Thursday, December 3, 2020

Strata Schemes Management Act 2015 No 50

Part 9
Division 1
Section 163

Use of insurance money by owners corporation | Section 163

(1)  An owners corporation that receives money from an insurer for the destruction of or damage to a building must immediately apply that money in rebuilding, replacing, repairing or restoring the building.

(2)  This section does not apply to an owners corporation if the owners corporation determines, by unanimous resolution, that the money is not to be so applied.

(3)  This section is subject to any order made under the Strata Schemes Development Act 2015.

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Disclaimer: Reproduced from the Strata Schemes Management Act 2015 . This website does not give legal advice or other professional advice. You should seek legal or other professional advice before acting and not rely on any of the content on this website.

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