Part IIHigher and Further Education
Chapter IVMiscellaneous and Supplementary
157Variation of trust deeds, etc
1
The Secretary of State may by order make such modifications as he thinks fit in any trust deed or other instrument—
a
relating to or regulating any such institution as is mentioned in subsection (2) below; or
b
relating to any land or other property held by any person for the purposes of any such institution.
2
The institutions referred to in subsection (1) above are—
a
any institution conducted by a higher education corporation;
b
any designated assisted institution providing full-time education; and
c
any institution designated under section 129 of this Act as an institution eligible to receive support from funds administered by the Polytechnics and Colleges Funding Council.
3
Before making any modifications under subsection (1) above of any trust deed or other instrument the Secretary of State shall consult—
a
where that deed or instrument, or any other instrument relating to or regulating the institution concerned, confers power on any persons to amend or replace that deed or instrument—
i
the persons on whom that power is so conferred; and
ii
if different, the persons responsible for the management of the institution; and
b
in any other case, the persons so responsible;
in so far as it appears to him to be practicable to do so.
4
Any provision of any instrument relating to any land or other property held for the purposes of any institution maintained or assisted by a local education authority to which this subsection applies which—
a
confers on any person an option to acquire an interest in that land or other property; or
b
provides (in whatever terms) for the determination or forfeiture of any such interest;
in the event of the institution’s ceasing to be maintained or assisted by a local education authority or (as the case may be) by the authority in question shall, if the institution becomes an institution within the PCFC funding sector or a grant-aided institution, have effect as if the event referred to were the institution’s ceasing to be a publicly funded institution.
5
Subsection (4) above applies—
a
to an institution maintained by a local education authority if it is an institution providing full-time education which is maintained by the authority in exercise of their further or higher education functions; and
b
to an institution assisted by a local education authority if it is a designated assisted institution providing full-time education.
6
In that subsection “publicly funded institution” means an institution which is an institution of any one or more of the following descriptions, that is to say—
a
an institution maintained or assisted by a local education authority;
b
an institution within the PCFC funding sector; and
c
a grant-aided institution.