Section 16-17-16 Earnings of authority.
Section 16-17-16
Earnings of authority.
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 individual, association or corporation; except, that in the event the board of directors of the authority shall determine that sufficient provision has been made for the full payment of the expenses, bonds and other obligations of the authority, then any net earnings thereafter accruing shall be paid to the determining municipality or to an educational institution to construct, operate or maintain ancillary improvements, as the board of directors may direct by resolution.
(Acts 1966, Ex. Sess., No. 222, p. 325, §16; Acts 1978, No. 841, p. 1258, §1.)