Retirement Villages Regulations 1998

i Retirement Villages Regulations 1998 S.R. No. 55/1998 TABLE OF PROVISIONS Regulation Page 1. Objectives 1 2. Authorising provisions 1 3. Revocation 1 4. Residence documents 2 5. Indexation of adjusted maintenance charge 2 ═══════════════ NOTES 4 -- 1 of 5 -- 1 STATUTORY RULES 1998 S.R. No. 55/1998 Retirement Villages Act 1986 Retirement Villages Regulations 1998 The Lieutenant-Governor as the Governor's Deputy with the advice of the Executive Council makes the following Regulations: Dated: 26 May 1998 Responsible Minister: JAN WADE Minister for Fair Trading SHARNE BRYAN Clerk of the Executive Council 1. Objectives The objectives of these Regulations are to prescribe— (a) certain residence documents for the purposes of the Retirement Villages Act 1986; (b) a formula for calculating an adjusted maintenance charge for the purposes of that Act. 2. Authorising provisions These Regulations are made under section 43 of the Retirement Villages Act 1986. 3. Revocation The Retirement Villages Regulations 19871 are revoked. -- 2 of 5 -- S.R. No. 55/1998 Retirement Villages Regulations 1998 2 4. Residence documents (1) A document which— (a) has the effect; or (b) when executed will have the effect— of giving to a person a right to purchase a residence right relating to a retirement village from a resident of a retirement village is, in relation to that residence right, a prescribed document. (2) In sub-regulation (1), a right to purchase includes— (a) an option to purchase; and (b) any right to purchase which is conditional, contingent or prospective, however expressed. 5. Indexation of adjusted maintenance charge (1) In this Regulation— "consumer price index number" means the all groups consumer price index number for Melbourne fixed by the Australian Statistician; "quarter" means each period of 3 months ending on 31 March, 30 June, 30 September or 31 December. (2) An adjusted maintenance charge must be determined in accordance with the formula— A B C × where— (a) for a retirement village which has levied a maintenance charge on or before the date of commencement of these Regulations— r. 4 -- 3 of 5 -- S.R. No. 55/1998 Retirement Villages Regulations 1998 3 A is the maintenance charge payable for the quarter ending on 31 March 1998; B is the quarterly consumer price index number last fixed at the time the adjusted maintenance charge needs to be determined; C is the quarterly consumer price index number fixed in April 1998 in respect of the quarter ending on 31 March 1998; and (b) for any other retirement village— A is the maintenance charge payable for the first completed quarter of the operations of the retirement village; B is the quarterly consumer price index number last fixed at the time the adjusted maintenance charge needs to be determined; C is the quarterly consumer price index number for the first completed quarter of the operations of the retirement village. (3) An adjusted maintenance charge obtained by the application of sub-regulation (2) may be increased or decreased to the nearest multiple of 10 cents. ═══════════════ r. 5 -- 4 of 5 -- S.R. No. 55/1998 Retirement Villages Regulations 1998 4 NOTES 1 Reg. 3: S.R. No. 122/1987. Notes -- 5 of 5 --