2. In its application to a City Academy, section 483(3) of the Education Act 1996 shall be modified by the deletion of the word “and” at the end of paragraph (a) and by the addition of the following words—
“(c)the extent to which the value of those assets can be realized, and
(d)the extent to which, in the opinion of the Secretary of State, the sums to be repaid should instead be paid to the Local Education Authority for the area in which the City Academy is situated or should be retained by the City Academy for charitable purposes.”.