Section 14

As soon as a file of the subsidiary register is opened in respect of a subdivided building, a management corporation consisting of all the subsidiary owners shall be established for the building by the operation of this section and the Registrar shall notify the original owner of such establishment by issuing a formal certificate specifying the name of the management corporation, the identity of the lot and the date of establishment.

The management corporation, under the name appearing in the file of subsidiary register relating to the building, shall be a body corporate having perpetual succession and a common seal.

The management corporation shall elect a council which, subject to any restriction imposed or direction given by the corporation at a general meeting, shall perform the corporation’s duties and conduct the corporation’s business on its behalf and may for that purpose exercise any of the corporation’s powers.

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The provisions of the Second Schedule shall have effect in relation to the management corporation and its council.

Restrictions on management corporation during initial period.