28Application of Part

28 Application of Part

(1) This Part applies to a retirement village if there has been paid by or on behalf of a resident an in‑going contribution which exceeds the prescribed amount, and includes a refundable in‑going contribution.

(2) This Part applies whether a refundable in-going contribution is paid after, or was paid before the commencement of this section.

(3) In this Part a reference to the application date is a reference—

S. 28(3)(a) substituted by No. 85/1998 s. 24(Sch. item 52.11).

(a) if before the commencement of this section a resident paid an in-going contribution which exceeds the prescribed amount, to the date on which—

(i) a memorial of a retirement village notice was registered under Part 1 of the Property Law Act 1958 before the commencement of section 22 of the Transfer of Land (Single Register) Act 1998; or

(ii) a retirement village notice is lodged for registration in the Register under the Transfer of Land Act 1958.

(b) if after the commencement of this section there is paid in respect of a retirement village an in-going contribution which exceeds the prescribed amount and a charge has not already been created, to the date on which the in-going contribution is paid.