What does "OCC" stand for?

Along the Oxford Canal some of the bridges have the letters "OCC" on them. In the past I assumed these stood for "Oxfordshire County Council", mainly because I was - or thought I was - in Oxfordshire at the time.

But this bridge is in Warwickshire.

So what could it be?

And then it came to me.

Of course - "Oxford Canal Company". This makes sense as the date on the bridge, 1941, is seven years before the waterways were nationalised.

Am I right?