235Payments to former occupants who were registered

235 Payments to former occupants who were registered retirement village who is, or was, a registered interest holder in relation to the residential premises. (2) The operator of the village must make any payment needed to be made to the former occupant following the sale of the premises within 14 days after the earliest of the following days: (a) the day the operator receives full payment under a residence contract with an incoming resident of the premises; (b) the day the operator enters into a village contract with an incoming resident of the premises; (c) the day the operator enters into a residential tenancy agreement with an incoming tenant of the premises; (d) the day a person takes up residence in the premises with the (e) if the operator buys the premises from the former occupant—the day the operator completes the purchase. (3) The operator of the village commits an offence if the operator does not comply with subsection (2). (4) An offence against subsection (3) is a strict liability offence. (5) Subsection (3) does not apply if the contract between the operator and former occupant provides for earlier payment.

(6) If a payment is not made to the former occupant within the time required by subsection (2)— directing the operator to make the payment; and (b) interest is payable, at the rate prescribed by regulation, on the unpaid amount on and from the day the amount becomes overdue.