Chapter 7
Institutions Related to Securities Business
 
Division 1
Clearing House, Securities Depository Centre and Securities Registrar
 
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Section 219.
 
 
No person shall operate the business of a clearing house unless a license has been obtained from the SEC.
A clearing house means a centre where services for the settlement and delivery of traded securities including related services are provided.
 
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Section 220.
 
 
No person shall operate the business of a securities depository centre unless a license has been obtained from the SEC.
A securities depository centre means a centre where services for the deposit and withdrawal of securities including related services for the purpose of account clearing are provided.
 
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Section 221.
 
 
No person shall provide securities registrar services unless a license has been obtained from the SEC.
 
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Section 222.
 
 
The provisions of Section 206 and Section 207 including the related penalty provisions shall apply to a clearing house, a securities depository centre and a securities registrar mutatis mutandis.
 
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Section 223.
 
 
In the operation of a clearing house, a securities depository centre or a securities registrar, persons operating such businesses shall comply with the rules, conditions and procedures as specified in the notification of the SEC.
 
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Section 224.
 
 
In cases where the operation of a clearing house, a securities depository centre or a securities registrar is undertaken by the Securities Exchange, no license from the SEC shall be required. In this regard, the board of directors of the Securities Exchange, with the approval of the SEC, shall have the power to specify the rules, conditions and procedures for such operation.

The word "Securities Exchange" referred to in the first paragraph and further referred to in this Division shall include any company established by the Securities Exchange with not less than seventy-five percent of total shares sold held by the Securities Exchange.
 
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Section 225.
 
 
Where securities are deposited with the Securities Exchange, the depositor shall prepare a list of securities holders, whose securities have been deposited with the Securities exchange, in accordance with the rules and procedures as specified by the Securities Exchange. After the Securities Exchange has accepted the deposit of such securities, the Securities Exchange may accept the transfer of such deposited securities into its own name and shall hold such securities for the depositor or for any customer who is the owner of such securities
Securities which are in the name of the Securities Exchange in accordance with the first paragraph shall be presumed to be securities held by the Securities Exchange on behalf of those persons according to type, category and amount as appear in the list of names prepared by the depositor.
On the closing date of the register of the company which issues securities, the Securities Exchange shall collect the accounts of all deposited securities and the name lists of the holders of such securities, which existed on the date prior to the first closing day, from the depositor of such securities and deliver them to the registrar of the issuing company. Such lists shall be deemed to be a part of the securities register, except for the names of those persons to whom the registrar of the issuing company has notified objection within three business days from the receipt of such lists, on the ground that the holding of securities by such persons is contrary to the law or any restriction on transferability which have been registered in accordance with the law.
 
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Section 226.
 
 
Upon having submitted the application to register the transfer of securities certificates into the name of the Securities Exchange to hold securities on behalf of other persons in accordance with the first paragraph of Section 225 as well as the delivery of the securities certificates to the company which issues securities, the Securities Exchange may submit the request to the issuing company to provide a receipt in place of securities certificates. Such receipt shall have the particulars in the form specified by the Securities Exchange. In such event, it shall be deemed that securities certificates have been issued by the issuing company.
 
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Section 227.
 
 
Any securities owner who has deposited securities with the Securities Exchange may request the Securities Exchange to issue the securities certificates in his own name by submitting an application in accordance with the form specified by the Securities Exchange.
Upon receiving the application referred to in the first paragraph, the Securities Exchange shall notify the company which issues securities, of the name of the person who is the owner of such securities, and the issuing company so notified shall enter the name of the securities owner in the register of the company as well as issue new securities certificates, in the name of such securities owner.
In submitting the application referred to in the first paragraph, if the owner of the securities is a depositor who does not directly deposit such securities with the Securities Exchange, the owner of such securities shall apply through the depositor of such securities.
 
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Section 228.
 
 
The transfer of securities from the account of a securities depositor to the account of another securities depositor may be made only when the Securities Exchange has received a request from the securities depositor or when the clearing house of the Securities Exchange has notified the Securities Exchange, at the end of each trading day, of the delivery of the securities between members who have traded the securities in the Securities Exchange.

The transfer of securities referred to in the first paragraph shall be deemed to be the delivery of securities when the Securities Exchange has entered the name of securities depositor in the accounts of the securities depositors.
 
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Section 229.
 
 
The provisions of this Division shall not apply to the Bank of Thailand.