3. The power of the Secretary of State under section 231(6) of the Education Act 1996 to consent to borrowing by grant-maintained schools, mentioned in paragraph 1(2) of Schedule 3 to that Act, shall be exercisable instead, in relation to England, by the Funding Agency for Schools(1).
The Funding Agency for Schools was established under section 3 of the Education Act 1993 (c. 35), which Act was repealed by Part I of Schedule 38 to the Education Act 1996. Section 20 of this Act provides for the continued existence of the Funding Agency for Schools.