3B:11-11 - Provision included in trust instruments governing split-interest  trusts or private foundation trusts

3B:11-11.  Provision included in trust instruments governing split-interest  trusts or private foundation trusts
Notwithstanding any provision to the contrary contained in any law of this State or in any trust instrument, and except as otherwise provided in N.J.S. 3B:11-12, each trust instrument governing a split-interest trust or a private foundation trust other than one as described in N.J.S. 3B:11-10, shall, by virtue of this article and without any further act by any person or persons, be  deemed to include the following:

"Distributions of this trust shall be made at times and in a manner as not  to subject the trust to tax under section 4942 of the Internal Revenue Code of  1954, as amended, and shall not engage in any act of self-dealing as defined in  section 4941 of the code, and shall not retain any excess business holdings as  defined in section 4943 of the code, and shall not make any investment as  defined in section 4944 of the code, and shall not make any taxable expenditure  which would subject it to tax under section 4945 of the code."

L.1981, c. 405, s. 3B:11-11, eff. May 1, 1982.