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Export-Import Bank of Thailand Act, B.E. 2536 (1993)

   

BHUMIBHOL ADULYADEJ,REX.
 
Given this 27th day of August 1993
 
Being the 48th Year of the Present Reign
 
 
 
By the royal command of His Majesty King Bhumibhol Adulyadej, it is hereby proclaimed that:
 
Whereas it is expedient to establish a bank for the exportation and importation of Thailand,
 
His Majesty the King is thus graciously pleased that an act shall be promulgated, by and with the advice and consent of the Parliament, as follows:


 
Section 1.
 This Act shall be called the "Export-Import Bank of Thailand Act, B.E. 2536 (1993)"
 
Section 2.
 This Act shall come into force from the day following the date of its publication in the Government Gazette.
 
Section 3.
 In this Act:
 
 
 "Bank" means the Export-Import Bank of Thailand;
 
 
 "Exporter" means the domestic business operator, including the person having the qualifications as prescribed by the Board, who exports goods or services for selling abroad in order to obtain returns in currency or any other property equivalent in value to currencies into Thailand and shall also mean the provider of services to persons abroad;
 
 
 "Exporter's bank" means the commercial bank or other financial institution providing credit facilities for the exporter or processing export documents for the exporter;
 
 
 "Buyer" means the importer abroad, who buys goods or services from Thailand or goods manufactured in Thailand;
 
 
 "Buyer's bank" means the commercial bank, other financial institution or any other organization providing credit facilities for the buyer or processing export documents for the buyer;
 
 
 "Capital fund" means the sum of the initial capital under Section 9, the fund received from the capital increase under Section 10, the remaining reserve and net profit after appropriation less losses in all accounting periods and the reserve arising from property appraisal;
 
 
 "Financial instrument" means bill, debenture, bond and other instrument as prescribed by the Board;
 
 
 "Board" means the Board of Directors of the Export-Import Bank of Thailand;
 
 
 "Director" means the member of the Board of Directors of Export-Import Bank of Thailand;
 
 
 "President" means the President of the Export-Import Bank of Thailand;
 
 
 "Minister" means the Minister in charge and control of the execution of this Act.
 
Section 4.
 The Minister of Finance shall be in charge and control of the execution of this Act and shall be authorized to issue ministerial regulations for carrying out the duties under this Act.
 
 
 Such ministerial regulations shall come into force upon their publications in the Government Gazette.
 
 
CHAPTER 1
 
Establishment and Capital
 
 
 
 
Section 5.
 A bank shall be established and called the “Export-Import Bank of Thailand”, abbreviated as “EXIMBANK” and shall be a juristic person.
 
Section 6.
 The head office of the Bank shall be set up in Bangkok and its branches or representative offices may be set up anywhere inside or outside Thailand. However, the setting up of branches or representative offices outside Thailand shall first be approved by the Minister.
 
Section 7.
 The Bank shall have the objective of conducting the business, which promotes and supports exports, imports, and investments for the purpose of national development by providing credit facilities, guarantee, risk insurance or other necessary services under the provisions of this Act.
 
Section 8.
 Within the scope of the Bank’s objective under Section 7, the Bank shall be authorized to:
 
 
 (1)
 Hold ownership or have possessor right or have various real rights, buy, procure, sell, dispose of, lease, lease out, hire-purchase, hire-purchase out, borrow, lend, accept pledge, accept mortgage, exchange, transfer, accept transfer or execute any acts regarding the property, both inside and outside Thailand, as well as accepting property given by others;
 
 
 (2)
 Provide credit facilities for the exporter’s bank, the exporter, the buyer’s bank or the buyer;
 
 
 (3)
 Provide credit facilities for the importation of goods or services for use in manufacturing goods for export or for national development;
 
 
 (4)
 Provide credit facilities or other forms of financial services in respect of international trade customary to commercial banks or other financial institutions;
 
 
 (5)
 Guarantee the debts in case of the exporter or the buyer having received the credit facilities from the exporter’s bank or the buyer’s bank, as the case may be;
 
 
 (6)
 Provide insurance against risk of non-payment from the buyer or the buyer’s bank;
 
 
 (7)
 Insure investors against commercial risks in respect of overseas investment;
 
 
 (8)
 Jointly invest in overseas business operations contributing to importation from Thailand or promote Thai business and joint-invest in domestic business operations in order to support export or national development;
 
 
 (9)
 Buy, discount or rediscount the financial instruments or take transfer of claims of the beneficiaries in respect of such instruments;
 
