Section 29. Insurance

(1) The management committee- (a) shall have, if requested so to do by a mortgage having a first mortgage covering an apartment, the authority to; and (b) shall, if required so to do by the bye-laws or by a majority of the apartment owners, obtain insurance for the property against loss or damage by fire or other hazards under such terms and for such amounts as shall be so requested or required. (2) Such insurance coverage shall be written on the property in the name of such management committee as trustee for each of the apartment owners in the percentages specified in their deeds of apartment. (3) The provisions of sub-sections (1) -to (2) shall be without prejudice to the right of each apartment owner to insure his own apartment for his benefit.