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 net earnings of an authority thereafter accruing shall be paid to its authorizing municipality.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.
Article 6 - Commercial Development Authorities.
Section 11-54-170 - Legislative Intent; Liberal Construction.
Section 11-54-171 - Definitions.
Section 11-54-172 - Meaning of "Herein," etc.; Construction of Definitions.
Section 11-54-177 - Officers of the Authority.
Section 11-54-178 - Powers of Authority; Location of Projects; Public Meetings.
Section 11-54-179 - Bonds of Authority Generally.
Section 11-54-180 - Proceeds From Sale of Bonds.
Section 11-54-181 - Refunding Bonds.
Section 11-54-183 - Exemption From Certain Taxes and Fees.
Section 11-54-184 - Nonliability of Authorizing Municipality.
Section 11-54-185 - Exemption From Usury and Interest Laws.
Section 11-54-186 - Exemption From Competitive Bid Laws.
Section 11-54-187 - Freedom of Authority From State Supervision and Control.
Section 11-54-188 - Earnings of an Authority.
Section 11-54-190 - Incorporation of Another Authority by Same Municipality.