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](/view/html/inforce/current/act-2015-051).