There is a newer version
of
this Section
2018 Code of Alabama
Title 16 - EDUCATION.
Chapter 17 - EDUCATIONAL BUILDING AUTHORITIES.
Section 16-17-16 - Earnings of authority.
Universal Citation: AL Code § 16-17-16 (2018)
Section 16-17-16Earnings 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 or to an educational institution to construct, operate or maintain ancillary improvements, as the board of directors may direct by resolution.
(Acts 1966, Ex. Sess., No. 222, p. 325, §16; Acts 1978, No. 841, p. 1258, §1.)
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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
