2013 Code of Alabama
Title 11 - COUNTIES AND MUNICIPAL CORPORATIONS.
Title 2 - PROVISIONS APPLICABLE TO MUNICIPAL CORPORATIONS ONLY.
Section 11-47-232 - Authority as nonprofit corporation.
An authority shall be a nonprofit corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm, or corporation, except that in the event a board shall determine that sufficient provision has been made for the full payment of the expenses, bonds, and other obligations of an authority, then any portion, as determined by the board, of the net earnings of an authority thereafter accruing may, in the discretion of the board, be paid to one or more of its authorizing subdivisions.
(Acts 1996, No. 96-320, p. 361, §14.)Disclaimer: These codes may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
