(1) Despite section 118A, the operator of a retirement village is not required to have the accounts of the retirement village audited if--(a) the total of the recurrent charges collected in respect of the village in the financial year to which the accounts relate does not exceed $50,000 or such other amount as may be prescribed by the regulations, and(b) the residents have consented to the operator not having the accounts of the village audited and that consent is in force.
(2) If the operator of a retirement village is not required to have the accounts of the village audited--(a) the provisions of section 119 (section 119 (3) excepted) apply to the accounts of the retirement village in the same way as they apply to audited accounts, and(b) the operator of the village must include a statement as to whether or not the operator will be able to meet the liabilities relating to the village as and when they fall due during the financial year immediately following.
(3) The operator of a retirement village must not make a statement under subsection (2) (b) knowing that it is false or misleading in a material particular.: Maximum penalty--100 penalty units.
(4) The residents of a retirement village may revoke any consent given under this section at any time.
(5) Consent given under this section remains in force until--(a) the total of the recurrent charges to be collected by the village in a financial year exceeds $50,000 or such other amount as may be prescribed by the regulations, or(b) the consent is revoked by the residents of the village,whichever happens first.