101Exemption from building insurance requirements

101 Exemption from building insurance requirements (1) If the replacement value of all common property buildings (or parts of buildings) on the land is less than an amount prescribed by regulation, the owners corporation may, by unanimous resolution, exempt itself from the requirement to take out building insurance under section 100 (1) for any risk stated in the exemption resolution. (2) An owners corporation for a units plan containing only class B units may, by unanimous resolution, exempt itself from the requirement to take out building insurance for any risk stated in the exemption resolution for all buildings (or parts of buildings) that are on the class B units. (3) An exemption resolution— (a) under subsection (1)—has effect from the date of the annual general meeting when it is passed until the date of the next annual general meeting; or (b) under subsection (2)—takes effect on the registration of the resolution and continues until the day another unanimous resolution amending or revoking the exemption resolution is registered. (4) An exemption resolution under subsection (2) or a resolution amending or revoking the exemption under subsection (3) (b) must be lodged under the Land Titles (Unit Titles) Act 1970, section 27B within 3 months after the day the resolution is passed. (5) If an exemption resolution under subsection (2) or a resolution amending or revoking the exemption under subsection (3) (b) is not lodged within 3 months after the day the resolution is passed, the resolution is taken to have never been made. Note An exemption resolution under this section does not affect the requirement for an owners corporation to take out and maintain public liability insurance (see s 102).