The Academy Conversions (Transfer of School Surpluses) Regulations 2010
Section 7 of the Academies Act 2010 requires local authorities to transfer a school’s surplus to the Academy proprietor when the school converts to an Academy under an order following an application by the governing body. These Regulations set time limits for the determination of whether there is, and if so the amount of, a surplus, and for any review by the Secretary of State of any local authority determination.