Northern Territory Consolidated Acts

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UNIT TITLE SCHEMES ACT 2009 - SECT 60

Reinstatement with body corporate approval

    (1)     The bodies corporate of the schemes mentioned in section 59(1)(a) may, each by a resolution without dissent, approve a reinstatement process for damaged scheme land.

    (2)     The reinstatement process has effect only:

        (a)     if all the bodies corporate approve the process under subsection (1); and

        (b)     to the extent to which:

            (i)     the scheme land is insured by a body corporate policy; and

            (ii)     the insurer approves the process.

    (3)     In approving the reinstatement process, the bodies corporate may do anything reasonably required for its effective implementation, including, for example:

        (a)     the application of an amount paid under a body corporate policy; or

        (b)     the payment of an amount to a body corporate, unit owner or mortgagee; or

        (c)     the lodging of a subsequent scheme statement to reflect the reinstatement.



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