Section 11-97-21 Disposition of net earnings of corporation. - Alabama Statutes

Section 11-97-21

Disposition of net earnings of corporation.

Every corporation shall be a nonprofit 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 a board shall determine that sufficient provision has been made for the full payment of the expenses, bonds, and other obligations of a corporation, then any net earnings of a corporation thereafter accruing shall be paid to its determining subdivision.

(Acts 1984, No. 84-314, p. 695, §21.)