18SIn section 120 (default by governing body)—
(a)at the beginning there shall be inserted “(1)”;
(b)after the word “endowment” there shall be inserted the words “to which section 105 of this Act does not extend”;
(c)after the words “Part of this Act” there shall be inserted the words “prior to the commencement of section 15 of the Education (Scotland) Act 1981”; and
(d)at the end there shall be inserted the following subsection—
“(2)In relation to any educational endowment to which section 105 of this Act extends, subsection (1) above shall apply—
(a)with the omission of the words “to which section 105 of this Act does not extend” and the words “prior to the commencement of section 15 of the Education (Scotland) Act 1981”; and
(b)with the substitution for the words “Secretary of State after such inquiry as he” of the words “education authority having power under section 105 of this Act to prepare a draft scheme for the future government and management of the endowment, after such inquiry as they”.”