163Use of insurance money by owners corporation

163 Use of insurance money by owners corporation

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.