Section 48 of SSFA 1998 (local education authorities' financial schemes) is amended as follows.

In subsection (1), for “prepare” substitute “ maintain ”.

In subsection (3), for “prepared” substitute “ maintained ”.

In subsection (4), omit the words from “the approval” to “and for”.

In subsection (5), for the words from “the scheme prepared” to the end substitute “ the scheme for the time being maintained under this section ”.