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



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



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



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



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



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