RETIREMENT VILLAGES ACT 1999 - SECT 101 Restriction on investing maintenance reserve fund amounts
RETIREMENT VILLAGES ACT 1999 - SECT 101
Restriction on investing maintenance reserve fund amounts101 Restriction on investing maintenance reserve fund amounts
A scheme operator must not invest an amount standing to the credit of the retirement village’s maintenance reserve fund other than in an authorised investment under the Trusts Act 1973 .
Penalty—Maximum penalty—540 penalty units.