§ 11-66A-17 — Corridor Shall Be Nonprofit Corporation

A research and development corridor shall be a nonprofit corporation, and no part of a research and development corridor’s 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, financial obligations, and other obligations of a research and development corridor, then any portion, as determined by the board, of the net earnings of a research and development corridor thereafter accruing, in the discretion of the board, may be paid to one or more of the corridor’s authorizing subdivisions.

Legislative History

(Act 2024-308, §17.)