152What is a building damage scheme?

152 What is a building damage scheme? A building damage scheme for a units plan is a scheme for— (a) the reinstatement of any building on the parcel that is damaged or destroyed; and (b) the elimination of any class A unit that is damaged or destroyed (unless the units plan has fewer than 3 units or the unit is to be reinstated); and Note A damaged or destroyed class A unit in a 2-unit units plan cannot be eliminated as only 1 unit would remain in the units plan. In this circumstance, if an owners corporation seeks to cancel the units plan, it must apply for the cancellation under s 160. (c) the consequential amendment of the units plan; and (d) the application of any insurance amount paid (or payable) for the damage or destruction to any building on the parcel; and (e) the payment of compensation (or other money) to the owner of any unit, and anyone else who may be adversely affected by the scheme.