CHAPTER 13
TRANSITIONAL PROVISIONS

SECTION 318. In the first term for a period of four years from the date of the publication of this Act in the Government Gazette, Section 21(4) shall not apply to the tenure and vacancy of the office of the Secretary-General.

SECTION 319. The Ministry of Finance shall arrange for a transfer of the following funds to the SEC Office within thirty days from the date of the publication of this Act in the Government Gazette, to be the initial capital of the SEC Office in accordance with Section 25:
(1) the remaining amount from the Fund for Solving Securities Business Problems in the amount of five hundred and five million six hundred forty-two thousand six hundred forty-four baht and sixty satang, with interest;
(2) the remaining amount from the Capital Market Development Fund in the amount of two hundred million baht.

SECTION 320. The Bank of Thailand shall transfer money in the amount of five hundred million baht to the SEC Office within thirty days from the date of the publication of this Act in the Government Gazette, to be the initial capital of the SEC Office in accordance with Section 25.

SECTION 321. A securities company or securities and finance company, which has been granted a license to undertake any type of securities business under the law relating to the undertaking of finance business, securities business and credit foncier business on the date of this Act coming into force, shall be deemed as a company which has been granted a license to undertake securities business of such type under this Act.

The provisions of Section 94 shall not apply to the securities and finance company under the first paragraph.

SECTION 322. A securities company or securities and finance company as referred to in Section 321 which has paid-up registered capital of less than one hundred million baht shall proceed to:
(1) raise its paid-up registered capital to not less than fifty million baht within one year from the date of this Act coming into force;
(2) raise its paid-up registered capital to not less than one hundred million baht within two years from the date of this Act coming into force.

SECTION 323. A person acting on behalf of a company established to undertake securities business in accordance with foreign laws, and having a representative office in the Kingdom which has been given an approval under the law relating to the undertaking of finance business, securities business and credit foncier business on the date of this Act
coming into force, shall be deemed as a person acting on behalf of the securities company established in accordance with foreign laws which has been given an approval under Section 93 of this Act.

SECTION 324. A securities company which has been granted a license to undertake the business of investment management under the law relating to the undertaking of finance business, securities business and credit foncier business, shall continue to manage the approved investment project in accordance with such law until the expiration of the project.

In this regard, such securities company shall comply with the rules and procedures as approved in accordance with such law. For this purpose, any matters specified to be the powers and duties of the Bank of Thailand, shall be the powers and duties of the SEC Office.

Prior to the expiration of the investment project, if the securities company referred to in the first paragraph wishes to convert the investment project into a mutual fund in accordance with this Act, such securities company shall comply with the rules, conditions and procedures as specified by the SEC. After such compliance, the provisions relating to mutual fund management under this Act shall apply mutatis mutandis.

SECTION 325. In cases where a securities company referred to in Section 321 which has been granted a license to undertake the business of mutual fund management has purchased or held shares for its own account and not for the account of the mutual fund project prior to date of this Act coming into force and which falls within the prohibition of Section 98(7) of this Act, the securities company shall have the right to continue to hold or possess such shares.

However, if there is a disposition of such shares in any amount, the securities company shall have the right to continue to hold or possess the remaining amount of such shares only.

SECTION 326. A certified auditor of a securities company or a finance and securities company who has been given an approval under the law relating to the undertaking of finance business, securities business and credit foncier business prior to date of this Act coming into force shall be deemed as an auditor of such securities company who has been given an approval under this Act.

SECTION 327. In cases where a company referred to in Section 321 which has had a director, manager, or person with power of management, or advisor who has been given an approval under the law relating to the undertaking of finance business, securities business and credit foncier business on the date of this Act coming into force, such person shall be deemed as a person who has been given an approval under this Act.

SECTION 328. All ministerial regulations, notifications of the Ministry of Finance or notifications of the Bank of Thailand concerning the undertaking of securities business which have been issued in accordance with the provisions of the law relating to the undertaking of finance business, securities business and credit foncier business which have been in force prior to date of this Act coming into force, shall remain in force until ministerial regulations,
notifications, rules, regulations, or orders issued under this Act come into force.

Any matter which the ministerial regulations and notifications referred to in the first paragraph specify to be the powers and duties of the Minister of Finance or the Bank of Thailand, shall continue to be the powers and duties of the Minister of Finance or the Bank of Thailand, as the case may be, until the SEC and the Secretary General have been appointed, such powers and duties shall become the powers and duties of the Minister, the SEC or the
SEC Office, as the case may be.

SECTION 329. The Securities Exchange of Thailand which has been established under the Securities Exchange of Thailand Act, B.E. 2517 shall be the Securities Exchange under this Act. The board of directors of the Securities Exchange of Thailand and the manager of the Securities Exchange of Thailand who remain in office on the date of this Act coming into force shall continue to perform their duties until there has been the appointment and election
of the board of directors of the Securities Exchange and the manager of the Securities Exchange in accordance with this Act which shall not exceed one hundred and twenty days from the date of this Act coming into force.

SECTION 330. The officers and employees of the Securities Exchange, established under the Securities Exchange of Thailand Act B.E. 2517, shall be transferred to the Securities Exchange under this Act.

SECTION 331. All businesses, capital, assets, rights, indebtedness, liabilities and budget of the Securities Exchange including all the money in the Compensation Fund established under the Securities Exchange of Thailand Act, B.E. 2517 shall be transferred to the Securities Exchange under this Act.

SECTION 332. The Securities Exchange shall pay to the SEC Office an amount of fifty million baht annually for a period of five years. The payment in the first year shall be made within thirty days from the date of the publication of this Act in the Government Gazette, and the payment in the following years shall be made within thirty days from the last day of the calendar year of this Act coming into force and of each following year until the end of the five year period.

The money paid under the first paragraph shall be deemed as money payable by the Securities Exchange in accordance with Section 182 as long as there has been a payment under the first paragraph.

SECTION 333. Members of the Securities Exchange, established under the Securities Exchange of Thailand Act, B.E. 2517, shall be members of the Securities Exchange under this Act.

SECTION 334. Securities, which have been traded in the Securities Exchange established under the Securities Exchange of Thailand Act, B.E. 2517, shall be listed securities under this Act. In cases where a company whose securities are listed in the Securities Exchange is a limited company under the Civil and Commercial Code on the date of this Act coming into force, such company shall convert into a public limited company under the law relating to the public limited companies within two years from the date of this Act coming into force.

In cases of necessity, the SEC may extend such period, but may not extend such period beyond five years from the date of this Act coming into force.

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