15.2-4913 - Authority to be nonprofit; excess earnings. - Virginia Statutes

§ 15.2-4913. Authority to be nonprofit; excess earnings.

The authority shall be nonprofit and no part of its net earnings remainingafter payment of its expenses shall enure to the benefit of any individual,firm or corporation, except that if the board of directors of the authoritydetermines that sufficient provision has been made for the full payment ofthe expenses, bonds and other obligations of the authority then any netearnings of the authority thereafter accruing shall be paid to the localitywith respect to which the authority was created. However, nothing hereincontained shall prevent the board of directors from transferring all or anypart of its facilities or properties in accordance with the terms of anycontract entered into by the authority.

(1966, c. 651, § 15.1-1384; 1973, c. 528; 1997, c. 587.)