RETIREMENT VILLAGES ACT 1999 - SECT 66
Working out exit entitlements
RETIREMENT VILLAGES ACT 1999 - SECT 66
Working out exit entitlements
66 Working out exit entitlements
(1) If a scheme operator accepts an offer for a right to reside less than the
agreed value for the right, the former resident’s exit entitlement is to be
worked out as if the right to reside was sold at the agreed value.
(2) If a
former resident accepts an offer for a right to reside less than the agreed
value, the former resident’s exit entitlement is to be worked out on the
amount of the offer.
(3) If a former resident’s right to reside in the
retirement village was terminated under section 53(3) (d) , the former
resident’s exit entitlement is to be worked out as if the right to reside
was sold at the agreed resale value.
