Whenever any number of natural persons, not less than three, each of whom shall be a duly qualified elector of and taxpayer in the municipality, shall file with the governing body thereof an application in writing seeking permission to apply for the incorporation of an industrial development board of such municipality, the governing body shall proceed to consider such application.
If the governing body shall by appropriate resolution duly adopted find and determine that it is wise, expedient, necessary, or advisable that the industrial development board be formed and shall authorize the persons making such application to proceed to form such board and shall approve the form of certificate of incorporation proposed to be used in organizing the board, then the persons making such application shall execute, acknowledge, and file a certificate of incorporation for the corporation as provided in Section 11-54-83.
No board may be formed unless such application shall have first been filed with the governing body of the municipality and the governing body shall have adopted a resolution as provided in this section.
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 4 - Industrial Development Boards.
Division 1 - General Provisions.
Section 11-54-80 - Definitions.
Section 11-54-81 - Legislative Intent; Construction of Division Generally.
Section 11-54-83 - Certificate of Incorporation - Contents; Execution and Acknowledgment.
Section 11-54-85 - Certificate of Incorporation - Amendment.
Section 11-54-86 - Board of Directors.
Section 11-54-88 - Additional Powers as to Pollution Control Facilities.
Section 11-54-90 - Bonds - Security for Payment of Principal and Interest; Remedies Upon Default.
Section 11-54-92 - Liability of Municipalities Upon Bonds, Agreements, Obligations, etc., of Boards.
Section 11-54-93 - Disposition of Net Earnings of Boards.
Section 11-54-96 - Exemptions of Boards - Taxation.
Section 11-54-96.1 - Ad Valorem Taxes Required of Hotels, etc., Built Under Section 11-54-80.
Section 11-54-97 - Exemption of Boards - Usury and Interest Laws.
Section 11-54-98 - Exemption of Boards - Competitive Bid Laws.
Section 11-54-99 - Validation of Attempted Incorporation of Certain Industrial Development Boards.