Retirement Villages Act 2016

The operator of a retirement village—

may convene a meeting of the residents at any time; and

must convene such a meeting on an annual basis.

The annual meeting must be held not more than 4 months after the end of the financial year that applies in relation to the retirement village.

The annual meeting must be chaired by a representative of the operator who is authorised to speak on behalf of the operator and to give responses to questions put at the meeting in accordance with the requirements of this section.

A meeting of residents may also be convened by a residents' committee.

A meeting will be convened by sending to each resident, at least 10 business days before the day of the meeting, a written notice setting out—

the time and place of the meeting; and

the business to be transacted at the meeting.

A notice for an annual meeting of residents of a retirement village (whether or not given in compliance with subsection (5)) must be accompanied by—

information that enables a comparison to be made between the previous financial year's income and expenditure and the estimates of income and expenditure for the current financial year including—

an audited statement of accounts in respect of the previous financial year showing income and expenditure for that financial year and separately detailing the income and expenditure in respect of any capital fund; and

estimates of income and expenditure for the current financial year, separately detailing—

estimates of income and expenditure in respect of any capital fund (including a description of each general category of proposed expenditure from the fund and the estimated amount of expenditure for each such category); and

expenditure items covered, or proposed to be covered, by the recurrent charges (including a description of each general category of item and the amount of expenditure for each such category); and

estimates of any management expenditure (including an explanation of each expenditure item and, if the expenditure is apportioned between more than 1 retirement village or other businesses, the manner in which such apportionment is calculated); and

an invitation to residents to submit written questions to the operator at least 5 business days before the date of the meeting and other questions at the meeting; and

any other information required by the regulations.

The operator must ensure—

that information provided under subsection (6) complies with any standard or principle prescribed by the regulations; and

that a resident is afforded, on request, a reasonable opportunity to inspect, depending on how the operator prepares its accounts—

an audited balance sheet (with appropriate notes) for the retirement village; or

an audited balance sheet (with appropriate notes) for the operator, as at the end of the previous financial year.

In the case of a community retirement village, a meeting convened under this section may be held in conjunction with a meeting of the community corporation or the strata corporation.

The operator of a retirement village must, for the purposes of this section, establish a financial year that is to apply (on a yearly basis) in relation to the retirement village.

An audit required under this section must be conducted in accordance with any requirements prescribed by the regulations.

In this section—