New South Wales Consolidated Acts

RETIREMENT VILLAGES ACT 1999 - SECT 98

98 Capital maintenance to be included in proposed annual budget

(1) This section applies only if--

(a) the operator of the retirement village is required to supply the residents of the retirement village with a proposed annual budget, and

(b) the operator proposes to use any recurrent charges or any part of the capital works fund (if any) for the retirement village to fund capital maintenance.

(2) The operator of a retirement village must, in the proposed annual budget--

(a) list each item of capital maintenance that is proposed to be carried out, and

(b) specify, in respect of each item, the expected cost, and

(c) include, in respect of each item, any quotes that the operator has obtained, and

(d) include provision for urgent capital maintenance.