Section 11-62-15 Disposition of net earnings of authority. - Alabama Statutes

Section 11-62-15

Disposition of net earnings of authority.

Every authority shall be a not-for-profit public corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any private person, except that in the event the board of any authority shall determine that sufficient provision has been made for the full payment of the expenses, bonds, notes, and other obligations of such authority, then any net earnings thereafter accruing shall be paid to the determining municipality.

(Acts 1979, No. 79-332, p. 506, §19.)