There shall be established a body corporate to be known as the Education Assets Board.

The Board shall consist of a chairman and not less than two nor more than ten other members appointed by the Secretary of State.

In appointing the members of the Board the Secretary of State shall have regard to the desirability of including persons who appear to him to have experience of, and to have shown capacity in, property management, local government or education.

The principal functions of the Board are those conferred or imposed on them under sections 198 to 201 of and Schedule 10 to this Act F1and section 36 of and Schedule 5 to the Further and Higher Education Act 1992; and the Board may also undertake such other activities as they consider it necessary or expedient to undertake for the purposes of or in connection with carrying out any of their functions.

The Secretary of State may make grants to the Board of such amounts and subject to such conditions as he may determine.

In exercising their functions under F2the Education Acts the Board shall comply with any directions given to them by the Secretary of State.

Any F9local authorityF3and any governing body of a maintained F4. . . school shall give the Board such information as the Board may require for the purposes of the exercise of any of their functions under F5the Education Acts.

A F9local authority shall give the Board, within such reasonable time as the Board may specify, such information as the Board may require for the purposes of the exercise of any of their functions under the Further and Higher Education Act 1992 or under section 126 or 130 of this Act.

The governing body of any institution within the further education sector or the higher education sector shall give the Board, within such reasonable time as the Board may specify, such information as the Board may require for the purpose of the exercise of any of their functions under F7the Education Acts.

The Board shall not be regarded as the servant or agent of the Crown or as enjoying any status, immunity or privilege of the Crown; and the Board’s property shall not be regarded as property of, or property held on behalf of, the Crown.

Schedule 8 to this Act has effect with respect to the Board.

In this section “the Education Acts” has the meaning given by section 578 of the Education Act 1996.