[§414D-16]  Private foundations.  Exceptas otherwise determined by a court of competent jurisdiction, a corporationthat is a private foundation as defined in section 509(a) of the Code:

(1)  Shall distribute such amounts for each taxableyear at such time and in such manner as not to subject the corporation to taxunder section 4942 of the Code;

(2)  Shall not engage in any act of self-dealing asdefined in section 4941(d) of the Code;

(3)  Shall not retain any excess business holdings asdefined in section 4943(c) of the Code;

(4)  Shall not make any investments in such manner asto subject the corporation to tax under section 4944 of the Code;

(5)  Shall not make any taxable expenditures asdefined in section 4945(d) of the Code. [L 2001, c105, pt of §1]