Section 16-26C-12 Nonprofit and public nature of the foundation. - Alabama Statutes

Section 16-26C-12

Nonprofit and public nature of the foundation.

It is the intention of this chapter that the foundation be a nonprofit public corporation. No part of the net earnings of the foundation shall inure to the benefit of any private individual, firm, or corporation.

(Acts 1992, 2nd Ex. Sess., No. 92-716, p. 212, §12.)