New South Wales Consolidated Acts
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RETIREMENT VILLAGES ACT 1999 - SECT 117
Amendment of approved annual budget
(1) The operator of a retirement village may seek the consent of the residents
to amend an approved annual budget except if--
(a) the budget is taken to be
an approved annual budget because of section 116 (1) (b), or
(b) the budget
is a proposed annual budget modified in accordance with an order of the
Tribunal as referred to in section 116 (2).
(2) If the residents consent to
the amendment, the operator is authorised to expend money in accordance with
the approved annual budget as amended.
(3) If the residents do not consent to
the amendment, the operator may apply to the Tribunal for an order approving
the amendment. If the Tribunal makes such an order, the operator is authorised
to expend money in accordance with the approved annual budget as amended.
In the case of an amendment that relates to further expenditure, the Tribunal
is not to make an order under subsection (3) unless the Tribunal is satisfied
(a) there is an urgent need for the further expenditure, and
further expenditure was not reasonably foreseeable when the
proposed annual budget was approved under section 116.
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