Queensland Numbered Acts

RETIREMENT VILLAGES AMENDMENT ACT 2006 No. 6 - SECT 40

(1) Section 99(1)--

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'(1) The scheme operator must adopt a budget (a maintenance reserve fund budget) for each financial year for the maintenance reserve fund.'.

(2) Section 99(2), 'The'--

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'For subsection (1), the'.

(3) Section 99--

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'(3) The residents committee may, by written notice given to the scheme operator, ask the scheme operator to give the residents committee a copy of the draft maintenance reserve fund budget for the financial year at least 14 days before the beginning of the financial year to which the draft maintenance reserve fund budget relates.

'(4) The notice must be given at least 28 days before the beginning of the financial year to which the draft maintenance reserve fund budget relates.

'(5) The scheme operator must comply with the notice.

'(6) If, at the end of a financial year for which a budget for the maintenance reserve fund is adopted, there is a surplus or deficit, the surplus or deficit in the maintenance reserve fund must be carried forward and taken into account in adopting the budget for the general services charges for the next financial year.

'(7) Subsection (6) applies despite section 106(1).'.