It is the intention of this article that the foundation be a nonprofit public corporation. No part of the net earnings of the foundation shall inure to the benefit of any private individual, firm, or corporation.
Ala. Code § 34-3-108
Nonprofit and Public Nature of Foundation.
(Acts 1961, No. 670, p. 917, §9.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.