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 the board of directors of the authority 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 municipality with respect to which the authority was organized; provided, that nothing contained in this section shall prevent the board of directors from transferring all or any part of its properties in accordance with the terms of any lease entered into by the authority.
Structure 2021 Tennessee Code
Title 7 - Consolidated Governments and Local Governmental Functions and Entities
Chapter 65 - Parking Authority Act
§ 7-65-102. Chapter Definitions
§ 7-65-112. Security for Bonds
§ 7-65-114. Use of Bond Proceeds
§ 7-65-115. Exemption From Taxation
§ 7-65-116. Nonliability of Municipality
§ 7-65-118. Nonprofit Corporation — Disposition of Earnings
§ 7-65-119. Completion of Corporate Purpose — Dissolution
§ 7-65-121. Law Complete in Itself
§ 7-65-123. Powers Additional to Those Granted by Other Laws