South Australian Numbered Acts South Australian Numbered Acts33—Convening meetings of residents
(1) The operator of a retirement village—
(a) may convene a meeting of the residents at any time; and
(b) must convene such a meeting on an annual basis.
(2) The annual meeting must be held not more than 4 months after the end of the financial year that applies in relation to the retirement village.
(3) The annual meeting must be chaired by a representative of the operator who is authorised to speak on behalf of the operator and to give responses to questions put at the meeting in accordance with the requirements of this section.
(4) A meeting of residents may also be convened by a residents' committee.
(5) A meeting will be convened by sending to each resident, at least 10 business days before the day of the meeting, a written notice setting out—
(a) the time and place of the meeting; and
(b) the business to be transacted at the meeting.
(6) A notice for an annual meeting (whether or not given in compliance with subsection (5)
) must be accompanied by—
(a) the following information relating to the retirement village:
(i) an audited statement of accounts in respect of the previous financial year showing—
(A) the income received from residents, and expenditure of that income, for the financial year; and
(B) if, during the financial year, there was any income received into, or expenditure from, a capital fund—such income or expenditure;
(ii) a statement of estimates of income from residents, and expenditure of that income, for the current financial year;
(iii) a statement of estimates of income (from any source), and expenditure, for the current financial year in respect of any capital fund;
(iv) a list of the expenditure items covered, or proposed to be covered, by the recurrent charges for the current financial year, including a description of each general category of item (to a reasonable degree of particularity) and the amount of expenditure for each such category;
(v) if the expenditure for the current financial year includes any management expenditure—
(A) a description of each item to which the expenditure relates; and
(B) if the expenditure is apportioned between more than 1 retirement village or other businesses—the manner in which such apportionment is calculated;
(vi) any other information required by the regulations; and
(b) an invitation to residents to submit—
(i) written questions to the operator at least 5 business days before the date of the meeting; and
(ii) other questions at the meeting.
(7) The operator must ensure—
(a) that information provided under subsection (6)(a)
complies with any standard or principle prescribed by the regulations; and
(b) that a resident is afforded, on request, a reasonable opportunity to inspect, depending on how the operator prepares its accounts—
(i) an audited balance sheet (with appropriate notes) for the retirement village; or
(ii) an audited balance sheet (with appropriate notes) for the operator,
as at the end of the previous financial year.
(8) In the case of a community retirement village, a meeting convened under this section may be held in conjunction with a meeting of the community corporation or the strata corporation.
(9) The operator of a retirement village must, for the purposes of this section, establish a financial year that is to apply (on a yearly basis) in relation to the retirement village.
(10) An audit required under this section must be conducted in accordance with any requirements prescribed by the regulations.
(11) In this section—
"management expenditure" means expenditure by a retirement village towards management fees or administrative costs and includes any expenditure of a kind prescribed by the regulations for the purposes of this definition.