1

An order of the Privy Council may modify any trust deed or other instrument—

a

relating to or regulating any such institution as is mentioned in subsection (2) below; or

b

relating to any land or other property held by any person for the purposes of any such institution.

2

The institutions referred to in subsection (1) above are—

a

any institution conducted by a higher education corporation; and

b

any institution in relation to which a designation made, or having effect as if made, under section 129 of this Act has effect, other than an institution established by Royal Charter.

3

Before making any modifications under subsection (1) above of any trust deed or other instrument the Privy Council shall so far as it appears to them to be practicable to do so consult—

C1a

the governing body of the institution;

b

where that deed or instrument, or any other instrument relating to or regulating the institution concerned, confers power on any other persons to modify or replace that deed or instrument, those persons; and

c

where the instrument to be modified is a trust deed and the trustees are different from the persons mentioned in paragraphs (a) and (b) above, the trustees.