CHAPTER 12

PENAL PROVISIONS

 

SECTION 267/1.4 Any person who contravenes the first paragraph of Section 22/1 shall be liable to imprisonment for a term not exceeding one year or a fine not exceeding five hundred thousand baht or both.

 

SECTION 268. Any person who contravenes Section 32, Section 33 or Section 34 shall be liable to imprisonment for a term not exceeding two years or a fine not exceeding two times the price at which all securities were offered for sale by such person but not less than five hundred thousand baht, or both.

 

SECTION 269. Any person who contravenes or fails to comply with the conditions issued in accordance with Section 35 shall be liable to a fine not exceeding five hundred thousand baht and a further fine not exceeding ten thousand baht for every day during which the contravention continues.

 

SECTION 270. Any debenture issuer who issues debentures the particulars of which do not comply with Section 40 or who fails to comply with the second paragraph of Section 41 or who makes terms and conditions or agreements which lack the material particulars as specified in accordance with Section 42 or Section 43 shall be liable to a fine not exceeding two hundred thousand baht.

 

SECTION 271. Any debenture issuer who fails to comply with Section 44 shall be liable to a fine not exceeding five hundred thousand baht and a further fine not exceeding ten thousand baht for every day during which the contravention continues.

 

SECTION 272. Any debenture holder representative who contravenes or fails to comply with the rules, conditions or procedures issued in accordance with Section 46 shall be liable to a fine not exceeding five hundred thousand baht and a further fine not exceeding ten thousand baht for every day during which the contravention continues.

 

SECTION 273. Any company which contravenes or fails to comply with Section 50, Section 53, Section 191, Section 192 or Section 193 or contravenes or fails to comply with the rules or procedures issued in accordance with Section 50 or Section 191 shall be liable to a fine not exceeding one hundred thousand baht and a further fine not exceeding three thousand baht for every day during which the contravention continues.

 

SECTION 274. Any company which contravenes or fails to comply with Section 56, Section 57 or Section 58(1) or (3) shall be liable to a fine not exceeding one hundred thousand baht and a further fine not exceeding three thousand baht for every day during which the contravention continues.

 

Any director, manager, or person with power of management of any company who fails to provide an explanation in accordance with Section 58(2) shall be liable to imprisonment for a term not exceeding three months or a fine not exceeding one hundred thousand baht, or both.

 

SECTION 275. Any director, manager, person who holds management position, or auditor who contravenes or fails to comply with Section 59, or contravenes or fails to comply with the rules or procedures issued in accordance with Section 59 shall be liable to a fine not exceeding five hundred thousand baht and a further fine not exceeding ten thousand baht for every day during which the contravention continues.

 

SECTION 276. Any person who offers for sale or sells securities to the public or to any person without having filed the registration statement and draft prospectus with the SEC Office in accordance with Section 65 or during the period for which the SEC Office orders the suspension of the effectiveness of the registration statement and draft prospectus in accordance with Section 76 shall be liable to imprisonment for a term not exceeding two years or a fine not exceeding two times the price at which all securities were offered for sale by such person but not less than five hundred thousand baht, or both.

 

SECTION 277. Any person who offers for sale or sells securities to the public or to any persons prior to effectiveness of the registration statement and draft prospectus which have been filed with the SEC Office in accordance with Section 65 shall be liable to imprisonment for a term not exceeding one year or a fine not exceeding one times the price at which all securities were offered for sale by such person but not less than three hundred thousand baht, or both.

 

SECTION 278. Any person who makes a false statement or conceals a fact which should have been stated in the registration statement or draft prospectus which has been filed in accordance with Section 65, in materiality, shall be liable to imprisonment for a term not exceeding five years and a fine not exceeding two times the price at which all securities were offered for sale by such person but not less than five hundred thousand baht.

 

SECTION 279. Any person who contravenes or fails to comply with the second paragraph of Section 64, the second paragraph of Section 66 or the first paragraph of Section 81, or contravenes or fails to comply with the rules or procedures issued in accordance with the second paragraph of Section 81 shall be liable to a fine not exceeding one hundred thousand baht and a further fine not exceeding three thousand baht for every day during which the

contravention continues.

 

SECTION 280. Any person who contravenes or fails to comply with Section 77, Section 79 or Section 80 shall be liable to imprisonment for a term not exceeding one year or a fine not exceeding three hundred thousand baht, or both.

 

SECTION 281. Any person who contravenes or fails to comply with Section 88 shall be liable to a fine not exceeding three hundred thousand baht and a further fine not exceeding ten thousand baht for every day during which the contravention continues.

 

SECTION 281/1.4 Any securities company or company which contravenes or fails to comply with Section 89/2 shall be liable to a fine not exceeding five hundred thousand baht.

 

In cases where any securities company or any company commits an offence under this section, the director, manager or any person responsible for the operation of such securities company shall be liable to imprisonment for a term not exceeding two years or a fine not exceeding five hundred thousand baht, or both, unless it can be proven that such

person has no involvement with the commission of offence by such securities company.

 

SECTION 281/2.4 Any director or executive of the company who fails to perform his duties with responsibility, due care and loyalty in accordance with section 89/7 which causes damage to a company or causes himself or another person to obtain any benefit from the contravention or failure to comply with such duties shall be liable to a fine not

exceeding the damages or the benefit obtained but not less than five hundred thousand baht.

 

In cases where a person who commits an offence under the first paragraph with dishonest intent, he shall be liable to imprisonment for a term not exceeding five years and a fine not exceeding two times the damages incurred or the benefit obtained but not less than one million baht, or both.

 

SECTION 281/3.4 Any director or executive of the company who fails to comply with Section 89/14 shall be liable to a fine not exceeding five hundred thousand baht and a further fine not exceeding three thousand baht for every day during which the contravention continues.

 

SECTION 281/4.4 Any board of directors of the company who fails to comply with the first paragraph of Section 89/15 shall be liable to a fine not exceeding one hundred thousand baht and a further fine not exceeding three thousand baht for every day during which the contravention continues.

 

Any Chairman of the company who fails to comply with the second paragraph of Section 89/15 shall be liable to a fine not exceeding one hundred thousand baht and a further fine not exceeding three thousand baht for every day during which the contravention continues.

 

SECTION 281/5.4 Any company secretary who fails to comply with the duty under Section 89/15 (1) (2) or (3) or Section 89/16 shall be liable to a fine not exceeding one hundred thousand baht.

 

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