41Use of money in capital works fund—the Act, s 99(5)(c)

41 Use of money in capital works fund—the Act, s 99(5)(c)

41 Use of money in capital works fund—the Act, s 99(5)(c)

The operator of a retirement village may use money from the capital works fund for a specific purpose if—

(a) by special resolution, the residents of the village have given consent to the money being used for the purpose, and

(b) the purpose is not a matter specified in the Act, section 97(3).

Note—

The Act, section 99(5)(a) and (b) set out other uses to which money in the capital works fund may be put.