Alabama § 41-10-307 Powers of Authority

Alabama Statutes

§ 41-10-307 — Powers of Authority

Alabama § 41-10-307

Title 41State Government

Ch. 10Authorities

Art. 10Alabama Space Science Exhibit Finance Authority

This text of Alabama § 41-10-307 (Powers of Authority) 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 § 41-10-307 (2026).

Text

The authority shall have the following powers among others specified in this article:

(1)To have succession in its corporate name until the principal of and interest on all bonds issued by it shall have been fully paid and until it shall have been dissolved as provided herein;

(2)To maintain actions and have actions maintained against it and to prosecute and defend in any court having jurisdiction of the subject matter and of the parties thereof;

(3)To have and to use a corporate seal and to alter such seal at pleasure;

(4)To establish a fiscal year;

(5)To acquire and hold title to real and personal property and to sell, convey, mortgage, or lease the same as provided in this article;

(6)To provide for the construction, reconstruction, alteration, and improvement of facilities and fo

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The authority shall have the following powers among others specified in this article:
(1) To have succession in its corporate name until the principal of and interest on all bonds issued by it shall have been fully paid and until it shall have been dissolved as provided herein;
(2) To maintain actions and have actions maintained against it and to prosecute and defend in any court having jurisdiction of the subject matter and of the parties thereof;
(3) To have and to use a corporate seal and to alter such seal at pleasure;
(4) To establish a fiscal year;
(5) To acquire and hold title to real and personal property and to sell, convey, mortgage, or lease the same as provided in this article;
(6) To provide for the construction, reconstruction, alteration, and improvement of facilities and for the procurement of sites and equipment for such facilities and for the lease thereof;
(7) To lease facilities to the state, the commission, or any other agency or instrumentality of the state designated to perform the activities of the commission;
(8) To anticipate by the issuance of its bonds, subject to the provisions of this article, the receipt of the rent and revenues from such facilities;
(9) As security for the payment of the principal of and interest on its bonds, to enter into any lawful covenant, to grant mortgages upon or security interests in its facilities, and to pledge the rents and revenues from such facilities;
(10) To appoint a bank or savings and loan association as a depositary for funds of the authority;
(11) To invest as provided in this article the proceeds from the sale of its bonds pending need therefor; and
(12) To appoint and employ such attorneys, agents, and employees as the business of the authority may require, subject to the Merit System where applicable.