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 § 24-1A-16

Title 24Housing

Ch. 1AAlabama Housing Finance Authority

Art. 1Housing Finance Authority

This text of Alabama § 24-1A-16 (Earnings of Authority; Nonprofit; Excess Paid to State) 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 § 24-1A-16 (2026).

Text

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.

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

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.