Alabama Code 45-49-90.11. Earnings of the corporation
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Alabama Code 45-49-90.11
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
The corporation shall be a nonprofit corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm, or corporation; except, that in the event the board of directors of the corporation shall determine that sufficient provision has been made for the full payment of expenses, bonds, and other obligations of the corporation, then any net earnings of the corporation thereafter accruing shall be disposed of in accordance with the articles of incorporation.