Regulation 5 Accelerated repayment
An agreement shall require that the loan together with accrued interest shall become immediately repayable—
in the case of a school which is discontinued, on the discontinuance date as defined in section 107(2) of the Act; or
in the case of withdrawal of grant to the school, on the date specified in a notice under subsection (3) or (5)(b) of section 109 of the Act as the date on which the funding authority’s duty to maintain the school is to ceasef1.
Where a loan has been made for the purpose of enabling a governing body to meet expenditure to be incurred by it, the agreement shall provide that, if the expenditure or any part of it is not incurred,—
the appropriate authority may give notice in writing to the governing body requiring repayment of the loan or of the proportionate part of it; and
the governing body shall in accordance with the notice repay the loan or such proportionate part together with interest.
Annotations
Footnotes
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Sections 107 and 109 of the Act are not yet in force.