5.—(1) The constitution of a school PFI company must provide that the company must not admit to its membership any person who is not listed in paragraph (2) below.
(2) The following persons may be members of a school PFI company—
(a)the governing body of a maintained school;
(b)a local authority in England;
(c)a company which has as a significant proportion of its business the provision of education or educational or ancillary services or goods;
(d)a company which provides services or facilities under private finance agreements;
(e)the governing body of a further or higher education institution (within the meaning of section 90(1) of the Further and Higher Education Act 1992) if it has legal personality;
(f)the proprietor of an independent school or the governing body of an independent school (if the governing body has legal personality), which provides full-time education for five or more pupils of compulsory school age;
(g)any individual not excluded by the Schedule.
6. Where a governing body of a maintained school, which is a member of a school company, is spending money as agent of its local education authority by virtue of section 49(5) of the School Standards and Framework Act 1998(1), it must only make payments to that company in the following circumstances—
(a)as consideration for services or facilities that the company has supplied or procured for the school; for
(b)where such payment is necessary or expedient to enable the company to pursue its objects.