Victorian Consolidated Legislation

Retirement Villages Act 1986 - SECT 34

Proceedings at annual meetings

34. Proceedings at annual meetings



(1) The owner of retirement village land must prepare and present to the
annual meeting a statement in writing, signed by the owner and setting out the
following-

   (a)  whether all refundable in-going contributions which fell to be
        refunded to residents of the village during the prescribed period have
        been refunded, and if any have not, the amount which has not been
        refunded, details of the delay and the reasons for the delay;

   (b)  whether the owner is aware of any material matter which may prevent
        the owner from meeting debts as and when they will fall due in the
        period of 12 months from the end of the prescribed period, and if the
        owner is aware of any such matter, details of the matter.

Penalty: 100 penalty units.

(2) In subsection (1), a reference to retirement village land does not include
a reference to retirement village land which is land in respect of which the
residence rights are-

   (a)  estates in fee simple held as registered proprietors under the
        Transfer of Land Act 1958; or







   (b)  in any other case, legal estates in fee simple.





(3) The manager must prepare and present to the annual meeting a financial
statement showing in respect of the prescribed period-

   (a)  the source of income received by way of charges for the provision of
        goods and services by the manager; and

   (b)  details of expenditure on the provision of goods and services for the
        village by the manager, including the amounts spent and the items to
        which the expenditure related-

and details of what provision (if any) has been made for future extra ordinary
or major works in the village and showing, in respect of the period of 12
months beginning immediately after the prescribed period ends-

   (c)  details of anticipated expenditure on goods and services for the
        village; and

   (d)  details of any proposed increases in maintenance charges to be paid by
        residents; and

   (e)  details of any special levies which it is proposed to ask residents to
        pay.

Penalty: 100 penalty units.

(4) A statement prepared under subsection (3) must be audited by a registered
company auditor within the meaning of the Corporations Act unless at the
annual meeting held in the year immediately before the year in which the
statement is to be presented, the residents present at the meeting decide by
special resolution to dispense with the auditing requirements.

(5) This section is in addition to the provisions of the
Owners Corporations Act 2006.







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