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.
Ala. Code § 16-17A-22
Disposition of Excess Revenues.
Known as the University Authority Act
The act spans §§ 16-17A-1 to 16-17A-9 (24 sections).
(Act 2016-201, §22.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.