65Valuation of buildings

65 Valuation of buildings

S. 65(1) substituted by No. 4/2021 s. 33.

(1) An owners corporation must obtain a valuation of all buildings that it is liable to insure.

A tier five owners corporation is exempt from compliance with this section. See sections 7A and 8.

S. 65(1A) inserted by No. 4/2021 s. 33.

(1A) An owners corporation of a multi-level development referred to in section 61(3) must only obtain a valuation of the multi‑level development on the plan of subdivision for which it is liable to insure.

(2) The valuation must be obtained every 5 years or earlier as determined by the owners corporation.

(3) The owners corporation must present the valuer's report at the next general meeting after it is received.

Part 4—Meetings and decisions of owners corporation

Division 1—First meeting of owners corporation

66 When must the first meeting be held?

The applicant for registration of a plan of subdivision which provides for the creation of an owners corporation must convene the first meeting of the owners corporation within 6 months of the registration of the plan.

S. 67 amended by No. 4/2021 s. 34(3) (ILA s. 39B(1)).