sec.191Responsibility of original owner

sec.191 Responsibility of original owner

This section applies to a person who on the establishment of a community titles scheme becomes the original owner for the scheme. The person must ensure that when the scheme is established, policies of insurance that are required for the scheme under section 189 (1) are immediately in force for 12 months. Maximum penalty—150 penalty units. If the regulation module requires a building to be insured for full replacement value, the original owner— must obtain from a quantity surveyor or registered valuer an independent valuation stating the replacement value of the building; and must ensure the policy of insurance for the building, taken out by the original owner as required under subsection (2) , covers the full replacement value stated in the independent valuation. Maximum penalty—150 penalty units. If the person does not take out the insurance required under subsection (2) , the body corporate, or other entity that is required to take out insurance, may recover the cost of taking out the required insurance as a debt owing to the body corporate or other entity by the person. This section does not prevent the person from recouping the costs of the insurance for the balance of the period for which it was taken out from the buyers of lots included in the scheme, by agreement. s 191 amd 2003 No. 6 s 61 ; 2023 No. 29 s 22 (sec.191-ssec.1) This section applies to a person who on the establishment of a community titles scheme becomes the original owner for the scheme. (sec.191-ssec.2) The person must ensure that when the scheme is established, policies of insurance that are required for the scheme under section 189 (1) are immediately in force for 12 months. Maximum penalty—150 penalty units. (sec.191-ssec.3) If the regulation module requires a building to be insured for full replacement value, the original owner— must obtain from a quantity surveyor or registered valuer an independent valuation stating the replacement value of the building; and must ensure the policy of insurance for the building, taken out by the original owner as required under subsection (2) , covers the full replacement value stated in the independent valuation. Maximum penalty—150 penalty units. (sec.191-ssec.4) If the person does not take out the insurance required under subsection (2) , the body corporate, or other entity that is required to take out insurance, may recover the cost of taking out the required insurance as a debt owing to the body corporate or other entity by the person. (sec.191-ssec.5) This section does not prevent the person from recouping the costs of the insurance for the balance of the period for which it was taken out from the buyers of lots included in the scheme, by agreement.

• (a) must obtain from a quantity surveyor or registered valuer an independent valuation stating the replacement value of the building; and