retirement village scheme means a scheme, undertaking or enterprise (in this definition referred to as the relevant scheme), whether in the State or elsewhere, that is, or is proposed to be, carried out or undertaken with the intention that the participants, or a majority of the participants, in the relevant scheme be provided, in connection with the relevant scheme, with residential accommodation within a retirement community, whether or not the entitlement of a participant to be provided with such accommodation derives from a proprietary interest held by the participant in the premises where the accommodation is provided, but does not include a time-sharing scheme.
the Act means the Securities Industry (Application of Laws) Act 1981.
Pursuant to section 15A (1) of the Act, a right to participate or an interest in a retirement village scheme is declared to be an exempt right or interest for the purposes of paragraph (g) of the definition of prescribed interest in section 4 (1) of the Securities Industry (New South Wales) Code.