removal of the chairperson from office shall be ordered by the Minister subject to the approval of the Cabinet.
The Board may appoint any person as its secretary.
SECTION 14. The directors appointed by the Minister shall have the tenure for a period of three years.
In case of the minister-appointed directors retiring from office prior to the expiration of tenure or in the event of additional directors being appointed during the unexpired tenure of the directors already appointed, the replacement appointees or the additional directors shall hold office for the remaining tenure of the directors already appointed.
Upon the expiration of the said tenure in paragraph one, if the new directors have not yet been appointed, the directors retiring at the end of such tenure shall remain in office until the newly appointed directors shall have assumed the office.
A director retiring at the end of the tenure is eligible for reappointment but the directorship shall not exceed two consecutive tenures.
SECTION 15. Apart from retiring from office upon the expiration of the tenure under Section 14, the minister-appointed director shall retire from office upon:
(3) Being removed by the Minister subject to the approval of the Cabinet;
(4) Becoming a bankrupt;
(5) Becoming an incompetent or quasi-incompetent person; or
(6) Being sentenced to prison term by the final judgment to imprisonment except for the offences committed through negligence or misdemeanors.
SECTION 16. A meeting of the Board shall be attended by directors in the number not less than one-half of the total in order to constitute a quorum. If the chairperson of the Board is not present at the meeting, the directors attending the meeting shall elect one director to preside over the meeting.
The decision of the meeting shall be made by a majority of votes, except for the appointment or removal of the President under Section 17 (1) whereas the voting shall not be less than three-fourths of the votes of all directors. One director shall have one vote. In case of an equality of votes, the chairperson of the meeting is entitled to a casting vote.
SECTION 17. The Board has the authority to lay down the policy and supervise the business of the Bank in general within the scope of the objective under Section 7. Such authority shall include:
(1) Appointing and removing the President subject to the approval of the Minister;
(2) Prescribing regulations regarding the administration of personnel, remuneration and expenses;
(3) Prescribing regulations regarding procurement, employment, finance, property, and accounting, including inspection and internal audit;
(4) Prescribing regulations regarding administration and operations;
(5) Prescribing the qualifications, types of goods, services, and manner of operations of the exporter and the buyer eligible to be supported;
(6) Prescribing rules regarding the risk insurance, issuance of insurance policy, insurance premium, property appraisal and insurance claim payment; and
(7) Approving the Bank’s budget.
SECTION 18. The Board is authorized to appoint a committee of executive directors comprising the President and at least two other, but not exceeding four, directors whereas no more than half of such directors shall be appointed from ex officio directors and one executive director, other than the President, shall be made the chairperson of the committee of executive directors.
The committee of executive directors shall have the authority as assigned by the Board.
SECTION 19. The chairperson of the Board, the directors, the chairperson of the committee of executive directors and the executive directors shall be remunerated as prescribed by the Minister.
SECTION 20. The President has the authority to carry out the business of the Bank in accordance with the objective and authority of the Bank and under the policies and regulations prescribed by the Board.
The President shall be the legal representative of the Bank in respect of business dealings with other parties and, in this regard, the President may authorize any agent or person to carry out specific business on behalf of the President but such authorization shall be in accordance with the regulations prescribed by the Board.