RETIREMENT VILLAGES ACT 1986 - SECT 34 Proceedings at annual meetings

RETIREMENT VILLAGES ACT 1986 - SECT 34

    (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.

S. 34(2) amended by No. 85/1998 s. 24(Sch. item 52.19).

    (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—

S. 34(2)(a) amended by No. 53/1988 s. 45(Sch. 3 item 64) (as amended by No. 47/1989 s. 23(2)), substituted by No. 85/1998 s. 24(Sch. item 52.19).

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

S. 34(2)(b) substituted by No. 85/1998 s. 24(Sch. item 52.19).

        (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.

S. 34(4) amended by No. 44/2001 s. 3(Sch. item 99).

    (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.

S. 34(5) amended by Nos 53/1988 s. 45(Sch. 3 item 65) (as amended by No. 47/1989 s. 23(2)), 69/2006 s. 224 (Sch. 3 item 7.2).

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

S. 35 repealed by No. 4/2005 s. 11.

    *     *     *     *     *