10.—(1) Notwithstanding the repeal on 1st April 1994 of sections 79 and 80 of the Education Reform Act 1988, the old grants code shall continue to have effect on and after that date in relation to—
(a)any payments of maintenance grant under section 79(1) of that Act in respect of any financial year ending before that date; and
(b)any payments of capital and special purpose grants under section 79(3) of that Act made before that date.
(2) The functions conferred on the Secretary of State by or under the old grants code (as it has effect by virtue of sub-paragraph (1) above) shall, so far as relating to any amounts which—
(a)fall or may fall to be paid in any financial year beginning on or after 1st April 1994; or
(b)have been paid by the Secretary of State before that date, in respect of any grant under that code, be exercisable by the funding authority.
(3) In this paragraph, “the old grants code” means sections 79 and 80 of the Education Reform Act 1988 as they apply in relation to England.