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, at the option of the board of directors, be used to pay the cost of extensions and improvements to any of its projects or paid to the county with respect to which the corporation was organized.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 1 - Provisions Applicable to Counties Only.
Chapter 22 - Public Park and Recreation Boards.
Section 11-22-1 - Definitions.
Section 11-22-2 - Intent of Legislature.
Section 11-22-4 - Certificate of Incorporation - Contents; Execution.
Section 11-22-5 - Certificate of Incorporation - Filing and Recording.
Section 11-22-6 - Certificate of Incorporation - Amendments.
Section 11-22-7 - Board of Directors.
Section 11-22-8 - Powers Generally; Projects Partially Within County.
Section 11-22-11 - Bond Issues - Notice of Authorization of Issuance; Contesting of Validity.
Section 11-22-12 - Temporary Borrowing.
Section 11-22-13 - Tax Exemptions.
Section 11-22-14 - Liability of County.
Section 11-22-15 - Nonprofit Status; Disposition of Surplus Revenue.
Section 11-22-16 - Dissolution.
Section 11-22-17 - Recordation of Instruments.
Section 11-22-18 - Construction of Chapter.
Section 11-22-19 - Transfer of Assets From Other Public Corporations.