Document ID: chunk:federal_register_of_legislation:F2023C00203:clause:6_20
Version: federal_register_of_legislation:F2023C00203
Segment Type: clause
Provision Reference: sch 6 cl 20
Character Range: 83692–84330

20  Fidelity guarantee insurance—section 103
  For the purposes of subsection 103(3):
 (a) a policy of fidelity guarantee insurance must insure a body corporate in the amount of:
 (i) the maximum total balance of the body corporate's bank accounts at any time in the preceding 3 years; or
 (ii) $50,000;
  whichever is higher; and
 (b) the following kinds of bodies corporate are not required to maintain fidelity guarantee insurance:
 (i) bodies corporate that have buildings and other improvements on their common property insured for a sum not exceeding $100,000;
 (ii) 2 lot bodies corporate with no administrative or sinking funds.