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STRATA SCHEMES MANAGEMENT ACT 2015 - SECT 163
Use of insurance money by owners corporation
(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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