Alabama Code 23-7-30. Net earnings of bank not to inure to benefit of any individual, firm, or corporation
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Terms Used In Alabama Code 23-7-30
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
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.