New South Wales Consolidated Acts

RETIREMENT VILLAGES ACT 1999 - SECT 7

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.