Australian Capital Territory Numbered Acts

RETIREMENT VILLAGES ACT 2012 (NO. 38 OF 2012) - SECT 12

    (1)     In this Act:

"registered interest holder"—a person is a registered interest holder in relation to residential premises in a retirement village if—

        (a)     the person—

              (i)     is 1 of the following:

    (A)     the registered proprietor of land in the retirement village;

    (B)     the owner of a unit in a units plan in the retirement village;

    (C)     the owner of a lot in a community title scheme in the retirement village; and

              (ii)     has a residence right in relation to residential premises in the retirement village; or

        (b)     the person owns shares in a company title scheme that give rise to a residence right in relation to residential premises in the retirement village; or

        (c)     the person is a registered long-term sublessee.

"registered long-term sublessee", of residential premises in a retirement village, means a person whose residence contract is in the form of a registered long-term sublease that includes a provision that entitles the person to at least 50% of any capital gain.

    (2)     In this section:

"registered long-term sublease" means a sublease registered under the Land Titles Act 1925 that—

        (a)     has a term of at least 50 years (including any option to renew); or

        (b)     is for the life of the lessee.