78 Financial years of higher education corporations [F1: Wales].E+W
(1)If the Secretary of State directs that any financial year specified in the direction of the higher education corporations [F2in Wales], and subsequent financial years, are to begin with a date specified in the direction, then—
(a)the financial year of the corporations immediately preceding the year specified in the direction shall end immediately before the date specified in the direction, and
(b)the financial year specified in the direction and subsequent financial years shall be each successive period of twelve months.
(2)Section 124B(7) of, and paragraph 18 of Schedule 7 to, the M1Education Reform Act 1988 (financial years) shall have effect subject to this section.
[F3(3)In this section “higher education corporation in Wales” means a higher education corporation established to conduct an institution whose activities are carried on, or principally carried on, in Wales.]
Textual Amendments
F1Word in s. 78 heading inserted (1.8.2019) by Higher Education and Research Act 2017 (c. 29), s. 124(5), Sch. 8 para. 24(2); S.I. 2018/1226, reg. 4(o)
F2Words in s. 78(1) inserted (1.8.2019) by Higher Education and Research Act 2017 (c. 29), s. 124(5), Sch. 8 para. 24(3); S.I. 2018/1226, reg. 4(o)
F3S. 78(3) inserted (1.8.2019) by Higher Education and Research Act 2017 (c. 29), s. 124(5), Sch. 8 para. 24(4); S.I. 2018/1226, reg. 4(o)
Commencement Information
I1S. 78 wholly in force at 6.5.1992 see s. 94(3) and S.I. 1992/831, art. 2, Sch. 1
Marginal Citations