Statutory supervisors

The operator of a retirement village must appoint a statutory supervisor, unless they are granted an exemption by the Registrar.  Statutory supervisors are appointed under a deed of supervision.  The role of a statutory supervisor is to provide an important safeguard for the residents of a village.

• What are the duties of a statutory supervisor?
• Who can be a statutory supervisor?

What are the duties of a statutory supervisor?
 

The statutory supervisor has a number of duties under the Retirement Villages Act 2003, including:

• Acting as an independent stakeholder for deposits and progress payments by residents to operators
• Monitoring the financial position of the village
• Reporting annually to the Registrar and residents on the performance of their duties
• Carrying out any other functions specified in the Retirement Villages Act or the deed of supervision with the village.

Where the financial position of the village, security of residents or management of the village is inadequate, the statutory supervisor may direct the operator to:
 

• Provide information to residents,
• Direct the operator to operate the village in a specified manner, or
• Apply to the Court for orders to address any concerns or mitigate further risk to residents or intending residents.

Who can be a statutory supervisor?

From 1 October 2011 a person must not be appointed as statutory supervisor to a village unless they comply with and are licensed under the Securities Trustees and Statutory Supervisors Act 2011.