OpenLegislation

Regulation 10 Application of any surplus or profits of a school company

Original text. Later amendments are not shown.

The constitution of a school company must provide that:–

(a)

any surplus or profits generated by the company are to be applied to further the objects of the company and shall not be distributed among the members; or

(b)

any surplus or profits generated by the company are to be distributed among the members according to proportions or procedures set out in the company’s constitution; or

(c)

any surplus or profits generated by the company may be applied to further the objects of the company or distributed among the members according to proportions or procedures set out in the company’s constitution.