In case of termination of membership because of death, if the employee did not, by a will or in writing delivered to the fund manager, designate a person who shall receive the payment out of the fund, or has designated the person but such person died before the payment is made, the payment shall be made out of the fund under the first paragraph to the persons pursuant to the following criteria:
(1) the children by two portions, but where the deceased has three or more children, by three portions;
(2) the husband or wife, by one portion;
(3) the parents, or the living father or mother, by one portion.

If the deceased has none of the persons in (1), (2), or (3), or had but such person died before the payment is made, the portion of the payment otherwise entitled to such person shall be allocated to the persons who are alive in the proportion described in the second paragraph.

If the deceased has no person who shall be entitled to the payment out of the fund as provided in the second paragraph, or has no legal heir, such amount shall devolve onto the fund.

Section 23/1.²¹ In case of pooled fund, the fund manager shall calculate the benefit of an employee upon termination of his membership from the interest of all employees of the same employer.

In case of fund with multiple investment policies, the fund manager shall calculate the benefit of an employee upon termination of his membership from the assets in the account of the investment policy where such employee has interest.

Section 23/2.²² In cases where any employee’s membership terminates due to his retirement as specified in the fund’s article, if the retiree declares his intention to receive installment payments from the fund, the fund manager shall make such payments from the fund as intended by the retiree who shall maintain his membership for the period of time specified by the fund’s articles. Such retired employee and his employer, however, shall not make further payments of savings or contribution respective to such employee. The installment payments from the fund shall be made in accordance with the rules prescribed by the registrar’s notification.

Section 23/3²³ In cases where any employee’s membership terminates upon the end of his employment for whatever reasons, such employee shall be entitled to maintain the whole amount of the benefits he is entitled to receive within the fund as well as his membership.

Such employee and his employer, however, shall not make further payments of savings or contribution respective to such employee during the period of time as specified in the fund’s articles, provided that the period so specified in the fund’s articles shall not be less than ninety days from the date on which his employment ends.

Section 24.²⁴ The claim for payment out of the fund pursuant to Section 23, Section
23/2 and Section 23/3 shall be neither transferable nor subject to execution.

Section 25. The fund shall dissolve upon:
(1) dissolution of the employer;
(2) dissolution of the fund by the resolution of the general meeting;
(3) occurrence of any event requiring a dissolution as prescribed by the fund’s articles; or
(4)²⁵ dissolution of the fund by the order of the registrar under Section 27.

In cases where the fund consists of more than one employer, the dissolution or withdrawal from the fund by certain employers shall not constitute a cause for the dissolution of the fund, unless the fund’s articles provide that the fund shall dissolve thereby.

On the occurrence of the event under the second paragraph, the fund committee shall notify the registrar thereof within seven days of the date of dissolution or withdrawal by any employer, and the liquidation of the portion of the fund attributable to such employer and its employees shall be conducted in accordance with the procedures provided in the fund’s articles. Once the liquidation has been completed, the registrar shall be notified within seven days from the date of such completion.

Section 26.²⁶ In cases where the fund dissolves under Section 25 (1), (2) or (3), the fund committee shall notify the registrar within seven days from the date of dissolution, and the fund committee shall arrange for a liquidation within thirty days, and shall complete the liquidation within one hundred and fifty days from the date of dissolution, except in case of necessity where the registrar may allow extension thereof as seen fit.

Section 27.²⁷ The registrar shall, with the approval of the Minister, have the power to order a dissolution of the fund in any of the following events:
(1) The operation of the fund is deemed to be in violation of the fund’s objectives or any law;
(2) The operation of the fund is deemed to be unable to continue for any reasons.

When the registrar has ordered a dissolution of the fund under the first paragraph, the fund shall be liquidated by a liquidator appointed by the registrar.

Section 28. When the fund dissolves pursuant to Section 25, the registrar shall announce the dissolution in the Government Gazette, and shall post the announcement at the fund’s office or the registrar’s office.

Section 29. The provisions of the Civil and Commercial Code on the liquidation of registered partnerships, limited partnerships, and limited companies shall apply mutatis mutandis to the liquidation of the fund.

During the liquidation process, if the liquidator deems it appropriate, he may make a partial payment to the employees, and after completion of the liquidation, all of the outstanding amounts shall be completely paid up to the employees within thirty days from the completion of the liquidation. If there is any remaining money, it shall be handled in accordance with the fund’s articles.

The expenses and remunerations in connection with the liquidation shall be paid out of the assets of the fund.

Chapter 4
Competent Officer

Section 30. For the purpose of examining the management of the fund, the registrar and the competent officer shall have the following powers:
(1) to enter the fund’s office or the fund manager’s office to examine the business, assets and liabilities of the fund during usual working hours:
(2) to order the fund committee members, the fund manager or the fund’s officers who are involved in the management of the fund to submit or present the accounts, documents or other evidence of the fund;
(3) to summon the persons mentioned in (2) for enquiry or demonstration of facts relating to the management of the fund.

Section 31.²⁸ In carrying out his duties, the competent officer shall present his identity card to the persons concerned.

The identity card of the competent officer shall be in the form as prescribed by the registrar.

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21 Added by Section 11 of the Provident Fund Act (No. 3), B.E. 2550
22 Added by Section 11 of the Provident Fund Act (No. 3), B.E. 2550
23 Added by Section 11 of the Provident Fund Act (No. 3), B.E. 2550
24 Amended by Section 12 of the Provident Fund Act (No. 3), B.E. 2550
25 Amended by Section 10 of the Provident Fund Act (No. 2), B.E. 2542
26 Amended by Section 11 of the Provident Fund Act (No. 2), B.E. 2542
27 Amended by Section 11 of the Provident Fund Act (No. 2), B.E. 2542
28 Amended by Section 12 of the Provident Fund Act (No.2), B.E. 2542