Paddy Burke (Fine Gael)

Amendment No. 40 is a Government amendment to which amendment No. 41 is an alternative and amendment No. 43 is related. Amendments Nos. 40, 41 and 43 may be discussed together. Is that agreed? Agreed.

Government amendment No. 40:

In page 8, lines 28 to 32, to delete subsection (1) and substitute the following:

"9.--(1) Where in respect of a multi-unit development the development stage has ended and either section 2(6) or 3(2) applies, the owner of every beneficial interest in the common areas and reversion in the units which is reserved by virtue of those provisions shall, subject to subsection (2), as soon as practicable thereafter make a statutory declaration for the benefit of the owners' management company that the beneficial interest concerned stands transferred to the owners' management company concerned, and the effect of the making of such declaration is that the beneficial interest and legal interest stand merged.".