RETIREMENT VILLAGES ACT 1999 - SECT 117 Amendment of approved annual budget

RETIREMENT VILLAGES ACT 1999 - SECT 117

117 Amendment of approved annual budget

(1) The operator of a retirement village may seek the consent of the residents to amend an approved annual budget except if--

(a) the budget is taken to be an approved annual budget because of section 116 (1) (b), or

(b) the budget is a proposed annual budget modified in accordance with an order of the Tribunal as referred to in section 116 (2).

(2) If the residents consent to the amendment, the operator is authorised to expend money in accordance with the approved annual budget as amended.

(3) If the residents do not consent to the amendment, the operator may apply to the Tribunal for an order approving the amendment. If the Tribunal makes such an order, the operator is authorised to expend money in accordance with the approved annual budget as amended.

(4) In the case of an amendment that relates to further expenditure, the Tribunal is not to make an order under subsection (3) unless the Tribunal is satisfied that--

(a) there is an urgent need for the further expenditure, and

(b) the further expenditure was not reasonably foreseeable when the proposed annual budget was approved under section 116.