New South Wales Consolidated Acts

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Creation of charge

182B Creation of charge

(1) On the date on which a village contract to which this Part applies is entered into with respect to residential premises within a retirement village, there is created by virtue of this section a charge over all land within the retirement village that secures the entitlement to a refund under the contract.
(2) In the case of a village contract in force immediately before the commencement of this section, any such charge is created on that commencement.
(3) Nothing in this section creates a charge over land--
(a) that is not recorded as a retirement village under section 24A, or
(b) in respect of which a resident is a registered interest holder.

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