SCHEDULES
SCHEDULE 1Academies: land
Disapplication of rule against perpetuities
I19
1
Where—
a
land is transferred for no consideration for the purposes of an Academy (whether or not by virtue of a scheme under paragraph 1 or 2 or pursuant to a direction under paragraph 4), and
b
the person who transferred the land is granted an option to make a re-acquisition of the land (subject to whatever conditions),
the rule against perpetuities does not apply to the option.
2
Sub-paragraph (1) does not apply to an option granted before 26 July 2002.