352.245. 1. No corporation organized under this chapterwhich is a "private foundation" as defined in section 509(a) ofthe United States Internal Revenue Code shall
(1) Engage in any act of "self-dealing", as defined insection 4941(d) of the United States Internal Revenue Code, whichwould give rise to any liability for the tax imposed by section4941(a) of the United States Internal Revenue Code;
(2) Retain any "excess business holdings", as defined insection 4943(c) of the United States Internal Revenue Code, whichwould give rise to any liability for the tax imposed by section4943(a) of the United States Internal Revenue Code;
(3) Make any investment which would jeopardize the carryingout of any of its exempt purposes, within the meaning of section4944 of the United States Internal Revenue Code, so as to giverise to any liability for the tax imposed by section 4944(a) ofthe United States Internal Revenue Code; and
(4) Make any "taxable expenditures", as defined in section4945(d) of the United States Internal Revenue Code, which wouldgive rise to any liability for the tax imposed by section 4945(a)of the United States Internal Revenue Code.
2. Each corporation which is a "private foundation" asdefined in section 509 of the United States Internal Revenue Codeshall distribute, for the purposes specified in its articles oforganization, for each taxable year, amounts at least sufficientto avoid liability for the tax imposed by section 4942(a) of theUnited States Internal Revenue Code.
3. The provisions of subsections 1 and 2 of this sectionshall not apply to any corporation to the extent that a court ofcompetent jurisdiction shall determine that such applicationwould be contrary to the terms of the articles of organization orother instrument governing such corporation or governing theadministration of charitable funds held by it and that the samemay not properly be changed to conform to such sections. Thecorporation shall not be liable to anyone for any payments madeunder subsection 2 prior to such determination.
4. Nothing in this section shall impair the rights andpowers of the courts or the attorney general of this state withrespect to any corporation.
5. All references to sections of the United States InternalRevenue Code shall be to such law as of June 14, 1971.
352.245. 1. No corporation organized under this chapterwhich is a "private foundation" as defined in section 509(a) ofthe United States Internal Revenue Code shall
(1) Engage in any act of "self-dealing", as defined insection 4941(d) of the United States Internal Revenue Code, whichwould give rise to any liability for the tax imposed by section4941(a) of the United States Internal Revenue Code;
(2) Retain any "excess business holdings", as defined insection 4943(c) of the United States Internal Revenue Code, whichwould give rise to any liability for the tax imposed by section4943(a) of the United States Internal Revenue Code;
(3) Make any investment which would jeopardize the carryingout of any of its exempt purposes, within the meaning of section4944 of the United States Internal Revenue Code, so as to giverise to any liability for the tax imposed by section 4944(a) ofthe United States Internal Revenue Code; and
(4) Make any "taxable expenditures", as defined in section4945(d) of the United States Internal Revenue Code, which wouldgive rise to any liability for the tax imposed by section 4945(a)of the United States Internal Revenue Code.
2. Each corporation which is a "private foundation" asdefined in section 509 of the United States Internal Revenue Codeshall distribute, for the purposes specified in its articles oforganization, for each taxable year, amounts at least sufficientto avoid liability for the tax imposed by section 4942(a) of theUnited States Internal Revenue Code.
3. The provisions of subsections 1 and 2 of this sectionshall not apply to any corporation to the extent that a court ofcompetent jurisdiction shall determine that such applicationwould be contrary to the terms of the articles of organization orother instrument governing such corporation or governing theadministration of charitable funds held by it and that the samemay not properly be changed to conform to such sections. Thecorporation shall not be liable to anyone for any payments madeunder subsection 2 prior to such determination.
4. Nothing in this section shall impair the rights andpowers of the courts or the attorney general of this state withrespect to any corporation.
5. All references to sections of the United States InternalRevenue Code shall be to such law as of June 14, 1971.
352.245. 1. No corporation organized under this chapterwhich is a "private foundation" as defined in section 509(a) ofthe United States Internal Revenue Code shall
(1) Engage in any act of "self-dealing", as defined insection 4941(d) of the United States Internal Revenue Code, whichwould give rise to any liability for the tax imposed by section4941(a) of the United States Internal Revenue Code;
(2) Retain any "excess business holdings", as defined insection 4943(c) of the United States Internal Revenue Code, whichwould give rise to any liability for the tax imposed by section4943(a) of the United States Internal Revenue Code;
(3) Make any investment which would jeopardize the carryingout of any of its exempt purposes, within the meaning of section4944 of the United States Internal Revenue Code, so as to giverise to any liability for the tax imposed by section 4944(a) ofthe United States Internal Revenue Code; and
(4) Make any "taxable expenditures", as defined in section4945(d) of the United States Internal Revenue Code, which wouldgive rise to any liability for the tax imposed by section 4945(a)of the United States Internal Revenue Code.
2. Each corporation which is a "private foundation" asdefined in section 509 of the United States Internal Revenue Codeshall distribute, for the purposes specified in its articles oforganization, for each taxable year, amounts at least sufficientto avoid liability for the tax imposed by section 4942(a) of theUnited States Internal Revenue Code.
3. The provisions of subsections 1 and 2 of this sectionshall not apply to any corporation to the extent that a court ofcompetent jurisdiction shall determine that such applicationwould be contrary to the terms of the articles of organization orother instrument governing such corporation or governing theadministration of charitable funds held by it and that the samemay not properly be changed to conform to such sections. Thecorporation shall not be liable to anyone for any payments madeunder subsection 2 prior to such determination.
4. Nothing in this section shall impair the rights andpowers of the courts or the attorney general of this state withrespect to any corporation.
5. All references to sections of the United States InternalRevenue Code shall be to such law as of June 14, 1971.
