Commissioner may grant exemption certificates
77C Commissioner may grant exemption certificates
The Commissioner may grant an exemption certificate to a person to whom section 76 applies if —
the person applies for the certificate in the approved form and pays the prescribed fee; and
satisfies the Commissioner that neither the wellbeing nor financial interests of the residents of a retirement village will be at risk if the person —
is the operator of the retirement village; or
is in any way, whether directly or indirectly, concerned in the administration of the retirement village,
as the case requires.
An exemption certificate may be granted subject to any condition or limitation the Commissioner considers appropriate and specifies in the certificate, which may include a limitation on the period during which the certificate has effect.
The Commissioner may at any time revoke an exemption certificate by written notice given to the person granted the certificate.
An exemption certificate is cancelled by force of this subsection if the person granted the certificate becomes a person to whom section 76 applies because of the occurrence, after the person has been granted the certificate, of a bankruptcy, conviction, disqualification, winding up or other matter relevant to that section.
A person must return an exemption certificate to the Commissioner within 14 days after the certificate is revoked under subsection (3) or cancelled under subsection (4).
Penalty for this subsection: a fine of $20 000.
[Section 77C inserted: No. 36 of 2012 s. 17; amended: No. 42 of 2024 s. 45, 48(1), 49 and 50.]
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