Section 74
Rebuilding
of Building Maintenance and Strata Management Act 2004
ActIn forceProvision 80 of 150
Section 74
Subject to any order made under section 77 or 78 of the Land Titles (Strata) Act 1967 (relating to the termination of a strata subdivision scheme), where a management corporation receives payment of moneys from an insurer in respect of destruction of or damage to a subdivided building, those moneys must immediately be applied by the management corporation in rebuilding, replacing, repairing or restoring the subdivided building, as the case may require.