(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.