An authority shall be a public corporation or authority 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 shall determine that sufficient provision has been made for the full payment of the expenses, securities and other obligations of the authority, then any portion, as determined by the board, of the net earnings of the authority thereafter accruing may, in the discretion of the board, be paid to one or more of its authorizing subdivisions.
Structure Code of Alabama
Title 22 - Health, Mental Health, and Environmental Control.
Title 1 - Health and Environmental Control Generally.
Chapter 21 - Hospitals and Other Health Care Facilities Generally.
Article 11 - Health Care Authorities.
Section 22-21-310 - Short Title.
Section 22-21-311 - Definitions.
Section 22-21-312 - Legislative Findings and Intent.
Section 22-21-313 - Application for Incorporation of Authority; Authorizing Resolution.
Section 22-21-314 - Certificate of Incorporation - Filing; Form and Contents; Recordation.
Section 22-21-317 - Officers; Election; Terms; Duties.
Section 22-21-318 - Powers of Authority.
Section 22-21-319 - Extraordinary Power of Authority.
Section 22-21-320 - Securities of Authority.
Section 22-21-321 - Refunding Securities.
Section 22-21-322 - Execution of Securities.
Section 22-21-323 - Source of Payment; Security.
Section 22-21-324 - Use of Proceeds.
Section 22-21-325 - Obligations Not Debt of State, County or Municipality.
Section 22-21-326 - Securities Issued Under Article as Legal Investments.
Section 22-21-327 - Securities and Coupons as Negotiable Instruments.
Section 22-21-328 - Exemption From Usury and Interest Laws.
Section 22-21-329 - Notice of Issuance of Securities; Limitation on Actions to Contest.
Section 22-21-331 - Remedies for Default in Payment of Securities or Performance of Lease Agreement.
Section 22-21-332 - Investment of Funds.
Section 22-21-333 - Exemptions From Taxation.
Section 22-21-334 - Nonapplicability of Ethics Act.
Section 22-21-335 - Nonapplicability of Competitive Bid Laws.
Section 22-21-336 - Transfer of Funds and Assets to Authority.
Section 22-21-337 - Disposition of Earnings of Authority.
Section 22-21-339 - Dissolution of Authority.
Section 22-21-340 - Multiple Corporations Permitted.
Section 22-21-341 - Reincorporation of Existing Corporations.
Section 22-21-342 - Provisions of Article Exclusive.