Education Act 1996

Valid from 26/07/2002

Disapplication of rule against perpetuities E+W

[F1 9 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.]

Textual Amendments

F1 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