Capital maintenance to be included in proposed annual budget

In force

(1)

This section applies if—

(a)

the operator of a retirement village is required to supply the residents of the village with a proposed annual budget; and

(b)

the operator proposes to use any recurrent charges or any part of the capital works fund (if any) for the village to fund capital maintenance.

(2)

The operator must, in the proposed annual budget—

(a)

list each item of capital maintenance that is proposed to be carried out; and

(b)

state, in relation to each item, the expected cost; and

(c)

include, in relation to each item, any quotes the operator has obtained; and

(d)

include provision for urgent capital maintenance.

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