Part I Further education
Chapter II Institutions within the further education sector
Dissolution of further education corporations
27BF1Dissolution of further education corporations: transfer of property, rights and liabilities
1
At any time before the dissolution date, the corporation may transfer any of their property, rights or liabilities to such person or body, or a person or body of such description, as may be prescribed by regulations made by the appropriate authority.
2
The corporation may do so only with the consent of the person or body concerned.
3
A transfer under subsection (1) has effect on the dissolution date.
4
Subsection (5) applies if a person or body prescribed, or of a description prescribed, under subsection (1) is not a charity established for charitable purposes which are exclusively educational purposes.
5
Any property transferred to the person or body must be transferred on trust to be used for charitable purposes which are exclusively educational purposes.
6
In this section, “the appropriate authority” has the meaning given in section 27.