2015 Code of Alabama
Title 24 - HOUSING.
Chapter 1A - ALABAMA HOUSING FINANCE AUTHORITY.
Article 1 - Housing Finance Authority.
Section 24-1A-16 - Earnings of authority; nonprofit; excess paid to state.
The 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 its board of directors shall determine that sufficient provision has been made for the full payment of the expenses, bonds and other obligations of the authority, then any net earnings of the authority thereafter accruing shall be paid to the state.
(Acts 1980, No. 80-585, p. 899, §18.)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.
