Victorian Current Acts

RETIREMENT VILLAGES ACT 1986 - SECT 31A

    (1)     On an application under section 31, the Supreme Court may make an order enforcing the charge, if it is in the interests of the majority of the residents of the retirement village to make the order, and if—

        (a)     the owner or owners of the retirement village land are insolvent; or

        (b)     the Court is satisfied that it is just and equitable to do so where there is more than one owner of the retirement village land, and one or more of the owners of the land are insolvent and one or more of the owners of the land are not insolvent; or

        (c)     ownership of all or part of the retirement village land is vested in ASIC or the Commonwealth because that ownership was previously vested in a company that has been deregistered under the Corporations Act.

    (2)     An order under subsection (1) may provide for the following matters—

        (a)     the sale of the land charged, including the sale of the land by the person appointed under paragraph (f);

        (b)     a declaration that the charge is extinguished on the completion of the sale of the land charged;

        (c)     a determination of the amount of the charge;

        (d)     a determination of the entitlements of one or more residents to payments out of the proceeds of the sale of the land charged, having regard to the amount of each resident's refundable in-going contribution and the proportion which it bears to the total amount of refundable in-going contributions secured by the charge;

        (e)     the order of application of the proceeds of the sale determined in accordance with section 31C;

        (f)     the appointment of a person to execute the order, and may provide for the following—

              (i)     the vesting of the estate in fee simple in the land in that person as trustee;

              (ii)     the ability of that person to do any other thing necessary to give effect to the order and to the sale of the land, including signing any contract for the sale of the land and any instrument of transfer of the land or other instrument under the Transfer of Land Act 1958 ;

        (g)     any incidental and consequential matters.

    (3)     If the Court makes an order concerning land not under the Transfer of Land Act 1958 , the land must be brought under that Act before it is sold.

S. 31B inserted by No. 32/2020 s. 16.