 
 (10)
 Aval, accept or intervene to honor bills;
 
 
 (11)
 Charge interests, discounts, collect fees or other service charges on account of lending money, buying, discounting, rediscounting, guaranteeing and providing other financial services;
 
 
 (12)
 Issue financial instruments;
 
 
 (13)
 Sell, discount or rediscount financial instruments;
 
 
 (14)
 Borrow money domestically or abroad for the Bank’s business;
 
 
 (15)
 Accept money deposits for the benefits of the Bank’s business operations or for mobilizing funds from the financial institutions and money markets, excluding the mobilization of deposits from the general public;
 
 
 (16)
 Engage in foreign exchange business;
 
 
 (17)
 Invest the Bank’s surplus money for revenue gains as permitted by the Board; and
 
 
 (18)
 Take all other actions in respect of or in connection with the execution to achieve the objective of the Bank.
 
Section 9.
 The initial capital of the Bank shall be two thousand five hundred million Baht, consisting of:
 
 
 (1)
 Profit plus interests earned under the Regulation of Ministry of Finance Governing Administration of Profits Received from Commercial Banks due to Improvement of the Currency Exchange System to Promote the Business Earning Foreign Currencies, 1986; and
 
 
 (2)
 The money contributed by the Bank of Thailand to pay up such initial capital.
 
 
 The Ministry of Finance shall undertake to transfer the money under (1) and the Bank of Thailand shall transfer the money under (2) in the amount not less than one billion Baht to the Bank within sixty days from the date this Act coming into force and the balance shall be gradually paid by the Bank of Thailand until the initial capital amount under paragraph one shall be attained within two years from the date this Act coming into force.
 
Section 10.
 The capital increase of the Bank shall be made from the fund contributed by the Bank of Thailand or from the national budget appropriation or from other sources subject to the approval of the Minister.
 
Section 11.
 The working capital for undertaking the business shall consist of:
 
 
 (1)
 Capital fund;
 
 
 (2)
 Borrowings from the Bank of Thailand;
 
 
 (3)
 Proceeds from issuing financial instruments of the Bank;
 
 
 (4)
 Security money against providing loans and services;
 
 
 (5)
 Offshore and domestic borrowings;
 
 
 (6)
 Proceeds from selling, discounting or rediscounting financial instruments;
 
 
 (7)
 Revenues of the Bank;
 
 
 (8)
 Money given by others; and
 
 
 (9)
 Money from other sources as approved by the Minister.
 
Section 12.
 The Bank shall be exempted from paying fees for the registration of rights and juristic acts in the course of the Bank’s business.
 
CHAPTER 2
 
Board of Directors and Management
 
 
 
 
Section 13.

.
 There shall be a board of directors called the “Board of Directors of the Export-Import Bank of Thailand” comprising the Director-General of the Fiscal Policy Office, the Director-General of the Department of Foreign Trade, the Director-General of the Office of Industrial Economics, the Secretary-General of the Office of Agricultural Economics, the Director-General of the Department of Economic Affairs, one Deputy Governor of the Bank of Thailand as assigned by the Governor of the Bank of Thailand and the President as directors and not more than five other directors as appointed by the Minister subject to the approval of the Cabinet whereby at least three of them shall be qualified persons from the private sector.
 
 
 The Minister shall appoint one director under paragraph one as the chairperson of the Board subject to the approval of the Cabinet. The removal of the chairperson from office shall be ordered by the Minister subject to the approval of the Cabinet.
 
 
 The Board may appoint any person as its secretary.
 
Section 14.
 The directors appointed by the Minister shall have the tenure for a period of three years.
 
 
 In case of the minister-appointed directors retiring from office prior to the expiration of tenure or in the event of additional directors being appointed during the unexpired tenure of the directors already appointed, the replacement appointees or the additional directors shall hold office for the remaining tenure of the directors already appointed.
 
 
 Upon the expiration of the said tenure in paragraph one, if the new directors have not yet been appointed, the directors retiring at the end of such tenure shall remain in office until the newly appointed directors shall have assumed the office.
 
 
 A director retiring at the end of the tenure is eligible for reappointment but the directorship shall not exceed two consecutive tenures.
 
