60Reinstatement with body corporate approval

60 Reinstatement with body corporate approval (1) The bodies corporate of the schemes mentioned in section 59(1)(a) may, each by a resolution without dissent, approve a reinstatement process for damaged scheme land. (2) The reinstatement process has effect only: (a) if all the bodies corporate approve the process under subsection (1); and (b) to the extent to which: (i) the scheme land is insured by a body corporate policy; and (ii) the insurer approves the process. (3) In approving the reinstatement process, the bodies corporate may do anything reasonably required for its effective implementation, including, for example: (a) the application of an amount paid under a body corporate policy; or (b) the payment of an amount to a body corporate, unit owner or mortgagee; or (c) the lodging of a subsequent scheme statement to reflect the reinstatement.

Unit Title Schemes Act 2009 35