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2019 Code of Alabama
Title 23 - Highways, Roads, Bridges and Ferries.
Chapter 7 - Alabama Transportation Infrastructure Bank Act.
Section 23-7-30 - Net earnings of bank not to inure to benefit of any individual, firm, or corporation.
Universal Citation: AL Code § 23-7-30 (2019)
Section 23-7-30Net earnings of bank not to inure to benefit of any individual, firm, or corporation.
The bank 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, other financial assistance, and other obligations of the bank, then any net earnings of the bank thereafter accruing shall be paid to the state.
(Act 2018-290, §2.)
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