Section 71

Unless otherwise directed by a resolution which has been approved in writing by all the subsidiary proprietors entitled to vote at a general meeting of a management corporation, the management corporation shall insure the subdivided building and keep the building insured under a damage policy.

A damage policy may provide that, instead of the work and the payments specified in the definition of damage policy in section 70 being carried out or made upon the occurrence of any of the events specified in that definition, the liability of the insurer shall, upon the occurrence of any such event, be limited to an amount specified in the policy that is not less than an amount calculated in the prescribed manner.