Queensland Subordinate Legislation as Made Queensland Subordinate Legislation as Made(1) This section applies to a body corporate that must, under chapter 8, part 9, insure 1 or more buildings for full replacement value.
(2) The body corporate must obtain the required valuation for the building or buildings within 1 year after the commencement, unless the body corporate has obtained a required valuation for the building or buildings within 4 years before the commencement.
(3) If the body corporate obtained a required valuation for the building or buildings within 4 years before the commencement, the date the most recent required valuation was obtained is the starting date for the 5 year period mentioned in section 181 for the body corporate.
(4) In this section--
required valuation, for a building or buildings, means an independent valuation stating the full replacement value of the building or buildings.