Northern Territory Numbered Acts Northern Territory Numbered Acts(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.