Section 109 The Control Committee shall report to the Bank of Thailand whether the financial institution placed under control should continue its business operation, together with the financial information and supporting reason, within one hundred and twenty days from the date of the appointment of the Control Committee unless relaxation is granted by the Bank of Thailand.

If the Control Committee deems appropriate that the financial institution is able to continue its business operation, the Control Committee shall submit a rehabilitation
project of such financial institution to the Bank of Thailand. The rehabilitation project shall at least consist of the following lists:
(1) process to restore capital fund to an adequate level;
(2) level of capital fund expected to be maintained in each quarter during the project period;
(3) a business plan;
(4) timeline for completing the project which shall not exceed one year from the date on which the Control Committee report to the Bank of Thailand under the first paragraph;
(5) a plan of merger or transfer of the business (if any).
Upon receiving the report from the Control Committee under the first paragraph, the Bank of Thailand shall report to the Minister without delay.

Section 110 In the case where the Control Committee report to the Bank of Thailand that it is appropriate for the financial institution placed under control to continue its business operation, the Bank of Thailand shall issue an order of approval or disapproval of such report within fifteen days from the date of receipt of the report from the Control Committee.

If the Bank of Thailand approves the report of the Control Committee under the first paragraph, the rehabilitation project of the financial institution proposed by the Control Committee shall be implemented. In this regard, a control order may be revoked. Such revocation order shall be published in the Government Gazette and in any media in accordance with the rule as prescribed in the notification of the Bank of Thailand.

In the case where the Bank of Thailand issues the order to disapprove the report proposed by the Control Committee or the rehabilitation project of the financial institution cannot be proceeded for any reason, the Bank of Thailand shall order the closure of such financial institution.

The Bank of Thailand, upon issuing the order of closure under the third paragraph, shall propose to the Minister to withdraw the license of such financial institution.

Section 111 In the case where the Control Committee reports that a financial institution under control is unable to continue its business operation, the Bank of Thailand shall order the closure of such financial institution and shall publish the order in the Government Gazette and in any media in accordance with the rule as prescribed in the notification of the Bank of Thailand.

The Bank of Thailand, upon issuing the order of closure under the first paragraph, shall propose to the Minister to withdraw the license of such financial institution.

Section 112 When the closure order of any financial institution is made by the Bank of Thailand under the third paragraph of Section 110 or the first paragraph of Section 111 and the license of such financial institution has been withdrawn by the Minister, the financial institution shall be liquidated.

Section 113 In the case where a financial institution is placed under control or its license is withdrawn, person purchasing debentures or other debt instruments or acquiring the claims in debts of such financial institution after such incident shall be prohibited from offsetting the debentures, debt instruments or acquired claims against the debts which such person owes to the financial institution.

Section 114 For the purpose of the control of a financial institution under this Chapter, the Control Committee or the authorized control officer shall have power to order any person to testify, produce or deliver information, account, document, seals or other evidences relating to the businesses and assets of the financial institution under control within the period prescribed by the Control Committee or the control officer.

Section 115 The members of the Control Committee and control officers shall be remunerated as prescribed by the Bank of Thailand.

Section 116 Expenses and remuneration in connection with the control of any financial institution shall be disbursed from assets of such financial institution.

Section 117 The provisions under Chapter 3: Supervision of Financial

Institutions with the exception of Division 8: Accounting, Reporting and Auditors shall not apply to the financial institution during the control in accordance with this Chapter.

Section 118 When the Bank of Thailand has issued an order to a financial institution to undertake any action or has received any report related to the financial institution under this Chapter, the Bank of Thailand shall report to the Minister without delay.

Chapter 7
Supervision of Specialized Financial Institutions

Section 119 Specialized financial institutions are:

(1) a state financial institution established under specific law;
(2) a juristic person established under specific law as prescribed in the notification of the Minister.

Section 120 For the purpose of the effective supervision of the financial institutions system, the Minister in charge under the law on establishment of specialized financial institution may delegate the Bank of Thailand to perform the following duties,

in whole or in parts, in accordance with the powers and duties of the Minister in charge as prescribed in such specific law;
(1) to generally supervise the business of such specialized financial institution; (2) to have power to order the specialized financial institution to clarify the facts and give opinions, including to appoint persons to examine and report on the business or assets of such specialized financial institution;
(3) to have power to appoint or remove any person as prescribed by law, including to set the remuneration or any other benefits to such person;
(4) to prescribe policy guidelines to be implemented or complied with by the specialized financial institution;
(5) to have power to order the specialized financial institution to perform or refrain from action contrary to the Government policy or the Cabinet resolution.

For the supervision of the specialized financial institution under the first paragraph, the Bank of Thailand, with the approval of the Minister, may prescribe in the notification the additional rules for the specialized financial institution to comply with or the provisions under this Act to be applied to such specialized financial institution.

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