160Residents may consent to not receiving proposed annual

160 Residents may consent to not receiving proposed annual (1) The residents of a retirement village may consent to not being given a proposed annual budget for a financial year for the village if, in the year the consent is given, the total amount of the recurrent charges to be collected for the year is not more than— (2) If the residents consent to not being given a proposed annual budget under section 159, that section, and section 161 to section 167 do not apply in relation to the retirement village while the consent is in force. (3) Consent given under subsection (1) remains in force until— (a) it is revoked by a resolution of the residents of the retirement (b) the total amount of the recurrent charges to be collected for the financial year to which the consent relates is more than— (i) the amount prescribed by regulation; or

(ii) if no amount is prescribed—$50 000. (4) The operator of the retirement village must notify the residents of the name of the auditor of the accounts at the annual management meeting if— (a) consent given under subsection (1) is in force; and (b) the operator is required to have the accounts of the village audited under section 168 (Auditing of accounts).