The bank 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 its board of directors shall determine that sufficient provision has been made for the full payment of the expenses, bonds, other financial assistance, and other obligations of the bank, then any net earnings of the bank thereafter accruing shall be paid to the state.
Ala. Code § 23-7-30
Net Earnings of Bank Not to Inure to Benefit of Any Individual, Firm, or Corporation.
Known as the Alabama Transportation Infrastructure Bank Act
The act spans §§ 23-7-1 to 23-7-9 (31 sections).
(Act 2018-290, §2.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.