Valuation of buildings
65 Valuation of buildings
S. 65(1) substituted by No. 4/2021 s. 33.
An owners corporation must obtain a valuation of all buildings that it is liable to insure.
Note
A tier five owners corporation is exempt from compliance with this section. See sections 7A and 8.
S. 65(1A) inserted by No. 4/2021 s. 33.
An owners corporation of a multi-level development referred to in section 61(3) must only obtain a valuation of the multi‑level development on the plan of subdivision for which it is liable to insure.
The valuation must be obtained every 5 years or earlier as determined by the owners corporation.
The owners corporation must present the valuer's report at the next general meeting after it is received.
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