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.