Alabama § 24-1A-16 Earnings of Authority; Nonprofit; Excess Paid to State

Alabama Statutes

§ 24-1A-16 — Earnings of Authority; Nonprofit; Excess Paid to State

Alabama·Title 24 Housing·Ch. 1A Alabama Housing Finance Authority·Art. 1 Housing Finance Authority

The authority 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 and other obligations of the authority, then any net earnings of the authority thereafter accruing shall be paid to the state.

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The authority 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 and other obligations of the authority, then any net earnings of the authority thereafter accruing shall be paid to the state.

Alabama § 24-1A-16 (Earnings of Authority; Nonprofit; Excess Paid to State) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.