(1)In the Education Reform Act 1988 (c. 40) (“the 1988 Act”), section 124 (powers of a higher education corporation) is amended as set out in subsections (2) and (3).
(2)In subsection (2), for paragraph (f), substitute—
“(f)to form, participate in forming or invest in a company for the purpose of carrying on any such activities;
(fa)to form, participate in forming or otherwise become a member of a charitable incorporated organisation (within the meaning of section 69A of the Charities Act 1993) for the purpose of carrying on any such activities;”.
(3)At the end, insert—
“(7)The reference in this section to investing in a company includes a reference to becoming a member of the company and to investing in it by the acquisition of any assets, securities or rights or otherwise.”
(4)In relation to the period beginning on 1st April 2001 and ending immediately before the coming into force of this section, the power conferred by section 124(2)(f) of the 1988 Act is to be taken to have included power to form, participate in forming or become a member of a company limited by guarantee for the purpose mentioned in section 124(2)(f).