"Corporation” means a limited company, public company limited, limited partnership, ordinary partnership, or other legal entities.

“Dedicated energy network system” means an energy network system which directly provides services to energy consumers within its vicinity, without using any other energy network system.

“Direct access customer” means a power consumer who purchases electricity directly from the Power Pool and who shall have to comply with the Market Rules.

“Energy” means energy under the law on the National Energy Policy Council.

“Energy activity facility” means a building, a location, machinery, electric wires, electricity poles, a power station, energy transmission pipes, an energy compressor station and any other equipment used in the energy business operation.

“Energy business operator” means a person who carries out an energy-related activity.

“Energy business operator with market power” means any energy business operator in any energy market or any energy service market who, given the competitive conditions of the market, has market shares or total income higher than the level specified by the Commission.

“Energy consumer” means a person who consumes energy that is not produced by himself.

“Energy network system” means a power network system, a natural gas network system, an energy transmission pipeline system, energy compressor equipment, a treatment unit, a meter or any other equipment related to energy transmission or distribution.

“Energy network system expansion plan” means an investment plan to expand an energy network system.

“Energy retailer” means a licensee that is authorized to retail energy.

“Enforcement officer” means a person appointed by the Commission for the execution of the work under this Act.

“To establish an energy activity facility” means to construct an energy activity facility or to install machinery or any other equipment used in the energy business operation.

“Fund” means the Power Consumer Assistance Fund.

“To generate power” means to generate electric energy or to provide ancillary services, except ancillary services provided by power transmitters or power distributors.

“License” means a license authorizing professional practice of energy-related activities under this Act.

“Licensee” means a person who holds a license to carry out an energy-related activity.

“Liquefied petroleum gas” means hydrocarbon gases used for cooking, i.e. propane, propylene, normal butane, iso-butane or butylene, each of or a combination of these gases.

“Minister” means the Minister who has charge and control of the execution under this Act.

“Natural gas” means all gaseous hydrocarbons, either wet or dry, obtained from oil wells or gas wells, or hydrocarbon gases remaining from a gas separation process, or gaseous hydrocarbon compounds before being liquefied, excluding liquefied petroleum gas used as fuel and hydrocarbon gases used as feedstock in the petrochemical industry.

“Natural gas distribution system” means a pipeline system linking natural gas supply stations and natural gas consumers, launcher and receiver equipment, gas meters, valves or any other equipment related to natural gas distribution.

“Natural gas network system” means a natural gas transmission system or a natural gas distribution system.

“Natural gas storage” means to keep natural gas, in the form of either gas or liquid, in cylinder tanks or other containers or underground storage tanks, including equipment used in liquefying gas or that used in gasification of gas in the liquid form.

“Natural gas supply station” means a station composed of pipelines connected from a natural gas transmission system, valves, regulators, gas meters.

“Natural gas transmission system” means a pipeline system used for launching and receiving natural gas from a natural gas resource or a natural gas supply point to a natural gas distribution system, launcher and receiver equipment, pipeline inspection gauge, gas meters, calorimeters, regulators, valves, compressor stations, gas treatment facilities, block valve stations, natural gas supply stations, interconnection pipelines linking all equipment, or any other equipment related to natural gas transmission.

“Office” means the National Energy Regulatory Office.

“Power distribution system” means the power systems of the Metropolitan Electricity Authority or the Provincial Electricity Authority, or other power systems which are not power transmission systems, including the system operator of each individual power system.

“Power distributor” means a person who holds a license to operatem a power distribution system.

“Power network system” means a power transmission system or a power distribution system.

“Power Pool” means Thailand Power Pool.

“Power Pool Board” means Thailand Power Pool Board.

“Power Pool Manager” means the Manager of Thailand Power Pool.

“Power system” means electric wires, electricity poles, power stations, transformers, meters or any other equipment related to electricity transmission or distribution.

“Power transmission system” means a power system of the Electricity Generating Authority of Thailand or a power system from a power generator to a power station of a power distribution system or to a power station of a power consumer, excluding the power systems of the Provincial Electricity Authority or the Metropolitan Electricity Authority.

“Power transmitter” means a person who holds a license to operate a power transmission system.

“Renewable energy” means renewable energy under the law on the National Energy Policy Council.

“Retailing of energy” means to sell energy to energy consumers.

“Secretary General” means the Secretary General of the National Energy Regulatory Commission.

