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RETIREMENT VILLAGES ACT 1999 - SECT 157
Payment of departure fee
(1) Any departure fee is payable to the
operator of the retirement village.
(2) A departure fee is payable out of the
former occupant's ingoing contribution.
(3) However, if the former occupant
is, or was, a registered interest holder in respect of residential premises in
the retirement village, the departure fee is payable out of-- (a) the proceeds
of the sale of the residential premises, or
(b) the former occupant's exit
entitlement within the meaning of Part 10AA.
(4) A departure fee is to be
deducted from-- (a) the amount of the refund of the ingoing contribution
payable to the former occupant as specified in the relevant village contract,
or
(b) for a former occupant who is, or was, a registered interest holder in
respect of the premises-- (i) the proceeds of the sale payable to the
former occupant as specified in the relevant village contract, or
(ii) the
agreed valuation of the premises within the meaning of Part 10AA, or
(iii)
the amount payable by the operator as an accommodation payment on behalf of
the former occupant under section 182AG, if any.
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