Phil Prendergast (Labour)

I move amendment No. 22:

In page 5, between lines 19 and 20, to insert the following subsection:

"(3) On closing of a unit sale prior to completion of the development, the developer shall pay 5 per cent of the purchase prices to the owners' management company which shall hold such sum in trust for the developer until the development is completed.".

This was in the original Law Reform Commission draft Bill, and the RIAI is strongly seeking that it be re-inserted. I ask the Minister to consider it.