Section 15.
 Apart from retiring from office upon the expiration of the tenure under Section 14, the minister-appointed director shall retire from office upon:
 
 
 (1)
 Death;
 
 
 (2)
 Resignation;
 
 
 (3)
 Being removed by the Minister subject to the approval of the Cabinet;
 
 
 (4)
 Becoming a bankrupt;
 
 
 (5)
 Becoming an incompetent or quasi-incompetent person; or
 
 
 (6)
 Being sentenced to prison term by the final judgment to imprisonment except for the offences committed through negligence or misdemeanors.
 
Section 16.
 A meeting of the Board shall be attended by directors in the number not less than one-half of the total in order to constitute a quorum. If the chairperson of the Board is not present at the meeting, the directors attending the meeting shall elect one director to preside over the meeting.
 
 
 The decision of the meeting shall be made by a majority of votes, except for the appointment or removal of the President under Section 17 (1) whereas the voting shall not be less than three-fourths of the votes of all directors. One director shall have one vote. In case of an equality of votes, the chairperson of the meeting is entitled to a casting vote.
 
Section 17.
 The Board has the authority to lay down the policy and supervise the business of the Bank in general within the scope of the objective under Section 7. Such authority shall include:
 
 
 (1)
 Appointing and removing the President subject to the approval of the Minister;
 
 
 (2)
 Prescribing regulations regarding the administration of personnel, remuneration and expenses;
 
 
 (3)
 Prescribing regulations regarding procurement, employment, finance, property, and accounting, including inspection and internal audit;
 
 
 (4)
 Prescribing regulations regarding administration and operations;
 
 
 (5)
 Prescribing the qualifications, types of goods, services, and manner of operations of the exporter and the buyer eligible to be supported;
 
 
 (6)
 Prescribing rules regarding the risk insurance, issuance of insurance policy, insurance premium, property appraisal and insurance claim payment; and
 
 
 (7)
 Approving the Bank’s budget.
 
Section 18.
 The Board is authorized to appoint a committee of executive directors comprising the President and at least two other, but not exceeding four, directors whereas no more than half of such directors shall be appointed from ex officio directors and one executive director, other than the President, shall be made the chairperson of the committee of executive directors.
 
 
 The committee of executive directors shall have the authority as assigned by the Board.
 
Section 19.
 The chairperson of the Board, the directors, the chairperson of the committee of executive directors and the executive directors shall be remunerated as prescribed by the Minister.
 
Section 20.
 The President has the authority to carry out the business of the Bank in accordance with the objective and authority of the Bank and under the policies and regulations prescribed by the Board.
 
 
 The President shall be the legal representative of the Bank in respect of business dealings with other parties and, in this regard, the President may authorize any agent or person to carry out specific business on behalf of the President but such authorization shall be in accordance with the regulations prescribed by the Board.
 
CHAPTER 3
 
Supervision, Operation and Control
 
 
 
 
Section 21.
 The Minister shall have the authority to supervise the business of the Bank in general and, in this regard, may order the Bank to explain facts, express opinions, prepare reports or may stop the acts of the Bank being in conflict with government policies or cabinet resolutions as well as having the authority to order the Bank to comply with government policies or cabinet resolutions and may order an inquiry of facts regarding the Bank’s operations.
 
Section 22.
 The Bank shall maintain the capital fund proportional to the assets, debts or obligations under the rules, procedures and conditions as prescribed by ministerial regulations.
 
Section 23.
 In the event that the Bank suffers damages from its business operation in compliance with government policies or cabinet resolutions, the Ministry of Finance shall appropriate fund from the annual budget to compensate the Bank for such damages.
 
Section 24.
 In the event that the Bank suffers damages from its insurance business operation under its authority in Section 8 (6) and (7) which may affect business operations of the Bank and/or result in the Bank's inability to maintain the capital fund in accordance with the ministerial regulations issued under Section 22, the Ministry of Finance shall appropriate the annual budget or other fund to compensate for such burden or to increase the capital.
 
Section 25.
 In the event of the Bank requesting the Government to guarantee the loans taken by the Bank from offshore or domestic sources, the Government shall have the authority to guarantee such loans, which shall not exceed twelve times the Bank's capital fund upon conversion into Thai currency when combined with the outstanding loans under the guarantees of the Government whether or not the guarantees are made under the authority provided by any law.
 
 
 For the conversion of foreign currencies to Thai currency to determine the total loans under paragraph one, the exchange rate, pursuant to the daily average rate as prescribed by the Exchange Equalization Fund, on the contract date shall be used.
 
Section 26.
 The Office of the Auditor-General of Thailand shall be the auditor of the Bank and submit the audit reports to the Minister.
 
