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Who is the owner of the copyright in the case of a work produced for valuable consideration at the instance of another person?

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Who is the owner of the copyright in the case of a work produced for valuable consideration at the instance of another person?

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In the case of a photograph taken, or a painting or portrait drawn, or an engraving or a cinematograph film made, for valuable consideration at the instance of any person, such person shall, in the absence of any agreement to the contrary, be the first owner of the copyright therein.

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