(1)The Funding Agency for Schools shall be dissolved on such date as the Secretary of State may by order specify (“the dissolution date”).
F1(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)Any property, rights and liabilities to which the Agency are entitled or subject immediately before the dissolution date (whether or not capable of being transferred or assigned by the Agency) shall by virtue of this section become property, rights and liabilities of the Secretary of State on that date.
F2(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7)Every agreement (whether written or not), and every instrument or other document, which relates to any property, right or liability of the Agency to which subsection (5) applies shall have effect, so far as may be required for continuing its effect on or after the dissolution date, as if—
(a)where the Agency is a party to it, the Secretary of State were substituted as that party,
(b)for any reference to the Agency there were substituted a reference to the Secretary of State,
(c)for any reference (however worded and whether express or implied) to the chairman, the chief officer or any member of the Agency there were substituted a reference to such officer or officers as the Secretary of State may appoint for the purpose, and
(d)for any reference to the office or place of business of the Agency there were substituted a reference to the principal office of the Secretary of State.
Textual Amendments
F1S. 132(2)-(4) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 7
F2S. 132(6) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 7
Modifications etc. (not altering text)
C1S. 132 modified (temp.) (26.5.1999) by S.I. 1999/1287, reg. 3(2)(a).