—(1) The subsidiary management corporation constituted by virtue of the Land Titles (Strata) Act (Cap. 158) for any limited common property comprised in a strata title plan shall —
comprise the subsidiary proprietors from time to time of all lots comprised in that strata title plan for whose exclusive benefit the limited common property is designated on that strata title plan or by comprehensive resolution under section 78(2);
be a body corporate capable of suing and being sued and having perpetual succession and a common seal; and
be called “The Subsidiary Management Corporation No. ______ — Strata Title Plan No. ______” (the number to be specified being the number of the strata title plan).
(2) After the creation of any limited common property, the management corporation shall retain its powers and duties in matters concerning common property.
(3) The subsidiary management corporation shall have the same powers and duties as the management corporation with respect to any matter that relates solely to the limited common property designated for the exclusive benefit of all subsidiary proprietors comprising the subsidiary management corporation except the powers or duties under section 34(1)(a), (3) and (5), sections 35, 37, 46 and 86 and Division 6 of this Part, and unless expressly otherwise provided, the provisions of this Part shall apply, with the necessary modifications, to subsidiary management corporations as they apply to management corporations.
(4) Without prejudice to the generality of subsection (3), the subsidiary management corporation shall —
establish its own management fund and sinking fund for the common expenses of its limited common property, including expenses related to its limited common property;
require subsidiary proprietors of lots in the subsidiary management corporation to pay contributions and levies for expenditure the subsidiary management corporation authorises;
enforce by-laws relating to its limited common property; and
otherwise have the control, management and administration of its limited common property.
(5) A subsidiary management corporation shall not enter into any contract or sue in the name of the management corporation and the management corporation shall have no liability for contracts made or debts or legal costs incurred by the subsidiary management corporation.
(6) A subsidiary management corporation may obtain insurance only —
against risks that are not insured by the management corporation; or
for amounts that are in excess of amounts insured by the management corporation.
(7) For the purposes of subsection (6), a subsidiary management corporation shall have the same insurable interest in its limited common property as the management corporation has in property contained within common property.
(8) Notwithstanding any other provision of this Act, a subsidiary management corporation for any limited common property comprised in a strata title plan may manage and maintain —
any common property within that same strata title plan; or
any other limited common property of another subsidiary management corporation within that strata title plan,
upon such terms and conditions as may be agreed between the subsidiary management corporation and the management corporation or other subsidiary management corporation, as the case may be.