§ 15.2-4913. Authority to be nonprofit; excess earnings
The authority shall be nonprofit and no part of its net earnings remaining after payment of its expenses shall enure to the benefit of any individual, firm or corporation, except that if the board of directors of the authority determines 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 locality with respect to which the authority was created. However, nothing herein contained shall prevent the board of directors from transferring all or any part of its facilities or properties in accordance with the terms of any contract entered into by the authority.
(1966, c. 651, § 15.1-1384; 1973, c. 528; 1997, c. 587.)
Sections: Previous 15.2-4906 15.2-4907 15.2-4908 15.2-4909 15.2-4910 15.2-4911 15.2-4912 15.2-4913 15.2-4914 15.2-4915 15.2-4916 15.2-4917 15.2-4918 15.2-4919 15.2-4920 NextLast modified: April 2, 2009