2020 Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Chapter 92C
Section 11-92C-19 - Earnings of Authority.

Universal Citation: AL Code § 11-92C-19 (2020)

Section 11-92C-19

Earnings of authority.

An 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 the board 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 authorizing subdivision or private user for the creation and maintenance of the project.

(Act 2020-72, §19.)

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