A 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 its board shall determine that sufficient provision has been made for the full payment of the expenses, bonds, and other obligations of a corporation, then any portion, as determined by its board, of the net earnings of a corporation thereafter accruing may be paid to its authorizing subdivisions in equal shares.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Chapter 95 - Public Hospitals.
Section 11-95-1 - Legislative Intent; Liberal Construction of Chapter.
Section 11-95-2 - Definitions.
Section 11-95-5 - Certificate of Incorporation - Amendment Procedure.
Section 11-95-7 - Powers of Corporation.
Section 11-95-9 - Bonds of Corporation - Proceeds From Sale.
Section 11-95-10 - Refunding Bonds.
Section 11-95-11 - Exemption From Taxation and Fees.
Section 11-95-12 - Liability of Authorizing Subdivisions.
Section 11-95-13 - Exemption From Usury and Interest Laws.
Section 11-95-14 - Power of Eminent Domain.
Section 11-95-15 - Applicability of Division 2 of Article 4 of Chapter 21 of Title 22.
Section 11-95-16 - Applicability of Section 11-93-2.
Section 11-95-17 - Transfer of Funds, Assets, Etc. to Corporation.
Section 11-95-18 - Earnings of Corporation.
Section 11-95-19 - Dissolution of Corporation; Passage of Title to Property of Corporation.