Ingoing contributions
26 Ingoing contributions
Subject to subsection (2), an ingoing contribution must be held in trust (in an ADI account or in a form of investment in which trustees are authorised by statute to invest trust money) until the person by or on whose behalf the ingoing contribution was paid enters into occupation of the residence.
Maximum penalty: $35 000.
The
Minister may, on the application of an operator, grant an exemption from subsection (1) if satisfied of the operator's capacity and willingness to provide residences in accordance with a contract entered into between the operator and a prospective resident.
An exemption may be conditional or unconditional and if an operator contravenes or fails to comply with a condition of an exemption, the operator will be guilty of an offence.
Maximum penalty: $10 000.
This Act’s bill:Second reading speech
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