Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Acts(1) The operator of a retirement village must ensure that the accounts for the village are audited annually by a person qualified to audit accounts under the Corporations Act.
Maximum penalty: 50 penalty units.
(2) If the audit fees are to be paid by the residents of the village—
(a) the fees must be itemised in the proposed annual budget (if any); and
(b) the item must include the name of the auditor to be appointed; and
(c) if the auditor to be appointed did not audit the village's accounts for the previous financial year—the residents' consent to the auditor's appointment is required in the same way that it is required under section 162 (1) to (6) (Residents consent to spending) for the expenditure of the fees.
(3) The operator of a retirement village commits an offence if the operator fails to give, not later than the prescribed time after the end of each quarter, a copy of the village's quarterly accounts for the quarter to the residents committee for the village.
Maximum penalty: 20 penalty units.
Note Fail includes refuse (see Legislation Act, dict, pt 1).
(4) An offence against this section is a strict liability offence.
(5) Subsection (3) is subject to section 171 (Quarterly accounts need not be given to residents in certain circumstances).
(6) If, more than 28 days after the end of the quarter to which the quarterly accounts relate, a resident asks the operator for a copy of the quarterly accounts, the operator must give the resident a copy of the accounts within 7 days after receiving the request.
(7) The quarterly accounts need not be audited.
(8) In this section:
"prescribed time "means—
(a) the time prescribed by regulation; or
(b) if no time is prescribed—28 days.
"quarterly accounts", in relation to a quarter for a retirement village, means the accounts of the village's income and spending for the quarter.