Retirement Villages Act 1992

The Commissioner, or the residents of a retirement village, may apply to the Tribunal for, and the Tribunal may make, an order that, having regard to the operator’s obligations under section 41A and the content of any plan for capital maintenance and capital replacement under section 41B, the money in the capital maintenance fund referred to in section 41C —

exceeds what is necessary for capital maintenance; or

is insufficient for capital maintenance.

An order under subsection (1)(a) is to direct that an amount that exceeds what is necessary for capital maintenance is, if paid by (or deriving from money paid by) the residents of the retirement village, to be paid to the residents in the proportion determined by the Tribunal.

An order under subsection (1)(b) is to direct the operator of the retirement village to ensure that the money in the capital maintenance fund is sufficient for capital maintenance.

An order under this section may specify —

the amount that is excessive or insufficient; and

a date by which an operator is required to comply with the order; and

any other ancillary matter.

The residents of a retirement village may only make an application under this section if authorised to do so by a special resolution passed at a residents’ meeting.