Commonwealth Consolidated Acts

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Annual report and accounts

  (1)   A collecting society must, as soon as practicable after the end of each financial year, prepare a report of its operations during that financial year and send a copy of the report to the Minister.

  (2)   The Minister must cause a copy of the report sent to the Minister under subsection   (1) to be tabled in each House of the Parliament within 15 sitting days of that House after the receipt of the report by the Minister.

  (3)   A collecting society must keep accounting records correctly recording and explaining:

  (a)   the transactions of the society (including any transactions as trustee); and

  (b)   the financial position of the society.

  (4)   The accounting records must be kept in such a manner as will enable:

  (a)   true and fair accounts of the society to be prepared from time to time; and

  (b)   those accounts to be conveniently and properly audited.

  (5)   A collecting society must, as soon as practicable after the end of each financial year:

  (a)   cause its accounts to be audited by an auditor who is not a member of the society; and

  (b)   send to the Minister a copy of its accounts as so audited.

  (6)   A collecting society must give its members reasonable access to copies of all reports and audited accounts prepared by it under this section.

  (7)   This section does not affect any obligations of a collecting society relating to the preparation and lodging of annual returns or accounts under the Corporations Act 2001 .

  (8)   For the purposes of this section, the period:

  (a)   beginning at the commencement of this section; and

  (b)   ending at the end of 30   June 2010;

is taken to be a financial year.

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