New South Wales Consolidated Acts

RETIREMENT VILLAGES ACT 1999 - SECT 100

100 Maintenance fund for long-term maintenance of items of capital

(1) If a statement of approved expenditure provides for the setting aside of a proportion of recurrent charges for the purpose of financing repairs and maintenance of items of capital in a period that extends beyond the financial year to which the statement of approved expenditure relates, the operator of the retirement village must establish and maintain a maintenance fund for the village.

Maximum penalty: 100 penalty units.

(2) However, this section does not require a separate fund to be established in respect of each financial year.

(3) The operator is not to hold money in the fund otherwise than:

(a) in an account with an authorised deposit-taking institution, or

(b) by way of an investment as provided by this section, or

(c) as otherwise prescribed by the regulations.

Maximum penalty: 100 penalty units.

(4) Money in the fund may be invested in any manner permitted by law for the investment of trust funds.

(5) Any interest received on an investment under this section forms part of the fund.