Alabama § 11-97-21 Disposition of Net Earnings of Corporation

Alabama Statutes

§ 11-97-21 — Disposition of Net Earnings of Corporation

Alabama § 11-97-21

Title 11Counties and Municipal Corporations

Ch. 97Construction and Improvement of Utility Services Facilities

This text of Alabama § 11-97-21 (Disposition of Net Earnings of Corporation) 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 § 11-97-21 (2026).

Text

Every corporation shall be a nonprofit 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 a 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 net earnings of a corporation thereafter accruing shall be paid to its determining subdivision.

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Every corporation shall be a nonprofit 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 a 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 net earnings of a corporation thereafter accruing shall be paid to its determining subdivision.