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 municipality with respect to which the corporation was organized.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 60 - Public Park and Recreation Boards.
Section 11-60-1 - Definitions.
Section 11-60-2 - Legislative Intent; Construction of Chapter Generally.
Section 11-60-4 - Certificate of Incorporation - Contents; Execution and Acknowledgment.
Section 11-60-6 - Certificate of Incorporation - Amendment.
Section 11-60-7 - Board of Directors.
Section 11-60-8 - Powers of Corporations Generally; Location of Projects of Corporations.
Section 11-60-11 - Bonds - Security for Payment of Principal or Interest; Remedies Upon Default.
Section 11-60-14 - Disposition of Net Earnings of Corporations.
Section 11-60-17 - Exemptions of Corporations - Taxation.
Section 11-60-18 - Exemptions of Corporations - Usury and Interest Laws.
Section 11-60-19 - Exemptions of Corporations - Competitive Bid Laws.