Australian Capital Territory Numbered Acts

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RETIREMENT VILLAGES ACT 2012 (NO. 38 OF 2012) - SECT 144

Misuse capital works fund amounts

    (1)     The operator of a retirement village commits an offence if the operator uses a capital works fund amount for a purpose other than any of the following:

        (a)     to meet the cost of capital maintenance;

        (b)     if the residents of the village consent to a proposal that the operator distribute any part of the fund that is not required to fund capital maintenance to the residents in equal shares—to give effect to that proposal;

        (c)     for a purpose prescribed by regulation.

Maximum penalty: 50 penalty units.

    (2)     An offence against this section is a strict liability offence.

    (3)     A proposal mentioned in subsection (1) (b) may be made by the operator or the residents committee.

    (4)     If the residents consent to a proposal made by the residents committee under subsection (1) (b), the operator may apply to the ACAT for an order that—

        (a)     the distribution is not to be made; or

        (b)     approves or amends the proposed distribution.

    (5)     In making an order under subsection (4), the ACAT may consider the following:

        (a)     the proportion of the capital works fund proposed to be distributed;

        (b)     whether the proportion of the capital works fund proposed to be distributed is reasonably likely to be required to fund capital maintenance;

        (c)     anything else the ACAT considers appropriate.



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