RETIREMENT VILLAGES ACT 1999 - SECT 111 Scheme operator must keep separate accounts for capital replacement fund and maintenance reserve fund

RETIREMENT VILLAGES ACT 1999 - SECT 111

111 Scheme operator must keep separate accounts for capital replacement fund and maintenance reserve fund

A scheme operator must ensure separate accounts are kept for the retirement village’s general services charges fund, capital replacement fund and maintenance reserve fund.

Penalty—

Maximum penalty—540 penalty units.