Code of Alabama - Title 11: Counties and Municipal Corporations - Section 11-54-188 - Earnings of an authority

Section 11-54-188 - Earnings of an 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 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 net earnings of an authority thereafter accruing shall be paid to its authorizing municipality.

(Acts 1980, No. 80-648, p. 1235, §19.)

Last modified: May 3, 2021