Document ID: chunk:federal_register_of_legislation:F2024C00262:reg:17:p2
Version: federal_register_of_legislation:F2024C00262
Segment Type: reg
Provision Reference: reg 17 (pt 2/3)
Character Range: 31914–34466

that fund in accordance with the rules of the society; and
 (iii) if the entitled person becomes a member while the amount is held in the trust fund—must be distributed to the person as soon as is reasonably possible after he or she becomes a member;
 (i) that a trust fund must be operated by the collecting society for purposes that include the holding on trust, for any entitled person who is not, and whose agent is not, a member of the society, of any potential share allocated to that person in accordance with the scheme;
 (j) that any part of a distributable amount, relating to an accounting period, that cannot for any reason be distributed must be held on trust in the trust fund referred to in paragraph (i) until distribution becomes possible or until the end of a specified period of not less than 4 years, whichever happens first;
 (k) that a member of the collecting society must, on request, be given reasonable access to the records of the society, whether or not the member is an entitled person.
 (2) For the purposes of paragraph 153F(6)(f) of the Act, the rules of an applicant to be declared a collecting society are required to include provisions with the effects described in paragraphs (1)(a), (b), (c), (d), (e), (f), (g), (h), (i), (j) and (k) of this section.
 (3) In this instrument:
distributable amount, in relation to an accounting period of a collecting society, means the amount of equitable remuneration received by the society that is:
 (a) attributable to that period (in accordance with the practice of the society); or
 (b) otherwise available for distribution;
after the payment or reservation, out of that amount, of:
 (c) amounts attributable to that period that are paid or held, in accordance with the rules of the society, for:
 (i) gifts made by the society; and
 (ii) administrative costs and other outgoings of the society; and
 (d) amounts to be carried forward, in accordance with the rules of the society, to the next accounting period.
entitled person, in relation to a collecting society declared under a section of the Act mentioned in column 1 of an item of the following table, means:
 (a) a member of the collecting society who is:
 (i) a person described in column 2 of that item; or
 (ii) the agent of a person described in column 2 of that item; or
 (b) a person described in column 2 of that item who is not a member of the collecting society and whose agent, if any, is not a member.
Entitled person
                 Column 1            Column 2
                 Section of the Act  Person