Paragraph 19 F1
(1)
Where—
(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.
Annotations
Textual amendments
- F1
Sch. 1 substituted (1.2.2012) by Education Act 2011 (c. 21), s. 82(3), Sch. 14 para. 1; S.I. 2012/84, art. 3 (with art. 5)
Notes on the whole Act
Textual amendments
- F1
Ss. 1A-1D inserted (1.2.2012 for specified purposes, 1.4.2012 in so far as not already in force) by Education Act 2011 (c. 21), ss. 53(7), 82(3); S.I. 2012/84, art. 3; S.I. 2012/924, art. 2