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RETIREMENT VILLAGES ACT 1999 - SECT 7
Meaning of "registered interest holder"
7 Meaning of "registered interest holder"
(1) For the purposes of this Act, a person is the
"registered interest holder" with respect to residential premises in a
retirement village if-- (a) the person is-- (i) the registered proprietor of
land, or
(ii) the owner of a lot in a strata scheme, or
(iii) the proprietor
of a lot in a community land scheme,
within a retirement village and as such
has a residence right in respect of residential premises within the
retirement village, or
(b) the person is the owner of shares in a
company title scheme that give rise to a residence right in respect of
residential premises within a retirement village, or
(c) the person's
residence contract is in the form of a registered long-term lease that
includes a provision that entitles the person to at least 50% of any
capital gain.
(2) In this section--
"registered long-term lease" means a lease registered under the
Real Property Act 1900 that-- (a) has a term of at least 50 years (including
any option to renew), or
(b) is for the life of the lessee.
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