CHAPTER 3
Supervision, Operation and Control

SECTION 21. The Minister shall have the authority to supervise the business of the Bank in general and, in this regard, may order the Bank to explain facts, express opinions, prepare reports or may stop the acts of the Bank being in conflict with government policies or cabinet resolutions as well as having the authority to order the Bank to comply with government policies or cabinet resolutions and may order an inquiry of facts regarding the Bank’s operations.

SECTION 22. The Bank shall maintain the capital fund proportional to the assets, debts or obligations under the rules, procedures and conditions as prescribed by ministerial regulations.

SECTION 23. In the event that the Bank suffers damages from its business operation in compliance with government policies or cabinet resolutions, the Ministry of Finance shall appropriate fund from the annual budget to compensate the Bank for such damages.

SECTION 24. In the event that the Bank suffers damages from its insurance business operation under its authority in Section 8 (6) and (7) which may affect business operations of the Bank and/or result in the Bank's inability to maintain the capital fund in accordance with the ministerial regulations issued under Section 22, the Ministry of Finance shall appropriate the annual budget or other fund to compensate for such burden or to increase the capital.

SECTION 25. In the event of the Bank requesting the Government to guarantee the loans taken by the Bank from offshore or domestic sources, the Government shall have the authority to guarantee such loans, which shall not exceed twelve times the Bank's capital fund upon conversion into Thai currency when combined with the outstanding loans under the guarantees of the Government whether or not the guarantees are made under the authority provided by any law.

For the conversion of foreign currencies to Thai currency to determine the total loans under paragraph one, the exchange rate, pursuant to the daily average rate as prescribed by the Exchange Equalization Fund, on the contract date shall be used.

SECTION 26. The Office of the Auditor-General of Thailand shall be the auditor of the Bank and submit the audit reports to the Minister.

The Bank shall submit its annual report, balance sheet, profit and loss account, duly certified by the auditor under paragraph one, to the Minister for forwarding to the Cabinet and the Parliament for acknowledgment within one hundred eighty days from the end of each accounting year.

CHAPTER 4
Appropriation of Profits

SECTION 27. For the appropriation of annual net profits, the Bank shall appropriate no less than half of the net profits as the reserve for its business. The balance shall be appropriated to the capital fund and/or submitted as the national revenue.

Countersigned by :
CHUAN LEEKPAI
Prime Minister

Note: The rationale for promulgating this Act is: due to the considerable importance of international trade to national economic growth at present as well as increased international trade competition, it is expedient to establish the Export-Import Bank of Thailand as the agency to provide financial services and other services to support the same and thus making contribution to the national economic growth. Hence, it is necessary to promulgate this Act.

Published in the government Gazette, Volume 110, Part 127, Special Issue, September 6, 1993, pp.10-18)

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