SCHEDULES
SCHEDULE 2TRANSFER OF MANAGEMENT OF INSTITUTIONS OF FURTHER EDUCATION
Attribution of surpluses and deficits
16
1
Not later than such date as the Department may direct, the relevant board and the new governing body shall, in respect of each institution of further education, arrive at a written agreement as to—
a
the amount of any surplus or deficit in the accounts of the institution as at the day immediately before the transfer date;
b
if there is a surplus, the arrangements for the payment of a sum equal to the amount of that surplus by the relevant board to the new governing body;
c
if there is a deficit, the arrangements for the payment of a sum equal to the amount of that deficit by the new governing body to the relevant board.
2
Where a board and a new governing body have failed to arrive at an agreement as mentioned in sub-paragraph (1), the matter shall be referred to the Department which shall—
a
after consulting the board and the new governing body, determine the matter; and
b
issue a determination to the board and the new governing body.
3
A determination under sub-paragraph (2) shall have effect for all purposes as if it were an agreement under sub-paragraph (1).
4
The board and the new governing body shall provide the Department c with all such information as the Department may require for the exercise of its functions under this paragraph.