SECTION 70 Any trustee undertaking the following acts shall be subject to the administrative sanctions under Section 67:
(1) fails to pay partial or total fees as specified by Section 8(2);
(2) contravenes or fails to comply with Section 25, Section 26, the first paragraph of Section 30, Section 31, Section 32, Section 33, Section 34, Section 37, Section 38, Section 39, Section 40, Section 42, Section 52, Section 53, Section 57 or the first paragraph of Section 59, or contravenes or fails to comply with the rules, directives, conditions, procedures or details issued under Section 21, Section 31, the third paragraph of Section
41, the fifth paragraph of Section 53, Section 56, Section 58, the third paragraph or fourth paragraph of Section 59 or Section 60;
(3) obstructs or fails to give assistance to a beneficiary who inspects book of trust property under Section 47.

SECTION 71 In cases where a trustee commits an offence under Section 70, the director, manager or any person responsible for the operation of a trustee, shall be subject to the administrative sanctions under Section 67, unless it can be proven that he has no involvement with the commission of offence by the trustee.

SECTION 72 One or several administrative panels shall be established, provided that each panel shall comprise no more than five persons appointed by the SEC.

The qualification of panelists and the procedure of appointment of panelists under the first paragraph shall be in compliance with the rules as specified in the notification of the SEC.

SECTION 73 The SEC Office shall gather the facts relating to the commission of an offence which falls under the administrative sanctions and shall also have the power to exercise an initial consideration in order to take any of the following actions:
(1) if it is considered that the type of administrative sanctions to be imposed on such alleged person falls within the SEC Office’s authority, the SEC Office shall consider the imposition of such sanction;
(2) if it is considered that the type of administrative sanctions to be imposed on such alleged person falls within the authority of the administrative panel or the SEC, the SEC Office shall refer such matter to the administrative panel or the SEC, as the case may be, to consider the imposition of such sanction.

SECTION 74 In the ordering of an administrative sanction, the competent authority shall take into consideration the circumstantial factors constituting the action, damage resulted from such action together with level of the sanction to be imposed on the subjected person in accordance with the rules as specified in the notification of the SEC.

SECTION 75 Subject to the Administrative Procedure Act, the consideration and the issuance of the administrative sanction order shall comply with the rules as specified in the notification of the SEC.

SECTION 76 Any trustee, director, manager or person responsible for the operation of trustee shall have the right to file an appeal with the SEC against the administrative sanctions ordered by the SEC Office or the administrative panel within thirty days from the date when such order is received, the procedure of which shall be in accordance with the rules as specified in the notification of the SEC.

The consideration and adjudication of appeals under the first paragraph shall be made in accordance with the rules as specified in the notification of the SEC.

The appeal under the first paragraph shall in no way suspend the execution of the administrative sanctions ordered by the SEC Office or the administrative panel.

The contest against the administrative sanction order or adjudication of the SEC shall be filed with the Administrative Court of First Instance.

Division 2
Criminal Sanction

SECTION 77 Any person undertaking business in a manner similar to trust business without obtaining approval under Section 54 shall be liable to imprisonment for a term not exceeding ten years or a fine not exceeding one million baht or both and a further fine not exceeding ten thousand baht for every day during which the contravention continues.

SECTION 78 Any person, without obtaining approval for operating trust business, using name, describing or advertising itself as a trustee or any other word of the same meaning shall be liable to imprisonment for a term not exceeding six months or a fine not exceeding three hundred thousand baht or both and a further fine not exceeding ten thousand baht for everyday until such person discontinues such acts, unless the person has the right to use
such name, description or advertisement under other Acts.

SECTION 79 Any person who contravenes or fails to comply with the administrative sanctions under Section 67(4) or (5) shall be liable to imprisonment for a term not exceeding three years or a fine not exceeding three hundred thousand baht or both and a further fine of ten thousand baht for every day during which the contravention continues.

SECTION 80 Any person who gives false testimony to the competent officer, if the false testimony is material to the investigation or the proceeding under this Act, shall be liable to imprisonment for a term not exceeding one year or a fine not exceeding one hundred thousand baht, or both.

If a person gives false testimony to the competent office is a trustee, director, manager or any person responsible for the operation of such trustee shall be liable to imprisonment for a term not exceeding two years or a fine not exceeding two hundred thousand baht, or both unless it can be proven that such person has no involvement with the commission of such offence.

SECTION 81 Any person who obstructs or fails to comply with the order of or fails to give assistance to the competent officer who executes his duty under Section 62 shall be liable to imprisonment for a term not exceeding one year or a fine not exceeding one hundred thousand baht, or both.

Where the actions under the first paragraph amount to use of violence or a threat to use violence, such person shall be liable to imprisonment for a term not exceeding two years or a fine not exceeding two hundred thousand baht, or both.

SECTION 82 Any person who removes, damages, destroys or renders useless any seal or mark which the competent officer has stamped or affixed on any object in the execution of his duties under Section 62 as evidence for the attachment or the keeping of such object shall be liable to imprisonment for a term not exceeding three years or a fine not exceeding three hundred thousand baht, or both.

SECTION 83 Any person who damages, destroys, conceals, takes away or loses, or renders useless any property or document which the competent officer has attached, kept or ordered to be delivered as evidence under Section 62, and regardless of whether or not the competent officer would keep such property or document himself or would order such person or other persons to deliver or to keep it, shall be liable to imprisonment for a term not exceeding three years or a fine not exceeding three hundred thousand baht, or both.

SECTION 84 An auditor under Section 59 who makes a false report shall be liable to imprisonment for a term not exceeding one year or a fine not exceeding three hundred thousand baht, or both.

SECTION 85 Any director, manager, staff, employee, agent or person appointed to manage a trust dishonestly fails to perform his duties and causes damage to trust property shall be liable to imprisonment for a term not exceeding ten years or a fine not exceeding two million baht, or both.

SECTION 86 Any director, manager, officer, employee, agent or person appointed to manage a trust dishonestly misappropriates trust property for himself or a third party shall be liable to imprisonment for a term not exceeding ten years or a fine not exceeding two million baht, or both.

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