Document ID: chunk:federal_register_of_legislation:C2024C00854:section:113z
Version: federal_register_of_legislation:C2024C00854
Segment Type: section
Provision Reference: s 113Z
Character Range: 328009–329294

113Z  Annual report and accounts
 (1) The collecting society must, as soon as practicable after the end of each financial year:
 (a) prepare a report of its operations during that financial year; and
 (b) send a copy of the report to the Minister, for presentation to the Parliament.
 (2) The 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) The accounting records must be kept in such a manner as will enable true and fair accounts of the society to be prepared from time to time and those accounts to be conveniently and properly audited.
 (4) The collecting society must:
 (a) as soon as practicable after the end of each financial year, cause its accounts to be audited by an auditor who is not a member of the society; and
 (b) must send to the Minister a copy of its accounts as so audited.
 (5) The collecting society must give its members reasonable access to copies of all reports and audited accounts prepared under this section.
 (6) 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.