Code of Alabama - Title 11: Counties and Municipal Corporations - Section 11-54A-19 - Earnings of authority

Section 11-54A-19 - Earnings 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, 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 the authority, then any net earnings of the authority thereafter accruing shall be paid to the city.

(Acts 1985, No. 85-683, p. 1080, §19.)

Last modified: May 3, 2021