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Retirement Villages Act 2003

Registration, occupation right agreements, and related requirements and rules - Financial reporting

35G: Financial reporting offences

You could also call this:

"Breaking finance rules in retirement villages"

Illustration for Retirement Villages Act 2003

If you are an operator of a retirement village, you commit an offence if you do not complete and sign financial statements on time as required by section 35B or 35C. You also commit an offence if your financial statements do not meet the required financial reporting standards. You can be fined up to $50,000 if you fail to comply with these rules or with section 35A, 35C(3), or 35D.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6043949.

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Topics:
Money and consumer rights > Savings and retirementBusiness > Industry rules
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35F: Non-application of section 35B if alternative financial reporting duties under financial markets legislation, or

"Some retirement village operators don't have to follow section 35B if they already report finances elsewhere"

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36: Retirement Commissioner to monitor, etc, effect of this Act, or

"The Retirement Commissioner checks how the law affects people and gives advice."

Part 2Registration, occupation right agreements, and related requirements and rules
Financial reporting

35GFinancial reporting offences

  1. An operator of a retirement village commits an offence and is liable on conviction to a fine not exceeding $50,000 if—

  2. financial statements required to be prepared by the operator under section 35B or 35C are not completed and signed within the time specified in those sections; or
    1. financial statements required to be prepared by the operator under section 35B or 35C fail to comply with an applicable financial reporting standard; or
      1. the operator fails to comply with section 35A, 35C(3), or 35D.

        Notes
        • Section 35G: inserted, on , by section 115 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).