The authority 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 of directors shall determine that sufficient provision has been made for the full payment of the expenses, bonds and other obligations of the authority, then any net earnings of the authority thereafter accruing shall be paid to the state.
Structure Code of Alabama
Chapter 1A - Alabama Housing Finance Authority.
Article 1 - Housing Finance Authority.
Section 24-1A-1 - Legislative Findings and Declaration of Purpose of Article.
Section 24-1A-2 - Definitions.
Section 24-1A-3 - Incorporation of Authority Authorized; Application; Filing; Fees.
Section 24-1A-5 - Powers of Authority.
Section 24-1A-8 - Refunding Bonds.
Section 24-1A-11 - Applicability of Certain Provisions of Uniform Commercial Code.
Section 24-1A-12 - Exemption From Taxation.
Section 24-1A-13 - Liability of State.
Section 24-1A-14 - Exemption From Usury and Interest Laws.
Section 24-1A-16 - Earnings of Authority; Nonprofit; Excess Paid to State.
Section 24-1A-17 - Dissolution of Authority; Vesting Title to Property in State.
Section 24-1A-18 - Utilization of Services Provided by Department of Finance.
Section 24-1A-19 - Conflict of Interest; Rules Governing.