 
 The Bank shall submit its annual report, balance sheet, profit and loss account, duly certified by the auditor under paragraph one, to the Minister for forwarding to the Cabinet and the Parliament for acknowledgment within one hundred eighty days from the end of each accounting year.
 
CHAPTER 4
 
Appropriation of Profits
 
 
 
 
Section 27.
 For the appropriation of annual net profits, the Bank shall appropriate no less than half of the net profits as the reserve for its business. The balance shall be appropriated to the capital fund and/or submitted as the national revenue.
 
 
 
 
Countersigned by Mr. Chuan Leekpai as Prime Minister
 
 
 
 
Note:
 The rationale for promulgating this Act is: due to the considerable importance of international trade to national economic growth at present as well as increased international trade competition, it is expedient to establish the Export-Import Bank of Thailand as the agency to provide financial services and other services to support the same and thus making contribution to the national economic growth. Hence, it is necessary to promulgate this Act.
 

 


--------------------------------------------------------------------------------

 

ROYAL DECREE
 
Issued under Provisions in Revenue Code
 
Relating to Activity Exempted from Special Business Tax (No. 265)  B.E. 2536
 
 
 
 
BHUMIBOL ADULYADEJ REX.
Given on the 27th day of August B.E. 2536
Being the 48th year of the Present Reign
 

His Majesty King Bhumibol Adulyadej has been graciously pleased to proclaim that:
 
Whereas it is appropriate to prescribe the Export-Import Bank of Thailand with its activity being exempted from special business tax;
 
By virtue of provisions in Section 175 of the Constitution of the Kingdom of Thailand and Section 91/3(7) of the Revenue Code, as amended by the Act Amending Revenue Code (No. 30) B.E. 2534, be it, therefore, enacted by His Majesty the King as follows:


 
Section 1.
 This Royal Decree shall be called "Royal Decree Issued under Provisions in the Revenue Code Relating to Activity Exempted from Special Business Tax (No. 265) B.E. 2536".
 
Section 2.
 This Royal Decree shall come into force on the date following its promulgation in the Government Gazette.
 
Section 3.
 Add the following as (4) of Section 3 of Royal Decree Issued under Provisions in the Revenue Code Relating to Activity Exempted from Special Business Tax (No. 240) B.E. 2534, as amended in the Royal Decree Issued under Provisions in the Revenue Code Relating to Activity Exempted from Special Business Tax (No. 257) B.E. 2535.
 
 
 "(4) Activity of the Export-Import Bank of Thailand"
 
 
 
 
Countersigned by Mr. Chuan Leekpai as Prime Minister
 
 
 
 
Remarks:
 The reason for the publication of this Royal Decree is that it is appropriate to exempt special business tax for the Export-Import Bank of Thailand. This is to promote the activity of the Export-Import Bank of Thailand. It is therefore necessary to enact this Royal Decree.
 

 


--------------------------------------------------------------------------------

 

ROYAL DECREE
 
Issued under Revenue Code Relating to Exemption of Revenue
 
(No. 266) B.E. 2536
 
 
 
 
BHUMIBOL ADULYADEJ REX.

Given on the 27th day of August B.E. 2536

Being the 48th year of the Present Reign
 
 
 
 
His Majesty King Bhumibol Adulyadej has been graciously pleased to proclaim that:
 
Whereas it is appropriate to exempt duty stamp for the Export-Import Bank of Thailand.
 
By virtue of provisions in Section 175 of the Constitution of the Kingdom of Thailand and Section 3 of the Revenue Code as amended by the Act Amending Revenue Code (No. 10) B.E. 2496, be it, therefore, enacted by His Majesty the King as follows:


 
Section 1.
 This Royal Decree shall be called "Royal Decree Issued under Provisions in the Revenue Code Relating to the Exemption of Revenue (No. 266) B.E. 2536".
 
Section 2.
 This Royal Decree shall come into force on the date following its promulgation in the Government Gazette.
 
Section 3.
 Add the following as (21) of Section 6 of the Royal Decree Issued under Provisions in the Revenue Code Relating to the Exemption of Revenue (No. 10) B.E. 2500, as amended in the Royal Decree Issued under Provisions in the Revenue Code Relating to the Exemption of Revenue (No. 259) B.E. 2535.
 
 
 "(21) Export-Import Bank of Thailand".
 
 
 
 
Countersigned by Mr. Chuan Leekpai as Prime Minister
 
 
 
 

 

 

 Published in the government Gazette, Volume 110, Part 127, Special Issue, September 6, 1993, pp.10-18