South Australian Current Acts

RETIREMENT VILLAGES ACT 2016 - SECT 28

28—Payment of capital fund contributions deducted from exit entitlement

        (1)         If an amount is deducted from an exit entitlement as a contribution to a capital fund, the operator of the retirement village must pay that amount into the relevant fund or account—

            (a)         within 10 business days after making the deduction; or

            (b)         if subsection (2) applies—in accordance with subsection (2).

Maximum penalty: $5 000.

        (2)         If an exit entitlement is paid to a resident in accordance with section 27(2)(b), the operator may, instead of paying an amount deducted from it into a fund or account within 10 business days (in accordance with subsection (1)(a)), pay the amount into the relevant fund or account—

            (a)         if the operator determines that the residence will not be subject to another residence contract—at any time before the end of the financial year in which the exit entitlement was paid; or

            (b)         in any other case—at any time before another person enters into occupation of the residence,

provided that the operator must keep a record of the outstanding payments, and identify them in any relevant financial statements prepared for the purposes of this Act (while those payments remain outstanding).