Australian Capital Territory Numbered Acts

RETIREMENT VILLAGES ACT 2012 (NO. 38 OF 2012) - SECT 173

    (1)     A surplus in the annual accounts of a retirement village must be carried forward to the accounts for the next financial year unless—

        (a)     the residents of the village consent to a proposal for the spending of the whole or any part of the surplus; or

        (b)     the residents consent to a proposal that the operator of the village distribute the whole or any part of the surplus to the existing residents in equal shares.

    (2)     A proposal under subsection (1) may be made by the operator or the residents committee (if any).

    (3)     If the residents consent under subsection (1) (b) to a proposal made by the residents committee, 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.

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

        (a)     the proportion of the surplus proposed to be distributed;

        (b)     any other matter the ACAT considers appropriate.