Ala. Code § 24-1A-16
This is the official text of Ala. Code § 24-1A-16, part of Alabama’s Code — part of the compiled statutory law of Alabama, published by the state as "Code." Browse the sections below, each linked to its official government source.
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Section 24-1A-16 Earnings of Authority; Nonprofit; Excess Paid to State
Official statutory text
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.
Status: in_force · Read it on the official government site
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