(1) An owners corporation may appoint a person to be the manager of the owners corporation.
(2) If the manager is to receive a fee or reward for carrying out the functions of manager, a person is not eligible to be appointed unless the person is a registered manager.
(3) An instrument or contract of appointment must be in the approved form.
(4) A manager need not be a lot owner.
(5) A person must not be appointed as a manager for fee or reward unless the person holds professional indemnity insurance that is sufficient to meet claims up to a level of the prescribed amount in any one year.
(6) An owners corporation may revoke the appointment of a manager.