2(1)If section 7 of the [1996 c. 50.] Nursery Education and Grant-Maintained Schools Act 1996 has not come into force before the commencement of this Act, this Act shall have effect with the following modifications until the relevant commencement date.
(2)Section 231 shall have effect as if—
(a)subsection (5)(c) were omitted; and
(b)the following subsections were substituted for subsections (6) and (7)—
“(6)Subsection (4) does not confer power to borrow money, except money lent under section 255.
(7)The power to dispose of land mentioned in subsection (5)(d) above—
(a)does not include power to grant any mortgage, charge or other security in respect of any land, and
(b)may only be exercised with the written consent of the Secretary of State.”
(3)Section 296(2) shall have effect as if “section 231(7)(b)” were substituted for “section 231(7)”.
(4)Paragraph 1 of Schedule 3 shall have effect as if sub-paragraph (2)(b) were omitted.