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1The functions conferred by or under paragraphs 2 to 5 below on the new governing body or any members of the body—
(a)may be exercised by them at any time during the period beginning with the incorporation date and ending immediately before the date of implementation of the proposals, but
(b)may be exercised only for the purpose of or in connection with the conduct of the school on or after the date of implementation of the proposals,
and those functions shall be exercised in accordance with any requirements of regulations (or in the case of paragraph 3 or 5 below, of the directions or order in question) as to the circumstances, manner and conditions of their exercise.
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