                                 CODE OF VIRGINIA

AUTHORITY TO BE NONPROFIT; EXCESS EARNINGS (§ 15.2-4913)

The authority shall be nonprofit and no part of its net earnings remaining after
payment of its expenses shall enure to the benefit of any individual, firm or
corporation, except that if the board of directors of the authority determines
that sufficient provision has been made for the full payment of the expenses,
bonds and other obligations of the authority then any net earnings of the
authority thereafter accruing shall be paid to the locality with respect to
which the authority was created. However, nothing herein contained shall prevent
the board of directors from transferring all or any part of its facilities or
properties in accordance with the terms of any contract entered into by the
authority.

HISTORY: 1966, c. 651, § 15.1-1384; 1973, c. 528; 1997, c. 587.