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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 amounts

101 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.