Each authority heretofore or hereafter organized pursuant to Sections 41-10-135 through 41-10-151, 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 private individual, firm or corporation; except that in the event the governing body of any such authority shall determine that sufficient provision has been made for the full payment of the expenses, bonds and other obligations of such authority, then any net earnings thereafter accruing to such authority may be paid to the State of Alabama.
Structure Code of Alabama
Article 5 - Historical Preservation Authorities.
Section 41-10-135 - Short Title.
Section 41-10-136 - Definitions.
Section 41-10-137 - Purposes for Which Authorities May Be Formed.
Section 41-10-141 - Powers and Duties of Authority Generally.
Section 41-10-143 - Bonds - Contracts to Secure Payment of Principal and Interest.
Section 41-10-145 - Bonds - Use of Proceeds From Sale.
Section 41-10-147 - Exemption From Taxation, Fees and Costs.
Section 41-10-148 - Reports by Authority to Governor.
Section 41-10-149 - Construction of Article Generally; Certain Provisions Exclusive.
Section 41-10-150 - Dissolution of Authority; Title to Property Vests in State.
Section 41-10-151 - Authority Organized Under Former Law Valid; Reincorporation Under This Article.