Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) As soon as practicable after the end of each financial year, a company that was a collecting society during any part of the year must prepare a report of its operations as a collecting society during the year and send a copy of the report to the Minister.
(2) A collecting society must keep accounting records correctly recording and explaining the transactions of the society (including any transactions as trustee) and the financial position of the society.
(3) Accounting records must be kept in a manner that will enable true and fair accounts of the society to be prepared from time to time and to be conveniently and properly audited.
(4) As soon as practicable after the end of each financial year, a company that was a collecting society during any part of the year must:
(a) have its accounts audited by an auditor who is not a member of the society; and
(b) give a copy of the audited accounts and the auditor's report on the audit to the Minister.
(5) The Minister must cause a copy of a document given to the Minister under subsection (1) or paragraph (4)(b) to be laid before each House of the Parliament within 15 sitting days of that House after the Minister received the document.
(6) A collecting society must give its members reasonable access to copies of:
(a) all reports and audited accounts prepared by it under this section; and
(b) all auditors' reports on the audit of the accounts.
(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 law under which it is incorporated.