Dermot Ahern (Louth, Fianna Fail)

The Labour Party amendment proposes to delete all of subsection (2) which would then delete the necessity for the merging of the beneficial interest with the legal interest. I believe the deletion of the words as proposed in my amendment deals with the situation I am trying to address, that is, the transfer of developments in which some units have been sold but the development has not been completed. The deletion of the words, "except where the multi-unit development has been completed" from that subsection means it will begin thus:

The transfer, in compliance with subsection (1) of the ownership of the relevant parts of the common areas of a multi-unit development and in the reversion relating to the units concerned shall reserve the beneficial interest therein to the person transferring the ownership of those parts (including any mortgagee or the owner of the charge affecting any such beneficial interest).

Consequently, this is a stand-alone measure pertaining to the merging of the beneficial interest with the legal interest.