There are currently no known outstanding effects for the Companies Clauses Consolidation Act 1845, Section 122.
Before apportioning the profits to be divided among the shareholders the directors may, if they think fit, set aside thereout such sum as they may think proper to meet contingencies, or for enlarging, repairing, or improving the works connected with the undertaking, or any part thereof, and may divide the balance only among the shareholders.]
Textual Amendments
F1S. 122 repealed (E.W.) in relation to water companies by Water Act 1945 (c. 42), Sch. 5
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
