(1) An assisted school comes into existence by mutual agreement between the Minister and the proprietor of the school.
(2) An agreement under subsection (1) shall—
(a) be in writing;
(b) exist for one or more schools;
(c) be for a period of years; and
(d) subject to this Act, specify the terms, conditions, the rights, responsibilities and liabilities of the respective parties.
(3) Any party to the agreement may terminate the agreement by giving the other at least 36 calendar months notice.