Chapter 1
Supervision of Securities and Exchange
 
Division 2
The Office of the Securities and Exchange Commission
 
 *
Section 17.
 
 
There shall be established an Office refered to as the "Office of the Securities and Exchange Commission" which shall be a juristic person.
 
 *
Section 18.
 
 
The Office shall have its head office in Bangkok of the nearby provinces. The Office may establish its branches or representative offices anywhere.
 
 *
Section 19.
 
 
The Office has the power and duty to perform any act necessary for the implementation of the SEC’s resolutions and to perform any other acts under the provisions of this Act or other laws.

In exercising the power and duty of the Office under the first paragraph, the Office shall have the power to:
(1) own, possess, hold any proprietary rights, construct, purchase, provide, sell, dispose, rent , lease, hire purchase, grant of hire purchase, borrow, lend, accept pledge, accept mortgage, exchange, transfer, accept transfer, or take any action related to properties in or outside the Kingdom including to accept donated properties;
(2) borrow or lend money as well as make investment for profit;
(3) determine the fees for filing registration statements, registration and any other application;
(4) accept fees as specified in the ministerial regulations or as determined by the SEC and the Office.
Provided that it shall be solely for the benefit of the operation of the Office.
(The first paragraph was amended by Section 4 of the Securities and Exchange Act (No.2) B.E. 2542)
 
 *
Section 20.
 
 
The Cabinet, upon the recommendation of the Minister, shall appoint the Secretary-General who shall hold office for a term of four years and may be re-appointed, but who shall not hold office for more than two consecutive terms.
 
 *
Section 21.
 
 
The Secretary-General shall have the qualifications and shall not possess any of the prohibited characteristics as follows:
(1) being able to perform his duty full time for the Office;
(2) not being or having been a bankrupt;
(3) not being a political official, and appointed member of a district council or district administration, or a member or official of any political party;
(4) not being a civil servant having permanent position or salary, or an officer or employee of any state enterprise, government organization, or district office,;
(5) not having a position or any responsibility or having an interest in a securities company.
 
 *
Section 22.
 
 
Apart form the expiration of the term of office, the position of the Secretary-General shall be vacated upon:
(1) death;
(2) resignation;
(3) reaching the age of sixty years;
(4) lack of qualifications or possession of prohibited characteristics under Section 21;
(5) termination by Cabinet resolution upon the recommendation of the SEC due to malfeasance in office as specified by this Act or due to gross incompetence in the performance of duty.
 
 *
Section 23.
 
 
The Secretary-General shall have authority over the officers and employees and shall be responsible for the operation of the Office.

In the operation of the Office, the Secretary-General shall be responsible to the SEC.
 
 *
Section 24.
 
 
The secretary-General shall be the representative of the Office in the business of the Office relating to third persons, and for this purpose the Secretary-General may authorize an agent or any other person to perform a specified act.
 
 *
Section 25.
 
 
The initial capital of the Office shall comprise the money transferred in accordance with the provisions of Section 319 and Section 320.
 
 *
Section 26.
 
 
The Office shall maintain reserves in accordance with the rules and procedures as specified by the SEC with the approval of the Minister.
 
 *
Section 27.
 
 
All fees specified in the ministerial regulations, other fees received by the Office, and other income derived from the operation of the SEC and the Office shall be the property of the Office. After deducting the expenses and reserves under Section 26, the remaining income shall be remitted to the state.
 
 *
Section 28.
 
 
Officers shall retire from office upon reaching the age of sixty years.
 
 *
Section 29.
 
 
The laws relating to labour protection concerning compensation and compensation fund contribution, the law relating to labour relations, and the law relating to government enterprise official relations shall not apply to the Secretary-General, officers and employees to the Office.
 
 *
Section 30.
 
 
The office shall establish an accounting system suitable for the operation of the Office and shall have a regular internal audit.
 
 *
Section 31.
 
 
The Office of the Auditor General of Thailand shall be the auditor of the Office and shall submit its report to the Minister within ninety days from the end of the fiscal year.