In the case where such securities company cannot terminate such business prohibited under Section 43(6) within the period of time prescribed in the first paragraph by reason of obligations under a juristic act, such securities company shall apply for permission from the Minister, and the Minister shall then grant an extension of the said period of time as he deems appropriate. Such extension may be granter with any condition.

Section 88. Finance companies, securities companies or credit foncier companies under Section 80 shall complete its compliance with the provisions of Section 12, Section 40 or Section 51, as the case may be, within a period of one hundred and eighty days from the date of this Act coming into force.

A finance company under Section 80 which has already been licensed to engage in the securities business on the date of this Act coming into force shall use a name which includes the words “finance-securities company” at the beginning and the word “limited” at the end; the actions to be taken so as to comply with this paragraph shall be completed within the period of time prescribed under the first paragraph.

Section 89. Any person already already using a name or description of a “finance company”, or any other word or words having the same meaning, on the date of this Act coming into force when such person is prohibited to do so under Section 13, Section 41 or Section 52, shall stop suing such name or such other words within one hundred and eighty days from the date of this Act coming into force.

Section 90. Any finance company under Section 80 which has accepted shares of any other finance company as security or which holds shared in any limited company in as amount exceeding ten per cent of the total amount of such company’s shares sold, or which holds shares in any other finance company, on the date of this Act coming’s shares sold, or which holds shares in any other finance company, on the date of this Act coming into force,
shall comply with the provisions of Section 20(3), (4) or (5), as the case may be, within one year from the date of this Act coming into force or within a longer period of time as permitted by the Minister.

Section 91. Any credit foncier company under Section 80 having immovable property for the purpose of engaging in the business of hire-purchases on the date of this Act coming into force, shall notify the Bank of Thailand within ninety days from the date of this Act coming into force and shall take actions or dispose of such immovable property in accordance with the conditions and within the period of time prescribed by the Bank of Thailand.

Section 92. It shall be deemed that an agreement made by a credit foncier company to let an immovable property on hire-purchase terms prior to the date of this Act coming into force contains a reservation of the absolute right of the gird-purchaser to pay all the hirepurchase price prior to the time specified in the said agreement, and the credit foncier company shall also comply with the provisions of the second paragraph of Section 55.

Section 93. Any company under Section 80 having a director, manager, officer or person with power of management or adviser with qualifications or attributes as prohibited under the provisions of Section 22 on the date of this Act coming into force shall comply with the provisions of Section 22 within ninety days from the date of this Act coming into force.

Section 94. The Notifications of the Ministry of Finance issued by virtue of the provisions of the National Executive Council Announcement No. 58, dated 26th January, 1972, and the Notifications and conditions of the Ministry of Finance and the Notifications and conditions of the Bank of Thailand issued by virtue of the Notifications of the Ministry of Finance in effect on the date of this Act coming into force shall remain in effect in so far as the do not conflict for are not inconsistent with the provisions of this Act until such time as the Ministerial Regulations, Notification or conditions under this Act come into force.

Section 95. Any finance company or credit foncier company under Section 80 which fails to rectify its contravention concerning its number of shares or directors within the period of time prescribed under Section 81 or fails to rectify its contravention concerning its shares or shareholders so as to comply with Section 16 or the first paragraph of Section 17 as the case may be, within the period of time prescribed or extended by the Minister under
Section 83 shall be liable to a fine not exceeding one hundred thousand thousand baht and to a further fine not exceeding three thousand baht per day for every consecutive day during which such contravention continues.

Section 96. Any finance company or credit foncier company under Section 80 which fails to comply with Section 84 shall be liable to a fine not exceeding one hundred thousand baht.

Section 97. The committee appointed under Section 79 shall have power to settle out of court any offence under Section 95 and Section 96 and the provisions of Section 76 shall apply mutates mutandis.

Countersigned by
S. Hotrakit
Deputy Prime Minister

RATES OF FEES

(1) Application for a license to engage in finance business, securities business or credit foncier business. 500 baht
(2) License to engage in any one type of finance business, securities business or credit foncier business. 10,000 baht

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