{"id":422,"date":"2023-03-29T13:58:00","date_gmt":"2023-03-29T06:58:00","guid":{"rendered":"https:\/\/aplc.co.th\/?page_id=422"},"modified":"2023-03-29T15:11:33","modified_gmt":"2023-03-29T08:11:33","slug":"publication","status":"publish","type":"page","link":"https:\/\/aplc.co.th\/publication\/","title":{"rendered":"PUBLICATION"},"content":{"rendered":"
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PUBLICATION<\/h2>\n<\/div>\n<\/div><\/div>
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The Amendment of Civil and Commercial Code<\/strong><\/b><\/center>
\nOn 8 November 2022, the Act on amendment of the Civil and Commercial Code of Thailand (\u201cCCC\u201d) (No.23) B.E. 2565 (2022) regarding the partnerships and companies (the \"Amendments\") was published in the Royal Gazette which the Amendment became effective on 7 February 2023.<\/p>\n

Below is the summary of key issues of the Amendment \u2013 all of which apply only to Thai private limited companies:<\/p>\n

Promoters<\/strong><\/b>
\nThe minimum number of promoters of limited company is decreased from three to two promotors. In this regard, the required minimum number of shareholders is also decreased from three to two shareholders.<\/p>\n

<\/b>Validity of Memorandum of Association before incorporation registration (the \u201cMOA\u201d)<\/strong><\/b>
\nThe promoters are required to register the company\u2019s incorporation with Department of Business Development within three years of the MOA registration date.<\/p>\n

Share Certificate<\/strong><\/b>
\nThe share certificate must be signed by at least one director and affixed with a company\u2019s seal (if any).<\/p>\n

Board of Directors\u2019 Meeting via Electronic Means<\/strong><\/b>
\nUnless specified otherwise in the Articles of Association, the Board of Directors\u2019 meetings may be held electronically, and a director is not required to physically attend the meeting if the meeting platform complies with the requirements of the law pertaining to meetings via electronic means.<\/p>\n

Notice of Shareholders\u2019 Meeting<\/strong><\/b>
\n<\/b>According to the Amendment, the company is no longer required to publish the invitation notice of the shareholders\u2019 meeting in a local newspaper, unless the company has issued the share certificates to bearers. The invitation notice of the shareholders\u2019 meeting shall be sent to all shareholders via A\/R registered mail.<\/p>\n

However, even after the Amendment became effective, the company must continue publish the invitation notice for the shareholders\u2019 meeting in a local newspaper if its Articles of Association were constituted in accordance with a previous version of the CCC.<\/p>\n

Quorum for Shareholders\u2019 Meeting<\/strong><\/b>
\n<\/b>At least two shareholders and\/or their proxies representing not less than 25% of the share capital are required to constitute the quorum of the shareholders\u2019 meeting.<\/p>\n


\n<\/b>Dividend Payments<\/strong><\/b>
\n<\/b>The payment of dividend must be completely made to all shareholders within one month from the date of approval resolution of shareholders\u2019 or board of directors\u2019 meeting.<\/p>\n


\n<\/b>Company Dissolution by the court\u2019s order<\/strong><\/b>
\n<\/b>The Court may order a company to be dissolved when the number of its shareholder reduces to one. (Previously, the Court may order the company to be dissolved if the shareholders are reduced to less than three)<\/p>\n


\n<\/b>New Concept of Amalgamation and Merger<\/strong><\/b>
\n<\/b>Under the Amendment, two or more companies can be combined in one of the following types:<\/p>\n

\u2022 Amalgamation:<\/strong><\/b> which is a consolidation of two or more limited companies to form a new limited company. None of such amalgamating companies survives (Company A + Company B becomes Company C); and<\/p>\n

\u2022 Merger<\/strong><\/b>, which is a consolidation of two or more limited companies into an existing limited company while the others will cease to be a juristic person (Company A + Company B becomes Company A or Company B)<\/p>\n

Recommendation<\/strong><\/b>
\nThe Amendment stimulates business operations in Thailand with a new option of business combination and more flexibility due to the other changes in corporate provisions under the CCC. We recommend that you may consider amending the Articles of Association to ensure alignment and compliance with the Amendment. This amendment of Articles of Association would increase efficiency and reduce unnecessary burden and expense in your doing business.<\/p>\n

For any further information or assistance, please do not hesitate to contact us.<\/b><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"

PUBLICATION The Amendment of Civil and Commercial Code On 8 November 2022, the Act on amendment of the Civil and Commercial Code of Thailand (\u201cCCC\u201d) (No.23) B.E. 2565 (2022) regarding the partnerships and companies (the “Amendments”) was published in the Royal Gazette which the Amendment became effective on 7 February 2023. Below is the summary […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"yoast_head":"\nPUBLICATION — AP LEGAL COUNSELLOR<\/title>\n<meta name=\"description\" content=\"SPECIALIZING IN Corporate and Commercial Laws, Employment, Properties and Litigation and Dispute Resolution\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aplc.co.th\/publication\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PUBLICATION — AP LEGAL COUNSELLOR\" \/>\n<meta property=\"og:description\" content=\"SPECIALIZING IN Corporate and Commercial Laws, Employment, Properties and Litigation and Dispute Resolution\" \/>\n<meta property=\"og:url\" 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