(This note is not part of the Order)
This Order confers on the London Residuary Body the statutory duties conferred on the Inner London Education Authority (“ILEA”) under Schedule 10 to the Education Reform Act 1988 to arrive with the Education Assets Board at such written agreements, and to execute such other instruments, as are necessary or expedient to identify or define property, rights and liabilities the subject of sections 74, 126 and 130 of the Education Reform Act 1988 (transfer of property to grant-maintained schools, higher education corporations and designated institutions). However, where such functions relate to or affect property, rights or liabilities transferred to an inner London council under section 168 of that Act they are instead transferred to that council. In certain circumstances the inner London council is obliged to consult the London Residuary Body before exercising such functions.
A further statutory duty under section 199 of the Education Reform Act 1988, formerly conferred on ILEA, is conferred on the London Residuary Body. This is the duty to arrive with the Education Assets Board at such written agreements as may be necessary for determining the amount of any liability of ILEA in respect of the principal of any loan which is an excepted liability, as defined in that section, and the terms to apply in relation to such liability.