(a) In order to incorporate an authority, the sponsoring university shall adopt a resolution containing at least the following provisions:
(1) A finding that it is necessary, desirable, and in the best interests of the sponsoring university that the proposed authority be incorporated.
(2) Approval of the form of articles of incorporation, which shall comply with the provisions of Section 16-17A-4.
(3) Authorization to proceed to form the proposed authority by executing the articles of incorporation approved by the sponsoring university and filing the same with the Secretary of State.
(b) A university may incorporate more than one authority if it determines that each authority promotes the public health mission of the university.
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.