Alabama § 45-49-90.11 Earnings of the Corporation

Alabama Statutes

§ 45-49-90.11 — Earnings of the Corporation

Alabama § 45-49-90.11

JurisdictionAlabama

Title 45Local Laws

Ch. 49Mobile County

Art. 9Economic and Industrial Development and Tourism

Part 1Industrial Parks

This text of Alabama § 45-49-90.11 (Earnings of the 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 § 45-49-90.11 (2026).

Text

The corporation 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 the board of directors of the corporation shall determine that sufficient provision has been made for the full payment of expenses, bonds, and other obligations of the corporation, then any net earnings of the corporation thereafter accruing shall be disposed of in accordance with the articles of incorporation.

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The corporation 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 the board of directors of the corporation shall determine that sufficient provision has been made for the full payment of expenses, bonds, and other obligations of the corporation, then any net earnings of the corporation thereafter accruing shall be disposed of in accordance with the articles of incorporation.