Regulation 2 Payment of grant

Subject to paragraph (2) below the Secretary of State may pay grants of such amounts as he may determine to a higher education corporation established under section 122 of the Education Reform Act 1988^f1 in respect of approved expenditure incurred or to be incurred by the corporation for the purposes of, or in connection with, the proposed provision of educational services by the institution to be conducted by the corporation from the transfer date applicable in relation to the corporation (as defined in section 123 of the Education Reform Act 1988).

No grants shall be payable pursuant to paragraph (1) above in respect of expenditure incurred or to be incurred on or after the transfer date.