Alabama § 11-62-15 Disposition of Net Earnings of Authority

Alabama Statutes

§ 11-62-15 — Disposition of Net Earnings of Authority

Alabama § 11-62-15

Title 11Counties and Municipal Corporations

Ch. 62Municipal Special Health Care Facility Authorities

This text of Alabama § 11-62-15 (Disposition of Net Earnings of 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 § 11-62-15 (2026).

Text

Every authority shall be a not-for-profit public corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any private person, except that in the event the board of any authority shall determine that sufficient provision has been made for the full payment of the expenses, bonds, notes, and other obligations of such authority, then any net earnings thereafter accruing shall be paid to the determining municipality.

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

Every authority shall be a not-for-profit public corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any private person, except that in the event the board of any authority shall determine that sufficient provision has been made for the full payment of the expenses, bonds, notes, and other obligations of such authority, then any net earnings thereafter accruing shall be paid to the determining municipality.