(5) purchase or hold immovable properties except:
(a) those for use reasonably as premises of the business of the credit foncier company or as places of residence or welfare facility for its officers or employees as permitted by the Bank of Thailand;
(b) those acquired by a credit foncier company as result of the purchase of an immovable property mortgaged to the credit foncier company at an auction conducted pursuant to an order of a court or an official receiver or the transfer of an immovable property for a debt settlement, but such immovable properties shall be disposed of within five years
from the date of passing of ownership of such immovable properties to the credit foncier company or with such longer period of time as permitted by the Bank of Thailand;
(c) those of which the ownership has been transferred to a credit foncier company for the purpose of letting them under hire-purchase agreements in accordance with the second paragraph of (4); after the hire-purchased have been made, the credit foncier company may not subject such immovable properties to mortgages or to any property rights, except with the permission of the Bank of Thailand;
(d) those acquired by a credit foncier company as a result of agreements for sale with the right of redemption, but such immovable properties shall be disposed of within five years after the periods of redemption on such immovable properties have expired under the terms of the agreements or under the provisions of law, as the case may be, or within a longer period of time as permitted by the Bank of Thailand;

The permission under (a), (b), (c) or (d) may be granted with any condition as the Bank of Thailand may prescribe;

(6) purchase or hold shares of any limited company in an amount exceeding ten per cent of the total amount of such company’s shares sold or purchase or hold shares or debentures at an aggregate value, separately or in combination exceeding twenty per cent of the capital funds of the credit foncier company, unless permitted by the Bank of Thailand; such permission ma be granted with any condition to be complied with;

(7) procure funds from the public unless through the issuance of debentures or the borrowing of money repayable within a minimum period of one year in accordance with the rules and procedures concerning the borrowing, the repayment and the minimum amount of money as prescribed by the Bank of Thailand with the approval of the Minister; such prescription shall be published in the Government Gazette;

(8) change the location of its head office or branch office without permission of the Bank of Thailand; which permission may be granted with any condition as the Bank of Thailand may prescribe;

(9) advertise its business unless such advertisement is carried out in accordance with the rules, procedures and conditions prescribed by the Notification of the Bank of Thailand in the Government Gazette.

Section 55. In an agreement by which a credit foncier company lends money on a mortgage, there shall be a provision reserving the absolute right of the borrower to repay all or part of the money before the times specified in the agreement. In such case, the credit foncier company may demand compensation at a rate not exceeding that prescribed by the Bank of Thailand with the approval of the Minister.

In an agreement by which a credit foncier company lets an immovable property under hire-purchase term, there shall be a provision reserving the absolute right of the hirepurchased to pay all the hire-purchase price before the time specified in the agreement, In such case, the credit foncier company shall reduce the hire-purchase price at the rate prescribed by the Bank of Thailand with the approval of the Minister.

The prescription under this Section may include a condition to be complied with and shall be published in the Government Gazette.

Section 56. The provisions of the second and the third paragraphs of Section 14, Section 15, Section 16, Section 17, Section 18, Section 19, Section 20, (13), Section 21, Section 22, Section 22 bis, Section 22 ter, Section 23, Section 23 bis, Section 23 ter, Section 24, Section 25, Section 26, Section 26 bis, Section 26 ter, Section 26 quarter, Section 28, Section 29, Section 29 bis, Section 30, Section 31, Section 32, Section 33,Section 35 , Section 36, Section 37 and Section 38 shall apply to credit foncier companies mutates mutandis.

CHAPTER V
Supervision of Companies, Revocation of Licenses,and Dissolution of Companies

Section 57. Where there is evidence that the condition or operation of any company is such that damage may be caused to the public interest, the Bank of Thailand shall have power to order such company to rectify the condition or operation within the period of time prescribed by the Bank of Thailand. In such case the Bank of Thailand may also order such company to increase or reduce its capital.

In the event the Miniser deems that the condition or operation of any company is such that serious damage may be caused to the public interest, the Minister shall have power to order such company to be placed under control or order the withdrawal of its license.

However, in the case where the company has taken measures to rectify its administration or has taken any other action in accordance with the recommendation of the Minister within the period of time specified by the Minister, the Minister may postpone ordering control of the company or withdrawal of its license, and in such case the Minister may also prescribe any condition to be complied with by the company for the purpose of rectifying the condition or
operation of the company.

In the event the Minister orders control over any company under the second paragraph, the Minister shall have power to order such company to suspend its business operations entirely or partially for a temporary period as prescribed by the Minister.

Section 57 bis. Where there is evidence that the condition or operation of any company is such that damage may be caused to the public interest, or where the directors, managers or persons responsible for the operation of any company fail to comply with the order of the Bank of Thailand under the first paragraph of Section 57 or Section 57 ter, the Bank of Thailand shall have power to order such company to remove its directors, managers or persons responsible for its operation who having caused such condition or operation of the company. If the Bank of Thailand orders the removal of any person, such company shall, with the approval of the Bank of Thailand, appoint other persons to replace the persons so removed within thirty days from the removal date. There a company fails to remove such persons or remover but fails to appoint other persons in their places, the Bank of Thailand with the
approval of the Minister shall have power to issue the following orders:
(1) removal of its directors, managers or persons responsible for the operation of the company whom the company fails to remove;
(2) appointing one more persons to replace the person removed for a period not longer than three years. The person so appointed shall be entitled to a remuneration to be paid from the assets of the company as prescribed by the Minister. During the period that the persons so appointed hold office, shareholders of the company may not pass a resolution to revoke or change the orders of the Bank of Thailand.

The person removed shall no longer be involved in or manage, directly or indirectly, and affair of the company, and shall facilitate and inform facts to the person under (2) or in the manner as a competent officer may prescribe.
For the purpose of this Section, the order of the Bank of Thailand issued by virtue of this Section shall be deemed to be resolution of a shareholders’ meeting under the Civil and Commercial Code or the e law on limited public companies, as the case may be.

Section 57 ter. In the event a company fails to increase or reduce its capital within the period of time prescribed by the Bank of Thailand under the first paragraph of Section 57, the order of the Bank of Thailand shall be deemed to be a resolution of the shareholder’s meeting from the end of the prescribed period.

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