South Australian Current Acts South Australian Current Acts (1) Subject to
subsection (2), an ingoing contribution must be held in trust (in an ADI
account or in a form of investment in which trustees are authorised by statute
to invest trust money) until the person by or on whose behalf the ingoing
contribution was paid enters into occupation of the residence.
Maximum penalty: $35 000.
(2) The Minister may,
on the application of an operator, grant an exemption from subsection (1)
if satisfied of the operator's capacity and willingness to provide residences
in accordance with a contract entered into between the operator and a
prospective resident.
(3) An exemption may
be conditional or unconditional and if an operator contravenes or fails to
comply with a condition of an exemption, the operator will be guilty of an
offence.
Maximum penalty: $10 000.