Retirement Villages Act 1986

A charge cannot be extinguished except—

by an agreement in writing signed by all the residents whose repayable entry payments are secured by the charge; or

by order of the Supreme Court under section 31; or

upon the publication in the Government Gazette of a declaration in accordance with this section; or

in accordance with section 47.

An proprietor of retirement village land charged under this Part may apply to the Director for a declaration that the charge is extinguished whether as to the whole or as to a part of the land that is the subject of the charge.

An application under subsection (2)—

must be in writing;

must include a statutory declaration signed by the proprietor and stating that—

the land to which the application relates is no longer used as a retirement village; and

the proprietor has served on all the residents and on any former residents who have not received their exit entitlements or repayable entry payments (as the case requires) notice in writing informing them that the owner has applied for a declaration under this section, explaining the consequences of the making of the declaration and stating that they have the right to make submissions to the Director within 60 days after service of the notice; and

the proprietor has no knowledge of any proceedings by a resident to obtain payment of a repayable entry payment or to enforce the charge;

must include a copy of the notice mentioned in paragraph (b);

if so required by the Director, must include any information that is reasonably necessary to establish the boundaries of the land to which the application relates and the use to which that land is put.

Before determining whether to grant or refuse an application the Director must consider all submissions lodged by residents within the 60 days.

The Director may grant or refuse an application under this section.

On an application made in accordance with this section and after considering submissions in accordance with subsection (4) the Director may by instrument published in the Government Gazette declare that a charge to which an application relates is extinguished if the Director is satisfied that—

the land to which the application relates is no longer used as a retirement village; and

the proprietor has served all the residents notice in accordance with this section.

If, in respect of land charged under this Part there is produced to the Registrar of Titles—

a copy of the Government Gazette in which the Director has published a declaration that the charge is extinguished (to the extent that it applies to the land that is the subject of an application under subsection (2) that has been granted), the Registrar may—

delete any recordings of the charge (to the extent that the recordings apply to the land that is the subject of an application that has been granted) from the Register; or

make a recording in the Register of the extinguishment of the charge (to the extent that the recording applies to the land that is the subject of an application that has been granted)—

an agreement in writing signed by all the residents whose repayable entry payments are secured by the charge to the effect that the charge is extinguished, the Registrar may—

delete any recordings of the charge from the Register; or

make a recording in the Register of the extinguishment of the charge—

a copy of the order of the Supreme Court to the effect that the charge is extinguished, the Registrar may—

delete any recordings of the charge from the Register; or

make a recording in the Register of the extinguishment of the charge—