Australian Capital Territory Numbered Acts

RETIREMENT VILLAGES ACT 2012 (NO. 38 OF 2012) - SECT 171

    (1)     This section applies if the total of the recurrent charges collected for a retirement village in the financial year to which accounts of the village relate is less than—

        (a)     the amount prescribed by regulation; or

        (b)     if no amount is prescribed—$50 000.

    (2)     The operator of the retirement village need not give the residents of the village a copy of the quarterly accounts for the village under section 168 (Auditing of accounts) if the residents consent.

    (3)     The residents consent remains in force until the earlier of—

        (a)     the day the total of the recurrent charges collected for the village for a financial year is—

              (i)     the amount prescribed by regulation or more; or

              (ii)     if no amount is prescribed by regulation—$50 000 or more; and

        (b)     the residents revoke the consent.

    (4)     The residents may revoke the consent at any time.