Section Code: 1208 - 1214

Thai Civil and Commercial Code


Part 4: Audit

Section. 1208. Shareholders may be Auditors but No Directors, Agents, or Employees of Company

The auditors may be shareholders of the company; but no person is eligible as an auditor who is interested otherwise than as a shareholder in any transaction of the company, and no director or other agent or employee of the company is eligible as an auditor during his continuance in office.

Section 1209. Election of Auditors

The auditors shall be elected every year at an ordinary meeting.

A retiring auditor is eligible for re-election.

Section 1210. Auditor Remuneration

The remuneration of the auditors shall be fixed in any general meeting.

Section 1211. Extraordinary Meeting to Fill Auditor Vacancy

If any casual vacancy occurs among the auditors, the directors shall forthwith summon an extraordinary meeting for the purpose of filling the vacancy.

Section 1212. Court Appointed Auditor

If no election of auditors is made in a manner aforesaid, the Court shall, on the application of not less than five shareholders, appoint an auditor for the current year and fix his remuneration.

Section 1213. Access to Books and Financial Accounts

Every auditor shall at all reasonable time have access to the books and accounts of the company, and with regard to such books and accounts he may examine the directors or any other agents or employees of the company.

Section 1214. Auditor Reports

The auditors must make a report to the ordinary meeting on the balance-sheet and accounts.

They must state in such report whether in their opinion the balance-sheet is properly drawn up so as to exhibit and correct view of the state of the affairs of the company.