(a)(1) For the benefit of the state and the residents thereof, there is created an irrevocable fund named the Alabama Innovation Fund, which shall be funded from all of the following sources:
a. Proceeds of any gifts, grants, or contributions.
b. Revenue sources as directed by, and at the discretion of, the Legislature.
c. Appropriations as directed by, and at the discretion of, the Legislature.
d. Investment income.
e. Any other lawful sources.
(2) The fund shall be administered in accordance with this article. All revenues received by the fund shall be deposited in the fund upon receipt, shall be invested by the board in a manner consistent with this article, and shall be withdrawn and expended by the corporation for the purposes of this article in a manner consistent with the powers granted to the corporation by this article.
(b) The fund shall be under the management and control of the board, and all powers necessary or appropriate for the management and control of the fund shall be vested solely in the board.
Structure Code of Alabama
Article 20 - Alabama Innovation Corporation
Section 41-10-800 - Legislative Findings.
Section 41-10-801 - Definitions.
Section 41-10-802 - Incorporation.
Section 41-10-803 - Board of Directors.
Section 41-10-804 - Powers of the Board.
Section 41-10-805 - Corporation Contracts.
Section 41-10-806 - Alabama Innovation Fund - Created.
Section 41-10-807 - Alabama Innovation Fund - Management.
Section 41-10-808 - Amendments.
Section 41-10-809 - Dissolution.