“Subsidiary” means the following, pursuant to the criteria set by the Commission:

(1)A business company owned or controlled in whole or in part by another company;

(2)A subsidiary of a company under (1) at each hierarchical order.

“Tariff” means the energy price or cost of services provided by a licensee, or other fees, including the mechanism used for the tariff determination and terms or conditions of services.

  Section 4: 

All other laws, by-laws and regulations in so far as they have already been provided in this Act or are contrary to or inconsistent with the provisions of this Act shall be replaced by this Act.

  Section 5: 

The Prime Minister shall have charge and control of the execution of this Act.

ENERGY INDUSTRY REGULATORY AGENCIES

The National Energy Regulatory Commission

  Section 8:   

The National Energy Regulatory Commission shall be established, comprising one Chairman and four other members graciously appointed by His Majesty the King, by and with the advice of the Senate. 

The Secretary General shall be the Secretary to the Commission. 

  Section 9:  

The Commission shall have the following authority and duties: 

(1)         Regulate the energy industry operation to ensure its compliance with the objectives of this Act; 

(2)         Determine measures, criteria, procedures and conditions of the energy business operation; 

(3)         Determine measures to promote competition and prevent the abusive use of monopoly power; 

(4)         Consider and recommend to the NEPC the energy network system expansion plans; 

(5)         Determine the qualifications, procedures, criteria, conditions and duration of license granting for the operation of energy activities; 

(6)         Consider granting, modifying, suspending and terminating licenses for energy business operations; 

(7)         Regulate the tariffs of energy business operators, including determining criteria, procedures and conditions of the regulatory process; 

(8)         Determine the license fee and the fee for the energy business operation, including the fee payment procedures, with approval of the NEPC. 

(9)         Set and regulate the technical and safety standards of the energy business operation; 

(10)     Set the customer service standards and quality, including measures to protect energy consumers against adverse impacts resulting from the energy business operation; 

(11)     Set and regulate the procedures to consider petitions and appeals submitted by service consumers, energy business operators and those adversely affected by the energy business operation; 

(12)     Approve the budget and the operational plan of the Power Pool and the Pool charges for services provided by the Power Pool; 

(13)     Approve the determination and all amendments to the Market Rules, the requirements for the connection to the power transmission system, the Grid Code, and the Transmission Control Agreement, as proposed by the Power Pool Board; 

(14)     Approve the requirements for the connection to the power distribution system, for the use of the distribution system facilities and for the distribution system operation, as proposed by the power distributors; 

(15)     Approve the Power Retail Code as proposed by power retailers; 

(16)     Approve the requirements for the connection to the natural gas network system, for the use of the network system facilities and for the network system operation; 

(17)     Approve the Natural Gas Retail Code as proposed by natural gas retailers;

 (18)     Propose the operational plan, the annual expenditure budget and revenue estimations of the Commission and the Office in each fiscal year to the NEPC and the cabinet;

 (19)     Approve the process for the screening, selection and appointment of a member of the Power Pool Board when a vacancy arises on the Power Pool Board;

 (20)     Propose to the NEPC the rules and Codes of Conduct of the members of the National Energy Regulatory Commission and the Office’s staff members;

 (21)     Approve the rules and Codes of Conduct of the Power Pool Board members and the Power Pool staff members;

 (22)     Consider requests for the establishment of agencies for the testing and certification of standards pursuant to Section 70;

 (23)     Set the rates, criteria and procedures of the contributions to be sent to the Fund under Section 85 and the subsidy payment from the Fund under Section 86;

 (24)     Determine the Competition Transition Charge (CTC) under Section 138 and the regulations pertaining to the CTC;

 (25)     Determine the hearing process to gather views and comments on the duty execution of the Commission; 

(26)     Provide comments or recommendations related to the energy industry to the NEPC and the cabinet; 

(27)     Present the annual report of the Commission to the NEPC; 

(28)     Issue the regulations on the administration of the Office under Section 30; 

(29)     Promote and support research and development work, and human resources development in order to increase efficiency in the energy industry regulation; 

(30)     Promote the use of renewable energy and energy that has less adverse impact on the environment; 

(31)     Perform any other task as stipulated in this Act or in other laws as part of the Commission’s authority and duties.

In performing their duties, the Commission shall attempt to comply with the objectives under Section 6. 

