Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Acts(UTA s 137)
(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.
Note An example is part of the Act, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).