New South Wales Consolidated Regulations New South Wales Consolidated Regulations(Clause 42)
(1) Any fund established and maintained in a retirement village, before the commencement of Division 3 of Part 7 (Capital maintenance) of the Act, to meet expenses of a capital nature is taken to be a maintenance fund established under that Division.
(2) This clause does not apply to a sinking fund:(a) established by the relevant association in respect of a retirement village that is subject to a community land scheme, or(b) established by the owners corporation in respect of a retirement village that is subject to a strata scheme.
A reference in any other Act, or any instrument made under an Act, to the administering authority of a retirement village is taken to be a reference to the operator of the village.
(1) A group of residents of a retirement village that is known as a residents committee (or by a similar title) and is in existence on the commencement of section 70 of the Act is not a Residents Committee for the purposes of the Act.
(2) A resident of a retirement village may convene a meeting of residents of the village for the purpose of establishing a Residents Committee under the Act.
Division 6 of Part 7 of the Act applies in respect of the accounts of a retirement village with a financial year ending on or after 30 June 2000.
(1) If:(a) a final budget of a retirement village developed under clause 41 of the Code of Practice (within the meaning of Part 2 of Schedule 4 to the Act) provides for expenditure out of recurrent charges on a particular matter, and(b) that matter is a matter in respect of which expenditure out of recurrent charges is prohibited by or under the Act,the final budget does not authorise expenditure, after the commencement of this clause, on the matter concerned.
(2) Any money allocated in the final budget for expenditure on the matter concerned and not expended before the commencement of this clause is to be carried forward as a surplus in the annual accounts of the retirement village.