RETIREMENT VILLAGES ACT 1999 - SECT 90E
Money received for capital improvement
RETIREMENT VILLAGES ACT 1999 - SECT 90E
Money received for capital improvement
90E Money received for capital improvement
(1) As a condition of agreeing to make a capital improvement, the operator may
require the resident or residents to pay the cost of the improvement before it
is made.
(2) The scheme operator must keep the money received for the cost of
a capital improvement in a trust account on trust for the benefit of the
resident or residents.
Penalty—
Maximum penalty—540 penalty units.
(3) The scheme operator must not use an amount received for the cost of a
capital improvement and standing to the credit of the trust account for a
purpose other than the cost of the capital improvement.
Penalty—
Maximum penalty—540 penalty units.
(4) The scheme operator must refund
any amount received for the cost of a capital improvement that exceeds the
cost of the capital improvement to the resident or residents.
