Planning and Development Act 2024

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Amendment of Land Development Agency Act 2021

637. The Land Development Agency Act 2021 is amended—

(a) in section 4—

(i) by the substitution of the following definition for the definition of “subsidiary DAC”:

“ ‘subsidiary DAC’ means a subsidiary, other than a subsidiary CLG, formed and registered by the Agency in accordance with Part 4.”,

and

(ii) by the insertion of the following definitions:

“ ‘Act of 2011’ means the Multi-Unit Developments Act 2011 ;

‘company limited by guarantee’ has the same meaning as it has in Part 18 of the Companies Act;

‘multi-unit development’ has the same meaning as it has in the Act of 2011;

‘NAMA’ means the National Asset Management Agency;

‘NARPS’ means the National Asset Residential Property Services DAC;

‘owners’ management company’ has the same meaning as it has in the Act of 2011;

‘subsidiary CLG’ means a subsidiary formed and registered by the Agency or a subsidiary DAC in accordance with section 33A;”,

(b) in subsection (1) of section 14—

(i) in paragraph (o), by the substitution of “social and affordable housing;” for “social and affordable housing.”, and

(ii) by the insertion of the following new paragraph after paragraph (o):

“(p) where directed to do so in accordance with this Act, to acquire NARPS in specie from NAMA.”,

(c) in section 25, by the insertion of the following new subsection after subsection (3):

“(3A) Without prejudice to subsection (3), where the Agency acquires NARPS, the Agency shall allot and issue such number of shares as are equivalent to the value of NARPS, to be held by the Minister for Public Expenditure, National Development Plan Delivery and Reform.”,

and

(d) by the insertion of the following section after section 33:

“Establishment of owners’ management company

33A. (1) For the purposes of performing any one or more of the functions of the Agency in relation to a multi-unit development, the Agency or a subsidiary DAC formed for the purposes of performing such functions may, notwithstanding any provision in its constitution and as it considers appropriate, cause a subsidiary, within the meaning of the Companies Act, in the form of a company limited by guarantee (to be known as a ‘subsidiary CLG’), to be formed and registered under Part 18 of the Companies Act as an owners’ management company in relation to the multi-unit development concerned.

(2) The Agency, or a subsidiary DAC referred to in subsection (1), may cause a subsidiary CLG to be formed and registered under subsection (1) only for the purposes of the performance, in accordance with the Act of 2011, by the subsidiary CLG, of functions of an owners’ management company in relation to the multi-unit development concerned.

(3) The Agency or, in the case of a subsidiary DAC that has caused a subsidiary CLG to be formed under subsection (1), the subsidiary DAC, may, notwithstanding any provision in its constitution, become a member of the subsidiary CLG in accordance with the Act of 2011.”.