Ivana Bacik (Independent)

I move amendment No. 20:

In page 7, to delete lines 41 to 46 and substitute the following:

"(2) Subject to section 10(1), 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 may reserve the beneficial interest to the transferor if the reservation of such interest is necessary to enable the transferor to complete the development, and upon completion the developer shall transfer the unencumbered legal and beneficial interest free of any right in favour of a mortgagee or owner of a charge affecting such interest in accordance with section 10(1).".

This amendment would provide for a new subsection (2) in section 4. It is to replace the existing wording because we considered it seemed to mean that while the developer would have to transfer the legal title to common areas in reversion, he or she would retain the beneficial interest. As I said on an earlier amendment, it is to try to clarify what is to be transferred because, presumably, the intention is that the developer will only retain the beneficial interest until completion, but it seems somewhat less clear following an amendment made to the Bill on Committee Stage. It is simply to clarify the meaning of section 4(2) by altering somewhat the wording and providing that it would be subject to section 10(1).