RETIREMENT VILLAGES ACT 1999 - SECT 120B Any surplus to be carried over

RETIREMENT VILLAGES ACT 1999 - SECT 120B

120B Any surplus to be carried over

(1) Any surplus in the annual accounts of a retirement village is to be carried forward to the accounts for the next financial year unless--

(a) the residents of the village consent to a proposal for the expenditure of the whole or any part of the surplus, or

(b) the residents of the village consent to a proposal that the operator distribute the whole or any part of the surplus (the
"distributable amount" ) to the existing residents of the village as follows--

(i) by allocating a per-premises amount to each existing residential premises in the village,

(ii) by distributing the per-premises amount allocated to each existing residential premises equally between the existing residents of the premises.

(2) A proposal under subsection (1) may be made by the operator of the retirement village 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 Tribunal for (and the Tribunal may make) an order that--

(a) the distribution is not to be made, or

(b) approves or varies the proposed distribution.

(4) In making an order under subsection (3), the Tribunal may consider the following--

(a) the proportion of the surplus that is proposed to be distributed,

(b) any other matter that the Tribunal considers appropriate.

(5) In this section--


"per-premises amount" means an amount equal to the distributable amount divided by the number of existing residential premises in the retirement village.