Lease of land in retirement village for commercial purposes
57A Lease of land in retirement village for commercial purposes
The operator of a retirement village may lease, or grant a licence to occupy, land within the village to any person for commercial purposes related to the functioning of the village.
However, the operator must not, under subsection (1), lease, or grant a licence to occupy, land within the village that has formerly been occupied pursuant to the scheme unless either the former resident consents (in accordance with any requirements prescribed by the regulations) to the lease or licence or the exit entitlement owing to the former resident in relation to the cessation of such occupation has been paid in full and all amounts deducted from the exit entitlement have been paid to the relevant fund, account or person.
Unless the Minister authorises a lease or licence for a longer term, the term of any such lease or licence must not exceed 5 years.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.