Queensland Numbered Acts

RETIREMENT VILLAGES AMENDMENT ACT 2006 No. 6 - SECT 52

(1) Section 113(1)--

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'(1) A scheme operator must ensure a financial statement showing the following particulars about the retirement village's operation is given, on request, to a resident within 5 months after the end of each financial year--

(a) income and expenditure of the capital replacement fund for the financial year;

(b) income and expenditure of the maintenance reserve fund for the financial year;

(c) expenditure involved in providing each general service for the financial year;

(d) amounts received for insurance claims relating to the retirement village during the financial year;

(e) assets and liabilities relating to the retirement village as at the end of the financial year;

(f) interests, mortgages and other charges affecting the retirement village's property as at the end of the financial year.

Maximum penalty--200 penalty units.'.

(2) Section 113(2), 'The statement must be'--

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'The scheme operator must ensure the statement is'.