(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.