(1) A person who receives an amount as an ingoing contribution under a
residence contract must give it to one of the following persons (the
"trustee" ) to hold in trust—
(d) any authorised trustee
corporation under the Corporations Act , section 9 .
Penalty—
Maximum
penalty—100 penalty units.
(2) If the trustee receives an amount under
subsection (1) , the trustee’s receipt for the amount is a sufficient
discharge for the person for the amount paid.
(3) The trustee must hold the
amount in trust until the latest of—
(a) the day the conditions precedent,
if any, to the creation of the right to reside to which the amount relates are
fulfilled; or
(b) the day the cooling-off period ends; or
(c) if the ingoing
contribution relates to an accommodation unit that has not previously been
occupied—the day the resident’s accommodation unit is suitable for
habitation and the resident is entitled to vacant possession of the unit.
Penalty—
Maximum penalty—100 penalty units.
(4) At the end of the
later day, the trustee must pay the amount to the person lawfully entitled to
it.
Penalty—
Maximum penalty—100 penalty units.
(5) For subsection
(3) (c) , without limiting when an accommodation unit is not suitable for
habitation, an accommodation unit is not suitable for habitation if—
(a)
reticulated water is not connected to the unit; or
(b) all sanitary
installations are not installed or are not operational in the unit.
(6)
Despite subsection (1) , if a person receives an amount as an ingoing
contribution under a residence contract after the end of the latest day
mentioned in subsection (3) , the person may—
(a) if the person is lawfully
entitled to the amount—keep the amount; or
(b) otherwise—pay the amount
directly to the person lawfully entitled to it.
(7) If there is a dispute
between a resident and a scheme operator about who is lawfully entitled to the
amount, the dispute is a retirement village dispute.
(8) If a
retirement village dispute arises under subsection (7) , the scheme operator
must give the trustee written notice of the dispute immediately it arises.
Penalty—
Maximum penalty—100 penalty units.
(9) If the trustee is
given a notice under subsection (8) , the trustee must hold the amount in
trust until the dispute is resolved—
(a) as provided for under this Act; or
(b) by agreement, by deed, between the parties.
Penalty—
Maximum
penalty—100 penalty units.
(10) However, if the contract is rescinded in
the cooling-off period, the trustee must immediately pay the amount to the
person by whom it was paid under the contract.
Penalty—
Maximum
penalty—100 penalty units.
(11) If a person (the
"payer" ) who is required to pay an amount to someone (the
"payee" ) under this section does not pay the amount, the payee may recover
it, as a debt payable by the payer to the payee.
