New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) The body corporate shall—
(a) subject to the provisions of this Act, carry out any duties imposed on it by the rules:
(b) insure and keep insured all buildings and other improvements on the land to the replacement value thereof (including demolition costs and architect's fees) against fire, flood, explosion, wind, storm, hail, snow, aircraft and other aerial devices dropped therefrom, impact, riot and civil commotion, malicious damage caused by burglars, and earthquake in excess of indemnity value:
(c) effect such other insurance as it is required by law to effect or as it may consider expedient:
(d) subject to sections 45, 46, 47, and 48, forthwith apply insurance money received by it in respect of damage to any building or improvements in rebuilding and reinstating the said building or improvements so far as the rebuilding or reinstatement may lawfully be effected:
(e) pay the premiums in respect of any policies of insurance effected by it:
(f) keep the common property in a state of good repair:
(g) comply with any notice or order duly served on it by any competent local authority or public body requiring repairs to, or work to be performed in respect of, the land or any building or improvements thereon:
(h) subject to this Act, control, manage, and administer the common property and do all things reasonably necessary for the enforcement of the rules:
(i) do all things reasonably necessary for the enforcement of any lease or licence under which the land is held:
(j) do all things reasonably necessary for the enforcement of any contract of insurance entered into by it under this section.
(2) The body corporate shall also—
(a) establish and maintain a fund for administrative expenses sufficient in the opinion of the body corporate for the control, management, and administration of the common property, and for the payment of any insurance premiums, rent, and repairs and the discharge of any other obligations of the body corporate:
(b) determine from time to time the amounts to be raised for the purposes aforesaid:
(c) raise amounts so determined by levying contributions on the proprietors in proportion to the unit entitlement of their respective units.
(3) The body corporate may, pursuant to a resolution of the proprietors, distribute any money or personal property in its possession and surplus to its current requirements among the proprietors for the time being according to their unit entitlements.
(4) For the purposes of effecting any policy of insurance under the provisions of subsection (1) the body corporate shall be deemed to have an insurable interest in all the buildings and other improvements on the land.
(5) Any policy of insurance authorised by this section and effected by the body corporate in respect of any buildings or other improvements on the land shall not be liable to be brought into contribution with any other policy, save another policy authorised by this section in respect of the same buildings or improvements.
Compare: Victoria Act, ss 15, 16; NSW Act, s 15(1)
Subsection (1)(b) was substituted, as from 2 November 1979, by section 16 Unit Titles Amendment Act 1979 (1979 No 37).
