Funding of certain capital maintenance and capital replacement
38BK Funding of certain capital maintenance and capital replacement
The operator of a retirement village may fund the cost of capital maintenance in respect of which the operator is responsible from the following sources—
the capital maintenance fund for the retirement village (if any);
maintenance charges.
The operator of a retirement village must bear the cost of capital replacement in respect of an item of capital for which the operator is responsible.
The operator of a retirement village must not fund the cost of any of the following from the capital maintenance fund or maintenance charges for the retirement village—
the construction of a new building or a new stage of the retirement village;
depreciation of items of capital;
the renovation of vacant premises within the retirement village;
any other matter or thing that is prescribed.
S. 38BL inserted by No. 19/2025 s. 49.
This Act’s bill:Second reading speech
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