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(1)This section applies where—
(a)proposals for acquisition of grant-maintained status in respect of a school have been approved, and
(b)a local authority have entered into a contract to which section 206 applies in contravention of that section.
(2)The Education Assets Board may by notice in writing served on the other party to the contract repudiate the contract at any time before it is performed.
(3)A repudiation under subsection (2) shall have effect—
(a)where it is made after the date of implementation of the proposals, as if the local authority (and not the governing body) were party to the contract, and
(b)as if the repudiation were made by the local authority.
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