14BTribunal may order increase in recurrent charges in certain circumstances

14B Tribunal may order increase in recurrent charges in certain circumstances

[Section 14B Inserted by No. 35 of 2023, s. 6, Applied:27 Nov 2023]

(1)  The operator of a retirement village may make an application to the Tribunal for an order in respect of a proposed increase in recurrent charges payable by the residents of a retirement village if –

(a) the proposed increase may only occur if authorised by a resolution under section 14A(2)(b) ; and

(b) the proposed increase is put to a meeting of residents and tenants and the meeting does not pass a resolution authorising the increase.

(2)  An application to the Tribunal under subsection (1) must be made within 28 days after the operator of the retirement village becomes aware that the meeting referred to in subsection (1)(b) did not pass a resolution authorising the proposed increase.

(3)  The operator of a retirement village must, as soon as reasonably practicable after making an application for an order under subsection (1) , give each resident and tenant of that retirement village written notice of the making of that application.

(4)  The Tribunal may, on application made under subsection (1)  –

(a) order that the proposed increase is to take effect, with or without modification, from a date specified in the order; or

(b) order that the proposed increase is not to take effect.

(5)  In determining an application made under subsection (1) , the Tribunal may have regard to the following:

(a) the general market level of recurrent charges paid at similar retirement villages in the same or a similar locality as the retirement village;

(b) the level and cost of services and facilities provided for in estimates of expenditure for the current financial year;

(c) any proposed amendments (including additions) to the services and facilities to which the residents have consented or are considered necessary by the applicant;