Alabama § 11-54-188 Earnings of an Authority

Alabama Statutes

§ 11-54-188 — Earnings of an Authority

Alabama § 11-54-188

Title 11Counties and Municipal Corporations

Ch. 54Promotion of Industry, Trade, Commerce and Pollution Control

Art. 6Commercial Development Authorities

This text of Alabama § 11-54-188 (Earnings of an Authority) 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 § 11-54-188 (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 net earnings of an authority thereafter accruing shall be paid to its authorizing municipality.

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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 net earnings of an authority thereafter accruing shall be paid to its authorizing municipality.