Quarterly accounts need not be given to residents in certain circumstances
171 Quarterly accounts need not be given to residents in certain circumstances
This section applies if the total of the recurrent charges collected for a retirement village in the financial year to which accounts of the village relate is less than—
the amount prescribed by regulation; or
if no amount is prescribed—$50 000.
The operator of the retirement village need not give the residents of the village a copy of the quarterly accounts of the village under section 168 (Auditing of accounts) if the residents consent.
The residents consent remains in force until the earlier of—
the day the total of the recurrent charges collected for the village for a financial year is—
the amount prescribed by regulation or more; or
if no amount is prescribed by regulation—$50 000 or more; and
the residents revoke the consent.
The residents may revoke the consent at any time.
Division 7.6 Surplus or deficit of accounts
This provision refers to the regulations (prescribed by regulation
). Made under this Act:
- Retirement Villages Regulation 2013 · under s 264
This Act’s bill:Explanatory statementSecond reading speech
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