Section 4-3-47.1 - Authority to participate in business relating to airport functions(a) An airport authority is authorized to participate in a corporation, partnership, or joint venture as a general or limited partner, shareholder, or member of any lawful business entity relating to airport operations, land acquisitions, and activities incidental to the operation of the authority; to create, establish, acquire, operate, or support subsidiaries and affiliates, either for profit or nonprofit, to assist the authority in fulfilling its purposes. The authority may make or arrange for loans, contributions to capital, and other debt and equity financing for the activities of any corporation of which the authority is a shareholder; any joint venture in which the authority is a joint venturer; any limited partnership or general partnership of which the authority is a general or limited partnership; any nonprofit corporation in which the authority is a member; or any other lawful form of business organization of which the authority is a member; and to guarantee loans and any other obligations for such purposes incidental to the operation of the authority.(b) A corporation, partnership, or joint venture established pursuant to this section shall not have the power of eminent domain.Ala. Code § 4-3-47.1 (1975)
Added by Act 2024-106,§ 1, eff. 6/1/2024.