Alabama § 23-7-30 Net Earnings of Bank Not to Inure to Benefit of Any Individual, Firm, or Corporation

Alabama Statutes

§ 23-7-30 — Net Earnings of Bank Not to Inure to Benefit of Any Individual, Firm, or Corporation

Alabama § 23-7-30

Title 23Highways, Roads, Bridges and Ferries

Ch. 7Alabama Transportation Infrastructure Bank Act

This text of Alabama § 23-7-30 (Net Earnings of Bank Not to Inure to Benefit of Any Individual, Firm, or 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 § 23-7-30 (2026).

Text

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.

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

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.