New South Wales Consolidated Acts

RETIREMENT VILLAGES ACT 1999 - SECT 112

112 Statement of proposed expenditure

(1) At least 60 days before the commencement of each financial year of a retirement village, the operator of the village must supply each resident of the village with a statement of proposed expenditure itemising the way in which the operator proposes to expend the money to be received by way of recurrent charges from the residents of the village during the financial year.

Maximum penalty: 100 penalty units.

(2) A person who is the operator of more than one retirement village may provide a consolidated statement in relation to any 2 or more of the villages concerned, but, when providing the statement to the residents and former occupants of a particular village, must include a separate statement for that village.

(3) The regulations may make provision for or with respect to:

(a) matters that must be dealt with in a statement of proposed expenditure, and

(b) matters that must not be financed by way of recurrent charges, and

(c) the form that the statement is to take.

(4) The statement is to be accompanied by a notice:

(a) stating that the operator of the village is required to obtain the consent of the residents before expending the money as itemised in the statement, and

(b) stating further that, if the residents do not give their consent, the operator may expend the money in accordance with an order of the Tribunal, and

(c) briefly explaining the reasons for any changes in expenditure from the previous financial year, and

(d) stating that if any change in expenditure arises from a variation in the services or facilities provided at the village by the operator, consent to that variation must be by way of a special resolution of the residents, and

(e) containing such other information as may be prescribed.

(5) The notice may (but need not) further state that the notice operates as the operator’s formal request for the consent of the residents to the expenditure of the money as itemised in the statement.

(6) Nothing in this section prevents an operator of a retirement village from cancelling a statement of proposed expenditure and replacing it with an amended statement at any time.