Federal
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8/ submit performance report at any time when
requested by the Office;
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Negarit Gazette No. 20 141h January, 2015 . . .... page 7949
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9/ perform other functions necessary for the
achievement of its objectives as may be
assigned to it by the Office.
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35. Budget
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1/The budget of a collective management society
shall be drawn from the following sources:
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a) deductions
collected
made
in
from
accordance
the
royalties
with
this
Proclamation;
b) membership contributions;
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c) fees collected from other related services.
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2/ The annual deduction to be made pursuant to
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sub-article (1) (a) of this Article may not
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amount of royalty.
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exceed thirty per cent of the total collected
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3/ The amount of deduction to be made in
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accordance With sub-article (2) of this Article
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shall be sub rttitted annually to the Office for
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approval before its implementation.
36. Books of Accounts
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11 . A collective management society shall keep
complete and accurate books of accounts.
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2/ The books of accounts and financial documents
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of a collective management society shall bo
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audited annually by external auditors.
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3/ A collective management society shall submit
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audited financial reports of the preceding year
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and its budget of the following year to tho
Office.