9(1)Where—E+W
(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.
Commencement Information
I1Sch. 1 para. 9 in force at 29.7.2010 by S.I. 2010/1937, art. 2, Sch. 1