comply within 3 months of such suspension, the Commission may revoke its licence. 3. Any officer of an organization who has been cautioned for two time may be disqualified by the Commission from holding any management position in any collecting organization unless he satisfies the Commission on why he shall not be disqualified or why such disqualification shall be lifted 21. Existing Collecting Societies An existing Collective Management Organisation approved or whose approval has been renewed at the time these Regulations come into force shall be deemed to be licensed under these Regulations and may continue operations for the unexpired period of its approval provided that if such Organisation applies for renewal, the application shall be in accordance with the provisions of paragraph 2 of these Regulations. 22. Interpretation (1) In these Regulations unless the context otherwise requires – ”Act” means the Copyright Act Chapter C28 Laws of the Federation of Nigeria 2004. “Auditor” means a person licensed to practice in accordance with the laws of the Federal Republic of Nigeria. “Collective Management Organisation” means Collecting Society as defined in the Copyright Act. “Copyright owner” means any natural or legal person that holds a copyright. “Dispute Resolution Panel” means a panel constituted pursuant to the provisions of these Regulations. “Legal Practitioner” has the meaning assigned to it by the Legal Practitioners Act. “Licence” means a lawfully granted licence permitting the doing of an act controlled by this Act. “Reciprocal Representation Agreement” means any agreement between foreign collecting societies and indigenous collective management society whereby one collective management organisation grants to the other the right to manage its repertoire in the territory of the other.