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SCHEDULES

Valid from 26/07/2002

[F1SCHEDULE 35AE+WAcademies: land

Textual Amendments

Disapplication of rule against perpetuitiesE+W

9Where—

(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.]