RETIREMENT VILLAGES ACT 1999 - SECT 123
Extinguishing a charge
RETIREMENT VILLAGES ACT 1999 - SECT 123
Extinguishing a charge
123 Extinguishing a charge
(1) A statutory charge created over retirement village land under this part is
extinguished on— (a) its release by the chief executive under section 125 ;
or
(b) the sale of the land under a court order under section 121 .
(2)
However, subsection (1) (b) does not apply if— (a) the land continues, or is
to continue, to be used under a registered retirement village scheme; and
(b)
under the scheme’s residence contracts, a person does not obtain a freehold
interest or a leasehold interest in the retirement village land.
