Alabama § 11-95-18 Earnings of Corporation

Alabama Statutes

§ 11-95-18 — Earnings of Corporation

Alabama·Title 11 Counties and Municipal Corporations·Ch. 95 Public Hospitals

A corporation 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 its board shall determine that sufficient provision has been made for the full payment of the expenses, bonds, and other obligations of a corporation, then any portion, as determined by its board, of the net earnings of a corporation thereafter accruing may be paid to its authorizing subdivisions in equal shares.

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A corporation 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 its board shall determine that sufficient provision has been made for the full payment of the expenses, bonds, and other obligations of a corporation, then any portion, as determined by its board, of the net earnings of a corporation thereafter accruing may be paid to its authorizing subdivisions in equal shares.

Alabama § 11-95-18 (Earnings of Corporation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.