RETIREMENT VILLAGES ACT 1999 - SECT 232 Apportionment of balance where separate funds maintained

RETIREMENT VILLAGES ACT 1999 - SECT 232

232 Apportionment of balance where separate funds maintained

(1) This section applies if immediately before the commencement of this section a scheme operator of an existing retirement village maintains separate funds for the retirement village for—

(a) capital replacement; and

(b) maintenance and repairs.

(2) The scheme operator must, within 90 days after the commencement of this section, transfer the balance in those funds to—

(a) for a fund mentioned in subsection (1)(a)—the capital replacement fund; or

(b) for a fund mentioned in subsection (1)(b)—the maintenance reserve fund.

Penalty—

Maximum penalty for subsection (2)—200 penalty units.