State Codes and Statutes

§ 6-203. Community development organization.

A corporation, foundation, or other legal entity qualifies as a community development organization if:

(1) its purpose is to improve the physical, economic, or social environment of the area where it operates; and

(2) no part of its net earnings inures to the benefit of a private shareholder or individual holding an interest in that entity.

[An. Code 1957, art. 83B, § 4-801(e); 2005, ch. 26, § 2; 2010, ch. 487.]

§ 6-203. Community development organization.

A corporation, foundation, or other legal entity qualifies as a community development organization if:

(1) its purpose is to improve the physical, economic, or social environment of the area where it operates; and

(2) no part of its net earnings inures to the benefit of a private shareholder or individual holding an interest in that entity.

[An. Code 1957, art. 83B, § 4-801(e); 2005, ch. 26, § 2; 2010, ch. 487.]

§ 6-203. Community development organization.

A corporation, foundation, or other legal entity qualifies as a community development organization if:

(1) its purpose is to improve the physical, economic, or social environment of the area where it operates; and

(2) no part of its net earnings inures to the benefit of a private shareholder or individual holding an interest in that entity.

[An. Code 1957, art. 83B, § 4-801(e); 2005, ch. 26, § 2; 2010, ch. 487.]

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