New South Wales Consolidated Acts

RETIREMENT VILLAGES ACT 1999 - SECT 119B

119B Quarterly accounts not required to be given to residents in certain circumstances

(1) Despite section 118 (3), the operator of a retirement village is not required to give the Residents Committee a copy of the quarterly accounts for a retirement village if:

(a) the total of the recurrent charges collected in respect of the village in the financial year to which the accounts relate does not exceed $50,000 or such other amount as may be prescribed by the regulations, and

(b) the residents have consented to the operator not giving them copies of the quarterly accounts and that consent is in force.

(2) The residents of a retirement village may revoke any consent given under this section at any time.

(3) Consent given under this section remains in force until:

(a) the total of the recurrent charges to be collected by the village in a financial year exceeds $50,000 or such other amount as may be prescribed by the regulations, or

(b) the consent is revoked by the residents of the village,

whichever happens first.