Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Acts(UTA s 133)
(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 under this section has effect from the date of the annual general meeting when it is passed until the date of the next annual general meeting.