South Australian Current Acts

COMMUNITY TITLES ACT 1996 - SECT 104

104—Other insurance by community corporation

        (1)         A community corporation must insure itself—

            (a)         against risks that a normally prudent person would insure against; and

            (b)         against such other risks as are prescribed by regulation.

Maximum penalty: $15 000.

        (2)         The amount of the insurance must be the amount that a normally prudent person would insure for but in the case of bodily injury must be at least ten million dollars or such greater amount as is prescribed by regulation.

        (3)         A community corporation (other than a corporation of a kind prescribed by regulation) must maintain fidelity guarantee insurance complying with the requirements prescribed by the regulations.

Maximum penalty: $15 000.

        (4)         The Minister may, by notice in the Gazette, exempt community corporations from compliance with subsection (3) for such period as the Minister thinks fit.

        (5)         An exemption granted by the Minister—

            (a)         may be subject to conditions specified in the notice of exemption; and

            (b)         may be varied or revoked by the Minister at any time by subsequent notice in the Gazette.