For purpose of implementing the authority and responsibilities prescribed under Clause one hereof, the Commission shall have the power to issue regulations, rules, announcements, orders or codes. 

Any regulations, rules, announcements, orders or codes to be generally enforced shall take effect upon their publication in the Government Gazette. 

  Section 10:   

The Commissioners must have practical achievements or hands-on experience illustrating profound knowledge, understanding and expertise or must have no less than ten years of experience in the following fields: energy, economics, finance, accounting, laws, mathematics, engineering, science, management or social science, which will contribute to the energy industry.  In this regard, the working period in each of the mentioned fields can be accumulated. 

  Section 11:   

The Commissioners shall have the qualifications and shall not possess any disqualification as follows: 

(1)         Being of Thai nationality; 

(2)         Having attained the age of 35;

(3)         Have never been a member of the National Energy Regulatory Commission; 

(4)         Must not be a member of the House of Representatives, a member of the Senate, a political official, a member of a local assembly or a local administrator; 

(5)         Must not hold any position in a political party; 

(6)         Must not be insane or mentally disordered; 

(7)         Must not be addicted to drugs; 

(8)         Must not be adjudged as bankrupt; 

(9)         Must not be adjudged incompetent or quasi-incompetent; 

(10)     Must not be convicted and sentenced by a final judgement to imprisonment, except for offenses committed by negligence or petty offenses; 

(11)     Must not be convicted and sentenced by a court to have assets confiscated by the state due to excessive wealth or unusual increase of assets; 

(12)     Have never been dismissed, discharged or terminated from service of a government agency, a state enterprise or a private agency on the grounds of dishonesty, serious malfeasance, or quasi-corruption and quasi-disciplinary misconduct; 

(13)     Must not be a judge of the Constitutional Court, an election committee member, a parliamentary inspector, a member of the Counter Corruption Commission, a member of the Auditor-General of Thailand, or a member of the National Economic and Social Advisory Council; 

(14)     Have never been dismissed from office by the Senate. 

 Section 12:   

For purpose of appointing the Commissioners, there shall be the Screening Committee to be responsible for the screening of qualified persons to be nominated Commissioners, comprising 13 members as follows: 

(1)         One representative each from the Office of the Prime Minister, the Ministry of Interior, the Ministry of Science, Technology and Environment, the Ministry of Industry, the Ministry of Finance and the National Energy Policy Office; 

(2)         Three qualified persons, to be appointed by the cabinet, who have practical achievements or hands-on experience illustrating profound knowledge, understanding and expertise or must have no less than ten years of experience in the fields of energy, economics, finance, accounting, law, mathematics, engineering, science, management or social science, which will contribute to the energy industry; 

(3)         One representative each from the Federation of Thai Industries and the Board of Trade of Thailand; 

(4)         One representative to be selected among non-government organizations, other than those under (3), that are juristic persons, endorsed by the Consumer Protection Board pursuant to Section 40 of the law on consumer protection, and that are non-profit making with objectives and previous achievements on the protection of consumers or protest against unfair commercial competition; 

(5)         One representative to be selected among non-government organizations, other than those under (3) and (4), that are juristic persons, endorsed by the National Energy Policy Office, and that are non-profit making with objectives and previous achievements on energy conservation promotion. 

The Screening Committee members shall have no right to be nominated Commissioners. 

The Screening Committee shall elect one among themselves as Chairman of the Screening Committee, and another one as Secretary to the Screening Committee. 

The Office shall be the administrative agency for the screening and selection of the Commissioners. 

  Section 13:   

The proceedings of the Commissioner selection and appointment shall be as follows: 

(1)     The Screening Committee shall consider and select persons with knowledge, expertise or experience as described under Section 10, having qualifications and not possessing any disqualification under Section 11, from the name list of interested persons and nominated persons, twice as many the number of the Commissioners to be appointed and shall present the names of selected persons to the cabinet; particulars of selected persons shall be clearly indicated, or testimonials illustrating that the persons are qualified in one of the fields specified under Section 10 shall be provided, together with a letter of consent of each nominated person; 

(2)     The cabinet shall further screen the nominated persons under sub-section (1) and select as many as the number of the Commissioners to be appointed and shall present the names of selected persons to the President of the Senate, together with the particulars referred to under (1); 

(3)     In the event that the number of individuals selected by the cabinet does not meet the required number of the Commissioners to be appointed, the Screening Committee shall again consider and select persons in line with (1), only for the missing number, for re-submission to the cabinet for re-selection under (2); 

(4)     The President of the Senate shall call a Senate meeting to pass a resolution endorsing the whole set of nominated persons under (2); 

(5)     In the event that the Senate’s resolution under sub-section (4) does not endorse the whole set of nominated persons, the Screening Committee shall again consider and select persons in line with (1), for re-submission to the cabinet for re-selection under (2). 

