The governing body of any institution which is or may become eligible to receive grants under section 65 of the 1992 Act or section 5 of the 1994 Act may apply to the relevant authority for approval of a proposed plan relating to the institution.

The relevant authority may, if it thinks fit, approve the plan.

The relevant authority may issue guidance to institutions falling within subsection (1) as to the matters to which the relevant authority will have regard in deciding whether to approve plans.

The relevant authority’s functions under this section are to be exercised in accordance with regulations.

Regulations may, in particular, specify matters to which the relevant authority is, or is not, to have regard in making any determination relating to approval.

Regulations may require the institution to which any plan approved under this section relates to publish the plan in the prescribed manner.