An 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 a board shall determine that sufficient provision has been made for the full payment of the expenses, bonds, and other obligations of an authority, then any portion, as determined by the board, of the net earnings of an authority thereafter accruing may, in the discretion of the board, be paid to one or more of its authorizing subdivisions.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 47 - Powers, Duties and Liabilities Generally.
Article 9 - Parks, Playgrounds, and Other Recreational and Athletic Areas and Facilities.
Section 11-47-210 - Definitions.
Section 11-47-210.1 - Legislative Findings and Declarations.
Section 11-47-215 - Certificate of Incorporation of Authorities - Contents.
Section 11-47-217 - Boards of Directors of Authorities.
Section 11-47-220 - Construction of Article.
Section 11-47-223 - Bonds of an Authority - Signature and Seal.
Section 11-47-227 - Construction of Bonds as Negotiable Instruments.
Section 11-47-228 - Exemption From Taxation.
Section 11-47-230 - Compliance With State Laws Governing Competitive Bidding.
Section 11-47-231 - Bonds as Legal Investments.
Section 11-47-232 - Authority as Nonprofit Corporation.
Section 11-47-234 - Eminent Domain.
Section 11-47-237 - Application of State Ethics Act to Members of Authorities.
Section 11-47-238 - Relationship of Article to Other Laws.
Section 11-47-239 - Construction of Article to Effect Its Purpose.