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Retirement Villages Act 2003

Retirement Commissioner and statutory supervisors - Statutory supervisors

38: Operator must appoint statutory supervisor

You could also call this:

"The retirement village owner must choose a licensed supervisor to oversee the village."

Illustration for Retirement Villages Act 2003

The operator of a retirement village must appoint a statutory supervisor who holds a licence under the Financial Markets Supervisors Act 2011 to supervise the village, unless you have an exemption under section 41. You appoint the statutory supervisor through a deed of supervision. This deed must include all the information and conditions required by regulations under the Retirement Villages Act.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM220884.

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Part 3Retirement Commissioner and statutory supervisors
Statutory supervisors

38Operator must appoint statutory supervisor

  1. The operator of a retirement village must appoint a statutory supervisor who holds a licence under the Financial Markets Supervisors Act 2011 that covers supervision of the village, unless the operator has obtained an exemption under section 41.

  2. The statutory supervisor must be appointed under a deed of supervision between the operator and the statutory supervisor, on the terms and conditions set out in that document.

  3. A deed of supervision must contain all information and other matters or provisions that are required to be included in it by regulations made under this Act.

  4. Repealed
Notes
  • Section 38(1): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
  • Section 38(1): amended, on , by section 65(1) of the Securities Trustees and Statutory Supervisors Act 2011 (2011 No 10).
  • Section 38(4): repealed, on , by section 65(2) of the Securities Trustees and Statutory Supervisors Act 2011 (2011 No 10).