The fund committee shall register amendments to the fund’s articles within fifteen days after the date when the resolution of such amendments is passed and the amendments shall not come into force until the registrar has effected the registration thereof.

Section 10.⁹ At each payment of wages, the employee shall pay his savings into the fund through the employer’s deduction from the wages, and the employer shall pay the contribution into the fund at the rate prescribed in the fund’s articles, provided that the articles shall prescribe that the deduction of wages as savings paid into the fund shall not be less than two per cent but no more than fifteen per cent of the wages, and the employer shall pay the contribution into the fund corresponding to the number of employees at the rate of the employee’s savings or higher.

The employees and the employer may agree to pay the savings and contribution into the fund at the rate higher than that specified in the first paragraph upon approval of the Minister.

The employer shall remit the amounts mentioned in the first paragraph into the fund within three business days from the date of payment of wages. If the employer remits the savings or the contribution into the fund later than three business days, the employer shall pay a surcharge into the fund during the period of delay at the rate of five percent per month of the amount of savings or contribution whose remittance is delayed.

Section 11. The fund shall have a fund committee which consists of representatives elected by the employees and those appointed by the employer. The fund committee shall have the duty to supervise the overall operation of the fund and shall have the power to appoint a fund manager and shall be the representative of the fund in the businesses involving third parties. For such purposes, the fund committee may delegate its power in writing for one or more committee members to act on its behalf.

The fund committee shall register the appointment of the fund manager or the change of the fund committee members within fourteen days after the date of such appointment or such change.

Chapter 2
Management of the Fund

Section 12.¹⁰ The Minister shall have the powers and duties to supervise and control generally for the implementation of the provisions of this Act.

In order to implement the first paragraph, the Minister may entrust any governmental agency under his supervision to carry out duties on his behalf and may authorize the entrusted agency to appoint its officials to be the competent officers for executing the duties under this Act.

Section 12 bis.¹¹ The registrar shall have the powers and duties to supervise the management of the fund and shall have the power to order the fund manager to give statement and provide reports on the management of the fund.

If the registrar considers that any fund manager manages the fund in a manner that may cause damage to the fund, the registrar shall have the power to order the fund manager to rectify or suspend such act or to order a removal of the fund manager.

Section 12 ter.¹² The Registrar shall prepare a report on the supervision of the management of the funds and submit the same to the Minister at least twice a year.

For the purpose of supervision and control to implement the provisions of this Act, the
minister may order the registrar to provide additional reports on the results of its performance
or clarify facts in any matter.

Section 13.¹³ The fund shall be managed by a person who is not the employer and is licensed to operate securities business in the category of private fund management under the law governing securities and exchange.

Section 14.¹⁴ In managing the fund, the fund manager shall have the duties in accordance with, and be subject to, the provisions regarding the private fund management under the law governing securities and exchange.

Section 15. The employer shall absolutely segregate the accounts and documents regarding its financial matters or other assets from the accounts and documents regarding the fund’s financial matters or other assets.

Section 16.¹⁵ In respect of investing or seeking benefits for the fund, the fund manager shall make use of the employee’s savings and the employer’s contribution in accordance with the investment policy assigned by the employee. In cases where no investment policy has been assigned by the employee, the previous investment policy or that associated with minimal risks shall apply, as the case may be.

Section 17.¹⁶ The fund manager shall prepare an account segregating all fund assets by recording incomes and expenses according to the types of funds, as follows:
(1) in case of pooled fund, the incomes and expenses of the fund shall be recorded according to the employees’ interest segregated by each employer, provided that the following incomes and expenses of the fund shall be calculated and recorded as incomes or expenses in the accounts of the employees of the same employer:
(a) surcharges paid into the fund by the employer;
(b) the employer’s contribution and its interest which are not entitled upon the employees whose memberships have been terminated, and are determined by the fund’s articles to be an asset of the fund;
(c) damages or interest paid by the fund as a result of court judgment or order;
(d) money devolved onto the fund pursuant to the fourth paragraph of Section 23;
(e) other incomes or expenses as prescribed by the registrar’s notification;

(2) In case of fund with multiple investment policies, the account shall be prepared to segregate the assets of each investment policy, provided that the incomes and expenses incurred from the management under a particular investment policy shall be recorded as incomes and expenses in the account of such investment policy while other incomes and expenses shall be distributed into every investment policy of the fund in proportion to each investment policy’s net asset value, and shall be recorded as incomes and expenses in the account of each investment policy.

Section 18 - 19.¹⁷ (Repealed)

Section 20.¹⁸ The fund manager shall cease to be so before expiry of contract upon:
(1) removal by the registrar under the second paragraph of Section 12 bis;
(2) lack of qualifications of the fund manager;
(3) termination of contract by the fund or the fund manager; or
(4) dissolution of the fund under Section 25.

Section 21.¹⁹ In cases where the fund manager ceases to be so under Section 20 (1), (2) or (3), the fund committee shall appoint a new fund manager within thirty days from the date of cessation of office of the original fund manager, and shall notify the appointment of the new fund manager to the registrar within fourteen days from the date of such appointment.

Section 22. The employees and the employer may request an examination of the accounts and documents of the fund at the fund’s office during business hours.

Chapter 3
Payments out of the Fund and Dissolution of the Fund

Section 23.²⁰ Under Section 23/2 and Section 23/3, when an employee’s membership terminates on a cause other than the dissolution of the fund, the fund manager shall make payment out of the fund to the employee in accordance with the rules and procedures provided in the fund’s articles and as prescribed by Section 23/1, and such payment shall be made in one lump sum within thirty days from the date of termination of membership.

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9 The first paragraph of Section 10 was amended by Section 4 of the Provident Fund Act (No. 2) B.E. 2542
10 Amended by Section 5 of the Provident Fund Act (No.2), B.E. 2542
11 Added by Section 6 of the Provident Fund Act (No.2), B.E. 2542
12 Added by Section 6 of the Provident Fund Act (No.2), B.E. 2542
13 Amended by Section 7 of the Provident Fund Act (No. 2), B.E. 2542
14 Amended by Section 7 of the Provident Fund Act (No. 2), B.E. 2542
15 Added by Section 9 of the Provident Fund Act (No. 3), B.E. 2550
16 Added by Section 9 of the Provident Fund Act (No. 3), B.E. 2550
17 Repealed by Section 8 of the Provident Fund Act (No. 2), B.E. 2542
18 Amended by Section 9 of the Provident Fund Act (No. 2), B.E. 2542
19 Amended by Section 9 of the Provident Fund Act (No. 2), B.E. 2542
20 Amended by Section 10 of the Provident Fund Act (No. 3), B.E. 2550