52Transitional provision—payments to owner residents—2005 Amendment Act

52 Transitional provision—payments to owner residents—2005 Amendment Act (1) Section 26 (as in force on and from the commencement of section 16 of the 2005 Amendment Act) and section 38I do not apply to existing contracts and section 26 (as in force immediately before that commencement) continues to apply to any such contract. (2) A person who is liable, under an existing contract, to make a payment to— (a) a former resident of a retirement village on the former resident leaving the retirement village; or (b) the estate of a former resident on the resident's death— being a payment that is consequent on the former resident so leaving or dying, must make that payment— (c) within 14 days of the resident so leaving or dying; or (d) if the former resident is not entitled to recover the amount until the fulfilment of a condition, on the day that is 14 days after the day on which the payment is required to be made under that condition. (3) At the same time as the payment is made, the manager of the retirement village must give the former resident a statement setting out all amounts payable to the former resident and all amounts payable by the former resident to discharge the residence contract and showing how the amounts were calculated. ***existing contract*** means a contract entered into before the commencement of section 16 of the 2005 Amendment Act; ***former resident***, in relation to a retirement village, means a person who was a resident of the village but who has left the village or who has died. S. 53 inserted by No. 4/2005 s. 21.