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Universities and College Estates Act 1964

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This is the original version (as it was originally enacted).

Schedule 2Sinking Funds

1The provisions of this Schedule shall have effect where any capital money belonging to a university or college, which is required to be paid or transferred under section 3(2) of this Act, is comprised in a sinking fund maintained in pursuance of a direction given by the Minister under the Act of 1925.

2Until that capital money is so paid or transferred, the university or college shall continue to pay to the Minister any sums which, in accordance with the direction, are required to be so paid for the purpose of maintaining the sinking fund; and any sums so paid, and (in so far as the direction so requires) any income accruing from property comprised in the sinking fund, shall be dealt with as an accretion to that fund.

3After the capital money has been so paid or transferred, the university or college shall continue to maintain the sinking fund in accordance with the direction until the end of the period for which it was directed to be maintained.

4For the purposes of this Schedule—

(a)any approval or sanction of the Minister in pursuance of paragraph (a) of the proviso to section 26(2) of the Act of 1925, or under section 32(1) of that Act,

(b)any condition imposed by the Minister in giving his consent to any transaction under that Act (whether that condition was contained in any order evidencing that consent or not), and

(c)any condition attached to a direction given by the Minister under that Act,

shall be treated as a direction given by the Minister under that Act.

5(1)In this Schedule " the Minister " means the Minister of Agriculture, Fisheries and Food.

(2)Subsection (6) of section 3 of this Act shall apply for the purposes of this Schedule as it applies for the purposes of that section.

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