Queensland Numbered Acts

RETIREMENT VILLAGES AMENDMENT ACT 2006 No. 6 - SECT 50

(1) Section 110(2), penalty, 'for subsection (2)'--

omit.

(2) Section 110--

insert--

'(3) The insurance may be taken out subject to an excess.

'(4) However, for insurance other than public liability insurance, the excess must not be more than the maximum excess prescribed under a regulation, unless the residents, by special resolution at a residents meeting, agree otherwise.

'(5) For subsection (4), the residents may not agree to the excess being more than 1% of the insured value of the retirement village.'.