C1 Part II Higher and Further Education
Chapter IV Miscellaneous and Supplementary
157 Variation of trust deeds, etc.
F11
An order of the Privy Council may modify any trust deed or other instrument—
a
relating to or regulating any such institution as is mentioned in subsection (2) below; or
b
relating to any land or other property held by any person for the purposes of any such institution.
2
The institutions referred to in subsection (1) above are—
a
any institution conducted by a higher education corporation F9in Wales; and
b
any institution in relation to which a designation made, or having effect as if made, under section 129 of this Act has effect, other than an institution established by Royal Charter.
3
Before making any modifications under subsection (1) above of any trust deed or other instrument the Privy Council shall so far as it appears to them to be practicable to do so consult—
a
the governing body of the institution;
b
where that deed or instrument, or any other instrument relating to or regulating the institution concerned, confers power on any other persons to modify or replace that deed or instrument, those persons; and
c
where the instrument to be modified is a trust deed and the trustees are different from the persons mentioned in paragraphs (a) and (b) above, the trustees.
4
Any provision of any instrument relating to any land or other property held for the purposes of any institution maintained F2. . . by a F8local authority to which this subsection applies which—
a
confers on any person an option to acquire an interest in that land or other property; or
b
provides (in whatever terms) for the determination or forfeiture of any such interest;
in the event of the institution’s ceasing to be maintained F2. . . by a F8local authority or (as the case may be) by the authority in question shall, if the institution becomes F3an institution within the further education sector an institution within F4the higher education sector or a grant-aided institution, have effect as if the event referred to were the institution’s ceasing to be a publicly funded institution.
5
Subsection (4) above applies—
a
to an institution maintained by a F8local authority if it is an institution providing full-time education which is maintained by the authority in exercise of their further or higher education functions; and
F5b
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
In that subsection “publicly funded institution” means an institution which is an institution of any one or more of the following descriptions, that is to say—
a
an institution maintained or assisted by a F8local authority;
b
c
a grant-aided institution.
Pt. II (ss. 120-161) modified (6. 5. 1992) by Further and Higher Education Act 1992 (c. 13), s. 84(2); S.I. 1992/831, art. 2, Sch.1.