SCHEDULES

[F1SCHEDULE 1E+WACADEMIES: LAND

Part 4E+WGeneral

Disapplication of rule against perpetuitiesE+W

19(1)Where—E+W

(a)land is transferred for no consideration for the purposes of an Academy, and

(b)the person who transferred the land is granted an option to make a re-acquisition of the land (subject to whatever conditions),

the rule against perpetuities does not apply to the option.

(2)Sub-paragraph (1) does not apply to an option granted before 26 July 2002.]