(1) Any surplus in the annual accounts of a retirement village is to be carried forward to the accounts for the next financial year unless--(a) the residents of the village consent to a proposal for the expenditure of the whole or any part of the surplus, or(b) the residents of the village consent to a proposal that the operator distribute the whole or any part of the surplus (the
"distributable amount" ) to the existing residents of the village as follows--(i) by allocating a per-premises amount to each existing residential premises in the village,(ii) by distributing the per-premises amount allocated to each existing residential premises equally between the existing residents of the premises.
(2) A proposal under subsection (1) may be made by the operator of the retirement village or the Residents Committee (if any).
(3) If the residents consent under subsection (1) (b) to a proposal made by the Residents Committee, the operator may apply to the Tribunal for (and the Tribunal may make) an order that--(a) the distribution is not to be made, or(b) approves or varies the proposed distribution.
(4) In making an order under subsection (3), the Tribunal may consider the following--(a) the proportion of the surplus that is proposed to be distributed,(b) any other matter that the Tribunal considers appropriate.
(5) In this section--
"per-premises amount" means an amount equal to the distributable amount divided by the number of existing residential premises in the retirement village.