Retirement Villages Act 2003

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Reprint as at 1 March 2017

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.

1	Title
	Part 1 Preliminary provisions
2	Commencement
3	Purpose
4	Act to bind the Crown
5	Interpretation
6	Meaning of retirement village
7	Obligations of operator
8	Operator and director, trustee, or office holder of operator not to be exempt from liability
9	Power of court to grant relief in proceedings for negligence, etc
	Part 2 Registration, occupation right agreements, and related requirements and rules
	Registration of retirement villages
10	Retirement villages to be registered
11	Registration is not approval
12	Registration of existing retirement villages
13	Annual return
14	Registrar may alter register
15	Registration to be continuous
16	Certification of registered documents
17	Operator to notify change of circumstances and documentation
	Suspension of registration
18	Suspension of registration
	Cancellation of registration
19	Cancellation of registration
20	Further requirements as to registration and keeping registers
	Memorials
21	Memorial on certificates of title of retirement villages
22	Effect of memorial
23	Memorial and loss of registration
	Statutory supervisor to be asked to act as representative
24	Receiver, liquidator, and statutory manager must ask statutory supervisor to represent residents
	Offer and advertising prohibited if retirement village not registered
25	No offer of occupation or advertising unless retirement village registered
	Other restrictions on advertising
26	Operator must ensure that advertisements are not misleading or deceptive
	Occupation right agreements
27	Occupation right agreements
28	Cooling-off period and cancellation for delay
29	Deposits and other payments must be independently held
30	Information to be provided
31	Occupation right agreement voidable
	Code of residents’ rights
32	Retirement villages to have code of residents’ rights
33	Distribution of code of residents’ rights
	Other information relevant to occupancy
34	Right to be supplied with information relevant to occupancy
	Rights of residents in relation to occupancy right
35	No legal impediments to occupation
	Financial reporting
35A	Accounting records
35B	Financial statements must be prepared
35C	Financial statements for retirement villages
35D	Financial statements must be audited
35E	Audit must be carried out in accordance with auditing and assurance standards
35F	Non-application of section 35B if alternative financial reporting duties under financial markets legislation
35G	Financial reporting offences
	Part 3 Retirement Commissioner and statutory supervisors
	Retirement Commissioner
36	Retirement Commissioner to monitor, etc, effect of this Act
	Statutory supervisors
37	Registrar must approve statutory supervisor [Repealed]
38	Operator must appoint statutory supervisor
39	Registrar’s consent required for termination or non-renewal of appointment
40	Operator must not indemnify or exempt statutory supervisor from liability
41	Exemption from requirement for statutory supervisor
42	Duties of statutory supervisor
43	Powers of statutory supervisor
43A	Court may make orders
44	Public statement by statutory supervisor
45	Liability for loss limited
46	Statutory supervisor may require information
	Auditor must answer questions and supply information
47	Auditor must answer questions and supply information
	Part 4 Dispute resolution, enforcement, and penalties
	Dispute resolution
48	Interpretation
49	Resident’s rights may be exercised by personal representative
50	Types of dispute procedures
51	Complaints facility
52	Resident or operator may require dispute resolution
53	Types of dispute for which resident may give dispute notice
54	Types of dispute for which operator may give dispute notice
55	Operator must notify statutory supervisor of certain disputes
56	Form of dispute notice
57	Time for giving dispute notice
58	Retirement Commissioner approves persons eligible for appointment to disputes panel
59	Operator must appoint disputes panel
60	Composition of disputes panel
61	Disputes panel must disclose interests and previous involvement
62	Operator’s duties to secure independence of disputes panel
63	Meaning of previous involvement in dispute
64	Conduct of hearing
65	Hearing must be held
66	Panel may refuse to hear dispute
67	Evidence and attendance
68	Matters that disputes panel must take into account in deciding certain disputes
69	Powers of disputes panel
70	Additional powers of disputes panel in certain disputes
71	Record of decision
72	Effect and enforcement of dispute resolution decisions
73	Effect of vacancy in panel membership
74	Costs on dispute resolution
75	Appeal to District or High Court
	Enforcement and penalties
76	Jurisdiction of High Court
77	Jurisdiction of District Court
78	Jurisdiction of Disputes Tribunal
79	Contraventions of certain provisions an offence
80	Injunctions may be granted by court for contravention of certain provisions
81	Order to disclose information or publish advertisement
82	Other orders
83	Monetary limits and exercise of jurisdiction
84	General provisions relating to section 82 orders
85	Defences
86	Finding in proceedings to be evidence
	Part 5 Registrar of Retirement Villages, code of practice, and miscellaneous matters
	Registrar of Retirement Villages
87	Appointment of Registrar
88	Power of Registrar to delegate
	Code of practice
89	Code of practice must be prepared and published
90	Duration and variation of code of practice
91	Retirement Commissioner to provide publication information
92	Status of code of practice
93	Exemption from requirement to comply with code of practice
	Registered office of retirement village
94	Registered office
	Change of registered office
95	Change of registered office
	Address for service of retirement village
96	Address for service
	Registrar’s powers of inspection
97	Registrar’s powers of inspection
98	Disclosure of information and reports
99	Certain provisions of Companies Act 1993 apply
100	Deeds of participation
101	Regulations
102	Fees and charges
103	Regulations defining retirement villages
104	Regulations prescribing criteria for exemptions under section 41
105	Regulations prescribing criteria for exemptions under section 93
106	Notices
107	Acts not to apply
108	Amendment to Corporations (Investigation and Management) Act 1989
109	Amendments to Financial Reporting Act 1993
110	Amendment to Securities Act 1978
	Schedule 1 Registration and register
	Schedule 2 Disclosure statements
	Schedule 3 Occupation right agreements
	Schedule 4 Code of residents’ rights
	Schedule 5 Matters to be included in code of practice
	Financial Reporting (Amendments to Other Enactments) Act 2013
	Reprint notes

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