Section 74

Subject to any order made under section 77 or 78 of the Land Titles (Strata) Act 1967 (relating to the termination of a strata subdivision scheme), where a management corporation receives payment of moneys from an insurer in respect of destruction of or damage to a subdivided building, those moneys must immediately be applied by the management corporation in rebuilding, replacing, repairing or restoring the subdivided building, as the case may require.