(a) District management corporations provided for in this article shall be incorporated under the Alabama Nonprofit Corporation Act, Chapter 3A of Title 10, and shall exercise their powers in a manner consistent with that law.
(b) To qualify for designation by ordinance to manage a self-help business improvement district, the articles of incorporation of a proposed district management corporation shall provide all of the following:
(1) That a board of directors shall manage the property, business, and affairs of the corporation.
(2) The names and addresses of the initial members of the board of directors.
(3) That the initial members of the board shall be divided into three groups which are as equal in number as is possible, that those groups will serve for initial terms of one, two, and three years respectively, and that all directors thereafter elected by the board of directors shall serve for a term of three years.
(4) That the members of the board of directors elected after the expiration of the initial terms set forth in subdivision (3) shall be elected by a majority vote of the owners of assessed real property and dues paying members present after notice by first class mail.
(5) That a majority of the board of directors own real property located in the geographical area of the district.
(6) That no funds received by the corporation from assessments on the property located in the district shall be expended except in accordance with the budget adopted or amended under the provisions of this article.
(7) That vacancies on the board of directors resulting from death, resignation, or removal, shall be filled by the remaining members of the board of directors of the district management corporation for the unexpired portion of the term.
(8) That at least once a year after designation, the corporation shall hold a general membership and public meeting appropriately advertised in the district at a place convenient to persons concerned with the operation of the district.
(9) That the corporation shall receive written suggestions from businesses in the district at any time.
(10) That municipal representatives designated by the mayor and by the governing body of the municipality shall be authorized to attend and participate in regular and called meetings of the board of directors of the district management corporation, but shall not vote on any matters considered by directors.
(11) That no amendment to the articles of incorporation or any bylaws shall be effective unless approved by the board of directors of the district management corporation.
(12) That a director shall receive no compensation for his or her service as a director, but shall be entitled to receive reimbursement for expenses actually incurred in the performance of his or her duties as approved by the board.
(13) That upon dissolution, or upon any withdrawal of the designation as the district management corporation, all interests in and title to funds held by or for the corporation, and all property of the corporation shall be transferred and assigned to a successor district management corporation, or if no successor district management corporation exists, to the general fund of the municipality for use in funding the programs as the board of directors of the district management corporation shall direct and designate.
(c) The district management corporation may do all things necessary to implement its purposes, including, but not limited to, the following:
(1) Adopt bylaws for the regulation of its affairs and the conduct of its business and to prescribe rules, regulations, and policies in connection with the performance of its functions and duties.
(2) Employ persons as may be required, and fix and pay their compensation from funds available to the corporation.
(3) Apply for, accept, administer, and comply with the requirements respecting an appropriation of funds or a gift, grant, or donation of property or money.
(4) Make and execute agreements as may be necessary or convenient to the exercise of the powers and functions of the corporation, including contracts with any person, firm, corporation, governmental agency, or other entity.
(5) Administer and manage corporate funds and accounts and pay corporate obligations.
(6) Borrow money from private lenders or from governmental entities.
(7) Enforce the conditions of any loan, grant, sale, or lease made by the corporation.
(8) Provide security, sanitation, and other services to the district supplemental to those provided by the municipality.
(9) Advertise the district and businesses included within the district.
(10) Recruit new businesses to fill vacancies in the district.
(11) Organize and promote special events in the district.
(12) Provide special parking arrangements or management of ongoing parking programs for the district.
(13) Participate in other governmental programs for which qualified and included in its approval plan.
(14) Undertake other activities or initiatives within the district as the board of directors of the district management corporation deem appropriate.