Alabama Code 41-10-431. Authority as nonprofit corporation
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Terms Used In Alabama Code 41-10-431
- 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.
- person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
The authority 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 private person or entity.