For the initial appointment of the Commissioners, when the required compositions of the Commission are selected, all selected persons shall meet and elect one among themselves as Chairman of the Commission and inform the Prime Minister; the latter shall present the names of the nominated Commissioners to His Majesty the King for appointment. 

  Section 14:   

A Commissioner shall: 

(1)         Not be a civil servant with an assigned post or a fixed monthly salary; 

(2)         Not be a staff member or employee of a government agency, a state enterprise, or a local government affairs bureau, or a member or an advisor of a government agency or a state enterprise; 

(3)         Not be a staff member or hold any position or be in partnership in a partnership company, a company or an organization operating energy businesses or activities; 

(4)         Not undertake any freelance occupation or profession that has a stake or conflict of interest, either directly or indirectly, with the execution of duties as a Commissioner. 

In case the Senate has endorsed a person under (1), (2), (3) or (4), the Prime Minister shall not present his name to His Majesty the King for appointment unless the person has divested himself of the status specified under (1), (2) or (3) or has shown an acceptable proof that he has quit the occupation or profession under (4) within 15 days as from the date on which the Senate has given the endorsement.  If no action is taken within the specified period of time, the person shall be considered as never having been selected prospective Commissioner.  A selection and endorsement of an alternative person shall be made. 

  Section 15:   

The appointed Commissioners shall hold office for a term of six years as from the date of appointment by His Majesty the King and shall be in office only for one term. 

At the initial term, after three years’ time, two of the Commissioners, except the Chairman of the Commission, shall be discharged from office by drawing a lottery; such a discharge is regarded as the completion of the office term. 

The discharged Commissioners shall continue to perform their duties until His Majesty the King appoints new Commissioners.

The screening and selection of a new set of the Commissioners, pursuant to Sections 12 and 13, shall be made in advance, as deemed appropriate, in order that they are in place to take over the duties once the outgoing Commissioners complete their office term.  The Prime Minister shall present the names of the nominated Commissioners to His Majesty the King for appointment.   

  Section 16:  

Apart from leaving office upon completion of the term, a Commissioner shall retire from his office upon: 

(1)         Death;

(2)         Having attained the age of 70; 

(3)         Resignation; 

(4)         Lack of qualifications or having any disqualification under Section 11; 

(5)         The Senate has passed a resolution to dismiss the Commissioner from his office under the constitutional law on counter corruption. 

(6)         The Senate has passed a resolution, with no less than two-third of votes, to discharge the Commissioner. 

When a Commissioner retires from his office prior to the completion of the term, the remaining members shall continue performing their duties.  The Commission shall be regarded as comprising the remaining Commissioners, except for the case where the remaining Commissioners are less than three, in which the provisions of Section 15, Clause four thereof, shall apply mutatis mutandis. 

In the event that the Chairman of the Commission retires from his office under Clause one hereof or leaves office having completed his six-year term, the Commission shall hold a meeting to elect one among themselves as Chairman and report to the Prime Minister, who shall present the nomination to His Majesty the King for his gracious appointment as Chairman of the Commission. 

  Section 17:   

Within two years after retirement from his office, the ex-Commissioner shall be prohibited from undertaking a career or a freelance professional practice that brings about money or any benefits from a juristic person who is a licensee. 

  Section 18:   

At any meeting of the Commission, attendance of no less than half of the total membership shall be required to constitute a quorum. 

The Chairman of the Commission shall preside over the meeting.  In the event that the Chairman does not attend or is absent from the meeting or cannot perform his duties, the Commissioners present shall elect one among themselves to preside over that meeting. 

Any decision of the meeting shall be taken by a majority of votes.  Each Commissioner shall have one vote.  In the event that votes on each side are equal, the Chairman of the meeting shall have an additional vote as a casting vote. 

  Section 19:   

The Chairman of the Commission and the Commissioners shall be considered as high-ranking state officials under the constitutional law on counter corruption. 

