School Standards and Framework Act 1998

132 Dissolution of Funding Agency for Schools

(1) The Funding Agency for Schools shall be dissolved on such date as the Secretary of State may by order specify (“the dissolution date”).

(2) Prior to their dissolution the Agency shall—

(a) prepare, and submit to the Secretary of State for his approval, a plan for the disposal of property of the Agency to persons other than the Secretary of State; and

(b) once the plan is approved by the Secretary of State, make arrangements for the disposal of the property in question in accordance with the plan.

(3) The Agency shall use their best endeavours to secure that any functions remaining to be discharged by them at any time after the commencement of this section are discharged by such date or dates falling before the dissolution date as the Secretary of State may determine.

(4) Section 24 of the [1996 c. 56.] Education Act 1996 (directions by Secretary of State) applies to functions of the Agency under this section; and paragraph 15 of Schedule 2 to that Act (accounts) shall have effect for the purposes of subsection (3) above subject to such modifications as the Secretary of State may determine.

(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.

(6) Any legal proceedings to which the Agency are a party immediately before the dissolution date may be continued on or after that date by or in relation to the Secretary of State.

(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.