Title 23 — Title 23

Where used in this chapter the following words and terms shall be given the following respective meanings unless the context hereof clearly indicates otherwise: (1) BOARD OF DIRECTORS. The board of directors of the corporation. (2) CODE. The Code of Alabama 1975, as amended. (3) …

For the purpose of providing funds to enable the corporation to pay the principal of, premium, if any, and interest on any bonds issued by it under the provisions of this chapter, and to accomplish the purposes and objects of its creation, there hereby are irrevocably pledged to …

Out of the revenues appropriated and pledged in Section 23-6-10, the State Treasurer is authorized and directed to pay the principal of, premium, if any, and interest on the bonds issued by the corporation under the provisions of this chapter, as such principal, premium, if any, …

At any time when no bonds of the corporation are outstanding the corporation may be dissolved upon the filing with the Secretary of State of an application for dissolution, which shall be subscribed by each of the members of the corporation and which shall be sworn to by each suc…

Department of Transportation; Department’s Power to Assign, Contract, Etc., Construction Work; Construction of Chapter. It is the intention of the Legislature to authorize the incorporation of a public corporation for all of the following purposes: (1) To issue bonds to assure th…

The Director of Transportation, the State Treasurer, and the Director of Finance may become a corporation, with the powers and authorities hereinafter provided, by proceeding according to the provisions of this chapter. History: (Acts 1985, No. 85-549, p. 833, §3.)

To become a corporation, the Director of Transportation, the State Treasurer, and the Director of Finance shall present to the Secretary of State of Alabama an application signed by them which shall set forth: (1) The name, official designation, and official residence of each of …

of State on Incorporation or Dissolution. When the application has been made, filed and recorded, as herein provided, the applicants shall constitute a public corporation under the name proposed in the application and the Secretary of State shall make and issue to the applicants …

Compensation; Record of Proceedings; Record as Evidence. The applicants named in the application and their respective successors in office shall constitute the members of the corporation. The Director of Transportation shall be the president of the corporation, the State Treasure…

The corporation shall have the following powers: (1) To have succession by its corporate name without time limit; (2) To sue and be sued and to prosecute and defend, at law or in equity, in any court having jurisdiction of the subject matter and of the parties; (3) To have and to…

Bridge Fund. (a) The bonds of the corporation shall be signed by its president and attested by its secretary and the seal of the corporation shall be affixed thereto or a facsimile thereof printed or otherwise reproduced thereon. The signatures of both the president and the secre…

The annual appropriation from the Public Road and Bridge Fund shall remain a part of the Public Road and Bridge Fund but still be maintained in a special account within the State Treasury. Said funds shall at all times be invested in the same manner allowed for all other State Tr…

Construction; Work Done Without Contract; Property Acquired by Corporation; Security Controls; Ownership; Appropriations. (a) The proceeds of all bonds, other than refunding bonds, issued by the corporation, remaining after paying the expenses of their issuance, shall be turned i…