  Section 20:   

The Commission shall have the power to appoint a sub-committee or a person to consider any matter or to carry out any task as assigned by the Commission. 

The working procedures of the assigned sub-committee or person shall be in line with those stipulated by the Commission. 

  Section 21:   

In carrying out their duties, the Commission, the sub-committee and the person appointed by the Commission under Section 20, Clause one thereof, shall have the power to instruct a government agency or any person to furnish facts in writing, to be present to provide explanations, or to send relevant documents and testimonials for consideration.  Any persons who provide misrepresentation of information shall be punished in line with the penalty clause stipulated under this Act. 

In performing their duties under Clause one hereof, the Chairman of the Commission, the Commissioners, the sub-committee and person appointed by the Commission under Section 20, Clause one thereof, shall be regarded officials under the Criminal Code. 

The Chairman of the Commission, the Commissioners, the sub-committee or person appointed by the Commission under Section 20, Clause one thereof, the Secretary General and the enforcement officers shall be regarded as state officials under the law on the officials’ liability for wrongful acts. 

  Section 22:   

The Commission shall have the power to designate particular documents or parts of documents, or any other information obtained under Section 21, as being confidential, on the basis that the public disclosure of such information would cause commercial damage to the party or parties supplying the information.  If the Commission has designated information to be confidential, the Commission shall not publicly disclose such information. 

  Section 23:   

Prior to making any decision or issuing any regulation, rule, announcement, code or order affecting the existing rights of a person or persons, the Commission shall provide the affected person or persons with the opportunity to make representations to the Commission, in accordance with the hearing process established by the Commission. 

  Section 24:   

In case the Commission concludes that a hearing would be appropriate in regard to any matter to be determined by the Commission or to its deliberation on issuing regulations, rules, announcements, codes or orders, the Commission may have a hearing organized, in accordance with the process established by the Commission. 

  Section 25:   

The Commission may issue written reasons in respect of any of its decisions or regulations, rules, announcements, codes or orders. 

The Commission shall issue written reasons in respect of any decisions or regulations, rules, announcements, codes or orders affecting the existing rights of a person, or persons, if the affected person, or persons, requests such written reasons. 

The Commission shall issue written reasons in respect of any decisions or regulations, rules, announcements, codes or orders resulting from a hearing held pursuant to Section 24. 

  Section 26:   

The Commissioners shall receive remuneration and other expenditures for the undertaking of their duties as specified in a royal decree; such expenses shall be considered as the operational cost of the Office. 

The remuneration and other expenditures for the work of the sub-committee and the person under Section 20 shall comply with the stipulation of the Commission.

The National Energy Regulatory Office

  Section 27:   

The National Energy Regulatory Office shall be established, being a state agency, with the status of a juristic person, and shall be under the supervision of the Chairman of the Commission. 

  Section 28:   

The Office shall have the authority and responsibilities on general tasks of the Commission and shall have the following duties: 

(1)         Being responsible for the administrative work of the Commission; 

(2)         Receive fees as specified by law or by the Commission; 

(3)         Receive petitions concerning energy business operations; 

(4)         Study, compile, analyze and disseminate data related to energy industry operations, competitive conditions of the industry, the forecast of domestic energy demand, and any other relevant information; 

(5)         Develop a revenue and expenditure estimate of the Office to be presented to the Commission for approval; 

(6)         Perform any other task as may be assigned by the Commission. 

  Section 29:   

The work of the Office is not subject to the enforcement of the laws on labor protection, labor relations, social welfare and compensation.  In this regard, the Secretary General, staff members and employees of the Office shall have remuneration of no less than that specified in those laws. 

  Section 30:   

The Chairman of the Commission, by and with consent of the Commission, shall have the authority to issue regulations or announcements on the general work administration, personnel management, budgeting, financing and assets, and other functions of the Office, especially in the following aspects: 

(1)         The division of the internal organizational structure of the Office and the scope of work of each division; 

(2)         The establishment of posts, monthly salary scale and other remuneration of the Secretary General, staff members and employees of the Office, including the permission to receive salary and remuneration from other sources; 

(3)         The determination of qualifications, selection, placement, appointment, probation, transfer, promotion, salary increase, discharge, service suspension, disciplines, disciplinary investigation and penalty, filing grievances, appeals, and punishment to be applied to the Secretary General and staff members of the Office, as well as the procedures and conditions of engaging employees of the Office; 

(4)         The acting as officer-in-charge or the acting for the post of the Secretary General and staff members of the Office, and the acting in place of the Secretary General in the event of the latter’s retirement from office under Section 33 or Section 34; 

(5)         The establishment of uniforms and the costume of staff members and employees of the Office; 

(6)         The engagement and appointment of an expert or a person who has particular expertise that will be helpful for the work of the Commission, including the remuneration rate for such an engagement; 

(7)         The management and administration of the budget, assets and inventories of the Office; 

(8)         The provision of welfare or other assistance for staff members and employees of the Office. 

