§ 5-12. Authority to be nonprofit; disposition of net earnings.

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Pursuant to the authority contained in § 15.2-4913 of the Code of Virginia, as amended, the authority shall be nonprofit 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 that the Board of Directors of the authority shall determine that sufficient provision has been made for the full payment of expenses, bonds and other obligations of the authority, then any net earnings of the authority thereafter accruing shall be paid to the County of Shenandoah; provided, however, that 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.

                    
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