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RETIREMENT VILLAGES ACT 1999 - SECT 233 Apportionment of balance where single fund maintained for maintenance and repairs

RETIREMENT VILLAGES ACT 1999 - SECT 233

Apportionment of balance where single fund maintained for maintenance and repairs

233 Apportionment of balance where single fund maintained for maintenance and repairs

(1) This section applies if immediately before the commencement of this section a scheme operator of an existing retirement village maintains a single fund for maintenance and repairs for the retirement village.
(2) The scheme operator must, within 90 days after the commencement of this section, transfer the balance in the fund to the maintenance reserve fund.
Penalty—
Maximum penalty for subsection (2)—200 penalty units.