25Transfer of property, etc.: grant-maintained schools
(1)This section has effect in relation to a further education corporation established to conduct an institution which, on the date the corporation was established, was a grant-maintained school.
(2)On the operative date—
(a)all land or other property which, immediately before that date, was property of the governing body, and
(b)all rights and liabilities of that body subsisting immediately before that date,
shall be transferred to and, by virtue of this Act, vest in the corporation.