Regulation 38 Transfer of property
Where in relation to any school, proposals for leaving a group are approved the property, rights and liabilities mentioned in paragraph (2) below of the governing body of the group shall on the date of implementation of the proposals be transferred and by virtue of these Regulations vest in the new governing body of the school incorporated under these Regulations.
The property, rights and liabilities referred to in subsection (1) above are–
all land or property, which, immediately before the date of implementation of the proposals, was property used or held by the existing governing body for the purposes of the school, and
all rights and liabilities subsisting immediately before the date of implementa– tion of the proposals which were acquired or incurred by the existing governing body for those purposes.
For the purposes of this regulation, any interest in a dwelling–house which, immediately before the date of implementation of the proposals, is used or held for occupation by a person employed to work at the school shall be treated as an interest used or held for the purposes of the school.
This regulation is subject to section 198 of the Education Reform Act 1988 and Schedule 10 to that Act and references in that Schedule as applied by this regulation to the transfer date are to the date of implementation of the proposals.
Any property, rights and liabilities of the existing governing body not passing under the preceding paragraphs of these Regulations shall, on the date of implementa– tion of the proposals, vest in the new governing body of the group.
If as a result of the implementation of the proposals, there remains no schools in the group, any properties, rights and liabilities of the existing governing body not passing under paragraphs (1) to (4) above shall pass to all or any of the new governing bodies of the schools in the group immediately before the implementation of the proposals (“the new governing bodies”)–
in accordance with any agreement between all the new governing bodies, or
in default of such agreement, in accordance with the direction of the Secretary of State,
and pending such agreement or direction shall pass to all the new governing bodies to be held jointly.