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a) acquire or dispose of freehold land;
b) take up or grant a leasehold of land;
dispose of any other class of capital assets except as permitted in the Academies Financial Handbook, and subject to Part 3 of Schedule 1 to the Academies Act 2010.
4.28 The Academy Trust must give 30 days’ notice to the Secretary of State, whether or not the circumstances require his approval, of its intention to take any of the actions in clause 4.27.
Retention of proceeds from the disposal of capital assets
4.29 Except as permitted in the Academies Financial Handbook, if the Academy Trust sells capital assets which were acquired or enhanced wholly or partly using payments made by or on behalf of HM Government the Academy Trust must pay to the Secretary of State, at his request, an amount of the sale proceeds equivalent to the proportion of the original cost of the acquisition or enhancement which was met by or on behalf of HM Government.
4.30 If the Academy Trust sells a capital asset which was transferred to it for no or nominal consideration from an LA, a Predecessor School or a Predecessor School’s foundation, the Academy Trust must, if required by the Secretary of State, pay all or part of the sale proceeds to the LA or to the Secretary of State, taking into account the amount of the proceeds to be reinvested by the Academy Trust.
Transactions outside the usual planned range
4.31 InrelationtoPubliclyFundedAssets,theAcademyTrustmustnot,withoutthe Secretary of State’s consent:
a) give any guarantees, indemnities or letters of comfort, except such as are given in normal contractual relations;
b) write off any debts or liabilities owed to it; or
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