Section 24-1A-16 Earnings of authority; nonprofit; excess paid to state. - Alabama Statutes

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Section 24-1A-16

Earnings of authority; nonprofit; excess paid to state.

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 its board of directors 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 state.

(Acts 1980, No. 80-585, p. 899, §18.)

State Codes and Statutes

Statutes > Alabama > Title24 > Chapter1A > 24-1A-16

Section 24-1A-16

Earnings of authority; nonprofit; excess paid to state.

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 its board of directors 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 state.

(Acts 1980, No. 80-585, p. 899, §18.)

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Statutes > Alabama > Title24 > Chapter1A > 24-1A-16

Section 24-1A-16

Earnings of authority; nonprofit; excess paid to state.

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 its board of directors 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 state.

(Acts 1980, No. 80-585, p. 899, §18.)