This note is not part of the order, but is intended to indicate its general effect.
This order comes into force on 1 May 2007. It brings into force the remaining provisions of the Retirement Villages Act 2003.
Part 2 provides for the registration of retirement villages, occupation right agreements, and related requirements and rules.
Sections 38 to 47 provide for the appointment of statutory supervisors and related matters, including duties and powers of statutory supervisors.
Sections 94 to 99 provide for matters relating to registered offices and addresses for service of retirement villages and the Registrar's powers of inspection and other matters relating to the exercise of those powers. Section 100 is a transitional provision relating to deeds of participation.
Section 107 provides that the Securities Act 1978 and the Residential Tenancies Act 1986 do not apply to offers of occupation, occupation right agreements, and advertisements for occupation of a retirement village or to any rights or obligations on a resident or operator of a retirement village. Sections 108 to 110 contain amendments to the Corporations (Investigation and Management) Act 1989, the Financial Reporting Act 1993, and the Securities Act 1978. These amendments provide that certain provisions in those Acts apply to retirement villages.
Schedules 1 to 4 provide for the form of the register of retirement villages, information required to be disclosed in disclosure statements and occupation right agreements, and the code of residents' rights.