(1) Purposes for which bond amount may be used An owners corporation for a
strata scheme that is paid the whole or part of an amount secured by a
building bond must, within a reasonable time, use the amount paid--
(a) for or
in connection with rectifying the defective building work identified in the
final report (whether or not the work affects the common property or any other
part of the parcel), or
(a)
repay to the developer any amount secured by a building bond that has been
paid to the owners corporation and is not required for a purpose specified in
subsection (1), and
(5) Payments with consent not affected This
section does not prevent the owners corporation from retaining any amount
secured by a building bond that has been paid to the owners corporation, and
using it for any purposes, with the consent of the developer.