Retirement Villages Act 1986

The operator of a retirement village must make a payment of the prescribed amount (if any) to the Director in respect of every 12 month period for which the retirement village is operated.

The amount of any payment under subsection (1) is the amount—

prescribed, if any; or

determined by the Director in accordance with the prescribed method.

The first payment under this section must be paid by the person who gives the notice to the Director under section 11A(1)(a) or (b) and must be paid with the notice.

The payment for each 12 month period after the first payment made under subsection (3) must be paid with the notice given to the Director under section 11B.

The Director must pay any payment made under this section into the trust account kept in the Trust fund under section 72 of the Estate Agents Act 1980 and called the Victorian Property Fund.