Alabama § 11-47-232 Authority as Nonprofit Corporation

Alabama Statutes

§ 11-47-232 — Authority as Nonprofit Corporation

Alabama § 11-47-232

Title 11Counties and Municipal Corporations

Ch. 47Powers, Duties and Liabilities Generally

Art. 9Parks, Playgrounds, and Other Recreational and Athletic Areas and Facilities

This text of Alabama § 11-47-232 (Authority as Nonprofit Corporation) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 11-47-232 (2026).

Text

An 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 provision has been made for the full payment of the expenses, bonds, and other obligations of an authority, then any portion, as determined by the board, of the net earnings of an authority thereafter accruing may, in the discretion of the board, be paid to one or more of its authorizing subdivisions.

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An 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 provision has been made for the full payment of the expenses, bonds, and other obligations of an authority, then any portion, as determined by the board, of the net earnings of an authority thereafter accruing may, in the discretion of the board, be paid to one or more of its authorizing subdivisions.