177University bodies: amendment of section 29 of Leasehold Reform Act 1967
(1)Section 29 of the Leasehold Reform Act 1967 (c. 88) (which enables university bodies in certain circumstances to reserve rights for future development in relation to land sold or let by them) is amended as follows.
(2)In subsection (6), omit the words from “but a university body” to the end.
(3)In subsection (6B), for the words from “includes” to the end substitute—
“(a)includes development by a related university body (within the meaning of section 28(6)(b) above); and
(b)must be development for the purposes (other than investment purposes) of the university body or any such related university body.”
(4)Where immediately before the date on which this section comes into force—
(a)a university body have applied for consent under subsection (6) of section 29 of the Leasehold Reform Act 1967, and
(b)the application has yet to be determined,
consent under that subsection shall continue to be required; and for that purpose the amendments made by subsections (2) and (3) above shall be disregarded.