46:8A-24 - Application of insurance proceeds to reconstruction; pro rata distribution in certain cases; rules governing reconstruction - New Jersey Statutes

46:8A-24.  Application of insurance proceeds to reconstruction;  pro rata distribution in certain cases;  rules governing reconstruction
    In case of fire or any other disaster the insurance indemnity shall, except  as provided in the next succeeding paragraph of this section, be applied to  reconstruct the building.

    Reconstruction shall not be compulsory where it comprises the whole or more  than   2/3   of the building.  In such case, and unless otherwise unanimously  agreed upon by the co-owners, the indemnity shall be delivered pro rata to the  co-owners entitled to it in accordance with provision made in the by-laws or in  accordance with a decision of   3/4   of the co-owners if there is no by-law  provision.

    Should it be proper to proceed with the reconstruction, the provisions for such eventuality made in the by-laws shall be observed, or in lieu thereof, the  decision of the council of co-owners shall prevail.

     L.1963, c. 168, s. 24.