(3) The Commission may refuse to approve an application for renewal of a licence if it is of the opinion that the Collective Management Organisation no longer meets the requirement for grant of licence. CHAPTER 2 MEMBERSHIP AND MANAGEMENT OF COLLECTIVE MANAGEMENT ORGANISATIONS. 5. Membership Admission (1) Membership of a Collective Management Organisation shall be made open to all copyright owners of the category of works or class(es) of rights to which the Organisations seeks licence or is licensed to operate under these Regulations. (2) A Collective Management Organisation shall not impose condition(s) requiring a member to constitute the Organisation as his sole collecting agent or as agent for any other purpose otherwise than for the purpose of managing the rights of the member within the scope of the Organisation’s licence under these Regulations. (3) A Collective Management Organisation shall not make a mandatory requirement for a member to assign to it the right to collect royalties from equivalent foreign collective administration schemes. (4) A Collective Management Organisation may make provision for collective membership through an association of right owners or for admission of members through their agents, provided that in such a case, the agent or the association shall undertake to indemnify the Organisation against claims from the actual right holder in respect of any royalty distributed to the agent or the association. (5) Where the Commission is satisfied that an organisation is in breach of subparagraphs 1, 2 and 3 above, the Organisation and/or its officers may be liable to a written caution and may be required to rectify the breach within a specified time, failing which the Organisation shall be liable to a fine of N50,000.00 6. Rights of Members (1) Each member of a Collective Management Organisation shall be entitled to one vote with similar rights and privileges. (2) Each member shall be entitled to obtain from the Organisation: a. annual statements of accounts;