New South Wales Consolidated Acts
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RETIREMENT VILLAGES ACT 1999 - SECT 97
Funding of certain capital maintenance and capital replacement
(1) 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-- (a) the capital works fund for the retirement village (if
any),
(b) recurrent charges.
(2) 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.
(3) This section does not authorise the
funding of any of the following from the capital works fund or
recurrent charges for the retirement village-- (a) the construction of a new
building or a new stage of the retirement village,
(b) any work arising from
the breach of a statutory warranty (within the meaning of the Home Building
Act 1989 ) in respect of which proceedings may be commenced under Part 2C of
that Act,
(c) the depreciation of items of capital,
(d) the refurbishment of
vacant residential premises within the retirement village,
(e) such other
things as may be prescribed by the regulations.
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