Alabama § 11-92C-19 Earnings of Authority

Alabama Statutes

§ 11-92C-19 — Earnings of Authority

Alabama·Title 11 Counties and Municipal Corporations·Ch. 92C Local Redevelopment Authorities

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 the board shall determine that sufficient provision has been made for the full payment of the expenses, bonds, and other obligations of the authority, then any net earnings of the authority thereafter accruing shall be paid to the authorizing subdivision or private user for the creation and maintenance of the project.

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

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 the board shall determine that sufficient provision has been made for the full payment of the expenses, bonds, and other obligations of the authority, then any net earnings of the authority thereafter accruing shall be paid to the authorizing subdivision or private user for the creation and maintenance of the project.

Alabama § 11-92C-19 (Earnings of Authority) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.