Regulation 15 Grounds on which a local education authority may refuse permission to a school governing body to become a member of a school company
Where the governing body of a maintained school seek the consent of the local education authority to form or become a member of a company in exercise of their powers under section 11 of the 2002 Act, the local education authority must give that consent unless–
the school is subject to special measures;
the school has serious weaknesses;
the local education authority considers that the school is likely to become subject to special measures or be assessed as having serious weaknesses within the next year;
the school has a deficit budget;
the governing body of the school has, within the last 3 years, been a member of a school company which became insolvent at a time when the governing body was a member; or
the governing body of the school has been a member of a company which failed to act in accordance with these regulations within the last 3 years.