§ 7-6-8 Limiting powers of certaincorporations. – (a) No corporation which is a "private foundation" as defined in § 509(a)(26 U.S.C. § 509(a)) of the Internal Revenue Code of 1954 shall:
(1) Engage in any act of "self-dealing", as defined in §4941(d) (26 U.S.C. § 494(d)) of the Internal Revenue Code of 1954, whichwould give rise to any liability for the tax imposed by § 4941(a) (26U.S.C. § 4941(a)) of the code;
(2) Retain any "excess business holdings", as defined in§ 4943(c) (26 U.S.C. § 4943(c)) of the Internal Revenue Code of 1954,which would give rise to any liability for the tax imposed by § 4943(a)(26 U.S.C. § 4943(a)) of the code;
(3) Make any investment which would jeopardize the carryingout of any of the exempt purposes of the trust, within the meaning of §4944 (26 U.S.C. § 4944) of the Internal Revenue Code of 1954, so as togive rise to any liability for the tax imposed by § 4944(a) (26 U.S.C.§ 4944(a)) of the code; and
(4) Make any "taxable expenditures", as defined in §4945(d) (26 U.S.C. § 4945(d)) of the Internal Revenue Code of 1954, whichwould give rise to any liability for the tax imposed by § 4945(a) (26U.S.C. § 4945(a)) of the code.
(b) Each corporation which is a "private foundation" asdefined in § 509(a) (26 U.S.C. § 509(a)) of the Internal Revenue Codeof 1954 shall distribute for the purposes specified in articles of organizationfor each taxable year, amounts at least sufficient to avoid liability for thetax imposed by § 4942(a) (26 U.S.C. § 4942(a)) of the code.
(c) The provisions of subsections (a) and (b) of this sectiondo not apply to any corporation to the extent that a court of competentjurisdiction determines that the application would be contrary to the terms ofthe articles of organization or other instrument governing the corporation orgoverning the administration of charitable funds held by it and that thearticles of incorporation may not properly be changed to conform to thesections.
(d) All references to sections of the Internal Revenue Codeof 1954 include future amendments to the sections and corresponding provisionsof future internal revenue laws.
§ 7-6-8 Limiting powers of certaincorporations. – (a) No corporation which is a "private foundation" as defined in § 509(a)(26 U.S.C. § 509(a)) of the Internal Revenue Code of 1954 shall:
(1) Engage in any act of "self-dealing", as defined in §4941(d) (26 U.S.C. § 494(d)) of the Internal Revenue Code of 1954, whichwould give rise to any liability for the tax imposed by § 4941(a) (26U.S.C. § 4941(a)) of the code;
(2) Retain any "excess business holdings", as defined in§ 4943(c) (26 U.S.C. § 4943(c)) of the Internal Revenue Code of 1954,which would give rise to any liability for the tax imposed by § 4943(a)(26 U.S.C. § 4943(a)) of the code;
(3) Make any investment which would jeopardize the carryingout of any of the exempt purposes of the trust, within the meaning of §4944 (26 U.S.C. § 4944) of the Internal Revenue Code of 1954, so as togive rise to any liability for the tax imposed by § 4944(a) (26 U.S.C.§ 4944(a)) of the code; and
(4) Make any "taxable expenditures", as defined in §4945(d) (26 U.S.C. § 4945(d)) of the Internal Revenue Code of 1954, whichwould give rise to any liability for the tax imposed by § 4945(a) (26U.S.C. § 4945(a)) of the code.
(b) Each corporation which is a "private foundation" asdefined in § 509(a) (26 U.S.C. § 509(a)) of the Internal Revenue Codeof 1954 shall distribute for the purposes specified in articles of organizationfor each taxable year, amounts at least sufficient to avoid liability for thetax imposed by § 4942(a) (26 U.S.C. § 4942(a)) of the code.
(c) The provisions of subsections (a) and (b) of this sectiondo not apply to any corporation to the extent that a court of competentjurisdiction determines that the application would be contrary to the terms ofthe articles of organization or other instrument governing the corporation orgoverning the administration of charitable funds held by it and that thearticles of incorporation may not properly be changed to conform to thesections.
(d) All references to sections of the Internal Revenue Codeof 1954 include future amendments to the sections and corresponding provisionsof future internal revenue laws.
§ 7-6-8 Limiting powers of certaincorporations. – (a) No corporation which is a "private foundation" as defined in § 509(a)(26 U.S.C. § 509(a)) of the Internal Revenue Code of 1954 shall:
(1) Engage in any act of "self-dealing", as defined in §4941(d) (26 U.S.C. § 494(d)) of the Internal Revenue Code of 1954, whichwould give rise to any liability for the tax imposed by § 4941(a) (26U.S.C. § 4941(a)) of the code;
(2) Retain any "excess business holdings", as defined in§ 4943(c) (26 U.S.C. § 4943(c)) of the Internal Revenue Code of 1954,which would give rise to any liability for the tax imposed by § 4943(a)(26 U.S.C. § 4943(a)) of the code;
(3) Make any investment which would jeopardize the carryingout of any of the exempt purposes of the trust, within the meaning of §4944 (26 U.S.C. § 4944) of the Internal Revenue Code of 1954, so as togive rise to any liability for the tax imposed by § 4944(a) (26 U.S.C.§ 4944(a)) of the code; and
(4) Make any "taxable expenditures", as defined in §4945(d) (26 U.S.C. § 4945(d)) of the Internal Revenue Code of 1954, whichwould give rise to any liability for the tax imposed by § 4945(a) (26U.S.C. § 4945(a)) of the code.
(b) Each corporation which is a "private foundation" asdefined in § 509(a) (26 U.S.C. § 509(a)) of the Internal Revenue Codeof 1954 shall distribute for the purposes specified in articles of organizationfor each taxable year, amounts at least sufficient to avoid liability for thetax imposed by § 4942(a) (26 U.S.C. § 4942(a)) of the code.
(c) The provisions of subsections (a) and (b) of this sectiondo not apply to any corporation to the extent that a court of competentjurisdiction determines that the application would be contrary to the terms ofthe articles of organization or other instrument governing the corporation orgoverning the administration of charitable funds held by it and that thearticles of incorporation may not properly be changed to conform to thesections.
(d) All references to sections of the Internal Revenue Codeof 1954 include future amendments to the sections and corresponding provisionsof future internal revenue laws.
