Code of Alabama
Article 11 - Alabama Mental Health Finance Authority.
Section 41-10-368 - Authority Is Nonprofit Corporation.

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 private entity.

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Structure Code of Alabama

Code of Alabama

Title 41 - State Government.

Chapter 10 - Authorities.

Article 11 - Alabama Mental Health Finance Authority.

Section 41-10-350 - Legislative Findings and Purpose.

Section 41-10-351 - Definitions.

Section 41-10-352 - Authority for Incorporation of Alabama Mental Health Finance Authority; Members.

Section 41-10-353 - Application for Authority to Incorporate.

Section 41-10-354 - Certificate of Incorporation; No Fee or Compensation to Secretary of State.

Section 41-10-355 - Members of Authority; Officers; Payment of Bonds of Authority; Quorum; Vacancies; Compensation; Record of Proceedings and Use Thereof as Evidence; Meetings.

Section 41-10-356 - Powers of Authority.

Section 41-10-357 - Authorization to Issue Bonds; Limitation on Use of Proceeds.

Section 41-10-358 - Form, Terms, Denominations, etc., of Bonds; Limitation on Maturity Date, Redemption.

Section 41-10-359 - Execution and Delivery of Bonds; Designation of Bonds for Community Facilities.

Section 41-10-360 - Sale of Bonds at Public Auction; Rejection of Bids; Notice of Sale; Terms and Conditions of Sale; Expenses, Fees, etc.; Recital That Bonds Issued Pursuant to Article.

Section 41-10-361 - Liability Upon Bonds of Authority; Authorization of Authority to Pledge for Payment of Principal and Interest of Bonds; Bonds Deemed Negotiable Instruments.

Section 41-10-362 - Exemption From Taxation of Bonds and Income of Authority; Use of Bonds as Security for Deposits of State Funds; Investment of Trust Funds in Bonds.

Section 41-10-363 - Refunding Bonds; Proceeds of Sale of Refunding Bonds.

Section 41-10-364 - Proceeds of Bonds, Other Than Refunding Bonds; Special Fund to Pay Costs of Acquisition, Construction, etc., of Mental Health Facilities; Such Work Supervised by Building Commission; Such Work Subject to Competitive Bidding; Dispo...

Section 41-10-365 - Sinking Fund for Payment of Principal and Interest on Bonds of Authority.

Section 41-10-366 - Contracts, etc., Do Not Create Obligations of State.

Section 41-10-367 - Investment of Surplus Proceeds From Sale of Bonds; Disbursement of Income Derived From Such Investments.

Section 41-10-368 - Authority Is Nonprofit Corporation.

Section 41-10-369 - Dissolution of Authority; Disposition of Property Upon Dissolution of Authority.

Section 41-10-370 - Payment of Principal and Interest on Bonds and Maintenance of Records Pertaining Thereto by State Treasurer.

Section 41-10-371 - Power of Authority to Pay and Make Agreements With the United States to Exempt Interest of Bonds From Federal Income Tax.