87Exemption of assurances of property for educational purposes from the Mortmain Acts.
(1)The [51 & 52 Vict. c. 42.] Mortmain and Charitable Uses Act, 1888, the [54 & 55 Vict. c. 73.] Mortmain and Charitable Uses Act, 1891, and the [55 & 56 Vict. c. 11.] Mortmain and Charitable Uses Act Amendment Act, 1892 (which impose restrictions upon assurances of land and personal estate to corporations and to charitable uses) shall not have effect with respect to any assurance of land or of personal estate to be laid out in the purchase of land if the land or the income thereof is to be used for educational purposes.
(2)Every assurance of land or of personal estate to be laid out in the purchase of land, including every assurance of land to any local education authority, shall, if the land or the income thereof is to be used for educational purposes, be void unless the assurance or a copy thereof is sent to the Minister within six months after the date upon which the assurance takes effect:
Provided that the Minister may, either before or after the expiration thereof, extend the said period of six months in any particular case, and if the assurance or a copy thereof is sent to the Minister within the extended period, the assurance shall not be void or shall be deemed not to have been avoided, as the case may be.
(3)The Minister shall cause to be kept a record of every assurance which, or a copy of which, is sent to him in compliance with the provisions of this section.
(4)In this section, the expression " assurance" has the meaning assigned to it by section ten of the Mortmain and Charitable Uses Act, 1888.
(5)Nothing in subsection (2) of this section shall affect the validity of any assurance which has taken effect before the date of the commencement of Part II of this Act.