Northern Territory Consolidated Acts Northern Territory Consolidated Acts38. Money paid by residents to administering authority
(1) Subject to subsection (2), where the residents of a retirement village are required by the residence contract to pay money to the administering authority to pay for the maintenance of premises on the land within the retirement village or to make provision for future liabilities and the replacement of capital items, the administering authority shall pay the money into a trust account and may only invest the money in such manner as trust funds may be invested under the Trustee Act .
(2) Where the Minister is satisfied that -
(a) an administrative authority has sufficient assets to meet its obligations concerning future liabilities under this Act; or
(b) it is in the best interest of the residents of a retirement village,
the Minister may exempt an administrative authority from the requirements of subsection (1).