Section 31.32 A person, natural or juristic, who applies for Aircraft
registration, shall hold Thai nationality.
In case of a partnership or limited company or public limited company, it
shall be registered under the law of Thailand, the principal place of business of the
partnership or company is situated in the Kingdom, and:
(1) In case of an ordinary partnership, all partners shall hold Thai
nationality;
(2) In case of a limited partnership, all partners who jointly have
unlimited liability shall hold Thai nationality and at least 51 percent of the capital of
such partnership shall belong to natural persons who hold Thai nationality;
(3) In case of a limited company or public limited company, such
company shall not have bearer shares on issue, a majority of its directors shall hold Thai
nationality, and at least 51 percent of all shares shall belong to any one or any
combination of the following persons:
(a) Natural persons who hold Thai nationality;
(b) Ministries, sub-ministries, [or] departments of the Government;
(c) Limited companies or public limited companies, of which
ministries, sub-ministries, [or] departments of the Government hold not less than 51
percent of all shares;
(d) Limited companies or public limited companies, of which natural
persons holding Thai nationality hold not less than 51 percent of all shares;
(e) Other juristic persons as specified in the Ministerial Regulations.
In case of an association, it shall be registered under the law of Thailand,
the principal place of business of the association shall be situated in the Kingdom, and
the regulations of the association shall have been approved by the Civil Aviation Board.