(1)A school conducted by a governing body incorporated under this Part of this Act, or Chapter IV of Part I of the [1988 c. 40.] Education Reform Act 1988, for the purpose of conducting the school shall be known as a grant-maintained school.
(2)A governing body may be incorporated under this Part of this Act—
(a)in pursuance of proposals for the purpose published under section 32 of this Act in relation to an existing school (referred to in this Part of this Act as “proposals for acquisition of grant-maintained status”),
(b)in pursuance of proposals for the purpose published under section 48 or 49 of this Act in connection with the establishment of a school (referred to in this Part of this Act as “proposals for the establishment of a new grant-maintained school”), or
(c)in pursuance of proposals for the purpose published under Chapter IX for two or more existing schools to be conducted as a group by a single governing body.
(3)A grant-maintained school must be either a secondary school or a primary school.
(4)Subject to the provisions of this Part of this Act, the funding authority shall pay to the governing body of each grant-maintained school such annual grants as may be required to be paid under Chapter VI.