Tennessee § 11-25-117 - Net earnings.
Full text of Tennessee Tennessee Code Annotated § 11-25-117 — Net earnings., with citation guidance and answers to common questions.
§ 11-25-117. Net earnings.
As a public body, no part of the net earnings of the authority remaining after payment of its expenses shall inure to the benefit of any individual, firm 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 of the authority thereafter accruing shall be paid to the municipality or municipalities with respect to which the authority was organized; provided, that nothing contained in this section shall prevent the board of directors from transferring all or any part of its properties in accordance with the terms of any lease entered into by the authority. Acts 2012, ch. 1106, § 1. Code Commission Notes. Acts 2012, ch. 1106, § 1 purported to enact title 11, ch. 27. Title 11, chs. 25 and 26 had previously been transferred; therefore, the enactment by Acts 2012, ch. 1106, § 1 was enacted as title 11, ch. 25 by authority of the code commission.
Frequently Asked Questions About Tennessee § 11-25-117
What does Tennessee Code Annotated § 11-25-117 cover?
Section 11-25-117 ("Net earnings.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 11-25-117?
A common citation format is "Tennessee Code Annotated § 11-25-117" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 11-25-117 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.