Dermot Ahern (Louth, Fianna Fail)

The transfer of common areas provided for in sections 2 and 3 specify that, while legal ownership has transferred to the owners' management company, OMC, the beneficial ownership remains with the developer. Section 9 provides that, following completion of a development, a declaration be made by the developer. Amendment No. 40 makes it clear that the required declaration will result in the merging of the beneficial interest with the legal interest, which is already held by the owners' management company. The OMC will then hold both the legal and beneficial ownerships in the common areas and the reversion of the residential units. Amendment No. 43 makes the same clarification in respect of the corresponding provision in section 10.

Regarding amendment No. 41, the transfer of documentation from the developer to the OMC on completion of the development is covered by section 25 and a new Schedule 3 inserted by amendment No. 74. This Schedule states that any declaration made under section 9 or 10 must be given to the OMC.