Every corporation shall be a nonprofit public corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any private person, 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 a corporation, then any net earnings of a corporation thereafter accruing shall be paid to its determining subdivision.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Chapter 97 - Construction and Improvement of Utility Services Facilities.
Section 11-97-1 - Legislative Declarations and Findings.
Section 11-97-2 - Definitions.
Section 11-97-5 - Amendments to Certificate of Incorporation.
Section 11-97-7 - Officers of Corporation.
Section 11-97-8 - Powers of Corporation; Location of Facilities of Corporation.
Section 11-97-9 - Bonds of Corporation Generally.
Section 11-97-10 - Security for Payment of Bonds; Contracts and Agreements to Secure.
Section 11-97-11 - Proceeds From Sale of Bonds.
Section 11-97-12 - Refunding Bonds.
Section 11-97-14 - Power of Eminent Domain.
Section 11-97-15 - Contacts; Cooperation; Aid and Agreements From Other Bodies.
Section 11-97-18 - Exemption From Taxation.
Section 11-97-19 - Exemption From Usury and Interest Laws.
Section 11-97-20 - Exemption From Competitive Bid Laws.
Section 11-97-21 - Disposition of Net Earnings of Corporation.
Section 11-97-22 - Bonds of Corporation as Legal Investments.
Section 11-97-24 - Incorporation of Another Corporation by Same Determining Subdivision.
Section 11-97-25 - Notice of Bond Resolution; Contest to Validity of Bonds, Etc.