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Corridor Shall Be Nonprofit Corporation.

Ala. Code § 11-66A-17
in effect
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11-66A-17. Corridor Shall Be Nonprofit Corporation. A research and development corridor shall be a nonprofit corporation, and no part of a research and development corridor’s net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm, or corporation, except that in the event a board shall determine that sufficient provision has been made for the full payment of the expenses, financial obligations, and other obligations of a research and development corridor, then any portion, as determined by the board, of the net earnings of a research and development corridor thereafter accruing, in the discretion of the board, may be paid to one or more of the corridor’s authorizing subdivisions. EndFragment (Act 2024-308, §17.)
Source: Alabama Legislature (alison.legislature.state.al.us)URL: https://alison.legislature.state.al.us/code-of-alabama#11-66A-17Fetched: 10/20/2026

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