Alabama § 22-21-107 Issuance of Securities - Terms, Conditions, Etc.; Pledge of Revenues; Mortgages; Foreclosure Prohibited

Alabama Statutes

§ 22-21-107 — Issuance of Securities - Terms, Conditions, Etc.; Pledge of Revenues; Mortgages; Foreclosure Prohibited

Alabama·Title 22 Health, Mental Health, and Environmental Control·Ch. 21 Hospitals and Other Health Care Facilities Generally·Art. 4 County Hospital Boards and Corporations·Div. 2 Hospital Corporations

Securities issued under this division may contain such other terms, provisions, conditions, limitations and agreements, not inconsistent with the provisions of this division, as the directors of the hospital corporation issuing the same shall deem advisable, including, but not limited to, a pledge of all or any part of the revenues of the hospital corporation in payment of the securities and a mortgage of all or any part of the property, real or personal, or any interest therein, of the hospital corporation, including the property acquired or to be acquired from the proceeds of the securities being issued, as security for the payment of the principal of and interest on the securities; provided, that no such mortgage or pledge shall be construed so as to permit the foreclosure thereof.

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Securities issued under this division may contain such other terms, provisions, conditions, limitations and agreements, not inconsistent with the provisions of this division, as the directors of the hospital corporation issuing the same shall deem advisable, including, but not limited to, a pledge of all or any part of the revenues of the hospital corporation in payment of the securities and a mortgage of all or any part of the property, real or personal, or any interest therein, of the hospital corporation, including the property acquired or to be acquired from the proceeds of the securities being issued, as security for the payment of the principal of and interest on the securities; provided, that no such mortgage or pledge shall be construed so as to permit the foreclosure thereof.

Alabama § 22-21-107 (Issuance of Securities - Terms, Conditions, Etc.; Pledge of Revenues; Mortgages; Foreclosure Prohibited) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.