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RETIREMENT VILLAGES ACT 1999 - SECT 194 Tribunal orders under section 171

RETIREMENT VILLAGES ACT 1999 - SECT 194

Tribunal orders under section 171

194 Tribunal orders under section 171

(1) This section applies if a resident applies for a tribunal order under section 171 .
(2) In ordering a scheme operator to pay the exit entitlement to the former resident, the tribunal must base the exit entitlement on the following—
(a) if the resale value of the right to reside in the unit has been agreed under section 60 or 67 —that value;
(b) if the resale value of the right to reside in the unit has not been agreed—the resale value of the right to reside in the unit decided by the tribunal under subsection (3) .
(3) For subsection (2) (b) , the tribunal must obtain an independent valuation of the right to reside in the unit from a valuer.