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2017 Code of Alabama
Title 16 - EDUCATION.
Chapter 18 - PUBLIC EDUCATIONAL BUILDING AUTHORITIES.
Section 16-18-18 - Earnings of authority.
Universal Citation: AL Code § 16-18-18 (2017)
Section 16-18-18Earnings of authority.
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, association or corporation, except, that in the event the board of directors of the authority 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 thereafter accruing shall be paid to the determining municipality.
(Acts 1966, Ex. Sess., No. 221, p. 308, §18.)
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