(1)This section applies where any premises—
(a)transferred to the governing body of a grant-maintained school under section 201(1)(a), or
(b)acquired by such a governing body wholly or partly with the proceeds of the disposal of any premises so transferred or of any premises so acquired,
have been transferred by them to be held on trust by the trustees of the school.
(2)If at any time the trustees dispose of the premises the Secretary of State may require them to pay to such local authority as he may specify the whole or any part of the proceeds of the disposal.