Universities and College Estates Act 1925

24Power to enter into contracts

(1)A university or college—

(i)may contract to make any sale, exchange, mortgage, charge or other disposition authorised by this Act; and

(ii)may vary or rescind, with or without consideration, the contract in the like cases and manner in which, if the university or college were absolute owner of the land, it might lawfully vary or rescind the same, but so that the contract as varied be in conformity with this Act; and

(iii)may contract to make any lease; and in making the lease may vary the terms, with or without consideration, but so that the lease be in conformity with this Act; and

(iv)may accept a, surrender of a contract for a lease or a grant in fee simple at a rent, in like manner and on the like terms in and on which it might accept a surrender of a lease or a regrant; and thereupon may make a. new or other contract for or relative to a lease or leases, or a grant or grants in fee simple at a rent, in like manner and on the like terms in and on which it might make a new or other lease or grant, or new or other leases or grants, where a lease or a grant in fee simple at a rent had been executed; and

(v)may enter into a contract for or relating to the execution of any improvement authorised by this Act, and may vary or rescind the same; and

(vi)may, in any other case, enter into a contract to do any act for carrying into effect any of the purposes of this Act, and may vary or rescind the same.

(2)Every contract, including a contract arising by reason of the exercise of an option, shall be binding on and shall enure for the benefit of the land belonging to the university or college.

(3)The Minister may, on the application of the university or college or of any person interested in any contract, give directions respecting the enforcing, carrying into effect, varying, or rescinding thereof.

(4)A preliminary contract under this Act for or relating to a lease, and a contract conferring an option, shall not form part of a title or evidence of the title of any person to the lease, or to the benefit thereof, or to the land the subject of the option.

(5)All money (not being rent) received on the exercise by the university or college of the powers conferred by subsection (1) of this section, shall be paid to the Minister, and shall, unless the Minister (upon an application made Within six months after the receipt thereof or within such further time as the court may in special circumstances allow) otherwise directs, be capital money.