Alabama Statutes
§ 23-7-30 — Net Earnings of Bank Not to Inure to Benefit of Any Individual, Firm, or Corporation
Alabama·Title 23 Highways, Roads, Bridges and Ferries·Ch. 7 Alabama Transportation Infrastructure Bank Act
The bank 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 of directors shall determine that sufficient provision has been made for the full payment of the expenses, bonds, other financial assistance, and other obligations of the bank, then any net earnings of the bank thereafter accruing shall be paid to the state.
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Legislative History
(Act 2018-290, §2.)
Nearby Sections
15
§ 23-1-100
“Captive County” Defined§ 23-1-107
Effective Date§ 23-1-110
Purpose of Article§ 23-1-111
Designation§ 23-1-112
Maintenance and Repair - Responsibility§ 23-1-130
Establishment