Nothing contained in this chapter shall be construed to authorize the corporation to lease, sell, or transfer any of its facilities so as to vest title thereto or the use thereof in private ownership or control; provided, that any of its facilities may be made subject to a mortgage or deed of trust as security for its bonds issued pursuant to the provisions of this chapter; provided further, that any portions of such facilities which may become worn out or obsolete or shall not be needed for use in the operations of the corporation may be sold or otherwise disposed of as the board of directors of the corporation may deem advisable.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 59 - Public Athletic Boards.
Section 11-59-1 - Definitions.
Section 11-59-2 - Legislative Intent; Construction of Chapter Generally.
Section 11-59-4 - Certificate of Incorporation - Contents; Execution and Acknowledgment.
Section 11-59-6 - Certificate of Incorporation - Amendment.
Section 11-59-7 - Board of Directors.
Section 11-59-8 - Powers of Corporations Generally.
Section 11-59-10 - Bonds - Security for Payment of Principal and Interest; Remedies Upon Default.
Section 11-59-12 - Conveyances of Properties to Corporations by Municipalities.
Section 11-59-13 - Powers of Corporations as to Conveyances, etc., of Title to Facilities.
Section 11-59-16 - Exemption From Taxation of Corporations, Facilities, Bonds, Etc.