Section 77. Whoever in the performance of his duty under the authority prescribed in this Act, having acquire knowledge of the affairs of a company which, in normal business, is to be geld in confidence reveals such knowledge, except in the performance of his duty or for the purpose of investigation or trial or being the revealment of the commission of the offences under this Act, shall be liable liable to imprisonment for a term not exceeding one
year or a fine not exceeding one hundred thousand baht or both.

Section 78. In the case where the person committing an offence under Section 71, Section 72 or Section 73 is a juristic person, its directors or any person responsible for its operation shall also be liable to punishment as prescribed for such offence, unless he can prove that he had no part in the commission of the offence of that juristic person.

Section 79. A committee appointed by the Minister shall be empowered to settle out of court any offence under Section 70 or Section 75.

The committee appointed by the Minister under the first paragraph shall consist of three members, one of whom shall be an investigating officer under the Criminal Procedure Code.

Where a case has been settled by such committee and the alleged offender has paid the fine as fixed within the period or time specified by the committee, such settlement of the case shall be regarded as final.

Transitional Provisions

Section 80. It shall be deemed that a company already licensed to engage in any type of finance business, securities business or credit foncier business, under the law on the control of commercial undertakings affecting public safety or welfare on the date of this Act coming into force is a company which has been licensed to engage in such type of finance business, securities business or credit foncier business, as the case may be, under the provisions of this Act and it shall be deemed that a branch office of such company authorized under the said law on the date of this Act coming into forci is a branch office of such company which has been authorized under the provisions of this Act, subject to the conditions prescribed by the Minister in the license or authorization granted.

Section 81. Any finance company or credit foncier company under Section 80 of which the number of shareholders or directors of Thai nationality is less than the rate prescribed in the third paragraph of Section 17, on the date of this Act coming into force, may continue to have shareholders or directors of Thai nationality at such rate; but if any finance company or credit foncier company under Section 80 has shares held by persons of Thai nationality at less than three-fifths of the total amount of shares sold or has directors of Thai nationality at less than three-fifths of the total number of directors, such finance company or credit foncier company shall take actions to have shares held by persons of Thai nationality at not less than three-fifths of the total amount of shares sold or to have directors of Thai
nationality at not less than three-fifths of the total number of directors within a period of seven years from the date of this Act coming into force.

Section 82. Any person who holds shares of a finance company or a credit foncier company in excess of the percentage prescribed under Section 14, on the date of this Act coming into force shall be entitled to continue holding all such shares, but if any such shares has been disposed of, he shall be entitled to hold shares in excess of the prescribed percentage only to the extent of the excess shares remaining.

The provisions of the first paragraph shall apply mutates mutandis to statutory heirs who inherit such shares on or after the date of this Act coming into force.

The provisions of Section 18 shall not apply to a shareholder who holds hares in accordance with the rules specified in the first and the second paragraph.

Section 83. Any finance company or credit foncier company established in the form of a limited company under the Civil and Commercial Code and licensed to undertake finance business or credit foncier business under the law on the control of commercial undertakings affecting public safety or welfare on the date of this Act coming into force shall be allowed to continue as a limited company under the Civil and Commercial Code, and if such finance
company or credit foncier company has already issued shares in contravention of Section 16 and and/or has any shareholder in contravention of the first paragraph of Section 17, such finance company or credit foncier company shall rectify such contravention to comely with Section 16 or the first paragraph of Section 17, as the case may be, within seven years from the date of this Act coming into force by fulfilling the following conditions:
(1) within three years from the date of this Act coming into force, actions shall be taken to have at least fifty shareholders who are natural persons holding altogether not less than twenty five per cent of the total amount of shares sold;
(2) within five years from the date of this Act coming into farce, actions shall be taken to have at least seventy five shareholders who are natural persons holding altogether not less than forty per cent of the total amount of shares sold;
(3) within seven years from the date of this Act coming into force, actions shall be taken to have at least one hundred shareholders who are natural persons holding altogether not less than fifty per cent of the total amount of shares sold.

For the purpose of compliance with the provisions of (1), (2) or (3) of the first paragraph, if there is necessity as well as justification the Minister may extend any of such periods time; such extension of time may be granted with any condition.

Section 84. Within seven years from the date of this Act coming into force or within a period of time as extended by the Minister under Section 83, in the case where any finance company or credit foncier company, licensed to undertake finance business or credit foncier business before such date, whshes to increase its capital by issuing new shares, if such finance company or credit foncier company has not been registered as a limited public company, such
finance company The provisions of the Civil and Commercial Code on the prohibition of limited companies under the Civil and Commercial Code to invite the public to subscribe for shares and those on the offer of new shares shall not apply to a capital increase under this Section.

Section 85. (Repealed)

Section 86. Any finance company, securities company or credit foncier company under Section 80 which already has the capital in the amount specified in the first paragraph of Section 14, Section 42 or Section 53, as the case may be, and of which the shareholders meeting has passed a special resolution to increase the capital under such special resolution without being required to obtain authorization under Section 20(1), Section 43(1) or Section 54(1), as the case may be.

Section 87. In the event a securities company under Section 80 has already engaged in any business which is prohibited under Section 43(6) on the date of this Act coming into force, such securities company shall discontinue such business activities completely within one year from the date of this Act coming into force.

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