242Creation of charge

242 Creation of charge (1) A charge is created over the land in a retirement village for the amount of the refund under the village contract for a resident’s residential premises in the village on the day the contract is entered into. (2) Nothing in this section creates a charge over land— (a) that is not registered as a retirement village under section 42 (Retirement village land to be registered under Land Titles Act); or (b) in relation to which a resident is a registered interest holder.

Part 11 Protection of ingoing contributions paid by residents other than registered