Aboriginal Land Regulation 2011
sec.26Application of insurance money
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sec.26 Application of insurance money
An amount received or receivable under a policy of insurance for the loss or damage to trust property held, owned or leased by a land trust is part of the capital of the trust property. The whole or a part of the amount received or receivable may also be applied by the land trust (and is to be applied if ordered by the Supreme Court) in rebuilding, reinstating, replacing or repairing the property lost or damaged. (sec.26-ssec.1) An amount received or receivable under a policy of insurance for the loss or damage to trust property held, owned or leased by a land trust is part of the capital of the trust property. (sec.26-ssec.2) The whole or a part of the amount received or receivable may also be applied by the land trust (and is to be applied if ordered by the Supreme Court) in rebuilding, reinstating, replacing or repairing the property lost or damaged.