Disposition of Excess Revenues

Ala. Code § 16-17A-22 — under Title 16.

Ala. Code § 16-17A-22

No part of the net earnings of an authority remaining after payment of its expenses shall inure to the benefit of any person other than a university, a governmental entity, a political corporation, or any nonprofit corporation that is an organization described in Section 501(c)(3) of the Internal Revenue Code.

History: (Act 2016-201, §22.)