2015 Code of Alabama
Title 11 - COUNTIES AND MUNICIPAL CORPORATIONS.
Title 1 - PROVISIONS APPLICABLE TO COUNTIES ONLY.
Chapter 22 - PUBLIC PARK AND RECREATION BOARDS.
Section 11-22-15 - Nonprofit status; disposition of surplus revenue.
The corporation 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 the board of directors of the corporation shall determine that sufficient provision has been made for the full payment of expenses, bonds and other obligations of the corporation, then any net earnings of the corporation thereafter accruing shall, at the option of the board of directors, be used to pay the cost of extensions and improvements to any of its projects or paid to the county with respect to which the corporation was organized.
(Acts 1975, 3rd Ex. Sess., No. 139, §15.)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.
