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11 January 2010

B.E. 2520 *

Amended by
B.E. 2534 **

Amended by
B.E. 2544 ***

Official Translation Authorized by The Board of Investment of Thailand (BOI)

His Majesty King Bhumibol Adulyadej is graciously pleased to proclaim that:

Whereas it is expedient to revise the law on promotion of investment;

Be it, therefore, enacted by the King, by and with advice and consent of the National Administrative Reform Assembly as follows:

Section 1. This Act is called the “Investment Promotion Act, B.E. 2520”

Section 2. This Act shall come into force as from the day following the date of its publication in the Government Gazette.

Section 3. The following are hereby repealed:
(1) Announcement of the Revolutionary Party No. 31 dated 29th November, B.E. 2501; and
(2) Announcement of the National Executive Council No. 227, dated 18th October, B.E. 2515.

All other laws, rules, and regulations in so far as they deal with matters governed by this Act. Or are contrary to, or inconsistent with the provisions of this Act, shall be replaced by this Act.

Section 4. In this Act,
“Applicant” means one who applies for investment promotion under this Act;

“Promoted person” means one who is granted a promotion certificate under this Act;

“Machinery” means the machinery which is essential for the promoted activity and those which are essential for the construction of a factory, and includes component parts, equipment, tools, implements, and pre-fabricated factory structures to be assembled as a factory;

“Board” means the Board of Investment;

“Member” means a member of the Board of Investment, and includes the Chairman and the Vice Chairman of the Board of Investment;

“Advisor” means an advisor to the Board of Investment;

“Secretary General” means the Secretary General of the Board of Investment;

“Office” means the Office of the Board of Investment;

“Competent Office” means one who has been appointed by the Prime Minister for the execution of this Act.
Section 5. The Prime Minister shall have charge and control of the execution of this Act and shall have the power to appoint competent officials for the execution of this Act.

Chapter 1
Board, Advisors and Competent Officials

Section 6. There shall be a Board of Investment consisting of the Prime Minister as Chairman, the Minister of Industry as Vice Chairman, not more than ten other competent persons appointed by the Prime Minister to act as members, and the Secretary General as member and secretary to the Board, having the powers and duties under this Act.

The Prime Minister may appoint not more than five other competent persons to act as advisors.

Section 7. A member or advisor shall hold office for term of two years.

In the case where a member or an advisor is appointed, either as an addition or as a replacement, during the term of office of members or advisors already appointed, the person so appointed shall hold office only for the remaining term of his predecessor.

A member or advisor who vacates his Office may be reappointed.

Section 8. Apart from the expiration of term of office under section 7 paragraph one, a member or advisor vacates his office upon:
(1) death,
(2) resignation,
(3) dismissal by the Prime Minister,
(4) being adjudged bankrupt,
(5) being adjudged incompetent or quasi-incompetent, or
(6) being imprisoned by a final judgement to imprisonment, except for a petty offence or an offence committed by negligence.

Whenever a member or advisor vacates his office under paragraph one, the Prime Minister may appoint any other person to fill the vacancy.

Section 9. The Chairman of the Board shall convene a Board meeting.

In a meeting, the attendance of not less than one-half of total number of members of the Board shall be required to constitute a quorum.

The Chairman shall preside over the meeting. If the Chairman is absent from the meeting or is unable to attend, the Vice Chairman shall preside over the meeting. If the Vice Chairman is absent from the meeting or is unable to attend, the members present shall elect one of them to preside over the meeting.

A decision of the meeting shall be taken by a majority of votes.

Each member shall have one vote. In case of an equality of votes, the person who presides over the meeting shall cast another vote as a deciding-vote.

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(Source: BOI : The Board of Investment of Thailand)

1.Published in the Government Gazette Volume 94, Part 38, Special Issue, dated May 4, B.E. 2520 (A.D. 1977)
2. Published in the Government Gazette Volume 108, Part 201, Special Issue, dated November 21, B.E. 2534 (A.D. 1991)
3. Published in Government Gazette Volume 118, Part 110 Kor., Decree Issue, dated November 30, B.E. 2544 (A.D. 2001)


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