Retirement Villages Act 2003

5 Interpretation

In this Act, unless the context otherwise requires,—

accounting period has the same meaning as in section 5 of the Financial Reporting Act 2013

advertisement

(a)

means any publication to the public or to any section of the public or to any individual of any words, whether written or printed, spoken, or in any electronic form, or of any pictorial representation or design or device, used to promote a retirement village,—

(i)

that is authorised or instigated by, or on behalf of, the operator or promoter of the retirement village; or

(ii)

that is prepared with the co-operation of, or by arrangement with, the operator or promoter of that village; and

(b)

includes a disclosure statement

applicable auditing and assurance standard has the same meaning as in section 5 of the Financial Reporting Act 2013

applicable financial reporting standard has the same meaning as in section 5 of the Financial Reporting Act 2013

balance date has the same meaning as in section 41 of the Financial Reporting Act 2013

capital sum, in relation to a residential unit, means any of the following:

(a)

any lump sum or sums payable for the right to occupy the unit (other than a sum that is a bond or rent within the meaning of section 2 of the Residential Tenancies Act 1986):

(b)

any periodical payment for the right to occupy the unit that, in respect of the period for which it is payable, substantially exceeds the total of—

(i)

the amount that would be payable as a market rent for the unit under the Residential Tenancies Act 1986 during that period if the unit were let under a tenancy to which that Act applies; and

(ii)

the lesser of the value of any services or facilities supplied to the resident during that period or the cost to the operator of that supply during that period

code of practice means a code of practice approved by the Minister under section 89

code of residents’ rights means the code of residents’ right described in Schedule 4

court means the High Court of New Zealand

deed of supervision

(a)

means the document setting out the terms and conditions on which a statutory supervisor is appointed under section 38; and

(b)

includes a deed of participation relating to the supervision of a retirement village entered into before the commencement of section 38, in accordance with the Securities Act 1978 or any regulations made under that Act

disclosure statement, in relation to a retirement village, means a written document that—

(a)

contains all the information that it is required to contain by Schedule 2, any applicable code of practice, and regulations made under this Act; and

(b)

states that it is a disclosure statement for the purposes of this Act

facilities, in relation to a retirement village, means facilities of a shared or communal kind provided in the retirement village for the benefit of residents of the retirement village and includes recreational facilities and amenities

financial product has the same meaning as in section 7 of the Financial Markets Conduct Act 2013

financial statements has the same meaning as in section 6 of the Financial Reporting Act 2013

former resident means a person—

(a)

who was a resident of a retirement village on or after the date on which this section comes into force; and

(b)

whose occupation right agreement has since terminated

generally accepted accounting practice has the same meaning as in section 8 of the Financial Reporting Act 2013

hospital care institution has the meaning specified in section 58(4) of the Health and Disability Services (Safety) Act 2001

intending resident means a person—

(a)

who has within the last 3 months,—

(i)

indicated to an operator of a retirement village or the operator’s agent that he or she is interested in becoming a resident of the retirement village; or

(ii)

had discussions with the operator or the operator’s agent about entering into an occupation right agreement; and

(b)

in respect of whom the operator or the operator’s agent has a current address, or sufficient other contact details to enable the operator to send notices to that person

lawyer has the meaning given to it by section 6 of the Lawyers and Conveyancers Act 2006

Minister means the Minister of the Crown who is, with the authority of the Prime Minister, for the time being responsible for the administration of this Act

occupation right agreement means any written agreement or other document or combination of documents that—

(a)

confers on any person the right to occupy a residential unit within a retirement village; and

(b)

specifies any terms or conditions to which that right is subject

offer of occupation means an offer made to any person to become a resident of a retirement village

operator, in relation to a retirement village, means any person who is 1 or more of the following:

(a)

a person who is, or will be, liable to fulfil all or any of the obligations under occupation right agreements to residents of the village:

(b)

a holder of a security interest who is exercising effective management or control of the retirement village:

(c)

a receiver of the property comprising the retirement village, or the liquidator of the person to whom either of paragraph (a) or paragraph (b) applies

promoter, in relation to a retirement village,—

(a)

means a person who is instrumental in the development of a retirement village in respect of which occupation rights are offered to the public; and

(b)

if a body corporate, includes every person who is a director of that body corporate; but

(c)

does not include a person—

(i)

acting solely in his or her professional capacity; or

(ii)

who has ceased to have any involvement with the village

qualified auditor has the same meaning as in section 35 of the Financial Reporting Act 2013

register means the register maintained under Schedule 1

registered document means, in respect of any registered retirement village, any document registered in accordance with Schedule 1

Registrar means the Registrar of Retirement Villages appointed under section 87

resident means any of the following:

(a)

a person who enters into an occupation right agreement with the operator of a retirement village:

(b)

a person who, under an occupation right agreement, is, for the time being, entitled to occupy a residential unit within a retirement village, whether or not the agreement is made with that person or some other person:

(c)

if the occupation right agreement so provides or with the consent of the operator of the retirement village, the spouse, civil union partner, or de facto partner of the person referred to in paragraph (b) who is occupying the residential unit with that person, or after that person’s death or departure from the retirement village

residential unit or unit means a building, or part of a building, that is a house, flat, townhouse, unit, serviced unit or apartment (whether or not it has cooking facilities), villa, or similar dwelling erected, or currently used, primarily and principally as a unit of accommodation; and includes any land, improvements, or appurtenances belonging to the unit or usually enjoyed with it

rest home has the meaning specified in section 58(4) of the Health and Disability Services (Safety) Act 2001

Retirement Commissioner means the Retirement Commissioner appointed under the Retirement Income Act 1993

retirement village has the meaning specified in section 6

security interest, in relation to a retirement village, means an interest that a person has in all or any part of the retirement village as a consequence of a mortgage (within the meaning of the Property Law Act 2007) over that part of the retirement village

services means services provided at a retirement village of 1 or more of the following kinds:

(a)

gardening, repair, or maintenance services:

(b)

nursing or medical services:

(c)

the provision of meals:

(d)

shops and other services for the provision of goods:

(e)

laundry services (not being the provision of facilities for residents to carry out their own laundry):

(f)

services (for example, hairdressing services) for the personal care of residents:

(g)

transport services:

(h)

services for recreation or entertainment:

(i)

security services:

(j)

other services for the care or benefit of residents

statutory manager means a statutory manager of the operator of a retirement village appointed under the Corporations (Investigation and Management) Act 1989

statutory supervisor, in relation to a retirement village, means a person appointed under section 38.

Section 5 accounting period: inserted, on 1 April 2014, by section 113 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

Section 5 applicable auditing and assurance standard: inserted, on 1 April 2014, by section 113 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

Section 5 applicable financial reporting standard: inserted, on 1 April 2014, by section 113 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

Section 5 balance date: inserted, on 1 April 2014, by section 113 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

Section 5 financial product: inserted, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 5 financial statements: inserted, on 1 April 2014, by section 113 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

Section 5 generally accepted accounting practice: inserted, on 1 April 2014, by section 113 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

Section 5 lawyer: substituted, on 1 August 2008, by section 348 of the Lawyers and Conveyancers Act 2006 (2006 No 1).

Section 5 qualified auditor: inserted, on 1 April 2014, by section 113 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

Section 5 resident paragraph (c): amended, on 26 April 2005, by section 7 of the Relationships (Statutory References) Act 2005 (2005 No 3).

Section 5 security interest: replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).