Document ID: chunk:federal_register_of_legislation:F2024L01605:clause:1_15
Version: federal_register_of_legislation:F2024L01605
Segment Type: clause
Provision Reference: sch 1 cl 15
Character Range: 161017–162489

15  Specific purpose funds
 (1) For each specific purpose fund to which the franchisee is required to contribute, the following details:
 (a) the specified common purpose for the fund;
 (b) the kinds of persons who contribute to the fund (for example, franchisee, franchisor, outside supplier);
 (c) how much the franchisee must contribute to the fund and whether other franchisees must contribute at a different rate;
 (d) who controls or administers the fund;
 (e) the kinds of expenses that the fund may be used to meet for the specified common purpose for the fund;
 (f) that subsection 31(2) requires the fund administrator to:
 (i) prepare annual financial statements for the fund for each financial year, and to give the franchisee a copy of the statement for a year within 30 days of preparing it; and
 (ii) unless subsection 31(4) applies in respect of the fund for a year, to have the statement for the year audited by a registered company auditor and to give the franchisee a copy of the auditor's report within 30 days of receiving it;
 (g) a copy of the most recently prepared annual financial statement for the fund;
 (h) whether the franchisor, master franchisor or an associate of either of them supplies goods or services for which the fund pays and, if so, details of the goods or services;
 (i) whether the franchisor or master franchisor must spend part of the fund on the specified purpose for the benefit of the franchisee's business in particular.