Commonwealth Numbered Acts Commonwealth Numbered Acts(1) A body may apply to the Minister to be appointed as the collecting society.
(2) After receiving the application, the Minister must do one of the following:
(a) appoint the body to be the collecting society, by notice in the Gazette , for a period not exceeding 5 years specified in the notice;
(b) refuse to appoint the body to be the collecting society.
(3) Only one body may be appointed to be the collecting society at a time. A body must not be appointed to be the collecting society while another body is appointed to be the collecting society.
(4) The Minister must not appoint a body to be the collecting society unless:
(a) it is a company limited by guarantee and incorporated under the Corporations Act 2001 ; and
(b) all resale royalty right holders are entitled to become its members; and
(c) its rules prohibit the payment of dividends to its members; and
(d) its rules contain provisions of the kind determined by legislative instrument by the Minister, being provisions necessary to ensure that the interests of holders of resale royalty rights or their agents are protected adequately, including, in particular, provisions about:
(i) the collection of amounts of resale royalty; and
(ii) the distribution of amounts collected by the society; and
(iii) the holding on trust by the society of amounts for holders of resale royalty rights who are not its members; and
(iv) access to records of the society by holders of resale royalty rights and their agents.