No part of the net earnings of an authority remaining after payment of its expenses shall inure to the benefit of any person other than a university, a governmental entity, a political corporation, or any nonprofit corporation that is an organization described in Section 501(c)(3) of the Internal Revenue Code.
Structure Code of Alabama
Chapter 17A - University Authority Act of 2016.
Section 16-17A-1 - Short Title.
Section 16-17A-2 - Definitions.
Section 16-17A-3 - Incorporation of Authority.
Section 16-17A-4 - Articles of Incorporation - Requirements.
Section 16-17A-5 - Articles of Incorporation - Amendments.
Section 16-17A-6 - Board of Directors.
Section 16-17A-8 - Powers of Authority.
Section 16-17A-9 - Eminent Domain.
Section 16-17A-10 - Indebtedness.
Section 16-17A-11 - Pledge of Revenues; Security Documents.
Section 16-17A-12 - Obligations of Authority.
Section 16-17A-13 - Investment in Indebtedness.
Section 16-17A-14 - Default in Payments.
Section 16-17A-15 - Exemptions From Taxation.
Section 16-17A-17 - Conveyance of Property, etc., to Authority; Pledge of Full Faith and Credit.
Section 16-17A-18 - Legislative Findings.
Section 16-17A-19 - Sovereign Immunity; Damage Limitation.
Section 16-17A-20 - Applicability of Other Laws.
Section 16-17A-21 - Reincorporation.
Section 16-17A-22 - Disposition of Excess Revenues.