Alabama § 11-59-13 Powers of Corporations as to Conveyances, Etc., of Title to Facilities

Alabama Statutes

§ 11-59-13 — Powers of Corporations as to Conveyances, Etc., of Title to Facilities

Alabama·Title 11 Counties and Municipal Corporations·Ch. 59 Public Athletic Boards

Nothing contained in this chapter shall be construed to authorize the corporation to lease, sell, or transfer any of its facilities so as to vest title thereto or the use thereof in private ownership or control; provided, that any of its facilities may be made subject to a mortgage or deed of trust as security for its bonds issued pursuant to the provisions of this chapter; provided further, that any portions of such facilities which may become worn out or obsolete or shall not be needed for use in the operations of the corporation may be sold or otherwise disposed of as the board of directors of the corporation may deem advisable.

Free access — add to your briefcase to read the full text and ask questions with AI

Nothing contained in this chapter shall be construed to authorize the corporation to lease, sell, or transfer any of its facilities so as to vest title thereto or the use thereof in private ownership or control; provided, that any of its facilities may be made subject to a mortgage or deed of trust as security for its bonds issued pursuant to the provisions of this chapter; provided further, that any portions of such facilities which may become worn out or obsolete or shall not be needed for use in the operations of the corporation may be sold or otherwise disposed of as the board of directors of the corporation may deem advisable.

Alabama § 11-59-13 (Powers of Corporations as to Conveyances, Etc., of Title to Facilities) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.