103Application of insurance money by owners corporation

103 Application of insurance money by owners corporation (1) If an owners corporation for a units plan receives insurance money for damage to, or destruction of, any building on the land, the corporation must, without delay, apply the insurance money to rebuilding and reinstating the building. (2) Subsection (1) applies subject to this Act, other territory laws and any order of a court. Example—other territory law If it is necessary to obtain building damage orders from the ACAT approving a building damage scheme for rebuilding and reinstating the building (see Unit Titles Act 2001, div 10.3), the owners corporation may not apply the insurance money to the rebuilding and reinstating before obtaining the orders.