Code of Alabama - Title 11: Counties and Municipal Corporations - Section 11-47-232 - Authority as nonprofit corporation

Section 11-47-232 - Authority as nonprofit corporation.

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 a board shall determine that sufficient provision has been made for the full payment of the expenses, bonds, and other obligations of an authority, then any portion, as determined by the board, of the net earnings of an authority thereafter accruing may, in the discretion of the board, be paid to one or more of its authorizing subdivisions.

(Acts 1996, No. 96-320, p. 361, §14.)

Last modified: May 3, 2021