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.