  Section 31:   

There shall be Secretary General of the Office to be responsible for the operation of the Office and report directly to the Chairman of the Commission.  He shall be the superior official of the staff members and employees of the Office. 

  Section 32:   

The Chairman of the Commission, by and with consent of the Commission, shall have the authority to appoint and discharge the Secretary General. 

The Secretary General shall have the qualifications and shall not possess any disqualification described in Section 11 and Section 14, Clause one thereof. 

  Section 33:   

The Secretary General shall hold office for a term of five years counting from the date of appointment and may be re-appointed; however, he cannot hold office more than two consecutive terms. 

  Section 34:   

Apart from leaving office upon completion of the term under Section 33, the Secretary General shall retire from his office upon: 

(1)         Death; 

(2)         Having attained the age of 60; 

(3)         Resignation; 

(4)         Having been convicted and sentenced by a final judgement to imprisonment, except for offenses committed by negligence or petty offenses; 

(5)         Lack qualifications or possess any disqualification described in Section 11 or Section 14, Clause one thereof; 

(6)         The Commission has passed a resolution, derived from no less than two-third of votes of the total Commissioners, to dismiss him from service, on the grounds of serious misconduct, serious malfeasance or inability to perform his duties. 

  Section 35:   

The Secretary General and staff members of the Office shall be considered state officials under the constitutional law on counter corruption. 

The Secretary General shall be a high-ranking official under the constitutional law on counter corruption. 

In performing their duties under this Act, the Secretary General and staff members of the Office shall be considered officials under the Criminal Code.

  Section 36:   

The Office shall have revenue from the following: 

(1)         Revenue or benefits obtained from the implementation of duties as assigned to the Commission and the Office; 

(2)         General subsidy allocated by the government; 

(3)         Money and assets donated to the Office; 

(4)         Revenue from the assets of the Office. 

The revenue of the Office under Clause one hereof is exempted from being remitted to the Ministry of Finance under the laws on treasury balance and on budgetary procedure. 

  Section 37:   

The Commission shall present to the NEPC for approval the operational plan, expenditure budget and revenue estimation in each fiscal year of the Commission and the Office, including determinations of fees and other benefits under Section 36(1). 

In the event that the revenue under Section 36(1), (3) and (4) is inadequate, the Office shall request allocation of subsidy from the government budget under Section 36(2) at the amount deemed necessary and adequate for its operation. 

When the approval of the determinations of fees and other benefits under Clause one hereof is granted, the Commission shall determine the fees and other remittance rates so that the Office would obtain revenue according to the operational plan approved by the NEPC. 

With regard to the subsidy to be allocated from the government budget, the NEPC shall present to the cabinet the expenditure budget of the fiscal year for which the assistance is being requested.  The allocation of the general subsidy for the Office shall be incorporated into the Fiscal Budget Bill or the Additional Budget Bill, as the case may be. 

In carrying out the action under Clause four hereof, the NEPC and/or the cabinet may incorporate the comments of the Office on the budget allocation into the report attached to the proposed Fiscal Budget Bill or the Additional Budget Bill.  In considering the Fiscal Budget Bill or the Additional Budget Bill, the House of Representatives or the Senate may require the presence of the Secretary General to provide explanations for their consideration. 

  Section 38:   

The Office shall have the authority to administer, oversee, maintain, use and make profits from its assets, both the state properties under the law on state properties and other assets, which must be in line with the regulations prescribed by the Commission. 

  Section 39:   

All immovable properties acquired by the Office through purchase by or exchange with the revenue of the Office, or through donation, shall become under the rights of the Office.   

  Section 40:   

The accounting of the Office shall be made according to the international standards under the format and criteria specified by the Commission.  An internal audit of the Office’s finance and accounting as well as inventories shall be established.  A report on the audit outcome shall be made to the Commission at least once a year.