Retirement Villages Act 2003

Reprint as at 1 July 2015

Coat of Arms of New Zealand

Retirement Villages Act 2003

Public Act
 
2003 No 112
Date of assent
 
30 October 2003
Commencement
 
see section 2
Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Business, Innovation, and Employment.

Contents

1Title
2Commencement
3Purpose
4Act to bind the Crown
5Interpretation
6Meaning of retirement village
7Obligations of operator
8Operator and director, trustee, or office holder of operator not to be exempt from liability
9Power of court to grant relief in proceedings for negligence, etc
10Retirement villages to be registered
11Registration is not approval
12Registration of existing retirement villages
13Annual return
14Registrar may alter register
15Registration to be continuous
16Certification of registered documents
17Operator to notify change of circumstances and documentation
18Suspension of registration
19Cancellation of registration
20Further requirements as to registration and keeping registers
21Memorial on certificates of title of retirement villages
22Effect of memorial
23Memorial and loss of registration
24Receiver, liquidator, and statutory manager must ask statutory supervisor to represent residents
25No offer of occupation or advertising unless retirement village registered
26Operator must ensure that advertisements are not misleading or deceptive
27Occupation right agreements
28Cooling-off period and cancellation for delay
29Deposits and other payments must be independently held
30Information to be provided
31Occupation right agreement voidable
32Retirement villages to have code of residents’ rights
33Distribution of code of residents’ rights
34Right to be supplied with information relevant to occupancy
35No legal impediments to occupation
35AAccounting records
35BFinancial statements must be prepared
35CFinancial statements for retirement villages
35DFinancial statements must be audited
35EAudit must be carried out in accordance with auditing and assurance standards
35FNon-application of section 35B if alternative financial reporting duties under financial markets legislation
35GFinancial reporting offences
36Retirement Commissioner to monitor, etc, effect of this Act
37Registrar must approve statutory supervisor [Repealed]
38Operator must appoint statutory supervisor
39Registrar’s consent required for termination or non-renewal of appointment
40Operator must not indemnify or exempt statutory supervisor from liability
41Exemption from requirement for statutory supervisor
42Duties of statutory supervisor
43Powers of statutory supervisor
43ACourt may make orders
44Public statement by statutory supervisor
45Liability for loss limited
46Statutory supervisor may require information
47Auditor must answer questions and supply information
48Interpretation
49Resident’s rights may be exercised by personal representative
50Types of dispute procedures
51Complaints facility
52Resident or operator may require dispute resolution
53Types of dispute for which resident may give dispute notice
54Types of dispute for which operator may give dispute notice
55Operator must notify statutory supervisor of certain disputes
56Form of dispute notice
57Time for giving dispute notice
58Retirement Commissioner approves persons eligible for appointment to disputes panel
59Operator must appoint disputes panel
60Composition of disputes panel
61Disputes panel must disclose interests and previous involvement
62Operator’s duties to secure independence of disputes panel
63Meaning of previous involvement in dispute
64Conduct of hearing
65Hearing must be held
66Panel may refuse to hear dispute
67Evidence and attendance
68Matters that disputes panel must take into account in deciding certain disputes
69Powers of disputes panel
70Additional powers of disputes panel in certain disputes
71Record of decision
72Effect and enforcement of dispute resolution decisions
73Effect of vacancy in panel membership
74Costs on dispute resolution
75Appeal to District or High Court
76Jurisdiction of High Court
77Jurisdiction of District Court
78Jurisdiction of Disputes Tribunal
79Contraventions of certain provisions an offence
80Injunctions may be granted by court for contravention of certain provisions
81Order to disclose information or publish advertisement
82Other orders
83Monetary limits and exercise of jurisdiction
84General provisions relating to section 82 orders
85Defences
86Finding in proceedings to be evidence
87Appointment of Registrar
88Power of Registrar to delegate
89Code of practice must be prepared and published
90Duration and variation of code of practice
91Retirement Commissioner to provide publication information
92Status of code of practice
93Exemption from requirement to comply with code of practice
94Registered office
95Change of registered office
96Address for service
97Registrar’s powers of inspection
98Disclosure of information and reports
99Certain provisions of Companies Act 1993 apply
100Deeds of participation
101Regulations
102Fees and charges
103Regulations defining retirement villages
104Regulations prescribing criteria for exemptions under section 41
105Regulations prescribing criteria for exemptions under section 93
106Notices
107Acts not to apply
108Amendment to Corporations (Investigation and Management) Act 1989
109Amendments to Financial Reporting Act 1993
110Amendment to Securities Act 1978
Reprint notes