37Annual report and accounts

#### 37 Annual report and accounts (1) The collecting society must, as soon as practicable after the end of each financial year ending on or after 30 June 2010, prepare a report of its operations during that financial year and send a copy of the report to the Minister. (2) The collecting society must not include in that report any information that the society is satisfied: (a) is commercial‑in‑confidence; or (b) consists of personal information of an individual. (3) In satisfying itself whether information to be included in a report is commercial‑in‑confidence, the society must consider each of the following: (a) whether release of the information would cause competitive detriment to a person; (b) whether the information is in the public domain; (c) whether the information is required to be disclosed under another law of the Commonwealth, a State or a Territory; (d) whether the information is readily discoverable. (4) The Minister must cause a copy of the report sent to the Minister under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the receipt of the report by the Minister. (5) The 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. (6) 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. (7) The society must, 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 must send to the Minister a copy of its accounts as so audited. (8) The society must give its members reasonable access to copies of all reports and audited accounts prepared under this section. (9) This section does not affect any obligations of the society relating to the preparation and lodging of annual returns or accounts under the law under which it is incorporated.