New South Wales Consolidated Acts

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Expenditure to be in accordance with approved annual budget

116 Expenditure to be in accordance with approved annual budget

(1) A proposed annual budget is taken to be an approved annual budget if--
(a) the residents of a retirement village consent to expenditure in accordance with the proposed annual budget, or
(b) the Tribunal orders that the expenditure of the operator is to be as itemised in the proposed annual budget.
(2) However, if the Tribunal makes any other order in relation to the proposed annual budget, the approved annual budget is taken to be that budget modified to accord with the order.
(3) The operator must not expend money received by way of recurrent charges otherwise than in accordance (apart from minor variations) with the approved annual budget or any amendment authorised under section 117.
: Maximum penalty--100 penalty units.
(3A) An operator does not contravene subsection (3) if the expenditure that was otherwise than in accordance with the budget--
(a) was a variation in expenditure between items in the approved annual budget, and
(b) does not reduce the level of services provided by the retirement village, and
(c) does not cause the total expenditure provided for by the approved annual budget to be exceeded.
(4) If the operator--
(a) contravenes subsection (3), or
(b) did not (despite any order of the Tribunal under section 113) supply a proposed annual budget in respect of a current financial year,
a resident may apply to the Tribunal for (and the Tribunal may make) an order directing the operator to refund the recurrent charges paid by the resident during so much of the financial year as has passed at the time the order is made.

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