§ 1005. — Deposit of royalty payments and deduction of expenses.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 17USC1005]
TITLE 17--COPYRIGHTS
CHAPTER 10--DIGITAL AUDIO RECORDING DEVICES AND MEDIA
SUBCHAPTER C--ROYALTY PAYMENTS
Sec. 1005. Deposit of royalty payments and deduction of expenses
The Register of Copyrights shall receive all royalty payments
deposited under this chapter and, after deducting the reasonable costs
incurred by the Copyright Office under this chapter, shall deposit the
balance in the Treasury of the United States as offsetting receipts, in
such manner as the Secretary of the Treasury directs. All funds held by
the Secretary of the Treasury shall be invested in interest-bearing
United States securities for later distribution with interest under
section 1007. The Register may, in the Register's discretion, 4 years
after the close of any calendar year, close out the royalty payments
account for that calendar year, and may treat any funds remaining in
such account and any subsequent deposits that would otherwise be
attributable to that calendar year as attributable to the succeeding
calendar year.
(Added Pub. L. 102-563, Sec. 2, Oct. 28, 1992, 106 Stat. 4242; amended
Pub. L. 103-198, Sec. 6(b)(2), Dec. 17, 1993, 107 Stat. 2312.)
Amendments
1993--Pub. L. 103-198 struck out at end ``The Register shall submit
to the Copyright Royalty Tribunal, on a monthly basis, a financial
statement reporting the amount of royalties under this chapter that are
available for distribution.''
Section Referred to in Other Sections
This section is referred to in sections 801, 1006, 1009 of this
title.
