Disposal of assets on discontinuing a grammar school
58 Disposal of assets on discontinuing a grammar school
If a grammar school is discontinued, the property held by the board for the school is to be disposed of or held in the way prescribed by regulation.
Subsection (1) does not apply to State land granted in trust or reserved and set apart for the school under the Land Act 1994.
If a regulation is not made in relation to property mentioned in subsection (1), the Minister may give directions about how the property is to be disposed of or held.
The board must comply with a direction given under subsection (3).
The power to make a regulation or give directions includes the power to vary the trustees, and the terms, of any trust created under this section.
Subsections (1) and (3) do not authorise a regulation or the Minister to override a trust instrument, if the instrument—
was created before the discontinuance of the school; and
relates to property held by the board of the school; and
provides for the variation of the trust on the discontinuance of the school.
This provision refers to the regulations (prescribed by regulation
, a regulation
). Made under this Act:
This Act’s bill:Explanatory memorandumSecond reading speech
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