Retirement Villages Act 2003

If you need more information about this Act, please contact the administering agency: Ministry of Housing and Urban Development
38 Operator must appoint statutory supervisor

(1)

The operator of a retirement village must appoint a statutory supervisor who holds a licence under the Financial Markets Supervisors Act 2011 that covers supervision of the village, unless the operator has obtained an exemption under section 41.

(2)

The statutory supervisor must be appointed under a deed of supervision between the operator and the statutory supervisor, on the terms and conditions set out in that document.

(3)

A deed of supervision must contain all information and other matters or provisions that are required to be included in it by regulations made under this Act.

(4)

[Repealed]

Section 38(1): amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 38(1): amended, on 1 October 2011, by section 65(1) of the Securities Trustees and Statutory Supervisors Act 2011 (2011 No 10).

Section 38(4): repealed, on 1 October 2011, by section 65(2) of the Securities Trustees and Statutory Supervisors Act 2011 (2011 No 10).