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14M. Accounts and audit.- (1) Every copyright society shall maintain proper accounts of the fees and royalties collected in a financial year, payments made out of such collections to the owners of rights and other expenditure incurred for meeting administrative expenses and related matters with the approval of the owners of rights:

Provided that a copyright society shall not spend more than fifteen per cent of its collection towards its administrative expenses.

(2) Every copyright society shall get its accounts audited by a chartered accountant annually.

 

 

 

 

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