5(1)This paragraph applies where—
(a)a grant-maintained school (an “existing school”) becomes a foundation school; and
(b)as from the appointed day the school (as a foundation school) is a member of the group for which a foundation body acts.
(2)In such a case, any land which, immediately before the appointed day, was held by the governing body for the purposes of the existing school shall on that day be transferred to, and by virtue of this Act vest in, the foundation body.