SCHEDULES
F1SCHEDULE 35AAcademies: land
Annotations:
Amendments (Textual)
9Disapplication of rule against perpetuities
Where—
a
a freehold or leasehold interest in land is transferred for no consideration from a local authority to a person for the purposes of an Academy (whether or not by virtue of a scheme under paragraph 1), and
b
at any time on or after the day on which this Schedule comes into force the authority is granted an option to make a re-acquisition of the interest (subject to whatever conditions),
the rule against perpetuities does not apply to the option.
Sch. 35A inserted (26.7.2002) by Education Act 2002 (c. 32), ss. 65(3), 216(2), Sch. 7 para. 1 (with ss. 210(8), 214(4)); S.I. 2002/2002, art. 2