CHAPTER 9 AMENDMENT OF THE TRADE ASSOCIATION’S BYLAWS, DISSOLUTION OF THE TRADE ASOCIATION AND ACCOUNTING (LIQUIDATION)
45. Amendment of the Bylaws:
Any amendment, revision, deletion or addition to the Bylaws may be made only by resolution of the General Meeting which has adopted its votes of approval by not less than two-thirds of the total number of Ordinary Members and/or proxies attending the meeting.
46. Dissolution of the Trade Association:
This Trade Association may be dissolved on any of the following grounds:
(1) when a resolution for it to be dissolved is adopted by a General Meeting with at least three-fourths of votes of the total number of Ordinary Members and/or proxies (if any) attending such meeting.
(2) when the Trade Association becomes bankrupt,
(3) when an order is issued by the Minister of Commerce by virtue of Section 36 of the Trade Associations Act, B.E. 2509 for it to be dissolved.
47. Liquidation:
When the Trade Association is dissolved for any of the reasons set in Clause 46, provisions of the Trade Associations Act, B.E. 2509 shall be applicable in respect of its liquidation.
In the case of dissolution by virtue of Clause 46(1), the General Meeting held on such occasion shall adopt a resolution to appoint a liquidator as well. However, if the dissolution is caused by virtue of Clause 46(3), then every Director in the last Board of Directors which has registered its Directors with the Bangkok Metropolis Registrar of Trade Associations shall serve as its liquidators.
If the Trade Association still has any property left after liquidation, such property shall be transferred, in accordance with resolution of the General Meeting, to any one or several legal entities in Thailand with the pursuit of public charity as its/their objective.
If, after liquidation, the Trade Association has not sufficient property to repay its debts, the liability of Ordinary Members shall be limited, however, to the sum of various fees due and which remain unpaid by such Members.
