Code of Alabama - Title 45: Local Laws - Section 45-23A-91.18 - Earnings of the authority

Section 45-23A-91.18 - Earnings of the 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 provisions has been made for the full payment of the expenses, bonds, or other obligations of the authority, then any net earnings of the authority thereafter accruing shall be paid to the city.

(Act 84-395, p. 904, §19.)

Last modified: May 3, 2021