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|03-03-2010, 04:55 PM||#1 (permalink)|
Last Online: 18-04-2014 11:00 AM
Join Date: Mar 2006
The Crown Property Bureau.
How does this organisation compare/contrast to other investment holding companies in Thailand?
*Apart from its beneficial ownership.
Last edited by The Ghost Of The Moog : 03-03-2010 at 05:06 PM.
|03-03-2010, 05:18 PM||#2 (permalink)|
I am in Jail
Some necessary background, this is a summary translation from the Council of State, issued as a guide to foreigners. It's not a full translation.
CROWN PROPERTY ACT,
B.E. 2479 (1936)
In the name of His Majesty King Ananda Mahidol:
Council of Regency
(By the Notification of the President of the House of Representatives
Dated 20th August B.E. 2478);
General Chaophraya Bijayendra Yodhin.
Enacted on the 15th Day of June, B.E. 2480 (1937):
Being the 4th Year of the Present Reign.
Whereas the House of Representatives has passed the resolution that it is expedient to manage crown property to be more appropriate;
Be it, therefore, enacted by the King, by and with the advice and consent of the House of Representatives, as follows:
Section 1. This Act is called the “Crown Property Act, B.E. 2479.”
Section 2. This Act shall come into force as from the date of its
publication in the Government Gazette.1
Section 3. All laws, rules and regulations in so far as they are
contrary to or inconsistent with the provisions of this Act shall be repealed.
Section 4.2 In this Act:
“King’s private property” means property belonged to the King before ascending to the throne, property conferred on the King by the State or property acquired by the King by any means and at any time other than property acquired on account of Kingship, including any fruit accrued therefrom;
“Public property” means property of the King which is used exclusively for the benefit of the State e.g. palace;
“Crown property” means property of the King other than the King’s private property and public property.
Section 4 bis. 3 There shall be the “Crown Property Bureau” to perform duties under Section 5 paragraph two.
The Crown Property Bureau shall be a juristic person.
Section 4 ter. 4 There shall be a “Crown Property Board” consisting of the Minister of Finance as ex officio Chairperson and not less than four members as appointed by the King whereby one among them shall also be appointed by the King to be the Director-General of the Crown Property Bureau.
The Crown Property Board shall have the powers and duties to supervise generally the Crown Property Bureau’s affairs.
The Director-General of the Crown Property Bureau shall have the powers and duties as entrusted by the Crown Property Board and shall have the power to sign for and on behalf of the Crown Property Bureau.
Section 5.5 Public property and all crown properties for household use shall be under preservation of the Bureau of the Royal Household.
Crown property other than those as mentioned in the preceding
paragraph shall be under preservation and management of the Crown Property
The preservation and management of the King’s private property shall
be at the King’s pleasure.
Section 5 bis. 6 When the King appoints, at His Majesty’s pleasure,
any person as trustee for preservation and management of the King’s private property, the Prime Minister shall publish such appointment in the Government Gazette.
Upon the publication under the preceding paragraph, no name of the
King or any other statement shall, in any affair regarding the King’s private property, be specified so as to represent or to be implied that His Majesty is a party thereto. In this case, only the name of trustee with the words “Trustee of the King’s Private Property” shall be specified.
Section 6.7 All income derived from the crown property under section 5 paragraph two shall be paid, with His Majesty’s approval, exclusively for binding obligation, salary, gratuity, pension, reward, current expense, incidental expense, investmentand royal charity.
Income left after deducting the expenditures paid under the preceding paragraph may be paid at the King’s pleasure in any case, or by the Council of Regency only for royal public charity or religious or royal custom in relation to the King’s duties.
Section 7.8 Subject to section 6, crown property may be transferred or disposed of only for the benefit of the crown property itself and with His Majesty’s approval, or for public interest as permitted by provisions of law.
Section 8. Public property shall be exempted from duty and taxation.
Crown property shall be exempted from duty and taxation as same as public property.
The King’s private property shall not be within the bound of exemption as aforesaid.
Section 9. The Prime Minister and the Minister of Finance shall have charge and control of the execution of this Act, and shall have the power altogether to issue Ministerial Regulations for the execution of this Act.
Such Ministerial Regulations shall come into force upon their publication in the Government Gazette.
Colonel Bahol Bolabayuha Sena
© 2009, Pakorn Nilprapunt, Foreign Law Division, Office of the Council of State
|03-03-2010, 06:30 PM||#4 (permalink)|
Last Online: 18-04-2014 11:00 AM
Join Date: Mar 2006
^But this isn't a Sovereign Wealth Fund. It appears to be some variant on a 'Family Office' governed by a specific set of rules.
When Abhisit appeared at our Bangkok conference he said that Thailand was mulling over starting a SWF.
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