(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.