(1)An order made under section 50 of this Act may provide for the disposal of all land and moveable property owned by the board of management—
(a)absolutely; or
(b)as trustees for the purposes of the school,
in accordance with the provisions of this section.
(2)Subject to subsection (4) below, an order under the said section 50 may provide that all land and moveable property owned by a board of management immediately before the dissolution date shall, on that date, transfer to and vest in the education authority.
(3)An order under the said section 50 may provide that all land and moveable property owned by the board of management as trustees for the purposes of the school shall on the dissolution date transfer to and vest in the said education authority—
(a)on trust for such purposes as may be specified in the order; or
(b)where it appears to the Secretary of State that the land or moveable property concerned was purchased or otherwise provided wholly or mainly by or at the expense of the education authority, absolutely.
(4)Where it appears to the Secretary of State that—
(a)any land or moveable property, or any class or description of land or moveable property, in the ownership or under the control of the board of management has been procured, whether before or after the incorporation date, otherwise than at the expense of the education authority; and
(b)it is appropriate, on that account, to exclude that land or moveable property, or land or moveable property of that class or description, from transfer to the authority,
he may in an order under the said section 50 transfer any such land or moveable property to such persons as may be designated in the order on such terms as may be so designated.
(5)Any land or moveable property transferred to any person by an order under the said section 50 shall vest in that person on the dissolution date specified in the order.
(6)If a person to whom any land is transferred by an order under the said section 50 wishes to complete a title to the land so transferred by expeding a notarial instrument or notice of title or otherwise, the said order shall be deemed to be and may be used as a general disposition or assignation of the said land in favour of that person.
(7)Where any land or moveable property which has been purchased for a school out of funds provided by way of a capital grant by the Secretary of State has been—
(a)transferred to an education authority under subsection (2) above; and
(b)thereafter sold by that education authority to a third party,
the Secretary of State may require the education authority to pay him the whole or part of the money spent by him in—
(i)making the said capital grant; and
(ii)making grants to the board of management under section 50(5) of this Act:
Provided that the sums required from the education authority by the Secretary of State under sub-paragraphs (i) and (ii) above shall not amount to more than the total amount received by the authority in respect of the sale of the land or moveable property.