17 Surpluses and deficits
Further and Higher Education (Scotland) Act 1992 (1992 c 37) | Legislation

17  Surpluses and deficits

(1)     Not later than such date as the Secretary of State may direct, the education authority and the board of management shall, in respect of each college of further education prescribed by an order made under section 11 of this Act, arrive at a written agreement as to—

(a)     the amount of any surplus or deficit in the accounts of the college council for the college as at the day immediately before the first transfer date; and

(b)     which of the education authority or board of management any such surplus or deficit or any proportion of such surplus or deficit is to be transferred to and vest in,

and, where the agreement provides for the amount of any surplus or deficit, or any proportion of such surplus or deficit to be transferred and vest as mentioned in paragraph (b)

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